H-C Cmsemicon" 中 冒 半 导 体 中微半导体（深圳 ( C 9月23日，中微半导体（深圳）股份有限公司（以下简称"中微半导"）正式向香港交易所递交了上市申请，拟通过募集资金用于提升研发能力、加强技术开 发平台、进行策略性投资及收购、发展全球业务及设立香港研发中心，以及用作营运资金及一般企业用途。 凭借对国内客户需求的深刻理解、丰富的技术储备、长期积累的市场渠道资源及稳定的业务基础，中微半导体已建成包含众多知名企业的稳固客户基础。在 业绩记录期间，公司服务了超过1000家客户，包括业界领先的企业、知名消费品牌以及著名的汽车制造商，为未来的成长与市场扩展奠定了坚实的基础。依 托深厚的技术积累与前瞻性的商业洞察，公司已在人工智能（AI）、数据中心、机器人等细分领域实现产品落地。当前，人工智能、机器人等前沿技术的 发展已成为推动MCU行业进步的核心趋势与重要突破点；未来，公司将继续通过持续研发投入，积极推动MCU产品在上述前沿领域的快速渗透。 中微半导体的成熟交付能力、强劲的客户留存率，以及在各个营运环节及合作伙伴领域的整合，为持续扩张奠定了稳固基础。2022年、2023年及2024年以及 截至202 ...

据港交所9月23日披露，中微半导体(深圳)股份有限公司(简称：中微半导(688380.SH))向港交所主板提交上市申请书，中信建投 （601066）国际为独家保荐人。 招股书显示，中微半导是中国领先的智能控制解决方案提供商，精于集成电路芯片的设计和交付，并以微控制器("MCU")作为公司产品 的核心。凭藉深厚的专业能力及创新带动的研发，公司为广泛应用场景提供高效能、具能源效益及成本效益的智能控制解决方案。根据 弗若斯特沙利文的研究资料，公司是国内最早自主研发设计MCU的企业之一。公司的先发优势与持续创新使公司始终保持行业领先地 位。以2024年出货量计，公司为中国排名第一的MCU企业，而以收益计则排名第三。 中微半导以MCU设计及开发能力为核心，旗下产品进一步延伸至各类系统级芯片("SoC")、专用集成电路("ASIC")等，为客户提供智能 控制所需的芯片及底层算法一站式整体解决方案，赋能消费电子、智能家电、工业控制及汽车电子等多元应用场景。于往绩期间，公司 的收益主要来自MCU、SoC及ASIC解决方案的提供，以及其他相关产品的销售。 在泛消费领域，中微半导的MCU芯片产品在中国消费电子及智能家电领域佔据市 ...

