国泰创业板人工智能ETF（159388）成立日期2025年3月26日，最新规模2.72亿。今年以来收益2.88%， 同类排名1389/5488；成立以来收益108.45%。 国泰创业板人工智能ETF（159388）基金经理为麻绎文。 资料显示，北京君正集成电路股份有限公司位于北京市海淀区西北旺东路10号院东区14号楼A座一至三 层,香港铜锣湾勿地臣街1号时代广场2座31楼，成立日期2005年7月15日，上市日期2011年5月31日，公 司主营业务涉及微处理器芯片、智能视频芯片等ASIC芯片产品及整体解决方案的研发与销售;存储芯片 和模拟芯片的研发和销售。主营业务收入构成为：存储芯片61.56%，计算芯片26.87%，模拟与互联芯 片10.84%，其他0.53%，其他(补充)0.21%。 从基金十大重仓股角度 数据显示，国泰基金旗下1只基金重仓北京君正。国泰创业板人工智能ETF（159388）三季度增持4.3万 股，持有股数6.45万股，占基金净值比例为2.11%，位居第八大重仓股。根据测算，今日浮盈赚取约 46.38万元。 截至发稿，麻绎文累计任职时间2年153天，现任基金资产总规模101.48亿元，任职期间 ...

近日，已于上海证券交易所科创板挂牌的龙迅半导体（688486.SH），正式开启其H股IPO进程。 作为一家典型的Fabless（无晶圆厂）芯片设计公司，龙迅半导体专注于集成电路的研发与销售，其产品矩阵牢牢锁定 在智能视频芯片与高速互连芯片两大高增长赛道。据弗若斯特沙利文的报告，在2024年的全球视频桥接芯片市场中， 龙迅半导体以收入计位列全球第五，在中国大陆厂商中拔得头筹。 凭借其在SerDes、高速接口协议处理以及高清音视频处理等方面的核心竞争力，公司正试图从智能视觉终端、智能车 载等传统优势领域，全面跨越至AI与高性能计算（HPC）的星辰大海。 面对半导体行业的周期性波动、复杂的地缘政治环境以及技术范式的演进，龙迅半导体能否凭借其全栈自研的技术底 座，在更广阔的国际资本市场中开创出多模态数据互连的全新格局？ 在A股科技公司纷纷寻求H股"二次上市"以拓展国际资本渠道的浪潮中，又一家半导体领域的明星企业迈出了关键一 步。 业绩稳健增长，构建音视频互连的技术壁垒 智通财经APP了解到，龙迅半导体采用行业主流的Fabless业务模式，该模式使其能够将宝贵的资源高度集中于附加值 最高的研发设计与销售环节，从而保持对 ...

在A股科技公司纷纷寻求H股"二次上市"以拓展国际资本渠道的浪潮中，又一家半导体领域的明星企业迈出了关键一 步。 近日，已于上海证券交易所科创板挂牌的龙迅半导体(688486.SH)，正式开启其H股IPO进程。 作为一家典型的Fabless(无晶圆厂)芯片设计公司，龙迅半导体专注于集成电路的研发与销售，其产品矩阵牢牢锁定在 智能视频芯片与高速互连芯片两大高增长赛道。据弗若斯特沙利文的报告，在2024年的全球视频桥接芯片市场中，龙 迅半导体以收入计位列全球第五，在中国大陆厂商中拔得头筹。 凭借其在SerDes、高速接口协议处理以及高清音视频处理等方面的核心竞争力，公司正试图从智能视觉终端、智能车 载等传统优势领域，全面跨越至AI与高性能计算(HPC)的星辰大海。 面对半导体行业的周期性波动、复杂的地缘政治环境以及技术范式的演进，龙迅半导体能否凭借其全栈自研的技术底 座，在更广阔的国际资本市场中开创出多模态数据互连的全新格局？ 业绩稳健增长，构建音视频互连的技术壁垒 智通财经APP了解到，龙迅半导体采用行业主流的Fabless业务模式，该模式使其能够将宝贵的资源高度集中于附加值 最高的研发设计与销售环节，从而保持对 ...

12月22日，来自安徽合肥的 深耕高速混合信号芯片领域近二十年的国家专精特新"小巨人"企业龙迅半导体正式向港交所递交招股书，开启了登陆资本市 场的关键征程。 招股书勾勒出龙迅半导体的核心发展轮廓。 公司创办于2006年11月，专注于高速混合信号芯片设计，核心定位是为智能终端、设备及AI应用构建高效、可靠的"数据高速公路"。作为典型的Fabless模 式企业，龙迅半导体不设自有生产工厂，将晶圆制造和封测等环节完全委托外部供应商完成，集中资源聚焦核心技术研发与产品设计，这一模式也契合了 当前芯片设计行业的主流发展趋势。 根据弗若斯特沙利文的权威数据，以2024年收入计，龙迅半导体在视频桥接芯片市场表现亮眼，不仅稳居中国内地市场第一，更成功跻身全球前五的 Fabless设计公司行列。2024年，公司实现收入4亿元，在全球视频桥接芯片市场的市占率达到3.7%，成为国产芯片在该细分领域的代表性力量。 深耕赛道多年，龙迅半导体已构建起丰富的产品矩阵与核心技术壁垒。截至2025年9月30日，公司已拥有261款芯片产品，其中包括151款智能视频芯片和 110款互连芯片，核心产品覆盖智能视频与互连两大领域，广泛应用于智能视觉终 ...

