截至发稿，林龙军累计任职时间7年236天，现任基金资产总规模56.68亿元，任职期间最佳基金回报 84.66%， 任职期间最差基金回报-12.15%。 1月5日，灿芯股份涨5.41%，截至发稿，报107.50元/股，成交2.55亿元，换手率3.40%，总市值129.00亿 元。 资料显示，灿芯半导体(上海)股份有限公司位于中国(上海)自由贸易试验区张东路1158号礼德国际2号楼 7楼，成立日期2008年7月17日，上市日期2024年4月11日，公司主营业务涉及提供一站式芯片定制服务 的集成电路设计服务。主营业务收入构成为：芯片设计业务50.27%，芯片量产业务49.73%。 从基金十大重仓股角度 数据显示，金鹰基金旗下1只基金重仓灿芯股份。金鹰年年邮益一年持有混合A（011351）三季度持有 股数2.3万股，占基金净值比例为2.41%，位居第七大重仓股。根据测算，今日浮盈赚取约12.7万元。 金鹰年年邮益一年持有混合A（011351）成立日期2021年3月9日，最新规模9180.62万。今年以来收益 19.69%，同类排名4465/8155；近一年收益19.69%，同类排名4465/8155；成立以来收益16 ...

资料显示，灿芯半导体(上海)股份有限公司位于中国(上海)自由贸易试验区张东路1158号礼德国际2号楼 7楼，成立日期2008年7月17日，上市日期2024年4月11日，公司主营业务涉及提供一站式芯片定制服务 的集成电路设计服务。主营业务收入构成为：芯片设计业务50.27%，芯片量产业务49.73%。 12月30日，灿芯股份涨4.49%，成交额11.22亿元。两融数据显示，当日灿芯股份获融资买入额1.46亿 元，融资偿还1.30亿元，融资净买入1626.24万元。截至12月30日，灿芯股份融资融券余额合计5.15亿 元。 融资方面，灿芯股份当日融资买入1.46亿元。当前融资余额5.15亿元，占流通市值的6.64%，融资余额 超过近一年80%分位水平，处于高位。 融券方面，灿芯股份12月30日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 截至9月30日，灿芯股份股东户数1.13万，较上期增加4.17%；人均流通股6311股，较上期减少4.00%。 2025年1月-9月，灿芯股份实现营业收入4.68亿元， ...

芯原股份 20251228 摘要 新元股份 2025 年前三季度新签订单 15.93 亿元，65%与 AI 算力相关， 手持订单达 32.86 亿元，营收 22.55 亿元，同比增长 36.64%。一站式 芯片定制服务增长超 50%，先进工艺（28 纳米以下）占比 94%，更先 进工艺（14 纳米以下）占比 81%，AI 算力相关芯片设计业务收入占比 73%。 2025 年前三季度，新元股份量产出货芯片 112 个，另有 47 个量产设 计项目在进行中。数据处理领域需求强劲，第三季度收入同比大涨 180%。 大基金减持新元股份 1.7%股份属正常操作，因一期投资已满十年。大 基金三期拟投资 13 亿元并购逐点半导体项目，显示国家长期支持。上 海国投先导、北京亦庄国投等机构也参与支持该并购。 新元股份四季度新签订单 24.94 亿元，84%以上与 AI 算力相关，涵盖 云端训练和端侧推理项目，包括数据中心服务器、高性能云端设备，以 及 AI PC、AI 手机等端侧设备。关注 AR 眼镜、玩具及 iPad 等增量市场。 Q&A 新元股份在 2025 年第四季度的新签订单情况如何？ 截至 2025 年 12 月 2 ...

