通过基金平台投资"芯片之母"龙头企业，国产替代浪潮下有望迎来价值重估。 近日，证监会网站信息显示，国产EDA(电子设计自动化)企业全芯智造技术股份有限公司已在安徽证监 局办理辅导备案登记，正式启动上市进程。这家被誉为安徽集成电路制造EDA龙头的企业，背后出现 了绿通科技（301322）旗下产业基金的身影。 对于绿通科技的投资者而言，这一进展具有重要意义。 2025年9月12日，绿通科技公告称，旗下广东绿通产业投资基金合伙企业(有限合伙)拟合计出资约2000 万元持有全芯智造技术有限公司的股权。 绿通科技对半导体领域的布局并非始于全芯智造。在2025年9月的业绩说明会上，公司明确表示了对江 苏大摩半导体科技有限公司的收购，是"为寻求突破和长远发展而进行的审慎战略决策"。半导体产业链 的拓展已成为公司长期关注的方向之一。公司表示将结合半导体行业技术趋势及自身业务协同需求，持 续审慎探索半导体产业链的整合机会。 从场地电动车到半导体产业，绿通科技的战略转型路径日益清晰。全芯智造启动上市辅导，标志着公司 在半导体领域的产业投资开始进入收获期。 随着全芯智造上市进程的推进，绿通科技这笔约2000万元的投资已显现出前瞻性 ...

Core Viewpoint - The conflict between ASML and its Chinese subsidiary highlights the fragility of global supply chains and the unintended consequences of political maneuvers in the semiconductor industry [1][3][10] Group 1: Supply Chain Disruption - ASML's temporary CEO announced a halt in wafer supply due to alleged payment defaults by the Dongguan factory, which ASML China refuted, claiming ASML owed 1 billion yuan [1][5] - The Dutch government's takeover aimed to sever Chinese control over ASML but resulted in a significant disruption, as 70% of ASML's end production capacity is concentrated in the Dongguan facility, leading to panic among European automakers [3][5] - Major European car manufacturers like Volkswagen and Mercedes-Benz rushed to stockpile chips, causing a 20% short-term price increase, while Dutch wafer factories faced inventory pile-up due to halted production [3][5] Group 2: Political and Economic Repercussions - The Dutch government's actions have been criticized for prioritizing political motives over market logic, with the German media noting that the automotive industry is facing real costs due to these decisions [5][7] - In response to the supply halt, the Chinese Ministry of Commerce implemented export controls on ASML's automotive chips, while allowing for flexible exemptions for affected companies, leading to a split in the European automotive sector [5][7] - ASML China indicated that its existing inventory could meet customer demands until the end of the year, and domestic wafer manufacturers are stepping in to fill the gap, accelerating the shift towards local alternatives [5][8] Group 3: Global Supply Chain Dynamics - The incident underscores the complexities of global supply chains, with ASML's model relying on a "Dutch wafer - Chinese packaging - global sales" approach, making the packaging stage a critical point of control [10] - The situation has prompted discussions about the sustainability of political interventions in market operations, with warnings from the German business community about the costs of such political maneuvers [10] - The broader implications of this conflict raise questions about the future of globalization and whether nations can maintain efficiency in supply chains while pursuing absolute autonomy [10]

Group 1: Core Views - The core focus of the article is on the importance of technological innovation in driving China's modernization and economic development, as emphasized in the 15th Five-Year Plan proposal [1][3][4]. Group 2: Technological Innovation and Research - The next five years are deemed critical for building a strong technological nation, with a focus on basic research and the integration of technological and industrial innovation [1][3]. - Basic research funding is projected to reach 249.7 billion yuan in 2024, reflecting a growth of over 70% since 2020 [4]. - The article highlights the need for stable funding and long-term support for basic research to enhance original innovation capabilities [4][6]. Group 3: Key Technological Breakthroughs - The article discusses significant advancements in key technologies, such as the development of high-speed oscilloscopes, which have reached international leading levels [7]. - China has achieved breakthroughs in nearly 700 key common technologies during the 14th Five-Year period, with a notable increase in high-value invention patents [7][8]. Group 4: Integration of Technology and Industry - The integration of technological innovation and industrial innovation is seen as essential for economic and social development, with a focus on meeting industry demands [11][12]. - The article notes that the transaction volume of technology contracts has maintained double-digit growth, reaching 6.8 trillion yuan in 2024 [12]. Group 5: Recommendations for Future Development - Suggestions include establishing a robust mid-term testing and transformation service system to accelerate the cultivation of new productive forces [13]. - The article advocates for collaborative research mechanisms between enterprises and research institutions to address technological challenges and foster talent [13].

Market Performance - On October 15, the Shanghai Composite Index returned to 3900 points, with the ChiNext Index rising over 2.3% [1][2] Economic Indicators - In September, China's total import and export value increased by 8% year-on-year, reaching a new high for the year, indicating a recovery in both domestic and external demand [2] - The core Consumer Price Index (CPI) has risen for the fifth consecutive month, while the Producer Price Index (PPI) has seen a narrowing year-on-year decline, reflecting a gradual accumulation of internal momentum and alleviating profit pressures in the industrial sector [2] Trade Resilience - September exports grew by 8.4%, attributed to the effectiveness of market diversification strategies and optimization of export structures, which reduced reliance on a single market [2] - Cumulative imports and exports in the first three quarters maintained positive growth, showcasing China's enhanced resilience to external risks [2] Sector Performance - The technology sector has seen a boost from domestic breakthroughs, such as the release of domestic EDA software, which fills gaps in high-end tools [2] - Growth logic in sectors like new energy and intelligent equipment has been further solidified, providing fundamental support for technology and high-end manufacturing sectors in the A-share market [2] Market Outlook - The A-share market is expected to continue a structural trend under the backdrop of fundamental recovery and expectations of policy easing [3] - The moderate domestic price levels provide room for macro policy adjustments, while resilient exports and technological breakthroughs strengthen long-term confidence [3] - Recommendations for asset allocation include focusing on technology, new energy, and high-end manufacturing sectors, which may benefit from improved domestic demand, industrial upgrades, and globalization [3]

Group 1 - The U.S. federal court has blocked Trump's tariff policy announced on April 2, stating that raising tariffs should be voted on by Congress, indicating internal resistance against Trump's tariff policies [1] - The market showed a broad increase with over 4,400 stocks rising and 800 falling, indicating a bullish market structure, particularly in sectors like unmanned logistics vehicles and smart transportation [1] - The Robotaxi sector, which combines AI and transportation, is gaining attention with expectations of policy support from the upcoming implementation opinions on "AI + Transportation" [1] Group 2 - The controlled nuclear fusion and nuclear power sectors remain key market themes, with some previously underexplored stocks showing potential for rebound [3] - The digital currency and mobile payment sectors are experiencing upward momentum, with U.S. Congress advancing legislation on stablecoins and Hong Kong preparing to establish a licensing system for fiat-backed stablecoin issuers [3] - Siemens has suspended its EDA services to China, which may accelerate the development of domestic EDA software, as the market is currently dominated by a few major companies [3]