智通财经APP获悉，据港交所9月23日披露，中微半导体(深圳)股份有限公司(简称：中微半导(688380.SH))向港交所主板提交上市申请 书，中信建投国际为独家保荐人。 招股书显示，中微半导是中国领先的智能控制解决方案提供商，精于集成电路芯片的设计和交付，并以微控制器("MCU")作为公司产品 的核心。凭藉深厚的专业能力及创新带动的研发，公司为广泛应用场景提供高效能、具能源效益及成本效益的智能控制解决方案。根据 弗若斯特沙利文的研究资料，公司是国内最早自主研发设计MCU的企业之一。公司的先发优势与持续创新使公司始终保持行业领先地 位。以2024年出货量计，公司为中国排名第一的MCU企业，而以收益计则排名第三。 中微半导以MCU设计及开发能力为核心，旗下产品进一步延伸至各类系统级芯片("SoC")、专用集成电路("ASIC")等，为客户提供智能 控制所需的芯片及底层算法一站式整体解决方案，赋能消费电子、智能家电、工业控制及汽车电子等多元应用场景。于往绩期间，公司 的收益主要来自MCU、SoC及ASIC解决方案的提供，以及其他相关产品的销售。 在泛消费领域，中微半导的MCU芯片产品在中国消费电子及智能家电领域佔 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved in the collaboration between NVIDIA and Intel. Core Insights - NVIDIA announced a $5 billion investment in Intel, acquiring over 4% of Intel's shares, focusing on collaboration in data centers and personal computing [1][9] - The partnership aims to integrate NVIDIA's AI capabilities with Intel's x86 architecture, enhancing both companies' competitive positions in the market [4][18] - Intel's financial stability is significantly improved due to this investment, alongside previous funding from the U.S. government and SoftBank [2][10] Financial Perspective - Intel's advanced 18A process is behind schedule by approximately 3 months, necessitating additional R&D investment for the next-generation 14A process [2][10] - The Data Center Group (DCG) has reported losses for six consecutive quarters, highlighting the urgent need for capital [2][10] Technological Perspective - The introduction of NVLink technology is expected to open procurement opportunities for cloud computing vendors and enhance Intel's offerings in the consumer market against AMD [2][11] - The collaboration will provide valuable feedback for Intel's foundry business and accelerate the optimization of process parameters [12][13] Strategic Advantages for NVIDIA - The partnership allows NVIDIA to leverage Intel's x86 ecosystem, enhancing its AI inference business and expanding its ecosystem boundaries [3][14] - By binding NVIDIA's GPU advantages with Intel's CPUs, the collaboration aims to create a dominant ecosystem across PCs, data centers, and edge devices [15][16] Industry-Wide Impact - The collaboration signifies a shift from vertical competition to horizontal collaboration among semiconductor giants, potentially raising industry technical barriers [4][18] - TSMC's risk of losing orders is mitigated in the short term, while AMD faces significant competitive pressure due to the strengthened position of Intel and NVIDIA [19][20] Competitive Landscape - The partnership may suppress MediaTek and ARM's strategic initiatives, as Intel reallocates resources towards its x86 ecosystem [19][20] - ASIC vendors may experience indirect competitive pressure as the standardization of AI computing power increases, impacting market demand for customized solutions [20][21]

Investment Rating - The investment rating for 韦尔股份 (Weir Shares) has been upgraded from Equal-weight to Overweight, with a target price increase from Rmb140.00 to Rmb160.00 [3][4][7] Core Insights - The report analyzes the AI glasses supply chain, highlighting that if AI glasses shipment volumes rise rapidly, several semiconductor companies, including 韦尔股份, 奇景光电 (Etron Technology), and 联发科 (MediaTek), are likely to benefit significantly [3][4][5] - The emergence of AI-driven glasses 2.0 products is noted, with the success of the Ray-Ban smart glasses, which sold over 2 million units since their second-generation launch in September 2023, attributed to advanced AI language models [4][22] - The report identifies System on Chip (SoC) and display semiconductors as key components driving the next generation of AI glasses [5][27] Summary by Sections AI Glasses Market Overview - The smart glasses industry has struggled since the launch of Google Glass in 2012 due to hardware limitations, poor user experience, and lack of killer applications [3][22] - The report expresses optimism about the future of AI glasses, emphasizing their potential to replace some smartphone functions and provide a hands-free experience [22][24] Semiconductor Beneficiaries - Major beneficiaries in the Greater China semiconductor sector include 韦尔股份 (upgraded to Overweight), 奇景光电 (initiated coverage with Overweight), and 联发科 (Overweight) [4][5][27] - The report highlights the importance of SoC and display semiconductors in the development of AI glasses, with high demand expected as the technology matures [27][29] Product Development and Innovations - Meta's upcoming AI+AR glasses, expected to launch in September 2025, will feature cost-optimized components, potentially lowering the bill of materials (BOM) significantly [23][24] - The report notes that Google has also entered the market with its Android XR system, enhancing the capabilities of smart glasses [23][25] Market Dynamics and Future Outlook - The report anticipates that the AI glasses market will see rapid growth, with projections indicating significant shipment increases by 2026 [16][22] - It discusses the competitive landscape, with major tech companies and startups entering the AI glasses space, indicating a growing market [24][25]