Core Viewpoint - The CMOS Image Sensor (CIS) market is experiencing structural growth, driven by the increasing penetration of L3+ autonomous driving, which is expected to increase the number of cameras per vehicle from 5-8 to 8-15 [3][4]. Market Position - The company has established a dual-layer market position as "third globally, first in segments." In 2024, the company holds a 13.7% share of the global CIS market, ranking third after Sony (approximately 40%) and Samsung (approximately 20%) [4]. - In the automotive CIS segment, the company leads with a projected market share of 32.9% in 2024, making it the global leader [5]. Business Composition - The company's core business is centered around CIS chips, which accounted for 82% of total revenue in 2023, expected to rise to 85% in 2024 and 88% by 2025. Other business segments, including display driver chips and semiconductor distribution, are gradually shrinking [5]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 21.78 billion yuan, a 15% year-on-year increase, and a net profit of 3.2 billion yuan, up 35% year-on-year. The third quarter of 2025 saw a record net profit of 1.1 billion yuan [6]. - The automotive CIS business generated 3.8 billion yuan in revenue in the first half of 2025, reflecting a 30% year-on-year growth, and is expected to maintain a growth rate of over 30% in 2026 [8]. Technological Advancements - The company has made significant strides in technology, with a total of 4,761 authorized patents as of June 2025. R&D expenses reached 2.1 billion yuan in the first nine months of 2025, accounting for over 9% of revenue, consistently above the industry average [10]. - The company is closing the gap in key technical indicators, with plans to launch a 160-megapixel sensor in 2024 and a 200-megapixel prototype in 2025, although it still trails behind Sony and Samsung in pixel count [13]. Globalization and Client Base - The company's business is highly internationalized, with overseas revenue expected to reach 21 billion yuan in 2024, accounting for 81.5% of total revenue. The top five clients include major smartphone brands and electric vehicle manufacturers, indicating a high client concentration [13]. - The company is strategically focusing on high-growth sectors such as automotive electronics and security monitoring, anticipating an increase in market share in these areas [13]. Future Plans - To strengthen its technological advantage and expand its global market presence, the company plans to issue up to 7.367 million shares, with proceeds aimed at R&D and channel development for new automotive and smartphone CIS products [14]. Market Observations - Since 2025, the company's stock price has experienced significant volatility, reflecting broader semiconductor market trends, and is currently stabilizing [15].

来源：市值风云 技术滞后，越卖越亏。 作者 | 萧瑟 编辑 | 小白 今年6月，证监会在2025陆家嘴论坛上亮出新招。吴主席宣布，创业板正式启用第三套上市标准，为那 些身怀绝技却尚未盈利的创新型企业敞开大门。 转眼新规已施行半年，继6月大普微之后，创业板在12月再次迎来一单未盈利IPO——粤芯半导体技术 股份有限公司（以下简称"粤芯股份"）。据资料显示，这是一家晶圆代工企业，保荐人为广发证券。 第三套标准的实施，确实为成长路上的创新者提供了一次机会，但同时也对企业的硬科技属性提出了更 高要求。 这家尚处于亏损阶段的公司，是否具备相应的技术实力呢？ 三年亏掉52亿，窟窿越捅越大 粤芯股份的核心业务是为境内外芯片设计企业提供晶圆代工服务和解决方案，其主要差异化在于专注于 成熟制程下的特色工艺，以及12英寸的大尺寸晶圆。 技术平台方面，粤芯股份主要围绕模拟和数模混合芯片展开。 集成电路代工业务中，覆盖MS（混合信号）、HV（高压显示驱动）、CIS（CMOS图像传感器）、 eNVM（嵌入式非易失存储器）、BCD（Bipolar-CMOS-DMOS）和SiPho（硅光）等多种工艺。 相对应的终端产品包括指纹识别芯片、显 ...

