2025年上半年，中国半导体行业呈现出蓬勃发展的态势，资本市场成为推动行业发展的重要引擎。从 A股到港股，半导体企业IPO呈现多点开花的局面，充分展现了我国半导体产业的全方位突破和资本市 场的深度参与。其中 ， 2025年上半年，共有21家半导体相关企业向A股提交了IPO申请， 17家半导 体相关企业启动上市辅导，另有 10家半导体企业提交港股首次上市申请。 | A股市场：科创板引领半导体IPO热潮 从主营业务看，企业覆盖半导体全产业链，其中芯片设计如昂瑞微（射频芯片）、沐曦股份 （GPU）、优迅股份（光通信芯片）等；材料与设备领域，包含上海超硅（硅片）、亚电科技（清洗 设备）、初源新材（感光干膜）企业；封装与部件领域有芯密科技（密封件）、臻宝科技（设备零部 件）等。 据集微网不完全统计，2025年上半年，共有21家半导体相关企业向A股提交了IPO申请，覆盖芯片设 计、材料、设备、封装测试等多个领域，计划总募资金额465亿元。其中，科创板成为最受青睐的上市 板块，占比超过五成，这一数据充分体现了科创板"硬科技"定位与半导体产业的高度契合性。 半导体行业IPO活跃的背后，是国家对核心技术自主可控的持续支持。科创 ...

[Table_Reportdate] 2025年07月10日 | [数据日期 Table_cominfo] | 2025/07/09 | | --- | --- | | 收盘价 | 147.95 | | 总股本(万股) | 15,670 | | 流通A股/B股(万股) | 15,670/0 | | 资产负债率(%) | 23.09% | | 市净率(倍) | 10.18 | | 净资产收益率(加权) | 4.26 | | 12个月内最高/最低价 | 290.00/88.33 | [乐鑫科技（ Table_NewTitle] 688018）:AIOT长尾市场高 速增长，规模效益显著利润增厚 ——公司简评报告 [table_main] 投资要点 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [Table_QuotePic] -49% -10% 30% 70% 110% 150% 190% 229% 2 ...

Group 1 - The stock of Aojie Technology (688220.SH) closed at 74.00 yuan, with a decline of 1.79%, currently in a state of breaking issue [1] - Aojie Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 14, 2022, with an initial stock price of 164.54 yuan per share and a total issuance of 41.83 million shares [1] - The company raised a total of 6.883 billion yuan from its initial public offering (IPO), with a net amount of 6.546 billion yuan after deducting issuance costs, which was 4.166 billion yuan more than the original plan [1] Group 2 - The funds raised from the IPO are intended for various projects, including new communication chip design, smart IPC chip design, high-precision navigation solutions, research center construction, and working capital [1] - The total issuance costs for Aojie Technology's IPO amounted to 337 million yuan, with underwriting fees accounting for 310 million yuan [1] Group 3 - On April 11, 2025, Guotai Haitong Securities Co., Ltd. held a restructuring and renaming ceremony at the Shanghai Stock Exchange, officially changing its A-share name from "Guotai Junan" to "Guotai Haitong" while retaining the A-share code "601211" [2] - The name change signifies the completion of the merger and restructuring process between Guotai Junan and Haitong Securities [2]

公众号记得加星标⭐️，第一时间看推送不会错过。 在硅谷这个充满传奇的地方，每天都在上演着从零到一的创业故事。但能够真正写下历史的人并不 多，戴伟立（Weili Dai）就是其中一位。 作为Marvell的联合创始人，戴伟立见证并参与了这家公司从初创企业成长为市值数百亿美元的半导 体巨头的全过程。值得关注的是，她并未止步于此，而是在近年来转身成为了硅谷半导体投资领域的 关键推手，在一系列初创企业的成长过程中发挥着重要作用。 从技术工程师到企业联合创始人，从商业领袖到天使投资人，戴伟立的每一次转型都踏准了行业发展 的节拍。她是如何在竞争激烈的半导体行业中缔造自己的商业版图的？让我们来看看她的故事。 夫妻档的创业传奇 戴伟立出生于中国上海，自幼便展现出对理科的天赋。中学时期，她随家人移民美国，在旧金山湾区 落脚，并最终进入加州大学伯克利分校（UC Berkeley）学习计算机科学。 也正是在伯克利，她遇见了改变她一生命运的伴侣——周秀文（Sehat Sutardja），那时的戴伟立正 在攻读计算机科学学士学位，而周秀文则是电子工程系的博士生。两人在学术的殿堂里相遇，不仅收 获了爱情，更重要的是，他们发现彼此都对技术 ...

