(本文来自第一财经) 广州市人民政府办公厅印发《广州市加快建设先进制造业强市规划（2024—2035年）》。其中提到，做 大做强特色工艺制造，以硅基特色工艺晶圆代工线为核心，发展模拟芯片、数模混合芯片、功率芯片、 电源管理芯片、高性能数模转换芯片等车规级芯片和工业控制领域芯片。提高智能传感器制造能力，开 展12英寸先进SOI工艺研发，推动建设FD-SOI（全耗尽绝缘体上硅）工艺研发线、工艺生产线。加强光 芯片产业规划设计，促进光芯片产品开发应用，支持企业研发创新光传感、光通信领域产品。推动布局 建设硅光芯片产线，加大光芯片未来技术投入。 ...

12月19日，深交所受理粤芯半导体技术股份有限公司（简称"粤芯半导体"）的创业板IPO申请，该企业 选择适用创业板第三套上市标准申报。 根据招股说明书，粤芯半导体是广东省自主培养且为省内首家实现量产的12英寸晶圆制造企业。公司专 注于模拟芯片制造，为国家集成电路产业战略布局提供重要的产能支撑。截至2025年6月30日，公司已 取得授权专利（含境外专利）681项，其中发明专利312项。 公司的工艺技术平台围绕应用于"感、传、算、存、控、显"等功能的模拟和数模混合芯片，逐步实现多 品类布局，持续为消费电子、工业控制、汽车电子和人工智能等领域的客户赋能。 粤芯半导体表示，借助本次上市融资，公司将稳步推进产能的规划与建设，有针对性地扩张和补充产 能：一方面，构建规模化的产能优势，使公司步入国内产能居于前列的晶圆代工企业行列；另一方面， 为设备、材料、设计、电子设计自动化、IP领域的国产化和技术迭代提供"演练场"，建立起较强的供需 衔接，打造一个支持自主技术进步的产业生态。 （文章来源：中国证券报） 公司选择的上市标准为《深圳证券交易所创业板股票上市规则（2025年修订）》2.1.2条之"（三）预计 市值不低于50亿元 ...

奥拉股份的上市征程始于2022年11月，彼时，公司申请科创板IPO，原计划募资30亿元，但在经过多轮问询和回复后，2024年5月27日，公司及其保荐人 最终决定撤回发行上市申请。 12月9日晚，模拟芯片龙头思瑞浦（688536.SH）发布公告：公司宣布终止筹划以发行股份及/或支付现金的方式购买宁波奥拉半导体股份有限公司（下 称"奥拉股份"）股权的重大资产重组事项。 | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 688536 | 思瑞浦 | A 股 复牌 | | | 2025/12/9 | 2025/12/10 | | 118500 | 思瑞定转 | 可转债转股复 博 | | | 2025/12/9 | 2025/12/10 | 值得注意的是，这也是奥拉股份第三次冲刺A股失败。 然而，仅在两周后，思瑞浦便发布了终止本次重组的公告。 资料显示，奥拉股份成立于2018年5月10日，主要从事模拟芯片及数模混合芯片的研发、设计和销售业务。 据此前数据，2022年、20 ...

| 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 期间 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | 688536 | 思瑞浦 | A 股 复牌 | | | 2025/12/9 | 2025/12/10 | | 118500 | 思瑞定转 | 可转债转股复 | | | 2025/12/9 | 2025/12/10 | | | | 博 | | | | | 值得注意的是，这也是奥拉股份第三次冲刺A股失败。 奥拉股份的上市征程始于2022年11月，彼时，公司申请科创板IPO，原计划募资30亿元，但在经过多轮问询和回复后，2024年5月27日，公司及其保荐人 最终决定撤回发行上市申请。 科创板IPO受挫3月后，2024年8月，双成药业宣布跨界收购半导体公司奥拉股份，公司股票因此停牌。 每经编辑｜许绍航 12月9日晚，模拟芯片龙头思瑞浦（688536.SH）发布公告：公司宣布终止筹划以发行股份及/或支付现金的方式购买宁波奥拉半导体股份有限公司（下 称"奥拉股份"）股权的重大资产重组事项。 该次收购被市场视为奥拉股份的"曲线 ...

