2025年，中国半导体行业迎来新一轮IPO热潮，资本市场正成为推动产业向高质量发展转型的关键驱动力。据集微网不完全统计，全年有30家半导体企业 进入A股IPO受理流程，合计拟募资规模接近1000亿元。与此同时，19家非A股半导体公司以及数十家已在A股上市的龙头企业正积极布局赴港上市，初步 构建起"A+H"市场联动、境内外资本协同的双向赋能新格局。 A股市场：募资近1000亿元 全产业链融资态势强劲 2025年国内半导体行业IPO市场持续活跃，全年受理企业覆盖芯片设计、制造、材料、设备、封测等核心环节，呈现出"先稳后冲、全链协同"的显著特 征。 上半年受理节奏相对平稳，进入12月后迎来爆发——单月受理企业超过10家，占全年总量的三分之一。尤其在12月下旬，几乎每日均有半导体企业获得受 理，凸显行业在年末加速推进资本化的积极态势。 | | | | 2025年半导体行业IPO受理企业名单一览 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 受理时间 | रूक | 简称 | 主营业务 | 保荐机构 | 上市板块 | 最受金额 (亿元) | ...

1月5日，昂瑞微涨3.04%，成交额2.97亿元。两融数据显示，当日昂瑞微获融资买入额2456.90万元，融 资偿还4724.17万元，融资净买入-2267.26万元。截至1月5日，昂瑞微融资融券余额合计1.52亿元。 截至12月16日，昂瑞微股东户数1.74万，较上期增加24398.59%；人均流通股693股，较上期增加 0.00%。2025年1月-9月，昂瑞微实现营业收入13.35亿元，同比减少20.69%；归母净利润-6277.19万元， 同比减少426.66%。 责任编辑：小浪快报 融券方面，昂瑞微1月5日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元；融 券余量0.00股，融券余额0.00元。 资料显示，北京昂瑞微电子技术股份有限公司位于北京市海淀区东北旺西路8号院23号楼5层101，成立 日期2012年7月3日，上市日期2025年12月16日，公司主营业务涉及主要从事射频前端芯片、射频SoC芯 片及其他模拟芯片的研发、设计与销售。主营业务收入构成为：射频前端芯片78.54%，射频SOC芯片 20.78%，其他产品和服务0.69%。 融资方面，昂瑞微当日融资买入2456 ...

收获季。 作者/周佳丽 2018年，张文加入商汤科技担任总裁，主导其总部落地上海。松禾资本投资团队与张文相识始于商汤科 技。 原来早在2017年，松禾资本就投资了商汤科技，甚至还为商汤专门配置了投后人员，与公司上下都建立 了深厚的联系，包括张文。接触以来，厉伟感受到张文"心态开放，有契约精神，也充满了活力和创 新"。 齿轮扭转到2019年。长期深耕集成电路、人工智能等新兴产业，凭着多年的创业和投资经验，张文敏锐 地看到了中国半导体产业历史性拐点的到来，决心投身于国产GPU的创业浪潮，壁仞科技应运而生。 报道/投资界PEdaily 今日（1月2日），国产GPU独角兽壁仞科技正式登陆港交所，缔造了"港股GPU第一股"。本次IPO，壁 仞科技发行价每股19.60港元，开盘大涨，市值破1000亿港元。 张文，壁仞科技的灵魂人物。他的职业生涯始于华尔街，后来回国连续创业，于2019年正式投身国产 GPU浪潮，壁仞科技由此诞生。此后，张文率队壁仞科技掀起了国产GPU赛道的融资狂潮，集结了一份 长长的投资人名单。 随着今日锣声敲响，松禾资本又收获一个超级IPO。至此，从2025年12月16日科创板IPO的昂瑞微，到 12月 ...

收获季。 作者/周佳丽 报道/投资界PEdaily 今 日 （ 1 月 2 日 ） ， 国 产 GPU 独 角 兽 壁 仞 科 技 正 式 登 陆 港 交 所 ， 缔 造 了 " 港 股 GPU 第 一 股"。本次I PO，壁仞科技发行价每股1 9 . 6 0港元， 开盘大涨，市值破1 0 0 0亿港元。 张 文 ， 壁 仞 科 技 的 灵 魂 人 物 。 他 的 职 业 生 涯 始 于 华 尔 街 ， 后 来 回 国 连 续 创 业 ， 于 2 0 1 9 年 正 式 投 身 国 产 GPU 浪 潮 ， 壁 仞 科 技 由 此 诞 生 。 此 后 ， 张 文 率 队 壁 仞 科 技 掀 起 了 国 产 GPU赛道的融资狂潮，集结了一份长长的投资人名单。 随 着 今 日 锣 声 敲 响 ， 松 禾 资 本 又 收 获 一 个 超 级 I PO 。 至 此 ， 从 2 0 2 5 年 1 2 月 1 6 日 科 创 板 I PO的昂瑞微，到1 2月3 0日港交所敲钟的五一视界，以及今天的壁仞科技，松禾资本在 1 8天内连中三元。 壁仞敲钟 松禾收获1000亿IPO "干练"，这是松禾资本创始合伙人厉伟对张文的第 ...