Group 1: Core Insights - The FIFA Club World Cup showcased the growing influence of Chinese brands, particularly Hisense, on the global stage, despite the absence of Chinese teams in the tournament [1] - Hisense's 100-inch television was selected as the official choice for the FIFA Club World Cup, highlighting its market leadership, with a global share of 58.8% in 100-inch and larger TVs projected for 2024 [6][11] - The introduction of RGB-Mini LED technology by Hisense represents a significant advancement in display technology, enhancing the viewing experience with improved color accuracy and dynamic performance [7][9] Group 2: Historical Context - The relationship between football and television has evolved significantly, with FIFA adapting rules and equipment to enhance broadcast quality since the introduction of the "Telstar" ball in 1970 [3][4] - Technological advancements in broadcasting, such as the introduction of high-definition and VAR (Video Assistant Referee) systems, have transformed how football is experienced by fans [4][8] Group 3: Technological Innovations - Hisense's RGB-Mini LED technology marks a fundamental shift from traditional backlighting to RGB multi-color backlighting, improving efficiency by 15% and enhancing color purity [9][10] - The company's proprietary AI picture quality chip, H7, allows for precise control over lighting and color, significantly enhancing the viewing experience [10] Group 4: Market Positioning - Hisense's branding strategy has evolved from "China's first" to "world's first" in the context of large-screen televisions, reflecting its ambition to lead in global display technology [12][11] - The company's commitment to innovation and technology positions it as a key player in defining future display standards, moving from merely producing products to setting industry benchmarks [12][13]

你可能不知道，世界杯彻底风靡全球是在1970年。 这一年，由墨西哥举办的第9届国际足联世界杯，借着"首次全球电视直播"和"首次彩色电视直播"的东 风，让所有的足球爱好者实现了真正意义上的"全球狂欢"。不过，由于转播技术限制，本届世界杯的大 多比赛不得不在中午进行，高原+高温成为了墨西哥世界杯的最大特点。 此后，世界杯这样的顶级赛事，几乎成为了全球新型显示技术普及的窗口。 比如，2002年韩日世界杯引入超高速摄像，让球迷体验到精细瞬间的震撼；到2006年，世界杯转播分辨 率首次达到了全高清的1080P级别，这样观众可以更加清晰地看到球员跑动的细节；2014年巴西世界杯 首次引入了4K转播；2018年俄罗斯世界杯，国际足联首次尝试以UHD超高清和HDR高动态技术信号进 行了赛事转播。 当时间来到2025年，一个全球显示行业的"里程碑时刻"再次出现——RGB-Mini LED技术首次登上世俱 杯的舞台。而主导这一技术路线的，是来自中国企业海信。 RGB-Mini LED，到底有多强？ 与过往每一次显示技术升级，都会带来的全新观赛体验一样。此次2025年世俱杯，也成为了RGB-Mini LED技术的秀场。 在RGB- ...

Core Viewpoint - The FIFA Club World Cup 2025 has officially announced its top 8 teams, including Real Madrid and Manchester City, with a total prize pool of $1 billion, igniting global fan enthusiasm. Hisense, as the first global official partner and VAR technology supplier, is leveraging this event to showcase its cutting-edge RGB-Mini LED technology [1][2][6]. Group 1: Hisense's Role in the FIFA Club World Cup - Hisense's RGB-Mini LED technology has been pivotal in enhancing the viewing experience during the FIFA Club World Cup, with its large-screen TVs providing superior picture quality and performance [4][5]. - The VAR system, supported by Hisense's specialized display equipment, successfully disallowed a goal due to a foul, demonstrating the effectiveness of their technology in critical game situations [2][3]. - Hisense's advertising presence at the event emphasizes its commitment to merging sports and technology, showcasing its products as essential for an optimal viewing experience [1][2]. Group 2: Technological Advancements - The RGB-Mini LED technology offers significant improvements over traditional TVs, including enhanced color accuracy and motion clarity, addressing common issues like blurriness and lag during fast-paced sports [4][8]. - Hisense's RGB-Mini LED TVs have achieved a 180% year-on-year increase in global shipments for 100-inch and larger models, capturing a 56.7% market share, positioning the company as a leader in this segment [7][8]. - The technology's ability to maintain high performance in various lighting conditions, including direct sunlight, sets a new standard for viewing experiences [8][9]. Group 3: Industry Impact and Future Prospects - Hisense's advancements in RGB-Mini LED technology mark a significant milestone in the display industry, transitioning from traditional methods to innovative solutions that redefine viewing experiences [10][14]. - The company's commitment to research and development has led to breakthroughs in chip technology and backlight systems, establishing it as a frontrunner in the global display market [12][13]. - The success of RGB-Mini LED technology at major sporting events signifies a shift in the industry from "made in China" to "created in China," highlighting the country's growing influence in display technology [14].

