截至发稿，宏微科技市值为66亿元。 每经AI快讯，宏微科技（SH 688711，收盘价：31.08元）12月29日晚间发布公告称，近日，公司与某公 司签署了《战略合作协议》，双方本着平等互利、合作共赢的原则，为发挥各自资源优势，建立更紧密 的战略合作关系，未来将聚焦电控系统、液压控制系统、伺服系统、机器人核心零部件中所用到的功率 半导体器件，并重点围绕氮化镓功率半导体器件开展联合共研，旨在强化双方在电控系统、液压控制系 统、伺服系统、机器人等诸多领域的业务布局与竞争优势。 本次签署的《战略合作协议》，无需提交公司董事会或股东会审议，亦不构成《上市公司重大资产重组 管理办法》规定的重大资产重组。 2024年1至12月份，宏微科技的营业收入构成为：功率半导体器件占比99.66%，其他业务占比0.34%。 （记者 王晓波） 每经头条（nbdtoutiao）——绕开光刻机"卡脖子"，中国新型芯片问世！专访北大孙仲：支撑AI训练和 具身智能，可在28纳米及以上成熟工艺量产 ...

一句话趋势：科技与制造、医疗健康领域持续以案例密度和资金量级双优势主导融资市场。 过去一周，科技与制造领域以超20起案例、多笔5亿元级大额交易成融资核心：半导体设备企业新施诺完成超5亿元A+轮融资；通讯设备研发商昉擎科技斩 获超5亿元Pre-A轮融资；卫星通信企业星联芯通完成逾亿元B轮融资；智能特种机器人企业博清科技获数亿元B轮融资；二维半导体企业原集微完成近亿元 天使轮融资。 医疗健康领域稳健发力，大额交易与细分创新并行：新药研发服务平台康源博创完成2.5亿元B轮融资；恶性肿瘤创新药研发企业伯汇生物获近亿元A+轮融 资；AI驱动新药研发企业哲源科技完成亿级A+轮融资。此外，脑机接口企业阶梯医疗、眼病数字疗法企业集视科技、创新多肽药物研发商成都佩德生物等 细分场景企业均获资本加持，资金聚焦临床价值明确的创新领域。 消费服务领域无新增融资案例，整体延续"硬科技+医疗健康"双主线主导的市场格局。 02、哪些投资机构较为活跃 从机构投资活跃度来看，本周亦庄国投、国科投资较为活跃，各披露2笔投资，主要聚集在科技与制造领域与医疗健康领域。 | 刨投 | | 2025年12月15日-12月21日 国内一级市场活跃 | | ...

Core Insights - The article highlights the rapid growth and development of the semiconductor industry in the Yangzhou Yiyang Economic Development Zone, showcasing its capabilities and achievements in producing power semiconductor devices [1][2]. Group 1: Industry Growth and Performance - The Yiyang Economic Development Zone has established itself as a core hub for the microelectronics industry, housing over 30 related enterprises and forming a complete industrial chain from chip design to manufacturing and testing [1][2]. - The semiconductor integrated circuit industry in the zone is projected to exceed 10.8 billion yuan in sales in 2024, accounting for 35% of the industrial sales, with an average annual growth rate of over 30% in the past three years [1]. - From January to November 2025, the industrial sales reached 12.45 billion yuan, marking a 29% year-on-year increase, with expectations to reach 15 billion yuan by the end of the year [1]. Group 2: Strategic Development Approaches - The development strategy focuses on the characteristics of the microelectronics industry, emphasizing "small but strong, small but beautiful, small but precise," and aims for deep cultivation of the industrial chain and full ecological empowerment [2]. - The zone employs a "chain leader" approach to consolidate industrial synergy and utilizes a dual-driven model of local cultivation and external investment to activate growth potential [2][4]. Group 3: Key Players and Innovations - Yangjie Technology, a leading company in the power semiconductor sector, has become a vertical leader in chip R&D, manufacturing, and testing, holding the largest market share in power diodes and rectifier bridges in China and globally [3]. - The company has over 900 R&D personnel and is recognized for its significant contributions to the industry, including being selected for the Ministry of Industry and Information Technology's excellent smart factory project [3]. Group 4: Investment and Infrastructure Development - The development zone has invested 2 billion yuan to enhance infrastructure, including the establishment of a microelectronics professional industrial park and a wastewater treatment plant [6]. - The zone has also implemented a "scene-based investment" strategy to attract projects that align with local market conditions, ensuring that new projects can land and develop successfully [5]. Group 5: Economic Impact and Future Outlook - The development zone achieved an industrial sales figure of 35.651 billion yuan from January to November, reflecting a 16.6% year-on-year growth, positioning it as the leading area in the Hanjiang District [7]. - The future focus will be on integrating the semiconductor industry chain and optimizing the business environment to establish a significant semiconductor and microelectronics production base in the Yangtze River Delta region [7].

