Group 1: Acquisition and Financial Details - Chipone Technology plans to acquire 97.0070% equity of Chiplet Technology through a combination of issuing shares and cash payment, with the stock resuming trading on September 12 [1] - The proposed issuance price is set at 106.66 yuan per share, which is 81.11% of the average stock price over the last 20 trading days and 69.71% of the closing price before the suspension [1] - The acquisition price is significantly higher than the previous fundraising price of 72.68 yuan per share in June and slightly above the transfer price of 105.21 yuan per share in August, indicating confidence in the long-term value of Chipone Technology [1] Group 2: Order and Revenue Growth - As of the end of Q2 2025, Chipone Technology has a backlog of orders amounting to 3.025 billion yuan, maintaining a high level for seven consecutive quarters [2] - New orders signed from July 1 to September 11, 2025, reached 1.205 billion yuan, representing a substantial increase of 85.88% compared to the same period last year, with AI computing-related orders accounting for approximately 64% [2] Group 3: Chiplet Technology Overview - Chiplet Technology, established in 2018, is a leading provider of RISC-V CPU IP in China, with a workforce of 111 employees, 75.68% of whom are in R&D [3] - The company has developed over 70 IP products, including more than 20 RISC-V IPs, and has authorized over 300 global clients, making it one of the largest RISC-V IP suppliers in China [3] - Chiplet Technology achieved ISO26262 ASIL-D certification for automotive functional safety in July 2023, and its RISC-V IP business revenue ranks among the top in China [3] Group 4: Chipone Technology's Market Position - Chipone Technology is recognized as a leader in the AI ASIC sector, leveraging its extensive IP and chip customization capabilities to provide comprehensive chip design services [4] - In the first half of 2025, AI computing-related revenue accounted for approximately 52% of the company's chip design business [4] Group 5: RISC-V Industry Development - Chipone Technology has been actively involved in the RISC-V industry for over seven years, founding the China RISC-V Industry Alliance in 2018, which now has 204 member units [5] - The company has organized multiple RISC-V industry forums, promoting over 40 domestic RISC-V chip products [5] Group 6: Future Prospects and Strategic Goals - The acquisition of Chiplet Technology will enhance Chipone Technology's capabilities in RISC-V, allowing for a more comprehensive heterogeneous computing IP platform [7] - The integration of Chiplet Technology's RISC-V IP will enable Chipone Technology to offer differentiated and competitive chip solutions for AI ASIC applications [7] - The transaction is expected to boost Chipone Technology's total assets and revenue, enhancing its market competitiveness and industry influence [8]

| 申万行业(二级) | 接受调研的上市公司数量 | 申万行业(二级) | 接受调研的上市公司 | | --- | --- | --- | --- | | 专用设备 | 31 | 通用设备 | 26 | | 半导体 | 24 | 汽车零部件 | 21 | | 化学制品 | 20 | IT服务 | 17 | | 自动化设备 | 14 | 电力 | 11 | | 军工电子 | 10 | 计算机设备 | 10 | 具体上市公司方面，据Choice数据统计，博实结接受调研次数最多，达到4次。从机构来访接待量统计，晶盛机电、联创光电和武商集团排名前三，机构来 访接待量分别达237家、66家和49家。 | 证券名称 | 接待频率 2025-09-08 | 证券名称 | 接待 2025- | | --- | --- | --- | --- | | | 2025-09-14 | | 2025- | | 博实结 | র্ব | 章源钨业 | | | 埃斯顿 | 3 | 广发证券 | | | 周大生 | 3 | 亚光科技 | | | 岭南控股 | 3 | 芯原股份 | | | 沃尔德 | 2 | 西部矿业 | | | 证券名称 ...