Core Insights - The 2025 FIFA Club World Cup is witnessing a technological revolution in display technology, with Hisense leading the way through its RGB-Mini LED technology, transforming the viewing experience from "live watching" to "immersive experience" [1][3] - Hisense's RGB-Mini LED technology represents a significant advancement in display capabilities, enhancing color transition and contrast, thus improving image depth and realism [3][5] Technological Breakthroughs - Hisense's RGB-Mini LED technology utilizes red, green, and blue Mini LED chips for light mixing or independent lighting, marking a shift from traditional monochrome backlighting to RGB multi-color backlighting [3][5] - The introduction of the world's first RGB-Mini LED TV at CES 2023 signifies a transition in LCD technology, with Hisense at the forefront of this innovation [5] - Hisense's AI picture quality chip H7 and high-performance RGB-Mini LED chips enable precise color control and enhanced image stability, addressing challenges in the LED industry [5][6] Enhanced Viewing Experience - Hisense's large-screen technology and AI picture tuning significantly enhance the viewing experience, allowing viewers to enjoy an atmosphere akin to being at the event [6][8] - The technology supports the Video Assistant Referee (VAR) system, improving decision-making accuracy and fairness in matches [8] - Hisense's large-screen TVs are changing viewing habits, expanding social viewing spaces and enhancing the communal aspect of watching football [10] Market Position and Growth - Hisense holds a 58.8% global market share for TVs 100 inches and above in 2024, with a 180% year-on-year growth in the first quarter of 2025 [10] - The company's RGB-Mini LED TV has gained popularity among high-net-worth individuals, leading to a 28 percentage point increase in market share in the ultra-high-end segment [10] Global Leadership in Display Technology - Hisense's success at the 2025 FIFA Club World Cup reflects a significant breakthrough for Chinese companies in the global sports technology sector, transitioning from participants to leaders in the value chain [11][13] - The evolution from product sponsorship to technology-driven event operations illustrates Hisense's strategic shift and its role in setting global standards [11][13] - The advancements in RGB-Mini LED technology signify a new era for Chinese manufacturing, emphasizing innovation and cultural output in the global market [13]

证券代码：688018 证券简称：乐鑫科技 乐鑫信息科技（上海）股份有限公司 Espressif Systems （Shanghai） Co., Ltd. （中国（上海）自由贸易试验区碧波路 690 号 2 号楼 204 室） 募集说明书 （申报稿） 保荐人（主承销商） 乐鑫信息科技（上海）股份有限公司 募集说明书（申报稿） 声 明 本公司及全体董事、监事、高级管理人员承诺本募集说明书内容真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏，按照诚信原则履行承诺，并承 担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、完整。 中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定或意 见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对公司的盈利能力、投资价值或者对投资者的收益作出实质性判断或 保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担证券依法发行后因发行人经营与收益变化或 ...

Core Viewpoint - The electronic communication industry is experiencing significant activity and investment, driven by a combination of strategic state support, technological innovation, and market dynamics, leading to high growth and interest from various capital sources [3][4][5]. Group 1: Industry Overview - The electronic communication sector is characterized as a technology and capital-intensive industry with long investment cycles and high risks, yet it is crucial for national security and economic development [4]. - The industry encompasses various segments including chips, communication equipment, terminal manufacturing, and software applications, indicating a long industrial chain and numerous enterprises [3][4]. - The sector has seen a resurgence in 2024, with revenue growth rates leading among major industries, as reported by Wind data [4]. Group 2: Investment Dynamics - Private equity and venture capital are playing a vital role as "innovation engines," focusing on early to mid-stage projects to support technological advancements and industry upgrades [3][4]. - Public funds are increasingly engaging with electronic communication companies, with a notable rise in the number of public fund institutions conducting research on A-share companies in the sector [5]. - The investment logic has shifted from "single-point technology" to "industrial ecology," with a trend towards early and smaller investments [7][9]. Group 3: Future Trends - The future of the electronic communication industry is expected to revolve around innovation and self-sufficiency, driven by emerging technologies such as cloud computing, big data, and artificial intelligence [10]. - The capital market's role is evolving from mere financial investment to value discovery, with a focus on supporting companies with core technologies and enhancing their operational capabilities [11][12]. - The industry is moving towards a model of "ecological co-construction," emphasizing collaboration between capital and technology to strengthen the foundation for future advancements [12].