原创科技成果是促进新质生产力发展的基石 王娟 当新一轮科技革命与产业变革的浪潮奔涌而至，中国这一艘时代巨轮的发展航向正经历一场深刻的历史 性重塑。自主原创科技成果的突破性进展已不单是技术命题，而是决定新质生产力能否破茧成蝶、引领 未来与把握国运的核心支点。面对全球创新格局的深度调整，唯有在原创科技领域构建坚实根基，方能 确保国家发展命脉不受制于人，真正实现"科技强则国家强"的历史性跨越。 锻造国之重器：突破核心技术的战略突围 在全球科技竞争日趋激烈的背景下，关键技术领域的自主可控不仅关系产业安全，更是国家战略安全的 基石。历史反复证明，核心技术靠化缘要不来，靠市场换不来。那些"卡脖子"清单背后的教训如警钟长 鸣，从高端光刻机到航空发动机，从工业设计软件到特种材料，任何关键环节的缺失都可能成为制约整 个产业链现代化进程的致命短板。 面对量子计算、可控核聚变等前沿领域研发风险高的特点，亟需建立特殊机制保障。上海浦东新区在自 动驾驶、基因治疗等高风险领域开辟制度试验田的做法值得借鉴，通过设立创新沙盒、开展伦理评估前 置等举措，为颠覆性技术创新提供宽容失败的政策空间。 铸就人才基石：构建面向未来的培养体系 发展新质生 ...

Core Viewpoint - Dongxin Co., Ltd. (SH688110) has resumed trading after a suspension, with significant investor interest driven by its developments in domestic GPU technology [2][3]. Company Developments - Dongxin Co., Ltd. announced its resumption of trading on September 2, following a suspension for verification, with a stock price of 119.38 yuan and a market capitalization of 528 billion yuan [2]. - The company reported a cumulative stock price increase of 207.85% from July 29 to August 28, reaching a market cap of 521.9 billion yuan, with an 82% increase in August alone [3]. - The company is involved in a joint investment of approximately 500 million yuan in Shanghai Lisan Technology, acquiring about 35.87% of its equity [3][4]. Product and Market Position - Shanghai Lisan Technology is developing its first self-researched GPU chip "7G100" and the first graphics card product "Lisuan eXtreme," aimed at applications in personal computers, AI PCs, cloud gaming, and digital twins [4][6]. - Dongxin Co., Ltd. has indicated that the products from Shanghai Lisan are not yet generating revenue and face uncertainties in certification, customer onboarding, and mass production [4]. Investor Relations - The company conducted a reverse roadshow, inviting investors to its facilities, which is a strategy to enhance transparency and trust [6]. - Notable investors, Zhao Jianping and Zhao Ji, have entered the top ten circulating shareholders, holding a combined value of over 970 million yuan based on the current stock price [7].

Core Viewpoint - Dongxin Co., Ltd. (688110) announced the results of its suspension review on September 2, and its stock will resume trading on September 3 [2]. Group 1: Company Operations - The company disclosed that recent media reports indicated its investment in Lishuan Technology (Shanghai) Co., Ltd. launched its first self-developed GPU chip "7G100" and the first graphics card product Lisuan eXtreme [3]. - The products from Lishuan Technology are primarily aimed at personal computers, professional design, AIPC, cloud gaming, cloud rendering, and digital twin scenarios, rather than large model computing clusters [3]. - As of now, Lishuan Technology has sent samples to some clients and is continuously optimizing its products, but it has not yet generated any revenue [3]. Group 2: Investment and Financials - Dongxin Co., Ltd. plans to further invest in Lishuan Technology, with a total investment amount of approximately 500 million yuan, including about 211 million yuan from its own funds [4]. - After the investment, Dongxin Co., Ltd. will hold approximately 35.87% of Lishuan Technology's shares, although this percentage may change depending on the final investment agreements [4]. - The company has indicated that the completion of this investment is uncertain, as the participation of other investors and their investment amounts are not fully determined [4]. Group 3: Stock Performance - Prior to the suspension, Dongxin Co., Ltd.'s stock price had surged significantly, closing at 118 yuan per share on August 28, with a cumulative increase of 207.85% from July 29 to August 28 [5]. - During this period, the stock experienced two instances of abnormal trading fluctuations and was subject to monitoring by the Shanghai Stock Exchange due to significant price volatility [6]. - The average turnover rate of the stock during this time was 11.77%, which is significantly higher than previous levels [8].