根据本次转让资产一揽子交易方案，按照中联资产评估集团四川有限公司出具的《成都高投芯未半导体 有限公司拟转让设备类资产评估项目资产评估报告》（中联川评报字[2025]第146号），截至2025年9月 30日，本次标的资产账面价值17,361.92万元，评估值18,008.17万元（不含税），评估增值646.25万元， 增值率3.72%。经测算，本次标的资产转让含税价为20,349.23万元。同时，芯未公司将现有部分厂房出 租给高投集团用于标的资产运行，租赁期限自2026年1月1日起至2026年12月31日止，年度租金按照中联 资产评估集团四川有限公司出具的评估基准日为2025年9月30日的《成都高投芯未半导体有限公司拟出 租部分资产所涉及物业的市场租金评估项目资产评估报告》（中联川评报字[2025]第149号）评估价格 确定为522.75万元（含税价）。高投集团为公司控股股东，属于公司的关联方，本次交易构成关联交 易。本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 格隆汇12月12日丨高新发展(000628.SZ)公布，为支持公司科技转型培育的功率半导体业务发展，提高 下属功率半导体设计 ...

根据本次转让资产一揽子交易方案，按照中联资产评估集团四川有限公司出具的《成都高投芯未半导体 有限公司拟转让设备类资产评估项目资产评估报告》（中联川评报字[2025]第146号），截至2025年9月 30日，本次标的资产账面价值17,361.92万元，评估值18,008.17万元（不含税），评估增值646.25万元， 增值率3.72%。经测算，本次标的资产转让含税价为20,349.23万元。同时，芯未公司将现有部分厂房出 租给高投集团用于标的资产运行，租赁期限自2026年1月1日起至2026年12月31日止，年度租金按照中联 资产评估集团四川有限公司出具的评估基准日为2025年9月30日的《成都高投芯未半导体有限公司拟出 租部分资产所涉及物业的市场租金评估项目资产评估报告》（中联川评报字[2025]第149号）评估价格 确定为522.75万元（含税价）。高投集团为公司控股股东，属于公司的关联方，本次交易构成关联交 易。本次关联交易不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 格隆汇12月12日丨高新发展(000628.SZ)公布，为支持公司科技转型培育的功率半导体业务发展，提高 下属功率半导体设计 ...

Core Viewpoint - The article discusses a significant acquisition in the semiconductor industry, where Zhonglian Development Holdings, a struggling leather fashion company, plans to acquire up to 100% of Longteng Semiconductor for a maximum price of 9 billion HKD, reflecting a trend of traditional companies seeking to transform through high-tech acquisitions amid stricter IPO regulations and market volatility [1][3]. Group 1: Zhonglian Development Holdings - Zhonglian Development is facing severe operational challenges, with a reported revenue of 22.25 million HKD for 2024, down 27% year-on-year, and a loss of 27.91 million HKD in 2023 [3]. - The company has a negative cash flow of -6.44 million HKD as of the end of 2024, indicating a lack of self-sustaining financial capability [3]. - The acquisition aims to transform Zhonglian's business model from traditional leather and fashion to the high-growth semiconductor sector, potentially leading to a significant change in its business attributes [3]. Group 2: Longteng Semiconductor - Longteng Semiconductor, established in 2009, is a leading player in the power semiconductor industry in China, with products used in high-demand sectors like renewable energy and automotive electronics [5]. - The company experienced revenue growth from 89.09 million HKD in 2018 to 173 million HKD in 2020, achieving profitability with a net profit of 24.53 million HKD in 2020 [5]. - Despite its technological advancements, Longteng faced challenges in capitalizing on its growth, including withdrawing its IPO application in 2022 after two rounds of inquiries [5][6]. Group 3: Strategic Implications of the Acquisition - The acquisition allows Longteng to bypass complex IPO processes and quickly access capital for expansion and R&D [6]. - The valuation range for the acquisition is set between 4.5 billion and 9 billion HKD, indicating the early stage of negotiations and the potential for performance-based adjustments in the deal structure [9]. - Successful completion of the acquisition could enable Zhonglian to reverse its continuous losses and align its valuation with high-growth tech stocks, while Longteng could overcome capital constraints and accelerate its production capabilities [9][10].