作者 | 萧瑟 编辑 | 小白 技术滞后，越卖越亏。 今年6月，证监会在2025陆家嘴论坛上亮出新招。吴主席宣布， 创业板正式启用第三套上市标准，为 那些身怀绝技却尚未盈利的创新型企业敞开大门。 转眼新规已施行半年，继6月大普微之后，创业板在12月再次迎来一单未盈利IPO——粤芯半导体技 术股份有限公司（以下简称"粤芯股份"）。据资料显示，这是一家晶圆代工企业，保荐人为广发证 券。 第三套标准的实施，确实为成长路上的创新者提供了一次机会，但同时也对企业的硬科技属性提出了 更高要求。 这家尚处于亏损阶段的公司，是否具备相应的技术实力呢？ 三年亏掉52亿 ， 窟窿越捅越大 粤芯股份的核心业务是为境内外芯片设计企业提供晶圆代工服务和解决方案，其主要差异化在于专注 于成熟制程下的特色工艺，以及12英寸的大尺寸晶圆。 技术平台方面，粤芯股份主要围绕模拟和数模混合芯片展开。 集成电路代工业务中，覆盖MS（混合信号）、HV（高压显示驱动）、CIS（CMOS图像传感器）、e NVM（嵌入式非易失存储器）、BCD（Bipolar-CMOS-DMOS）和SiPho（硅光）等多种工艺。 相对应的终端产品包括指纹识别芯片、显示驱动芯 ...

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 ...

来源：瞭望塔财经 瞭望塔财经通过深交所官网了解到，2025年12月19日，粤芯半导体技术股份有限公司的创业板IPO申请 正式获得受理。这家被誉为"广州第一芯"的企业，计划募集75亿元资金。 | | | ■ 粤芯半导体技术股份有限公司 | | | --- | --- | --- | --- | | 已经理 2025-12-19 | 已同海 | 上市委会议 | 提交注册 注册结如 | | 项目基本信息 | | | | | 公司全称 | ●芯半导体技术服份有限公司 | 公司简称 | ●芯单导体 | | 發理日期 | 2025-12-19 | 更新日期 | 2025-12-19 | | 审核状态 | 日帰国 | 预计融资金额(亿元) | 75 | | 保存机构 | 广发证券股份有限公司 | 保存代表人 | 鹅油,杨华川 | | 会计师事务所 | 致同会计师事务所(特殊普通合伙) | 签字会计师 | 余文佑,林梓韧 | | 律师事务所 | 北京市康达律师事务所 | 签字律师 | 江坪,康晓阳,张政 | | 评估机构 | 深圳中企华土地房地产资产评估有限 公司 | 签字评估师 | 梁光明,黄振鹏(已离职) | 作为广东省 ...

Core Viewpoint - YuXin Semiconductor has received approval for its IPO application from the Shenzhen Stock Exchange, aiming to raise 7.5 billion yuan to accelerate its development in the semiconductor industry [1][2]. Group 1: Company Overview - YuXin Semiconductor specializes in analog and mixed-signal wafer foundry services, serving major semiconductor design companies both domestically and internationally [1][2]. - The company has established a comprehensive technology matrix covering sensing, transmission, computation, storage, control, and display, achieving a leading position in various product categories [2][3]. - YuXin Semiconductor is recognized as the first 12-inch wafer manufacturing enterprise in Guangdong Province, marking a significant milestone in the region's semiconductor industry [5][6]. Group 2: IPO and Funding Utilization - The company plans to use the 7.5 billion yuan raised from the IPO primarily for expanding production capacity and developing specialized technology platforms [3]. - Key projects include the development of silicon photonics technology based on 65nm logic, MCU technology based on eNVM, and integrated storage-computing chips based on 22nm logic and RRAM technology [3]. Group 3: Market Opportunities - The global silicon photonics market is projected to reach $10.26 billion by 2029, with a compound annual growth rate of nearly 40% from 2023 to 2029, indicating significant market potential for YuXin Semiconductor [4]. - The company aims to enhance its technology advantages and transition from consumer-grade to industrial-grade and automotive-grade processes, focusing on applications in artificial intelligence and near-storage computing [2][3]. Group 4: Industry Impact - The transformation and listing of YuXin Semiconductor will help complete the integrated circuit industry chain in the Greater Bay Area, providing a crucial platform for the localization of upstream and downstream sectors such as equipment, materials, and EDA [6].

