澜起科技主营业务包括内存接口芯片、PCIe Retimer芯片、津逮CPU等。2025年前三季度，公司实现营 业总收入40.58亿元，同比增长57.83%；归母净利润16.32亿元，同比增长66.89%。 澜起科技同日公告，公司发行H股并在香港联交所主板上市的计划已取得关键进展。公司已于2025年7 月11日向港交所递交上市申请，并于2025年12月9日获得中国证监会出具的境外发行上市备案通知书。 2025年12月15日，香港联交所上市委员会已举行聆讯并审议通过公司本次发行上市的申请。 中证智能财讯澜起科技（688008）1月6日公告2025年第二次股份回购方案实施进展。截至2025年12月31 日，公司已累计回购A股股份166.20万股，占总股本0.14%，累计支付金额约2.20亿元。公司股票1月5日 收盘价为127.75元/股，上涨8.45%。 该回购方案已于2025年7月获股东大会通过，计划使用自有资金2亿元至4亿元，以集中竞价交易方式回 购股份用于减少注册资本。最初回购价格上限为不超过118.00元/股，后因权益分派调整为117.80元/股。 2025年10月，公司董事会审议通过将回购价格上限大幅上调 ...

智通财经APP获悉，据港交所1月5日披露，澜起科技股份有限公司(简称：澜起科技，688008.SH)通过港 交所主板上市聆讯，中金、摩根士丹利及瑞银为联席保荐人。 据招股书，该公司是一家全球领先的无晶圆厂集成电路设计公司，专注于为云计算及AI基础设施提供创 新、可靠且高效能的互连解决方案。该公司向行业领先的客户提供互连类芯片，包括内存互连芯片及 PCIe(PeripheralComponentInterconnectExpress)/CXL(ComputeExpressLink)互连芯片，应用场景涵盖包括 数据中心、服务器及计算机在内的广泛终端领域。根据弗若斯特沙利文的资料，按收入计算，该公司于 2024年位居全球最大的内存互连芯片供应商，市场份额达36.8%。 该公司的解决方案战略性定位于解决关键的互连市场需求，该领域是赋能云计算、数据中心及AI基础设 施的基石。根据弗若斯特沙利文的资料，全球高速互连芯片市场规模预计将由2024年的154亿美元大幅 增长至2030年的490亿美元，复合年增长率为21.2%。根据弗若斯特沙利文的资料，在这市场中，内存互 连芯片市场规模预计将由2024年的12亿美元大幅增长至2 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準確性或 完整性亦不發表任何意見，並明確表示概不就因本聆訊後資料集全部或任何部分內容而產生或因倚賴該等 內容而引致的任何損失承擔任何責任。 Montage Technology Co., Ltd. 瀾起科技股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）與證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向本公司、其聯席保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員 表示同意： 本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》呈交香港公司註冊處處長登記前，本 公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請 僅依據呈交香港公司註冊處處長註冊的本公司招股章程作出投資決定；有關文本將於發售期內向公眾刊 發。 (a) ...

（文/罗叶馨梅）12月10日，澜起科技（688008.SH）公告称，中国证监会国际合作司已向公司出具《关于澜起科技股份有限公司境外发行上市备案通知 书》，对其境外发行上市事项予以备案确认。根据备案通知书，公司拟发行不超过130,204,100股境外上市普通股，并计划在香港联合交易所上市。本次备案 完成，意味着澜起科技赴港上市计划在监管程序上取得阶段性进展。 备案通知书明确了本次境外发行上市的多项信息报送要求。其一，自备案通知书出具之日起至本次境外发行上市结束前，如公司发生重大事项，应通过中国 证监会备案管理信息系统及时报告；其二，完成境外发行上市后，公司须在15个工作日内通过该系统报告本次发行上市的具体情况；其三，如自备案通知书 出具之日起12个月内未完成境外发行上市且拟继续推进，公司需按规定更新备案材料。 通知书同时强调，本次备案仅对澜起科技境外发行上市的备案信息予以确认，不构成对公司证券投资价值、投资者收益的实质性判断或保证，中国证监会亦 未对公司备案材料的真实性、准确性、完整性作出保证或认定。公司在后续境外发行上市过程中，仍需严格遵守境内外相关法律、法规和监管规则，履行信 息披露和合规义务，确保境外上市 ...