Core Viewpoint - Longxin Semiconductor Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the exclusive sponsor [2]. Group 1: Company Overview - Longxin Semiconductor was established in 2006 and is a leading designer of high-speed mixed-signal chips, focusing on building efficient and reliable "data highways" for smart terminals, devices, and AI applications [3]. - As of December 23, 2023, Longxin Semiconductor's total market capitalization is approximately 9.793 billion RMB [3]. Group 2: Market Position - According to Frost & Sullivan, Longxin Semiconductor ranks first in the domestic video bridging chip market and is among the top five fabless design companies globally by revenue in 2024 [3]. Group 3: Financial Performance - For the fiscal years ending December 31, 2022, and 2023, Longxin Semiconductor reported revenues of 240.938 million RMB and 323.147 million RMB, respectively, with corresponding net profits of 69.206 million RMB and 102.696 million RMB [4]. - In the first nine months of 2025, the company achieved revenues of 389.203 million RMB and net profits of 124.508 million RMB, reflecting a year-on-year revenue growth of 16.47% and a net profit growth of 32.98% [6]. Group 4: Product Offering - Longxin Semiconductor provides end-to-end solutions that include capabilities for data collection, connectivity, processing, and display, with a product portfolio comprising 151 types of smart video chips and 110 types of interconnect chips as of September 30, 2025 [5].

Group 1 - The core point of the article is that Longxun Co., Ltd. (688486.SH) has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [1] - Longxun Co., Ltd. is a leading high-speed mixed-signal chip design company, ranked first in the video bridge chip market in mainland China and among the top five globally according to 2024 revenue [3] - The company aims to provide services for smart terminals, devices, and AI applications, focusing on building an efficient and reliable "data highway" [3] Group 2 - Longxun Co., Ltd. is currently listed on the A-share Sci-Tech Innovation Board, having raised 1.03 billion RMB during its IPO in February 2023 [4] - The company's projected revenues for 2022, 2023, and 2024 are 241 million RMB, 323 million RMB, and 466 million RMB respectively, with smart video chips accounting for over 80% of revenue [4] - The revenue growth rates from 2022 to 2024 are 2.6%, 34.1%, and 44.2%, with a 16.7% growth rate reported for the first three quarters of 2025 [7][8] Group 3 - The gross profit margins for the years 2022 to 2025 are 58.8%, 53.6%, 54.3%, and 54.5% respectively [7] - Net profits for the years 2022, 2023, and 2024 are reported as 690 million RMB, 1.027 billion RMB, and 1.444 billion RMB, with 125 million RMB for the first three quarters of 2025 [9] - The company faces risks related to high customer concentration, with the top five customers accounting for 47.0%, 49.4%, 51.6%, and 53.9% of sales from 2022 to the first three quarters of 2025 [11]

Core Viewpoint - Beijing Junzheng's stock price increased by 20.00% on December 1, with a trading volume of 6.298 billion yuan, indicating strong market interest and activity [1]. Financing Summary - On December 1, Beijing Junzheng had a financing buy-in of 642 million yuan and a repayment of 779 million yuan, resulting in a net financing outflow of 137 million yuan [1]. - The total financing and securities lending balance reached 3.008 billion yuan, with the financing balance of 2.987 billion yuan accounting for 6.50% of the circulating market value, which is above the 80th percentile of the past year [1]. - In terms of securities lending, 800 shares were repaid while 66,300 shares were sold, amounting to 6.3171 million yuan at the closing price, with a remaining securities lending balance of 2.142 million yuan, also above the 90th percentile of the past year [1]. Company Overview - Beijing Junzheng Integrated Circuit Co., Ltd. was established on July 15, 2005, and listed on May 31, 2011. The company specializes in the research and sales of microprocessor chips, smart video chips, storage chips, and analog chips [2]. - The revenue composition includes storage chips (61.56%), computing chips (26.87%), analog and interconnect chips (10.84%), and others (0.53%) [2]. - As of November 28, the number of shareholders reached 95,300, an increase of 1.97%, with an average of 4,413 circulating shares per person, a decrease of 1.94% [2]. Financial Performance - For the period from January to September 2025, Beijing Junzheng reported a revenue of 3.437 billion yuan, a year-on-year increase of 7.35%, while the net profit attributable to shareholders decreased by 15.99% to 256 million yuan [2]. Dividend Information - Since its A-share listing, Beijing Junzheng has distributed a total of 439 million yuan in dividends, with 183 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 1.7068 million shares to 8.0896 million shares [3]. - The E Fund Growth ETF and Southern CSI 500 ETF saw reductions in their holdings by 1.1488 million shares and 104,600 shares, respectively [3].