Core Viewpoint - The company has decided to terminate the acquisition of a 97.0070% stake in Chip Lai Technology due to discrepancies between the core demands of the target company's management and the market environment, policy requirements, and the interests of the company and its shareholders [3][5]. Group 1: Termination of Acquisition - The company received a notification from the management of Chip Lai Technology and the transaction counterparties regarding the termination of the acquisition [2]. - The board of directors approved the termination after thorough research, emphasizing that it would not adversely affect the company's normal business operations or harm the interests of shareholders, especially minority shareholders [3]. Group 2: Future Plans and RISC-V Focus - The company will continue to strengthen its layout in the RISC-V field and maintain and deepen its cooperative relationship with Chip Lai Technology as a shareholder [3]. - The company aims to expand collaborations with multiple RISC-V IP core suppliers to promote the rapid development of the RISC-V ecosystem in China [3][9]. Group 3: RISC-V Industry Engagement - The company has been actively involved in the RISC-V industry for over seven years, focusing on building an open RISC-V hardware platform and an open-source RISC-V software ecosystem [4][7]. - The company has organized multiple RISC-V industry forums, promoting over 40 new RISC-V chip products from various domestic enterprises [4]. Group 4: Chip Lai Technology Overview - Chip Lai Technology, established in 2018, has developed over 70 IP products, including more than 20 RISC-V IPs, and has authorized over 300 global customers [6]. - The company achieved a high gross margin of over 90% for its RISC-V IP licensing services and is nearing breakeven [6]. Group 5: Strategic Importance of RISC-V - The termination of the acquisition is seen as a strategic move to enhance the company's competitive edge and expand its business development space in the RISC-V sector [9]. - The company plans to leverage its semiconductor IP and the integration of Chip Lai Technology's RISC-V IP to accelerate the large-scale implementation of RISC-V technology [9].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant revenue increase of 78% year-on-year in Q3 2025, with total revenue reaching 1.281 billion yuan [6] - The company is positioned as the largest domestic and eighth largest global design IP vendor, benefiting from the ASIC customization trend [6] - The company has adjusted its revenue forecasts upward while lowering profit margins due to increased R&D investments [6] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 3.353 billion yuan, with a year-on-year growth rate of 44.4% [5] - The company expects to incur a net loss of 661 million yuan in 2025, with a gradual improvement in profitability anticipated by 2027 [5][7] - R&D expenses are projected to be 1.677 billion yuan in 2025, accounting for 42.47% of revenue [6][7] Market Position and Orders - The company secured new orders worth 15.93 billion yuan in Q3 2025, a year-on-year increase of 145.8%, with AI-related orders constituting approximately 65% [6] - The company has a strong order backlog, with new orders in the first three quarters of 2025 exceeding the total for the entire year of 2024 [6] Strategic Acquisitions - The company plans to acquire a 97.0070% stake in Chipai Technology to enhance its RISC-V CPU IP offerings [6]

Core Viewpoint - Canshi Semiconductor experienced a decline in stock price and significant changes in financing activities, indicating potential liquidity concerns and a challenging financial environment [1][2]. Financing Activities - On November 11, Canshi Semiconductor's stock fell by 0.67%, with a trading volume of 616 million yuan. The financing buy-in amounted to 52.85 million yuan, while financing repayment was 63.02 million yuan, resulting in a net financing outflow of 10.17 million yuan [1]. - As of November 11, the total financing and securities lending balance for Canshi Semiconductor was 681 million yuan, representing 8.56% of its market capitalization, which is above the 90th percentile of the past year [1]. - The company had no securities lending activity on November 11, with a balance of 0 shares and 0 yuan in securities lending [1]. Financial Performance - For the period from January to September 2025, Canshi Semiconductor reported a revenue of 468 million yuan, a year-on-year decrease of 45.74%. The net profit attributable to shareholders was -94.49 million yuan, reflecting a significant decline of 215.28% compared to the previous year [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Canshi Semiconductor was 11,300, an increase of 4.17% from the previous period. The average number of circulating shares per shareholder decreased by 4.00% to 6,311 shares [2]. - The company has distributed a total of 71.76 million yuan in dividends since its A-share listing [3]. - Notable new institutional shareholders include Qianhai Kaiyuan Public Utilities Stock and Nuoan Flexible Allocation Mixed Fund, among others, indicating growing institutional interest [3].

Core Viewpoint - Canxin Co., Ltd. is a domestic integrated circuit design service provider that focuses on one-stop chip customization services and has core technology advantages in processes, proprietary IP, and SoC [1] Group 1: Business Performance - In Q3 2025, Canxin's revenue was 468 million yuan, ranking 5th in the industry, with the industry leader, Jinghe Integrated, generating 8.13 billion yuan [2] - The net profit for the same period was -94.49 million yuan, ranking 4th in the industry, while the industry leader, Saiwei Electronics, reported a net profit of 1.514 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Canxin's debt-to-asset ratio was 25.19%, an increase from 20.29% year-on-year, which is lower than the industry average of 30.92% [3] - The gross profit margin for Q3 2025 was 16.07%, down from 28.13% year-on-year, and also below the industry average of 22.14% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 4.17% to 11,300, while the average number of circulating A-shares held per account decreased by 4.00% to 6,311.49 [5] - Notable new shareholders include Qianhai Kaiyuan Public Utility Stock and Nuon An Flexible Allocation Mixed Fund, among others [5] Group 4: Future Outlook - Zhongyou Securities projects Canxin's revenue for 2025, 2026, and 2027 to be 650 million, 1 billion, and 1.3 billion yuan respectively, with net profits of -110 million, 40 million, and 110 million yuan [5] - Key business highlights include a year-on-year increase in the number of completed tape-out verification projects in H1 2025, a focus on providing high-value, differentiated one-stop chip customization services, and positive progress in "IP + platform" R&D for emerging fields such as automotive chips and AI [5]