Core Viewpoint - The semiconductor sector has emerged as one of the most dynamic segments in the A-share market since 2025, driven by surging AI computing demand, accelerated domestic supply chain autonomy, and a global semiconductor cycle recovery, marking a critical window for high-quality development in China's semiconductor industry [2]. Group 1: Market Performance - The semiconductor sector's structure in 2025 shows that the midstream and upstream segments are leading, with the Semiconductor Equipment Index rising approximately 47% and the National Gold Semiconductor Equipment 20 Index increasing by about 62%, reflecting strong market expectations for domestic semiconductor equipment replacement [3]. - The digital chip design sector also performed well, with the Shenwan Digital Chip Design Index increasing by around 56%, serving as a core driver for the sector's upward movement [3]. Group 2: Individual Company Performance - Companies focusing on core technology breakthroughs, such as Saiwei Electronics and Chipone Technology, achieved over 180% growth, indicating sustained market optimism in areas like analog chips, IP licensing, and consumer-grade storage [4]. - In terms of trading activity, companies like Cambrian-U, SMIC, and Haiguang Information dominated the market with a combined trading volume exceeding 4.1 trillion yuan, highlighting institutional and market interest in domestic AI chips and advanced manufacturing processes [4]. Group 3: Semiconductor Company Value Rankings - The "2025 China Semiconductor Listed Company Value List" was released, ranking companies based on a comprehensive study of 181 listed firms, focusing on research innovation, financial health, growth potential, and market performance [5]. - The report indicates that companies like Haiguang Information, Cambrian, and others are leading in investment value, showcasing the sector's potential [5]. Group 4: Detailed Analysis of Semiconductor Companies - The analysis of 181 listed semiconductor companies revealed that firms like Haiguang Information, Zhongwei Company, and Guoli Microelectronics are in the high-scoring group for research innovation, indicating significant breakthroughs in key technology areas such as CPU/GPU, EDA, and etching equipment [10]. - Financial health scores for companies like SMIC and Cambrian reflect stable business models and strong cash flow, essential for maintaining strategic resilience amid increasing industry competition [11]. - Companies such as Cambrian and Guoli Microelectronics show strong growth potential, indicating that sectors like AI chips and EDA are becoming focal points for capital and capacity deployment [11]. Group 5: Sector Performance Comparison - The semiconductor sector has demonstrated the strongest overall competitiveness, with an average score leading all segments, while the hardware equipment sector follows closely due to China's robust supply chain and production capabilities [16]. - The semiconductor industry, supported by policy and capital, exhibits the highest comprehensive value creation potential among various sectors [17].

Investment Rating - The industry investment rating is "Outperform the Market" [5][42]. Core Insights - The SW Electronics industry saw a record high in fund heavy positions in Q3 2025, with a fund heavy ratio of 22.14%, up 4.91% quarter-on-quarter and 8.15% year-on-year [1][12]. - The focus of institutional investors is on AI computing power, semiconductor self-sufficiency, and an increased interest in the storage sector [2][22]. - The semiconductor sector remains the only sub-sector with an overweight position, while the concentration of the top five heavy positions has decreased, indicating a trend towards diversification in fund allocations [3][35]. Summary by Sections Fund Heavy Positions and Overweight Ratios - The SW Electronics industry had a matching ratio of 12.42% in Q3 2025, with a slight decrease of 0.14 percentage points quarter-on-quarter but an increase of 3.47 percentage points year-on-year [1][12]. - The overweight ratio for the SW Electronics industry in Q3 2025 was 9.71%, reflecting a quarter-on-quarter increase of 1.44 percentage points and a year-on-year increase of 3.65 percentage points [1][12]. Top Heavy Positions - The top ten heavy positions in the SW Electronics industry for Q3 2025 included companies like Cambricon, SMIC, and Industrial Fulian, with a significant focus on semiconductor and AI computing power stocks [2][17]. - All top ten heavy positions experienced price increases in Q3, with Industrial Fulian, Cambricon, and Shenghong Technology showing the highest gains [2][17]. Investment Focus Areas - Institutional investors are particularly focused on AI computing power, with key players in the AI server manufacturing and domestic AI chip sectors benefiting from accelerated industry development [2][22]. - The semiconductor sector is emphasized for its self-sufficiency, with companies like SMIC and Zhongwei benefiting from domestic supply chain improvements [2][22]. - The storage sector is gaining attention, with leading storage chip manufacturer Zhaoyi Innovation seeing continuous institutional accumulation due to favorable supply-demand dynamics [2][22]. Sub-sector Allocation - Only the semiconductor sector maintains an overweight position at 6.26%, despite a decrease of 1.60 percentage points [3][31]. - The optical and optoelectronic sector has seen a slight narrowing of its underweight ratio, indicating a potential shift in investor interest [3][31]. Diversification Trends - The concentration of the top five heavy positions in the SW Electronics industry has been declining since Q1 2025, suggesting a diversification trend in fund allocations [3][35]. - The market share of the top five, ten, and twenty heavy positions in the overall fund heavy market value is 36.36%, 58.02%, and 74.73%, respectively [3][35]. Investment Recommendations - The report suggests focusing on companies within the AI computing power and semiconductor self-sufficiency sectors, as well as the storage sector, which is expected to benefit from ongoing demand and price increases [2][40][37].