Market Overview - A total of 75 stocks in the A-share market hit the daily limit, with 67 stocks hitting the limit after excluding 8 ST stocks, resulting in an overall limit-up rate of 74.26% [1] Stock Performance - Chip Original Co. (芯原股份) had the highest limit-up order volume, exceeding 9 billion yuan, followed by Dongzhu Ecology, Rongsheng Development, and Qingshan Paper with order volumes of 5.26 billion yuan, 5.04 billion yuan, and 5.01 billion yuan respectively [2] - *ST Asia Pacific (维权) achieved a five-day limit-up streak, while Suning Universal and Chunzong Technology had four consecutive limit-ups [2] Company Announcements - Chip Original Co. announced plans to acquire 97.0070% of Chip Technology through a combination of share issuance and cash payment, which will make Chip Technology a wholly-owned subsidiary [2][3] - The transaction aims to leverage Chip Original's semiconductor IP and chip customization platform to enhance its market influence and technical barriers in the RISC-V field [3] Industry Highlights Non-ferrous Metals - Notable limit-up stocks include Northern Copper, Shengda Resources, Hunan Silver, and others, with Northern Copper producing 21,700 tons of copper concentrate and 137,000 tons of electrolytic copper in the first half of the year [4] Computing Power - Key limit-up stocks in this sector include Kehua Data, TeFa Information (维权), and Runjian Co. Kehua Data is a pioneer in the liquid cooling field, offering full lifecycle services for liquid cooling data centers [5][6] Film and Entertainment - Limit-up stocks include Golden Screen Cinemas and China Film. Golden Screen Cinemas plans to upgrade older cinema projects to enhance customer experience [7] - China Film is involved in producing several films, including "Nanjing Photo Studio" and "The Cat and the Mouse: Starry Adventure" [8] Institutional Activity - The net purchase by deep stock connect exceeded 1 billion yuan for Yinghe Technology (维权), with significant net buying also seen in other stocks like Jin Xin Nuo and Fangzheng Technology [9]

Market Overview - On September 12, A-shares experienced a rise and then a pullback, with the Shanghai Composite Index reaching a peak of 3892.74 points, surpassing the previous high of 3888.6 points, marking a new stage high [2] - By midday, the Shanghai Composite Index closed at 3884.71 points, up 0.24%, while the Shenzhen Component Index rose 0.15%, and the ChiNext Index fell 0.52% [2] - The trading volume in the Shanghai and Shenzhen markets reached 164.87 billion yuan, an increase of 152.6 billion yuan compared to the same period the previous trading day [2] Real Estate Sector - The real estate sector showed strong performance early in the session, with New Dazheng hitting the daily limit within one minute of opening [5] - Other notable stocks in the real estate sector included Suning Universal, which achieved a four-day limit-up streak, and several others like Xiangjiang Holdings and Rongsheng Development also reached their daily limits [5][7] - The Central Committee and State Council recently issued opinions on promoting high-quality urban development, emphasizing the construction of "good houses" and complete communities to better meet diverse housing needs [7][8] Semiconductor Sector - Chip Origin Technology resumed trading and saw its stock price surge by 20%, reaching a historical high of 183.6 yuan per share [4][10] - The company announced plans to acquire a 97.0070% stake in Chip Technology, which will become a wholly-owned subsidiary, enhancing its capabilities in the RISC-V field [10] - Chip Origin reported a record high in new orders, amounting to 3.025 billion yuan, with AI-related orders making up approximately 64% of the total [10][11] Robotics Sector - The robotics sector remained active, with Shoukai Co. achieving a remarkable performance of seven limit-ups in eight days [12][13] - The market anticipates significant growth in the humanoid robot sector, driven by Tesla's advancements and supportive domestic policies, with projections indicating a tenfold increase in domestic robot shipments by 2026 [15][16]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The acquisition of Chiplet Technology will enhance the company's CPU matrix and strengthen its position in the RISC-V sector, which is expected to drive significant growth in AI ASIC and RISC-V technology [3][4] - The company has achieved record-high new orders, totaling 1.205 billion yuan, representing an 85.88% year-on-year increase, with AI-related orders accounting for approximately 64% [4] - The company is positioned as a leading player in the AI ASIC and IP market, benefiting from the ongoing AI industry wave [4] Financial Performance - The total revenue for Chiplet Technology in 2024 is projected to be 77.947 million yuan, with a near break-even point achieved in the reporting period [2] - Revenue forecasts for the company are 3.179 billion yuan in 2025, 4.057 billion yuan in 2026, and 5.883 billion yuan in 2027, with year-on-year growth rates of 36.9%, 27.6%, and 45.0% respectively [5] - The company is expected to achieve a net profit of 0.1 million yuan in 2025, 0.6 million yuan in 2026, and 1.4 million yuan in 2027, with significant year-on-year growth rates [5] Market Position - Chiplet Technology is recognized as one of the leading RISC-V CPU IP providers in China, with over 300 global authorized clients and applications across various sectors including AI, automotive electronics, and IoT [2] - The company has established partnerships with multiple leading RISC-V firms and has provided customized chip solutions for over 20 clients [3]