智能硬件的分类 二、家居智能硬件行业政策 内容概况：在科技日新月异的当下，智能硬件以其高效便捷的服务特性，正成为社会运转和个体生活中 不可或缺的组成部分。从清晨的智能唤醒系统，到出入场景的自动化安防管理，再到工作环境中的智能 协同设备，各类智能硬件正在重塑人们的生活与工作方式。其中，智能家居作为与用户日常生活联结最 为紧密、感知最为显著的应用领域，通过设备间的场景化联动与主动服务能力，系统性地重构了传统居 住体验。例如，可自动调节的照明与窗帘系统、支持远程控制的空调与厨电设备，共同构建出能够主动 适应用户需求的居住环境，推动居家体验由被动控制向智能感知转变，进而促进家居智能硬件行业在规 模化扩张与个性化服务方面的协同发展。数据显示，2018-2024年中国家居智能硬件行业市场规模从 1570.7亿元增长至4600.1亿元，年复合增长率为20%。未来，随着人工智能与物联网技术的深度融合， 家居智能硬件将向更自然的人机交互、更精准的场景感知和更开放的生态协同方向演进。 相关上市企业：安科瑞（300286）、瑞芯微（603893）、恒玄科技（688608）、乐鑫科技（688018）、 美的集团（000333）、小米 ...

Core Viewpoint - The article discusses the recent strategic move by the company "探路者" (Trekking) to invest in the semiconductor industry, raising concerns about the lack of synergy between its outdoor products and the new chip business [4][18]. Group 1: Acquisition Details - The company plans to invest a total of 678 million yuan to acquire 51% stakes in two semiconductor companies [6]. - The first acquisition involves 321 million yuan for a 51% stake in 贝特莱 (Betel), a leader in fingerprint recognition chips, which reported a revenue of 166 million yuan and a net profit of 17.73 million yuan for the first eight months of 2025 [8]. - The second acquisition is for 357 million yuan for a 51% stake in 上海通途 (Shanghai Tongtu), focusing on image and video processing IP licensing, with a revenue of 105 million yuan and a net profit of 18.89 million yuan for the same period [8][9]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 953 million yuan, a year-on-year decline of 13.98%, and a net profit of 33.04 million yuan, down 67.53% [12][14]. - The decline in net profit is attributed to poor sales in the outdoor business and foreign exchange losses impacting the chip business [14]. Group 3: Shareholder Changes - The largest shareholder is 北京通域合盈投资管理有限公司 with a 7.80% stake, while the company's founders hold 5.43% and 4.78% respectively [16]. - Recent shareholding changes include a reduction in holdings by co-founder 王静, who decreased her stake from 5.17% to 4.67% through a series of share sales [18]. Group 4: Strategic Concerns - Analysts express skepticism about the company's ability to successfully manage both outdoor and semiconductor businesses simultaneously, highlighting the lack of synergy and the risk of resource dilution [18].

Core Viewpoint - The company, Pathfinder, is strategically expanding into the semiconductor industry by acquiring 51% stakes in two leading firms, Betley and Shanghai Tongtu, for a total of 678 million yuan, marking a significant move in its "outdoor + chip" dual business strategy [1][3]. Group 1: Acquisition Details - Pathfinder announced the acquisition of Betley for 321 million yuan and Shanghai Tongtu for 357 million yuan, both of which are recognized as high-quality assets in the semiconductor sector [3]. - Betley is a leading design firm in the mixed-signal chip field, achieving a net profit of 17.73 million yuan from January to August 2025, while Shanghai Tongtu reported a net profit of 18.8861 million yuan during the same period [3]. - The acquisition prices reflect high premiums, with Betley at a 363.26% premium and Shanghai Tongtu at a staggering 2119.65% premium, but both companies have committed to a combined net profit of no less than 150 million yuan from 2026 to 2028 [3]. Group 2: Strategic Importance - This acquisition is part of Pathfinder's ongoing transformation into the semiconductor industry, which began in 2021 under the leadership of Li Ming, a veteran in the chip sector [4]. - The revenue contribution from the chip business has increased from 0.74% in 2022 to 13.97% in 2024, indicating its growing importance as a revenue stream for the company [4]. - The traditional outdoor business has faced challenges, with a 13.98% decline in revenue and a 67.53% drop in net profit in the first three quarters of 2025, highlighting the need for diversification into the semiconductor sector [4]. Group 3: Industry Context - The semiconductor industry is currently experiencing a growth phase, driven by policy support and market demand, making it an opportune time for Pathfinder to invest in this sector [5]. - The company's financial position is robust, with approximately 764 million yuan in cash available to fund the acquisition without needing additional financing [5]. - However, the company faces potential risks related to goodwill impairment and the challenges of integrating operations across different sectors, which will test its management capabilities [5].