Core Viewpoint - The report from Yuanta Securities (Hong Kong) highlights that Lanke Technology's revenue in Q3 2025 grew by 57%, with net profit increasing by 106% after excluding stock-based compensation, indicating strong demand for memory driven by the AI industry [1] Company Summary - Lanke Technology's revenue growth of 57% in Q3 2025 reflects a significant increase in memory demand due to the development of the AI industry [1] - The company's net profit, after accounting for stock-based compensation, rose by 106%, with a quarter-on-quarter growth of 11% [1] - The production and sales scale of Lanke Technology has also increased simultaneously, contributing to its financial performance [1] - The new high-performance transport chips produced by the company are experiencing rapid growth in output [1] Industry Summary - Major domestic internet companies such as Alibaba, Tencent, and ByteDance are entering a critical phase in the computing power arms race, which is expected to lead to a leap in domestic computing power demand over the next three years [1] - The DRAM industry is poised for new development opportunities as a result of this increasing demand for computing power [1] - As a leading player in domestic memory interface chips, Lanke Technology is expected to benefit significantly from the AI wave driving the demand for high-speed storage [1] - The company's growth potential is further enhanced by these industry trends, with its stock currently trading at a PE ratio of 39 times for 2027 [1]

Group 1 - The International Monetary Fund's latest prediction indicates that China's GDP will exceed $40 trillion this year, making it the world's largest economy, while the U.S. GDP stands at $30.51 trillion [2] - The concept of Purchasing Power Parity (PPP) is used to eliminate the effects of currency fluctuations and price levels, providing a clearer picture of a country's actual production capacity and consumer purchasing power [4] - China's economy is heavily rooted in substantial and complete industrial sectors, with significant contributions in steel (over 60% of global production), cement (50%), and home appliances (30%) [6] Group 2 - The PPP method reveals a new global economic landscape, with China and the U.S. together accounting for over one-third of the global economy, while emerging economies like India, Russia, and Indonesia are rising in prominence [8][10] - By 2025, Asia's GDP is expected to account for 48.6% of the global economy, indicating a shift in economic growth towards the East [10] - China's semiconductor market is projected to exceed $180 billion, capturing 30% of the global market, showcasing its technological self-reliance [12] Group 3 - Trade with countries along the Belt and Road Initiative has reached 42.2% of China's total foreign trade, with significant growth in exports to ASEAN, the Middle East, and Africa [14] - The U.S. faces structural challenges, including a national debt exceeding $37 trillion and rising inflation, which is eroding consumer purchasing power [16] - The PPP forecast for 2025 signifies a shift towards a development model that emphasizes the connection between economic growth and improvements in living standards [18][20]