Core Viewpoint - The valuation of Hunan Friendship Apollo Commercial Co., Ltd. (referred to as "Youa Co.") for its asset acquisition and fundraising has been assessed at 1.757 billion yuan, reflecting an increase of 805 million yuan or 84.60% over its book value, indicating a cautious yet optimistic outlook on the company's market value [1][2]. Valuation Methodology - The assessment utilized the market approach, which yielded a valuation of 1.757 billion yuan, significantly higher than the asset-based approach valuation of 1.124 billion yuan, which showed an increase of 172 million yuan primarily from intangible assets [2][3]. - The income approach was not employed due to the high uncertainty in cash flow projections within the semiconductor power device industry, influenced by macroeconomic and geopolitical factors [2][3]. Intangible Assets - Intangible assets showed a remarkable increase, with a book value of 148,480 yuan being appraised at 11.7 million yuan, resulting in a valuation increase of 78 times [3]. - The assessment of intangible assets, including trademarks and patents, aligns with industry standards and reflects the company's status as a national high-tech enterprise with numerous authorized patents [3]. Historical Valuation Fluctuations - The historical valuation of the assets has varied significantly, with a notable decline of 65.4% from the last round of financing (C round) valuation of 5.081 billion yuan to the current assessment of 1.757 billion yuan [4]. - Factors contributing to this decline include a downturn in the semiconductor industry, a drop in the company's net profit, and a decrease in industry valuation multiples [4]. Comparable Company Analysis - The valuation assessment included comparisons with similar companies, confirming that Youa Co. operates under a similar Fabless model and focuses on power semiconductor devices [5][6]. - The assessed value of Youa Co. is below the average market value increase of 164.91% for similar transactions in the semiconductor sector, indicating a conservative valuation approach [5][6]. Post-Valuation Performance - Following the valuation date, Youa Co. has shown signs of operational improvement, with a projected 58% increase in net profit for the first half of 2025 compared to the previous year [7]. - The financial performance post-assessment suggests a recovery trend, supporting the valuation's fairness and the protection of shareholder interests [7].

截至11月20日，捷捷微电股东户数8.83万，较上期减少0.81%；人均流通股8693股，较上期增加0.81%。 2025年1月-9月，捷捷微电实现营业收入25.02亿元，同比增长24.70%；归母净利润3.47亿元，同比增长 4.30%。 分红方面，捷捷微电A股上市后累计派现5.99亿元。近三年，累计派现2.37亿元。 机构持仓方面，截止2025年9月30日，捷捷微电十大流通股东中，香港中央结算有限公司位居第七大流 通股东，持股880.08万股，相比上期增加126.78万股。南方中证500ETF（510500）位居第八大流通股 东，持股727.81万股，相比上期减少10.33万股。国联安半导体ETF（512480）位居第十大流通股东，持 股341.12万股，为新进股东。国联安中证全指半导体产品与设备ETF联接A（007300）退出十大流通股 东之列。 责任编辑：小浪快报 11月25日，捷捷微电盘中上涨2.23%，截至10:49，报27.46元/股，成交1.38亿元，换手率0.66%，总市值 228.49亿元。 资金流向方面，主力资金净流入1462.01万元，特大单买入969.04万元，占比7.03%，卖出2 ...

Core Insights - The announcement from Taiyong Changzheng highlights that power semiconductor devices are crucial to the cost of solid-state circuit breakers [1] - Different types of semiconductor devices significantly impact costs, indicating a need for careful selection in manufacturing [1] - The control drive system is identified as a core component of solid-state circuit breakers, contributing to overall cost [1] - The cost of the cooling system varies based on power levels and cooling methods, suggesting that design choices can influence expenses [1]

Core Viewpoint - The stock price of Jiejie Microelectronics has experienced a decline of 14.58% this year, with recent trading showing slight fluctuations, while the company continues to show growth in revenue and profit [2]. Group 1: Stock Performance - As of November 10, Jiejie Microelectronics' stock rose by 2.00% to 29.05 CNY per share, with a total market capitalization of 24.172 billion CNY [1]. - The company has seen a year-to-date stock price decrease of 14.58%, with a 0.31% drop over the last five trading days and an 8.79% decline over the last 20 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Jiejie Microelectronics reported a revenue of 2.502 billion CNY, reflecting a year-on-year growth of 24.70%, and a net profit attributable to shareholders of 347 million CNY, which is a 4.30% increase [2]. - The company has distributed a total of 599 million CNY in dividends since its A-share listing, with 237 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of October 31, 2025, the number of shareholders for Jiejie Microelectronics was 89,200, a decrease of 3.46% from the previous period, with an average of 8,601 circulating shares per shareholder, an increase of 9.48% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 8.8008 million shares, an increase of 1.2678 million shares from the previous period, while the Southern CSI 500 ETF has reduced its holdings by 103,300 shares [3].