又一重大资产重组突然宣告终止。 12月12日晚，A股"芯片大牛股"芯原股份公告称，终止收购芯来智融半导体科技（上海）有限公司（以下简称"芯来智融"）97.0070%股 权并募集配套资金事项。 芯原股份则是一家依托自主半导体IP，为客户提供平台化、全方位、一站式芯片定制服务和半导体IP授权服务的企业。公司拥有自主可 控的图形处理器IP（GPU IP）、神经网络处理器IP（NPU IP）、视频处理器IP（VPU IP）、数字信号处理器IP（DSP IP）、图像信号 处理器IP（ISP IP）和显示处理器IP（DisplayProcessing IP）这六类处理器IP，以及1600多个数模混合IP和射频IP。 回顾此前，本次交易自2025年8月28日签署《股权收购意向协议》起推进，芯原股份曾于8月29日起停牌，后于9月12日复牌。 彼时，芯原股份表示，此次交易将完善公司核心处理器IP+CPUIP的全栈式异构计算版图，同时也将强化公司AI ASIC的设计灵活度和创 新能力，提升公司关键业务的市场竞争力。 关于终止交易的原因，芯原股份表示，在推进各项工作过程中，标的公司管理层及交易对方提出的核心诉求及关键事项与市场环境 ...

12月12日晚间，芯原股份（688521）披露公告称，公司终止重大资产重组。 今年8月28日，芯原股份公告，公司正在筹划以发行股份及支付现金的方式购买芯来智融半导体科技（上海）有限公司（以下简称"芯来智融"或"标的公 司"）股权并募集配套资金。 彼时，芯原股份已与标的公司主要股东胡振波、芯来共创（上海）管理咨询中心（有限合伙）、芯来合创（上海）管理咨询中心（有限合伙）签署了《股 权收购意向协议》，约定公司通过发行股份及支付现金的方式购买其持有的标的公司股权，最终价格以评估报告结果为定价依据、由交易各方协商确定。 此后公布的交易预案显示，芯原股份拟通过发行股份及支付现金方式向芯来共创、胡振波、芯来合创等31名交易对方购买其合计持有的芯来智融 97.0070%股权，并募集配套资金。由于芯原股份已直接持有芯来智融2.9930%股权，交易完成后，芯来智融将成为上市公司的全资子公司。 芯来智融成立于2018年，是中国本土首批RISC-V CPU IP提供商之一，拥有员工100余人，已累计开发数十款IP产品。2024年，其CPU IP业务收入在中国 RISC-V IP企业中位居前列。 芯原股份表示，此次交易将完善公司核心 ...

Market Overview - The three major A-share indices collectively declined today, with the Shanghai Composite Index down 0.12%, Shenzhen Component down 0.43%, and ChiNext down 1.09% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 25,483 billion yuan, an increase of 837 billion yuan compared to the previous day [1] - Nearly 2,000 stocks rose, while over 3,300 stocks fell across the market [1] Sector Performance - The sectors that saw the largest gains included non-ferrous metals, storage chips, film and television, real estate, and steel [5] - Conversely, the sectors with the largest declines included insurance, liquor, banking, securities, and peek materials [5] Notable Stocks and Trends - Precious metals and non-ferrous metals sectors rose collectively, with stocks like Hunan Silver and Northern Copper hitting the daily limit [7] - The storage chip sector saw significant gains, with stocks like Beijing Junzheng and Xiangnan Chip rising over 10% [7] - The real estate sector was active, with multiple stocks such as Rongsheng Development and Huaxia Happiness hitting the daily limit [7] - The banking sector experienced a decline, with Shanghai Pudong Development Bank dropping over 3% [7] Technology Sector Insights - The technology sector displayed mixed performance, with Chip Yuan Co. hitting the daily limit and driving the storage sector's rise [8] - The copper industry outperformed, with Northern Copper reaching a historical high [8] - The recent performance of Chip Yuan Co. was driven by its announcement of acquiring a majority stake in Chip Technology and a record high in orders [9][10] Analyst Opinions - Guosheng Securities expressed optimism about Chip Yuan Co.'s potential in the AI ASIC+IP market, predicting significant growth due to its acquisition strategy [10] - Morgan Stanley downgraded several optical module stocks, suggesting that the positive fundamentals have already been reflected in stock prices [11] - The market is expected to continue its upward trend, with a focus on sectors like chemicals, agriculture, steel, and photovoltaics, which are still at historical lows [17]

Market Overview - On September 12, A-shares experienced a rise and then a pullback, with the Shanghai Composite Index reaching a peak of 3892.74 points, surpassing the previous high of 3888.6 points, marking a new stage high [2] - By midday, the Shanghai Composite Index closed at 3884.71 points, up 0.24%, while the Shenzhen Component Index rose 0.15%, and the ChiNext Index fell 0.52% [2] - The trading volume in the Shanghai and Shenzhen markets reached 164.87 billion yuan, an increase of 152.6 billion yuan compared to the same period the previous trading day [2] Real Estate Sector - The real estate sector showed strong performance early in the session, with New Dazheng hitting the daily limit within one minute of opening [5] - Other notable stocks in the real estate sector included Suning Universal, which achieved a four-day limit-up streak, and several others like Xiangjiang Holdings and Rongsheng Development also reached their daily limits [5][7] - The Central Committee and State Council recently issued opinions on promoting high-quality urban development, emphasizing the construction of "good houses" and complete communities to better meet diverse housing needs [7][8] Semiconductor Sector - Chip Origin Technology resumed trading and saw its stock price surge by 20%, reaching a historical high of 183.6 yuan per share [4][10] - The company announced plans to acquire a 97.0070% stake in Chip Technology, which will become a wholly-owned subsidiary, enhancing its capabilities in the RISC-V field [10] - Chip Origin reported a record high in new orders, amounting to 3.025 billion yuan, with AI-related orders making up approximately 64% of the total [10][11] Robotics Sector - The robotics sector remained active, with Shoukai Co. achieving a remarkable performance of seven limit-ups in eight days [12][13] - The market anticipates significant growth in the humanoid robot sector, driven by Tesla's advancements and supportive domestic policies, with projections indicating a tenfold increase in domestic robot shipments by 2026 [15][16]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The acquisition of Chiplet Technology will enhance the company's CPU matrix and strengthen its position in the RISC-V sector, which is expected to drive significant growth in AI ASIC and RISC-V technology [3][4] - The company has achieved record-high new orders, totaling 1.205 billion yuan, representing an 85.88% year-on-year increase, with AI-related orders accounting for approximately 64% [4] - The company is positioned as a leading player in the AI ASIC and IP market, benefiting from the ongoing AI industry wave [4] Financial Performance - The total revenue for Chiplet Technology in 2024 is projected to be 77.947 million yuan, with a near break-even point achieved in the reporting period [2] - Revenue forecasts for the company are 3.179 billion yuan in 2025, 4.057 billion yuan in 2026, and 5.883 billion yuan in 2027, with year-on-year growth rates of 36.9%, 27.6%, and 45.0% respectively [5] - The company is expected to achieve a net profit of 0.1 million yuan in 2025, 0.6 million yuan in 2026, and 1.4 million yuan in 2027, with significant year-on-year growth rates [5] Market Position - Chiplet Technology is recognized as one of the leading RISC-V CPU IP providers in China, with over 300 global authorized clients and applications across various sectors including AI, automotive electronics, and IoT [2] - The company has established partnerships with multiple leading RISC-V firms and has provided customized chip solutions for over 20 clients [3]