Group 1 - The core viewpoint of the articles highlights the contrasting economic situations of the US, Russia, and China, with the US showing signs of economic weakness despite a high GDP figure, while Russia is managing to stabilize its economy under challenging conditions, and China is steadily progressing with a focus on technological advancements and debt management [1][3][35]. Group 2 - The US GDP is projected at 216 trillion RMB (approximately 30 trillion USD) for 2025, but its growth rate is only 2.5%, indicating a decline in economic momentum compared to previous years [3][10]. - The US government's strategies, such as increasing tariffs on imports and the controversial "immigrant gold card" program, have not effectively addressed economic issues and have instead complicated trade relationships with allies [5][7]. - The US national debt is expected to exceed 37 trillion USD by 2025, which is more than its annual GDP, leading to significant financial burdens on American citizens [10][12]. Group 3 - Russia's GDP is forecasted to reach 16 trillion RMB (approximately 2.3 trillion USD) by 2025, reflecting resilience despite ongoing war and sanctions, with a growth rate of around 2.5% [16][20]. - The Russian military budget is projected to reach 1 trillion rubles (approximately 118 billion USD), accounting for 32.5% of government spending, which poses a challenge for balancing military needs and economic recovery [22][24]. - Russia is increasingly turning to India for economic cooperation, significantly boosting oil exports and establishing new energy transport routes, which has helped mitigate some economic losses [26][28]. Group 4 - China's GDP is projected to be 141.75 trillion RMB, with a growth rate of 5% in 2024, indicating a steady economic trajectory compared to the US [35][36]. - The Chinese economy is benefiting from advancements in technology, particularly in AI and semiconductors, which are enhancing its competitive edge in global markets [36][38]. - China is effectively managing its local debts, with over 60% of financing platforms exiting, leading to a healthier fiscal situation that supports continued economic growth [40][42].

Core Viewpoints - The discussion among investors regarding whether to hold stocks or cash during the upcoming holidays has intensified, with HSBC providing a point forecast for A-shares, predicting the Shanghai Composite Index at 4500 points, CSI 300 at 5400 points, and Shenzhen Component Index at 16000 points by 2026 [1][2]. Part 01: Market Dynamics - The current market is expected to see a shift from the optical module sector to other growth sectors such as the Apple supply chain, energy storage, and CXO (pharmaceutical sub-sectors), with the optical module sector still anticipated to rise [3]. - Innovation is identified as a core driver for the Chinese stock market's valuation increase, with China becoming a crucial part of the global supply chain due to enhanced innovation capabilities [4]. Part 02: Earnings, Valuation, and Liquidity - A structural recovery in earnings is projected for 2026, with a minimal downward adjustment of 0.2% in consensus earnings forecasts year-to-date [5]. - The expected earnings growth for high-growth sectors like electronics (+36.8%) and healthcare (+20.0%) is sufficient to support current valuations, while the power equipment sector is expected to see a 49.8% earnings growth that has not been fully priced in [6][7]. - The A-share market's valuation remains reasonable, with the overall market PE at 22.2x, CSI 300 at 14.0x, and the mid-cap index at 34.4x, all below historical median levels [8][9]. - Domestic liquidity is improving, with significant increases in non-bank deposits and a rise in retail investor participation, while foreign capital is expected to flow back into emerging markets due to anticipated interest rate cuts by the Federal Reserve [10]. Part 03: Index Targets, Market Style, and Sector Allocation - HSBC forecasts a 17%-20% upside potential for major indices by the end of 2026, with specific targets set for the Shanghai Composite Index, CSI 300, and Shenzhen Component Index [11][12]. - The trend of growth stocks outperforming value stocks is expected to continue, supported by high turnover rates and improving risk appetite among investors [13]. - Sector allocation recommendations include overweighting information technology and healthcare, while downgrading consumer discretionary due to valuation concerns [14]. Part 04: Investment Themes and Key Stocks - HSBC focuses on four major investment themes: 1. Artificial Intelligence (AI) with key stocks like Lanqi Technology and Zhongji Xuchuang benefiting from increased capital expenditure in cloud services [17]. 2. Healthcare with companies like Hansoh Pharmaceutical and WuXi AppTec positioned to capitalize on global pharmaceutical innovation [18]. 3. International expansion with firms like Yiwei Lithium Energy and Ninebot Company expected to grow overseas revenue [19]. 4. High-dividend quality stocks such as Hangzhou Bank, which are anticipated to perform steadily amid economic recovery [20].