Core Viewpoint - Dongxin Co., Ltd. is making strategic investments in Shanghai Lishuan Technology Co., Ltd. to enhance its core competitiveness and create more value for its business and shareholders [2] Group 1: Investment in Shanghai Lishuan - Dongxin Co., Ltd. plans to invest approximately 50 million yuan in Shanghai Lishuan, with the company contributing about 21.05 million yuan to increase its stake to approximately 35.87% [2] - The investment will involve collaboration with Hengtong Group Co., Ltd., a fund managed by Shanghai Daohua Long-term Investment Management Co., Ltd., and other investors [2] - The completion of this investment is subject to shareholder approval and the finalization of investment agreements, which may lead to changes in shareholding ratios [2] Group 2: Product Development and Market Risks - Shanghai Lishuan has launched its first self-developed GPU chip "7G100" and graphics card product LisuaneXtreme, targeting applications in personal computers, professional design, cloud gaming, and digital twins [1] - The products are still in the process of certification, customer onboarding, and mass production, which introduces uncertainties regarding revenue generation [1] - The company faces various risks including industrialization progress, market competition, product singularity, performance, ongoing operations, and cash flow [1] Group 3: Stock Trading and Regulatory Updates - Dongxin Co., Ltd. has completed a review of stock trading risks and has applied for the resumption of its stock trading, set to resume on September 3, 2025 [3]

Core Viewpoint - Dongxin Co., Ltd. plans to invest approximately 500 million yuan in Shanghai Lishuan, acquiring about 35.87% equity through a capital increase of approximately 21.1 million yuan [1][2] Investment Details - The total investment amount from Dongxin Co., Ltd. and other investors is around 500 million yuan, with Dongxin contributing approximately 21.1 million yuan [1] - After the capital increase, Dongxin will hold approximately 35.87% of Shanghai Lishuan [1][2] Corporate Governance - Dongxin Co., Ltd. has appointed two directors and a financial director to Shanghai Lishuan, with one of the appointed directors also serving as Dongxin's financial director [2] - Shanghai Lishuan is considered an affiliated entity of Dongxin due to this investment, constituting a related party transaction [2] Business Focus - Shanghai Lishuan specializes in the research and design of scalable GPU chips for multi-layer graphics rendering, aiming to address key issues in the domestic GPU architecture [2] - The products developed by Shanghai Lishuan are designed for mainstream graphics rendering and AI acceleration, compatible with external ecosystems [2] Strategic Rationale - The investment is part of Dongxin's strategy to enhance its "storage, computing, and networking" integration, strengthening its core competitiveness and creating more value for shareholders [2] - The funding for this investment comes from Dongxin's own resources, ensuring that the main business operations remain unaffected [2] Market Performance - Dongxin Co., Ltd. has seen a significant stock price increase of 211.95% from July 29 to August 28 [3] - The company has experienced multiple instances of stock trading anomalies during this period, leading to a temporary suspension of trading [5] Product Development and Risks - Shanghai Lishuan has recently announced its first self-developed GPU chip "7G100" and the first graphics card product Lisuan eXtreme, targeting various applications [5] - The commercialization of these products involves several uncertain steps, including market certification and customer onboarding, which may pose risks to the investment [5]

Core Viewpoint - Recent stock market prosperity has increased attention on chip companies, but two prominent chip firms have issued warnings regarding their stock performance and market risks [2][8]. Group 1: Company Performance and Predictions - Zhongke Hanwuji Technology Co., Ltd. forecasts an annual revenue of between 500 million to 700 million yuan for 2025, highlighting that this is a preliminary estimate and not a commitment to investors [2][5]. - The company's stock price increased by 133.86% from July 28, 2025, to August 28, 2025, significantly outpacing most peers and major indices [4][5]. - The company's rolling price-to-earnings (P/E) ratio is 5117.75 times, and the price-to-book (P/B) ratio is 113.98 times, both substantially higher than the industry averages of 88.97 times and 5.95 times, respectively [5][11]. Group 2: Market Risks and Stock Volatility - The company operates on a Fabless model, relying on various suppliers, which poses risks to supply chain stability, especially since some subsidiaries are on the "entity list" [3][12]. - Dongxin Semiconductor Co., Ltd. has experienced significant stock price fluctuations, with a cumulative increase of 207.85% from July 29, 2025, to August 28, 2025, and an average turnover rate of 11.77%, indicating potential market overheating [9][11]. - Dongxin acknowledges that its stock valuation is excessively high, with a rolling P/E ratio reported as negative, contrasting with the industry average of 53.35 [9][11]. Group 3: Product Development and Market Competition - Dongxin has no new product release plans, and recent information circulating about new products is deemed misleading [2][10]. - The company faces several risks related to its investment in Shanghai Lishuan Technology Co., Ltd., including industrialization progress, market competition, and reliance on a single product, the "7G100" GPU [12][13].

Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company has made significant investments in high-performance GPU technology through its 37.88% stake in Shanghai Lishuan, which is focused on developing scalable graphics rendering GPU chips [5] - The company's revenue for the first half of 2025 reached 343 million yuan, representing a year-on-year increase of 28.81%, with the second quarter showing a revenue of 201 million yuan, up 25.43% year-on-year and 41.11% quarter-on-quarter [4][6] - The semiconductor market is gradually recovering, driven by demand recovery in industrial markets and AI applications, leading to improved sales prices and profitability for the company's main products [6] Company Overview - The latest closing price of the company's stock is 100.02 yuan, with a total market capitalization of 44.2 billion yuan [3] - The company has a debt-to-asset ratio of 4.6% and a current P/E ratio of -263.21 [3] Financial Projections - Revenue projections for 2025-2027 are estimated at 858 million yuan, 1.121 billion yuan, and 1.406 billion yuan respectively, with a gradual recovery in profits expected [9] - The company is expected to achieve a net profit of 86 million yuan by 2027, indicating a significant turnaround from previous losses [9] Product Development - The company has successfully launched its first self-developed GPU chip "7G100" and is currently in the process of customer sampling and mass production [5] - Continuous updates and iterations in storage technology are being pursued, including the mass production of 1xnm flash memory products and ongoing development of SLC NAND Flash and NOR Flash products [7][8]

Group 1: Technology Developments - Elon Musk announced that Grok 4 is now available for free to all users, with a generous usage limit for free users [2] - The world's first robot breeder "Jia Er" has been developed, which significantly reduces breeding costs and time through intelligent design [2] - WeChat has launched new features, including the ability to convert comments into images and save articles to the photo album [6][7] Group 2: Corporate Investments and Partnerships - Zhiyuan Robotics has acquired a 5% stake in Yushu Intelligent Robotics, which focuses on developing autonomous cleaning vehicles and sorting robots [3] - A strategic cooperation agreement was signed between Aobo Zhongguang and Horizon Robotics to promote technological innovation in the robotics industry [8] - Meituan has applied to register the "Meituan Borrow Money" trademark, indicating potential expansion into financial services [9] Group 3: Market Trends and Projections - AMD's server CPU market share has reached 50%, indicating a significant competitive landscape with Intel [11] - SK Hynix predicts that the custom HBM market will grow to hundreds of billions of dollars by 2030, driven by AI demand [12] - The global independent graphics card market is dominated by NVIDIA and AMD, with domestic GPU development still in its early stages [14] Group 4: Financing and Mergers - Guangku Technology plans to acquire 100% of Suzhou Anjie Xun Optoelectronics, enhancing its product and technology portfolio [17] - Jiu Ding Investment intends to acquire a 53.29% stake in Nanjing Shenyuan Intelligent Technology for 213 million yuan, aiming to strengthen its position in the robotics supply chain [18] - PAI Bao Robotics has completed a financing round to establish a production base in Guangdong, focusing on overseas markets [24]

Core Viewpoint - Dongxin Co., Ltd. (688110) announced on August 11 that there have been reports regarding its investment in Lishuan Technology (Shanghai) Co., Ltd. and the launch of its first self-developed GPU chip "7G100" and graphics card product Lisuan eXtreme [1] Investment and Product Development - The products from Lishuan Technology are primarily aimed at applications in personal computers, professional design, AIPC, cloud gaming, cloud rendering, and digital twins, rather than large model computing clusters [1] - The sales of these products are subject to uncertainties as they require product certification, customer onboarding, and mass production supply [1] - Dongxin's investment in Lishuan Technology is accounted for using the equity method and is not included in the consolidated financial statements [1]

Group 1 - The core focus of Dongxin Co., Ltd. is on the development of its self-researched GPU chip "7G100" and graphics card Lisuan eXtreme, which are aimed at various applications including personal computers, professional design, IPC, cloud gaming, cloud rendering, and digital twins [1] - Dongxin Co., Ltd. has invested 200 million yuan in Shanghai Lishuan, acquiring a 37.88% stake, and the 7G100 series GPU chip utilizes a self-developed TrueGPU architecture, with independent design from instruction set to computing core [1] - The company is also developing a WiFi7 chip that focuses on high bandwidth and low latency wireless transmission, currently in the research and development phase [1] Group 2 - To address cyclical fluctuations in the storage industry, Dongxin Co., Ltd. is focusing on an integrated approach of "storage, computing, and connectivity" by establishing a subsidiary, Yixin Tonggan, and investing in Shanghai Lishuan to enhance overall R&D capabilities and core competitiveness [1] - The company emphasizes independent research and development, particularly in small-capacity storage chips, and is advancing product process iterations while laying out an integrated strategy in "storage, computing, and connectivity" [1]