Core Viewpoint - The company, Chip Origin, announced a plan to acquire a 97.0070% stake in Chip Lai Technology through a combination of issuing shares and cash payment, aiming to enhance its semiconductor IP and chip customization services [2][11]. Group 1: Transaction Details - The acquisition involves 31 parties, including Chip Lai Co-Creation and Hu Zhenbo, with Chip Origin currently holding a 2.9930% stake in Chip Lai Technology [2]. - The payment structure for the acquisition has not been finalized, and the total transaction price will be based on an evaluation report from a qualified agency [4][11]. - The share issuance price has been set at 106.66 CNY per share, which is 80% of the average trading price over the last 20 trading days [5][6]. Group 2: Company Background - Chip Origin is recognized as a leading provider of semiconductor IP and chip customization services, often referred to as the "first stock of China's semiconductor IP" [6][11]. - The company has a diverse portfolio of six key processor IPs, including GPU, NPU, VPU, DSP, ISP, and Display Processing IP, along with over 1,600 mixed-signal and RF IPs [7]. - Chip Origin's semiconductor IP licensing business is projected to hold the largest market share in China and rank eighth globally in 2024 [7]. Group 3: Strategic Implications - The acquisition is expected to enhance Chip Origin's capabilities in the RISC-V domain, leveraging Chip Lai Technology's resources to accelerate the commercialization of RISC-V technology [11]. - The company aims to build an open RISC-V hardware platform and foster an open-source software ecosystem to promote the rapid development of the RISC-V ecosystem in China [11]. - As of the second quarter of 2025, Chip Origin reported a record high order backlog of 3.025 billion CNY, with new orders significantly increasing, particularly in AI computing [11].

Group 1 - Company X signed new orders worth 1.205 billion yuan from July 1 to September 11, setting a historical record, with AI computing orders accounting for approximately 64% [1] - As of the end of Q2 2025, the company has a backlog of orders amounting to 3.025 billion yuan, maintaining a high level for seven consecutive quarters [1] - The new orders represent an 85.88% increase compared to the same period last year, indicating a significant growth trajectory [1] Group 2 - Company Y plans to acquire 97.0070% of Chip Technology through a combination of share issuance and cash payment, with a share price set at 106.66 yuan [2] - The acquisition aims to enhance the company's capabilities in the RISC-V field and create a robust ecosystem for RISC-V hardware and software in China [2] - Following the transaction, Chip Technology will become a wholly-owned subsidiary of the company, expected to boost market influence and technical barriers [2] Group 3 - Company Z intends to acquire 100% of Better Electronics for 2.218 billion yuan, with performance commitments set for 2025-2027 [5] - The target company specializes in the research, production, and sales of power electronic protection components [5] Group 4 - Company A's actual controller proposed a share buyback plan with a total amount between 30 million and 35 million yuan [7] - The buyback will occur through the Shanghai Stock Exchange within three months after shareholder approval [7] Group 5 - Company B's stock will resume trading on September 12, 2025, following a suspension due to a capital increase plan [3][16] - The company has completed the registration of 5.294 billion shares as part of its restructuring plan [7][16] Group 6 - Company C reported a significant increase in passenger and cargo throughput in August 2025, with a 5.18% and 5.11% year-on-year growth, respectively [10]