Core Viewpoint - Chip Origin Co., Ltd. is a leading semiconductor IP licensing and chip customization service provider, with a focus on self-developed semiconductor IP and a comprehensive one-stop service capability in chip design and manufacturing [1] Financial Performance - In Q3 2025, Chip Origin achieved revenue of 22.55 billion yuan, ranking 17th in the industry, significantly lower than the top competitor, OmniVision, which reported 217.83 billion yuan [2] - The net profit for the same period was -3.47 billion yuan, placing the company 47th in the industry, far behind OmniVision's 31.99 billion yuan [2] Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 45.19%, which, despite a decrease from 51.05% year-on-year, remains above the industry average of 24.46% [3] - The gross profit margin for Q3 2025 was 34.95%, down from 42.52% year-on-year and below the industry average of 36.52% [3] Executive Compensation - Chairman and CEO Dai Weimin's compensation for 2024 was 4.6386 million yuan, a decrease of 656,100 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 94.49% to 49,400, while the average number of circulating A-shares held per account decreased by 48.39% to 10,100 [5] Business Highlights - In Q3 2025, the company reported a record revenue of 12.81 billion yuan, with a quarter-on-quarter growth of 119.26% and a year-on-year growth of 78.38% [6] - The chip design business generated 4.28 billion yuan in revenue, with a remarkable quarter-on-quarter growth of 290.82% and a year-on-year growth of 80.23% [6] - The company’s order backlog reached a historical high of 32.86 billion yuan, marking the eighth consecutive quarter of high performance [6] - The company is focusing on AI and Chiplet development, with significant collaborations with major internet companies [6] Market Outlook - The company plans to acquire ZhiDian Semiconductor and Chip Technology, which is expected to enhance its IP and chip design capabilities [7] - The forecast for net profit is projected to improve from -1.68 billion yuan in 2025 to 3.55 billion yuan in 2027, with corresponding revenue estimates of 35.32 billion yuan in 2025 and 59.64 billion yuan in 2027 [6][7]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [5][12]. Core Insights - The company achieved a record high revenue of 1.281 billion yuan in Q3 2025, with a quarter-on-quarter growth of 119.26% and a year-on-year growth of 78.38% [1]. - The company's order backlog reached a historical high of 3.286 billion yuan, marking the eighth consecutive quarter of high performance [1]. - The chip design and volume production segments showed significant growth, with chip design revenue increasing by 290.82% quarter-on-quarter and 80.23% year-on-year [1]. - The company is focusing on AI and Chiplet research and development, establishing a core advantage in semiconductor IP and custom chip solutions [2]. - The global demand for AI computing power is surging, with the AI ASIC market expected to grow from $6.6 billion in 2023 to $55.4 billion by 2028 [3]. Financial Forecasts - The projected revenues for 2025, 2026, and 2027 are 3.532 billion yuan, 4.612 billion yuan, and 5.964 billion yuan, respectively, with growth rates of 52.1%, 30.6%, and 29.3% [4][10]. - The net profit attributable to the parent company is expected to be -168 million yuan in 2025, turning positive with 71 million yuan in 2026 and 355 million yuan in 2027 [4][10]. - The company’s earnings per share are forecasted to improve from -1.14 yuan in 2024 to 0.67 yuan in 2027 [4][10].

Group 1 - The core viewpoint is that Canxin Semiconductor's stock has experienced a significant decline, with a 5.98% drop on October 31, leading to a cumulative decline of 15.77% over three consecutive days [1] - Canxin Semiconductor, established on July 17, 2008, specializes in integrated circuit design services, providing customized chip design services, with revenue composition of 50.27% from chip design and 49.73% from chip volume production [1] - As of the report, Canxin's stock price is at 118.00 CNY per share, with a total market capitalization of 14.16 billion CNY and a trading volume of 275 million CNY, reflecting a turnover rate of 3.19% [1] Group 2 - From the perspective of fund holdings, one fund under Galaxy Fund has a significant position in Canxin Semiconductor, with 22,900 shares held, representing 6.83% of the fund's net value, making it the ninth largest holding [2] - The Galaxy and Mei Life Mixed A fund (006128) has incurred a floating loss of approximately 1.72 million CNY today, with a total floating loss of 5.38 million CNY during the three-day decline [2] - The Galaxy and Mei Life Mixed A fund was established on November 22, 2018, with a current scale of 319 million CNY, achieving a year-to-date return of 13.46% and a one-year return of 19.7% [2] Group 3 - The fund manager of Galaxy and Mei Life Mixed A is Zheng Weishan, who has been in the position for 6 years and 176 days, managing assets totaling 18.102 billion CNY [3] - During Zheng Weishan's tenure, the best fund return achieved was 289.63%, while the worst return was -14.73% [3]