12月30日，国内射频前端芯片与模组领军企业重庆锐石创芯微电子股份有限公司（以下简称"锐石创芯"）科创板IPO获正式受理。这家成立于2017年4月的 芯片企业，凭借覆盖芯片设计、滤波器制造、模组封装与测试的全产业链能力，已成长为国家级专精特新重点"小巨人"企业，正加速向资本市场迈进。 射频前端芯片是无线通信设备的核心组件，直接影响着信号质量和通信性能。长期以来，这一市场被博通、Skyworks、Qorvo等国际巨头主导，尤其在滤 波器等关键器件领域，国内企业长期面临"卡脖子"困境。 "与终端厂商的深度合作，让锐石创芯能够更精准地把握市场需求，快速迭代产品。"一位通信行业人士分析道，"这种产业协同是国产芯片企业追赶国际 巨头的重要优势。" 根据招股书（申报稿），锐石创芯本次IPO拟募资8.09亿元，主要用于三大方向：MEMS器件生产基地二期工程建设项目、研发中心建设项目及补充流动 资金。 MEMS器件生产基地二期工程：将进一步扩大公司滤波器等MEMS器件的制造能力，巩固其在国产滤波器领域的领先地位。 研发中心建设：将聚焦5G-Advanced及6G前沿技术、射频模组集成技术等方向，为下一代通信技术提前布局。 目 ...

南方中证1000ETF（512100）基金经理为崔蕾。 从颀中科技十大流通股东角度 数据显示，南方基金旗下1只基金位居颀中科技十大流通股东。南方中证1000ETF（512100）三季度新 进十大流通股东，持有股数434.46万股，占流通股的比例为1.19%。根据测算，今日浮盈赚取约73.86万 元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模766.3亿。今年以来收益29.27%，同类 排名1867/4189；近一年收益25.31%，同类排名2023/4188；成立以来收益14.4%。 12月31日，颀中科技涨1.35%，截至发稿，报12.79元/股，成交4074.27万元，换手率0.88%，总市值 152.08亿元。 资料显示，合肥颀中科技股份有限公司位于江苏省苏州市工业园区凤里街166号，成立日期2018年1月18 日，上市日期2023年4月20日，公司主营业务涉及集成电路高端先进封装测试服务商,可为客户提供全方 位的集成电路封测综合服务,覆盖显示驱动芯片、电源管理芯片、射频前端芯片等多类产品。主营业务 收入构成为：显示驱动IC92.09%，非显示驱动IC6.43%，其他 ...

IPO Pipeline Overview - As of December 21, there are 266 companies in the IPO pipeline, with 18 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 20 on the Shenzhen Main Board, 28 on the Growth Enterprise Market, and 164 on the Beijing Stock Exchange [2] - The total number of companies at various stages includes 12 accepted, 168 under inquiry, 11 approved, 52 registered, and 25 in total [3] Newly Listed Companies - Between December 15 and December 21, four companies were newly listed: Beijing Angrui Microelectronics Technology Co., Ltd., Muxi Integrated Circuit (Shanghai) Co., Ltd., Yuanchuang Technology Co., Ltd., and Xiamen Youxun Chip Co., Ltd. [4] - Beijing Angrui Microelectronics closed at 216.05 CNY per share, with a rise of 160.11% and a trading volume of 2.061 billion CNY [5] - Muxi Integrated Circuit closed at 829.90 CNY per share, with a rise of 692.95% and a trading volume of 11.259 billion CNY [7] - Yuanchuang Technology closed at 67.23 CNY per share, with a rise of 171.64% and a trading volume of 11.259 billion CNY [7] - Xiamen Youxun Chip closed at 230.70 CNY per share, with a rise of 346.57% and a trading volume of 2.854 billion CNY [8] New Counseling Record Companies - 18 companies were newly recorded for counseling between December 15 and December 21, including Xinyu Automotive Parts Co., Ltd., Jiangsu Anlan Wanjin Electronics Co., Ltd., and others [9] - Xinyu Automotive Parts specializes in the R&D, manufacturing, and sales of automotive parts, recognized as a key enterprise in Zhejiang Province [10] - Jiangsu Anlan Wanjin Electronics produces high-speed communication transmission cables and components for various industries [11] CSRC Approval Status - Between December 15 and December 21, six companies successfully passed the review process, including China Electronics Technology Blue Sky Technology Co., Ltd. and Shenzhen Shangshui Intelligent Co., Ltd. [17] - China Electronics Technology Blue Sky focuses on electric energy products and systems, providing comprehensive solutions from deep sea to deep space [18] CSRC Registration Approval - Three companies received registration approval between December 15 and December 21: Shandong Agricultural University Fertilizer Technology Co., Ltd., Shenzhen Beixin Life Technology Co., Ltd., and Yisiwei (Hangzhou) Technology Co., Ltd. [21] - Shandong Agricultural University Fertilizer specializes in new fertilizer development and aims to promote green and technological transformation in the agricultural sector [22] Termination of Review - On December 19, Jiejia Robot Co., Ltd. withdrew its IPO application on the Sci-Tech Innovation Board [24] - Jiejia Robot specializes in the R&D, production, and sales of collaborative robots and automation systems [25]