Core Viewpoint - 瑞芯微's stock price has shown significant growth this year, with a year-to-date increase of 68.10% and a recent uptick of 2.14% on November 28, 2023, indicating strong market interest and performance [1][2]. Financial Performance - For the period from January to September 2025, 瑞芯微 achieved a revenue of 3.141 billion yuan, representing a year-on-year growth of 45.46% [2]. - The net profit attributable to shareholders for the same period was 780 million yuan, reflecting a substantial year-on-year increase of 121.65% [2]. Shareholder Information - As of September 30, 2025, 瑞芯微 had 87,500 shareholders, an increase of 34.79% compared to the previous period [2]. - The average number of circulating shares per shareholder decreased by 25.76% to 4,811 shares [2]. Stock Market Activity - 瑞芯微's stock has been active, appearing on the龙虎榜 six times this year, with the most recent appearance on August 28 [1]. - The stock's trading volume on November 28 was 804 million yuan, with a turnover rate of 1.06% [1]. Dividend Distribution - Since its A-share listing, 瑞芯微 has distributed a total of 1.274 billion yuan in dividends, with 566 million yuan distributed over the past three years [3]. Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which increased its holdings by 1.6511 million shares to 15.3608 million shares [3]. - Other notable changes in institutional holdings include a decrease in shares held by 银河创新混合A and 南方中证500ETF [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company plans to issue up to 19,013,200 convertible bonds to raise a total of no more than 1.901 billion yuan, which will be used for global R&D center construction, edge AI and supporting chips, automotive chips, and motion control chip development and industrialization projects [4][5] - The company has shown initial success in industrial interconnection and automotive electronics, with a revenue of 2.176 billion yuan for the first three quarters, a year-over-year decrease of 8.02%, but a net profit of 276 million yuan, reflecting a year-over-year increase of 54.98% [6] - The company is expected to achieve revenues of 3.05 billion yuan, 3.47 billion yuan, and 4.03 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 400 million yuan, 530 million yuan, and 710 million yuan for the same years [7] Company Overview - The latest closing price of the company's stock is 71.82 yuan, with a total market capitalization of 16.7 billion yuan and a circulating market value of 9.7 billion yuan [3] - The company has a debt-to-asset ratio of 22.9% and a price-to-earnings ratio of 65.29 [3]

Core Insights - The stock price of Rockchip increased by 2.01% on November 12, reaching 170.80 CNY per share, with a trading volume of 393 million CNY and a turnover rate of 0.56%, resulting in a total market capitalization of 71.893 billion CNY [1] - Year-to-date, Rockchip's stock price has risen by 56.47%, but it has seen a decline of 1.15% over the last five trading days and 12.12% over the last twenty days [1] - For the period from January to September 2025, Rockchip reported a revenue of 3.141 billion CNY, representing a year-on-year growth of 45.46%, and a net profit attributable to shareholders of 780 million CNY, reflecting a significant increase of 121.65% [2] Financial Performance - Rockchip has distributed a total of 1.274 billion CNY in dividends since its A-share listing, with 566 million CNY distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased by 34.79% to 87,500, while the average circulating shares per person decreased by 25.76% to 4,811 shares [2] Shareholder Structure - The fourth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 15.3608 million shares, an increase of 1.6511 million shares compared to the previous period [3] - The sixth largest circulating shareholder, Galaxy Innovation Mixed A, reduced its holdings by 461,000 shares to 4.3900 million shares [3] - The eighth largest circulating shareholder, Southern CSI 500 ETF, decreased its holdings by 41,200 shares to 3.0587 million shares [3]