Core Viewpoint - Beijing Junzheng's stock price has experienced fluctuations, with a year-to-date increase of 25.57% but a recent decline of 11.05% over the past five trading days [1] Company Overview - Beijing Junzheng Integrated Circuit Co., Ltd. specializes in the research and sales of microprocessor chips, smart video chips, storage chips, and analog chips [1][2] - The company was established on July 15, 2005, and went public on May 31, 2011 [1] Financial Performance - For the period from January to September 2025, Beijing Junzheng reported a revenue of 3.437 billion yuan, representing a year-on-year growth of 7.35%, while the net profit attributable to shareholders decreased by 19.75% to 244 million yuan [2] - Cumulative cash dividends since the A-share listing amount to 439 million yuan, with 183 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 6.03% to 108,100, with an average of 3,891 circulating shares per person, a decrease of 5.68% [2] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [3]

Core Viewpoint - Fuhangwei, a leader in the global smart vision chip market, is facing challenges with declining revenue, profits, and cash flow, raising concerns about its upcoming IPO in Hong Kong [3][4][6]. Group 1: Industry Position - Fuhangwei holds the largest market share in the global smart vision chip market, with a strong technological barrier and a product line covering smart video, IoT, and automotive sectors [3][6]. - The company ranked first in revenue in 2024 and leads in shipments of edge smart vision processing chips and automotive-grade ISP chips [6]. Group 2: Financial Performance - The company's revenue, profit, gross margin, and operating cash flow have been declining for three consecutive years, with net profit margin dropping to a low of 0.8% this year [4][7]. - From 2022 to 2024, Fuhangwei's revenue decreased from 2.111 billion to 1.79 billion, and net profit fell from 398 million to 258 million [13]. - In the first three quarters of 2025, revenue was 1.141 billion, down 12.42% year-on-year, and net profit dropped 55.82% to 82.03 million, with net profit margin falling to 4.23% [13]. Group 3: Customer Dependency - Fuhangwei's revenue heavily relies on a few major clients, with over 50% of sales coming from its top five customers, and the largest customer accounting for 55% of total sales in 2025 [19][21]. - The company's largest client, Hikvision, significantly influences its revenue, and any fluctuations in their purchasing can directly impact Fuhangwei's performance [21][22]. Group 4: Shareholder Actions - Prior to the IPO, significant shareholders have been reducing their stakes, including the controlling shareholder's associates, which raises concerns about the company's future outlook [8][15][16]. - The continuous reduction in shareholding by major stakeholders adds negative sentiment to the IPO process [16][17]. Group 5: Pricing and Market Challenges - Fuhangwei's core products have seen substantial price reductions, with the average selling price of smart video products dropping from 15.4 RMB to 11.1 RMB, and smart IoT products from 15.5 RMB to 8.6 RMB, a decline of 44.52% [24][26]. - The company's gross margin has decreased to 36.03% in Q3 2025, down from 37.86% the previous year, indicating pressure on profitability [27]. Group 6: Future Outlook - Fuhangwei aims to achieve a revenue target of 5 billion within the next 3-5 years, focusing on expanding R&D, product lines, and market presence, while integrating AI capabilities into all products [10][38]. - Despite having a strong technological foundation, the company faces significant challenges in proving that its new directions can improve profitability in the short term [39].

Core Viewpoint - Beijing Junzheng's stock price increased by 1.94% on November 17, with a trading volume of 3.466 billion yuan, indicating strong market interest and activity in the company's shares [1] Financing Summary - On November 17, Beijing Junzheng had a financing buy-in amount of 443 million yuan, with a repayment of 379 million yuan, resulting in a net financing purchase of 64.08 million yuan [1] - The total financing and securities lending balance for Beijing Junzheng reached 3.306 billion yuan as of November 17 [1] - The current financing balance of 3.285 billion yuan accounts for 7.25% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1] Securities Lending Summary - On November 17, Beijing Junzheng repaid 1,000 shares in securities lending and sold 7,100 shares, amounting to 667,000 yuan based on the closing price [1] - The remaining securities lending volume is 22,920 shares, with a securities lending balance of 21.5362 million yuan, also exceeding the 90th percentile level over the past year, reflecting a high level of short selling activity [1] Company Overview - Beijing Junzheng Integrated Circuit Co., Ltd. was established on July 15, 2005, and listed on May 31, 2011, focusing on the research and sales of microprocessor chips, smart video chips, storage chips, and analog chips [2] - The revenue composition of the company includes storage chips (61.56%), computing chips (26.87%), analog and interconnect chips (10.84%), and others (0.53%) [2] - As of September 30, 2025, the company reported a revenue of 3.437 billion yuan, a year-on-year increase of 7.35%, while the net profit attributable to shareholders decreased by 19.75% to 244 million yuan [2] Dividend Summary - Since its A-share listing, Beijing Junzheng has distributed a total of 439 million yuan in dividends, with 183 million yuan distributed over the past three years [3] Institutional Holdings Summary - As of September 30, 2025, the top ten circulating shareholders of Beijing Junzheng include Hong Kong Central Clearing Limited, which increased its holdings by 1.7068 million shares to 8.0896 million shares [3] - The E Fund ChiNext ETF and Southern CSI 500 ETF reduced their holdings by 1.1488 million shares and 104,600 shares, respectively [3]