Group 1: Recent IPOs Performance - Four companies, including Angrui Micro, YuXun Co., YuanChuang Co., and MuXi Co., recently went public, with notable performances on their first trading days [1] - Angrui Micro's stock surged by 160.11%, YuanChuang Co. increased by 171.64%, YuXun Co. rose by 346.57%, and MuXi Co. skyrocketed by 692.95% on their debut [1] - MuXi Co.'s initial offering price was 104.66 CNY per share, making it the second highest after MoEr Thread's 114.28 CNY per share [1] Group 2: Market Trends and Statistics - A total of 106 new stocks were listed this year, raising a total of 122 billion CNY, with the highest fundraising being 18.171 billion CNY by HuaDian New Energy [2] - The average fundraising amount for new IPOs this year was 1.151 billion CNY, significantly higher than last year's average of 674 million CNY [2] - The upcoming IPO of XiHua Technology is set for December 23, with an issue price of 10.10 CNY per share and a projected diluted P/E ratio of 33.12, which is below the industry average [2] Group 3: XiHua Technology Financials - XiHua Technology's projected revenues for the years 2022 to the first half of 2025 are 942 million CNY, 908 million CNY, 955 million CNY, and 580 million CNY respectively [3] - The company's net profits for the same periods are expected to be 184 million CNY, 177 million CNY, 142 million CNY, and 94.95 million CNY, indicating a decline in net profit for 2024 [3]

Core Viewpoint - The company, Angrui Microelectronics, experienced a decline in stock price and financial performance, with significant changes in shareholder numbers and revenue figures reported. Group 1: Stock Performance - On December 18, Angrui Microelectronics' stock fell by 11.08%, with a trading volume of 803 million yuan [1] - The financing buy-in amount for Angrui Microelectronics on the same day was 56.45 million yuan, while the financing repayment was 52.21 million yuan, resulting in a net financing buy of 4.24 million yuan [1] - As of December 18, the total financing and securities lending balance for Angrui Microelectronics was 120 million yuan, accounting for 5.55% of its market capitalization [1] Group 2: Company Overview - Angrui Microelectronics, established on July 3, 2012, is located in Haidian District, Beijing, and specializes in the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [1] - The revenue composition of the company includes 78.54% from RF front-end chips, 20.78% from RF SoC chips, and 0.69% from other products and services [1] Group 3: Financial Performance - As of December 16, the number of shareholders for Angrui Microelectronics was 17,400, representing an increase of 24,398.59% compared to the previous period [2] - For the period from January to September 2025, Angrui Microelectronics reported a revenue of 1.335 billion yuan, a year-on-year decrease of 20.69% [2] - The net profit attributable to the parent company was -62.77 million yuan, reflecting a year-on-year decrease of 426.66% [2]

Core Insights - Three new stocks from the Sci-Tech Innovation Board are set to be issued, with a total expected fundraising of 7.163 billion yuan [1][2][3] Group 1: Company Summaries - **Angruiwei**: - Issuance date: December 5, 2025 - Total shares to be issued: 24.8829 million - Online issuance: 3.9810 million shares - Issuance price: 83.06 yuan - Single account subscription limit: 3,500 shares - Required market value: 35,000 yuan - Focus: Integrated circuit design in RF and analog fields, recognized as a national-level "little giant" enterprise - 2023 and 2024 net profit: -450 million yuan and -64.7092 million yuan, with year-on-year changes of -55.28% and 85.62% respectively [1] - **Muxi Co., Ltd.**: - Issuance date: December 5, 2025 - Total shares to be issued: 40.10 million - Online issuance: 6.4160 million shares - Issuance price: 104.66 yuan - Single account subscription limit: 6,000 shares - Required market value: 60,000 yuan - Focus: Development of high-performance GPU chips and computing platforms for AI training, inference, and general computing - 2023 and 2024 net profit: -871 million yuan and -1.409 billion yuan, with year-on-year changes of -12.12% and -61.72% respectively [2] - **Youxun Co., Ltd.**: - Issuance date: December 8, 2025 - Total shares to be issued: 20.00 million - Online issuance: 4.8000 million shares - Expected fundraising: 900 million yuan - Focus: Research, design, and sales of optical communication front-end transceiver chips, recognized as a national-level manufacturing champion - 2023 and 2024 net profit: 72.0835 million yuan and 77.8664 million yuan, with year-on-year changes of -11.44% and 8.02% respectively [3]