【导读】芯原股份拟收购芯来科技97.007%股权，预计构成重大资产重组，9月12日复牌 9月11日晚间，芯原股份发布交易预案称，公司拟通过发行股份及支付现金方式，收购芯来智融半导体科技（上海）有限公司（以下简 称芯来科技）97.007%的股权，并募集配套资金，预计构成重大资产重组。 芯来科技是国内首批基于RISC-V开放指令集架构打造应用生态的企业之一，而RISC-V是一种基于精简指令集原则的开放指令集架构。 随着AI应用的驱动，中国的RISC-V产业迎来显著的发展机遇。 芯原股份发布的公告称，公司通过本次交易将构建开放的RISC-V硬件平台，打造开源的RISC-V软件生态，推动RISC-V生态体系在中 国市场快速发展。 针对上述交易，芯原股份自8月29日开市起停牌，计划自9月12日开市起复牌。截至8月28日收盘，芯原股份报153元/股，总市值为804.3 亿元。 芯原股份此前初步确定的交易对象包含胡振波、芯来共创（上海）管理咨询中心（有限合伙）、芯来合创（上海）管理咨询中心（有 限合伙），合计持有芯来科技42.1208%的股权。 | 序 | | 持有标的公 | | 支付方式 | | 向该交易对方支付 | | ...

上市企业：寒武纪[688256]、芯原股份[688521] 相关企业：上海赛昉科技有限公司、中茵微电子(南京)有限公司、平头哥半导体有限公司、芯耀辉科技 股份有限公司 内容概要：随着人工智能、大数据等前沿技术的进一步普及，以及芯片自主可控带来的发展机遇，国内 半导体IP市场规模快速增长，为推进高水平科技自立自强做出"芯"贡献。2024年我国半导体IP市场规模 增长至147.03亿元。其中，处理器IP占49.53%；接口IP占26.66%；物理IP占15.79%；数字IP占8.02%。 预计2025年我国半导体IP市场规模将增长至186.34亿元。其中，处理器IP约占49.34%；接口IP约占 27.15%；物理IP约占15.53%；数字IP约占7.98%。国内集成电路产业正处于快速扩张期，智能手机、物 联网终端、新能源汽车等终端产品的持续放量，直接带动芯片设计需求攀升，进而为本土半导体IP提供 商带来了稳定且庞大的市场空间。 关键词：半导体IP行业发展历程、半导体IP市场规模、半导体IP市场竞争格局、半导体IP行业发展趋势 一、半导体IP行业定义及分类 半导体IP（Intellectual Property， ...

Group 1: Semiconductor Sector Performance - The semiconductor sector has shown strong performance, with a 1.91% increase on September 1 and over 20% growth in the past month [1] - The sector is experiencing an acceleration in mergers and acquisitions, exemplified by Chipone Microelectronics' announcement to acquire Chiplet Technology [1][2] Group 2: Chipone Microelectronics and Chiplet Technology - Chipone Microelectronics plans to acquire all or a controlling stake in Chiplet Technology, in which it currently holds a 2.99% stake [1] - Chiplet Technology, established in 2018, is one of the earliest RISC-V CPU IP suppliers in China, with over 300 authorized clients across various sectors [1][2] Group 3: Strategic Importance of the Acquisition - This acquisition will complete a crucial piece in Chipone's CPU IP portfolio, enhancing its competitive strength [2] - Chipone is recognized as a leading provider of semiconductor IP and chip customization services, ranking sixth globally in IP licensing revenue in 2024 [2] Group 4: RISC-V Ecosystem Development - Chipone has been actively developing the RISC-V market and aims to build a robust RISC-V ecosystem in China through collaboration with Chiplet Technology [2][3] - The establishment of the China RISC-V Industry Alliance and the Shanghai Open Processor Industry Innovation Center highlights the commitment to advancing RISC-V technology [3] Group 5: Future Prospects and Market Trends - RISC-V is becoming a foundational architecture for AI chips, with Chiplet Technology's focus on AI applications expected to drive growth in AIoT and automotive electronics [4] - The acquisition is still in the planning stage, with the valuation of Chiplet Technology yet to be finalized, and trading of Chipone's stock has been temporarily suspended [4]