公司业务围绕三大解决方案展开，持续推动技术迭代与市场拓展。核心业务为图像传感器解决方案，在 智能手机CIS领域，豪威集团于2025年4月推出适用于旗舰智能手机的OV50X图像传感器，通过搭载 LOFIC技术，在任何光照条件下可实现单次曝光HDR。 在汽车CIS领域，豪威集团相继推出采用 TheiaCel 技术的OX08D10 800万像素CIS、OX05D10 500万像 素CIS、OX12A10 1200万像素CIS 及OX03H10 300万像素CIS，能够满足新一代ADAS和自动驾驶的机器 视觉要求。 12月14日，作为全球领先的Fabless半导体设计公司豪威集成电路(集团)股份有限公司(简称：豪威集团 （603501）)(603501.SH)通过港交所主板上市聆讯，UBS、CICC、PASCHK、GFSHK为其联席保荐人。 在医疗CIS 领域，豪威集团于2024年6月发布了全新的OCH2B30摄像头模组，适用于3D口腔牙科扫描 仪，提供超小型摄像头模组，促进其在牙科学领域的应用。集团亦于2024年新成立了机器视觉部门，且 作为端侧AI计划的一部分，于2024年7月发布了全新的OP03050和OG0T ...

12月14日，作为全球领先的Fabless半导体设计公司豪威集成电路(集团)股份有限公司(简称：豪威集团)(603501.SH)通过港交所主板上市聆讯，UBS、CICC、 PASCHK、GFSHK为其联席保荐人。 公司以CMOS图像传感器（CIS）为核心产品，并拓展至显示与模拟解决方案，服务于智能手机、汽车、安防、医疗及AIoT等高增长领域。凭借深厚技术积 累与市场地位，尤其在图像传感器领域位列全球前三，公司展现强劲的财务表现与成长潜力，此次上市有望进一步巩固其全球竞争力。 三大板块协同深耕高增长赛道 公司业务围绕三大解决方案展开，持续推动技术迭代与市场拓展。核心业务为图像传感器解决方案，在智能手机CIS领域，豪威集团于2025年4月推出适用 于旗舰智能手机的OV50X图像传感器，通过搭载 LOFIC技术，在任何光照条件下可实现单次曝光HDR。 在汽车CIS领域，豪威集团相继推出采用 TheiaCel®技术的OX08D10 800万像素CIS、OX05D10 500万像素CIS、OX12A10 1200万像素CIS 及OX03H10 300万 像素CIS，能够满足新一代ADAS和自动驾驶的机器视觉要求。 当前 ...

Core Insights - The article emphasizes that the artificial intelligence industry will continue to be a key focus in the hard technology sector in 2025, with significant growth in the global wafer foundry market, which reached $47.119 billion in Q3, a year-on-year increase of 27% [3][4]. Industry Overview - In Q3, TSMC accounted for 70% of the wafer foundry market share, an increase of 7 percentage points compared to the same period last year, positioning it as the leader in growth within the industry [3]. - The growth drivers in the wafer foundry sector are identified as data centers, industrial and automotive applications, and smartphones, with TSMC's advanced process and packaging orders contributing to a nearly 41% year-on-year growth in its foundry business [4]. Performance Metrics - The average capacity utilization rate for global wafer foundry businesses was 71% in Q3 2023, showing a recovery trend as it is expected to rise to 80% by Q3 2024 and reach 86% in 2025, indicating a return to a healthy operational phase [6]. - The semiconductor industry is projected to experience sustained high-quality growth through 2026, with a significant industry correction anticipated in Q2 2027 [6].

Core Viewpoint - Xi'an Yichai (688783.SH) has signed an investment cooperation agreement with Wuhan Optics Valley Semiconductor Industry Investment Co., Ltd. to establish a silicon material base project in Wuhan, focusing on the production of 12-inch silicon single crystal polished wafers and epitaxial wafers for advanced integrated circuit processes [1] Investment and Financials - The total investment for the project is approximately 12.5 billion yuan, with 8.5 billion yuan as capital and the remaining 4 billion yuan to be financed through bank loans [1] - The planned production capacity for the project is 500,000 wafers per month, contributing to a total capacity of over 1.7 million wafers per month for the company after completion [1] Strategic Importance - This collaboration is a significant step in expanding the company's existing capacity and aligns with its strategic planning [1] - The project aims to enhance the company's position as a leading player in the domestic market, providing services to clients in Central China and extending reach to the Yangtze River Delta and Pearl River Delta regions [1] - The initiative is expected to improve the company's scale effects and enhance returns for investors [1]