2025年11月，华盛顿收到一份"噩耗"。那把曾死死卡住中国芯片咽喉的EDA（电子设计自动化）枷锁， 断了。 曾经，美国三巨头在华坐拥95%的份额，躺着收过路费。如今，国产EDA不仅暴力撕开20%的市场缺 口，更反手砸出3.4亿元，把欧洲硅光技术"买"回了家。 美国人想用软件封杀中国算力，结果却亲手逼出了一个"全产业链突围"的复仇者。 被逼出来的"反向收割"：从被动挨打到资本猎杀 以前，中国做芯片的，命门全捏在美国人手里。EDA软件一断供，芯片设计图就是废纸一张。 2022年8月，美国又出狠招，对中国断供GAAFET（全环绕栅极场效应晶体管）的关键EDA工具，摆明 了是要把中国锁死在3纳米的大门外。 但这招"绝户计"，失效了。 中国人的反应不是求饶，是"人海战术"加"资本突袭"。 2025年，中国EDA赛道上挤满了160多家企业。这哪里是搞研发？这是搞"狼群战术"。 2025 年 8 月 12 日，中国EDA头部企业广立微正式宣布完成对比利时硅光设计自动化（PDA）企业 Luceda Photonics的全资收购。这家公司是全球硅光EDA领域的隐形冠军，技术积淀极深。 这一招太狠了。美国人封锁技术，中国人直接 ...

作为少数能提供全流程解决方案的企业，全芯智造填补了国产EDA工具链成熟制程覆盖空白，技术路 线完全自主可控，非EUV（极紫外）光刻领域的创新形成差异化竞争力，契合国家产业安全需求。未 来，依托"大数据+AI"，全芯智造有望进一步巩固行业领先地位。 这也是甘肃上峰水泥股份有限公司（以下简称"上峰水泥"）最早在安徽投资的系列半导体产业链细分领 域龙头之一，目前该系列企业中合肥晶合集成电路股份有限公司已上市，长鑫科技集团股份有限公司 IPO辅导已验收。 全芯智造是国内首家专注于半导体制造领域的EDA（电子设计自动化）软件公司，在国产EDA市场处 于领先地位；全芯智造深耕计算光刻等核心技术。该公司计算光刻技术被列入安徽省2025年政府工作报 告，并已在头部晶圆厂落地应用。 本报讯 （记者刘欢）12月10日，中国证监会官网披露，全芯智造技术股份有限公司（以下简称"全芯智 造"）已办理辅导备案登记，启动IPO进程。 （文章来源：证券日报） ...

12月11日，证监会网站信息显示，全芯智造技术股份有限公司（以下简称"全芯智造"）已在安徽证监局办理首次公开发行股票 并上市的辅导备案登记，辅导机构为国泰君安证券股份有限公司。此举标志着这家备受瞩目的国产EDA（电子设计自动化）企 业正式开启冲刺资本市场的新征程。 公司的股东阵容凸显了其战略重要性。2024年6月，全芯智造完成工商变更，引入国家集成电路产业投资基金二期（大基金二 期） 作为重要股东。增资后，大基金二期持有公司11.1111% 的股份，位列第三大股东，体现了国家资本对攻克EDA这一关 键"卡脖子"环节的坚定支持。2025年4月，华大半导体曾挂牌转让其持有的11.97%股权，挂牌价5.069亿元，据此推算公司当时估 值约为42.35亿元。 从历史股权结构看，全芯智造股权较为分散，无单一控股股东，汇聚了多家知名产业与财务投资机构。北京武岳峰亦合高科技 产业投资合伙企业（有限合伙） 为第一大股东，持股13.5%。华大半导体（11.97%）、大基金二期（11.11%）分列第二、三 位。其他主要股东包括嘉兴毅芯、常州武岳峰系基金、上海吉麦嘉、青岛浑璞华芯、北京科微创业等。多元化的股东背景为公 司带来了丰富 ...

Core Insights - The rapid development of emerging technologies such as 5G, artificial intelligence, and autonomous driving has led to a significant increase in chip demand, with EDA (Electronic Design Automation) being a crucial technology in the semiconductor industry that determines chip performance and innovation capability [1] - The global chip design market is dominated by the "three giants" of EDA: Cadence, Synopsys, and Siemens, but domestic companies in Suzhou are making strides in the EDA sector [1] - Suzhou-based companies like Peifeng Tunan, Fuhui Technology, and Xiliancheng Software are innovating in EDA tools and services, aiming to enhance the competitiveness of domestic semiconductor firms [1][2][3] Company Developments - Xiliancheng focuses on the design phase of chip development, utilizing self-developed EDA tools to analyze chip layouts and significantly improve efficiency, achieving a tenfold increase in analysis speed compared to manual methods [2][3] - The company has developed a technology chain that includes EDA tools and IP design services, helping clients navigate intellectual property challenges and reduce development costs [3][4] - Fuhui Technology has launched an AI-based EDA tool, AnaSage, which automates the design process for analog chips, reducing design cycles from months to weeks and improving accuracy [5][6][7] - Peifeng Tunan is creating a "virtual wafer factory" using digital twin technology, providing comprehensive EDA software and process development services to optimize semiconductor manufacturing [8][9][10] Industry Trends - The EDA sector is witnessing a shift towards domestic innovation, with companies like Peifeng Tunan and Fuhui Technology developing tools that not only compete with international products but also offer unique advantages tailored to local needs [9][10] - The integration of AI and traditional EDA tools is becoming a key differentiator, enabling faster and more efficient chip design processes [6][7] - The collaboration between local semiconductor firms and EDA companies is enhancing the development of tailored solutions, fostering a closed-loop ecosystem from design to production [10]

Core Viewpoint - The Chinese regulatory authority has suspended the antitrust review of Synopsys' acquisition of Ansys, adding uncertainty to the deal amid escalating US-China technology tensions [1][2]. Group 1: Acquisition Details - Synopsys announced a final acquisition agreement with Ansys on January 16, 2024, with a total transaction value of approximately $35 billion, where Ansys shareholders are expected to hold about 16.5% of the new company post-merger [1]. - The merger is viewed as a "strong alliance," combining Synopsys' significant position in the EDA (Electronic Design Automation) sector with Ansys' expertise in industrial simulation software, which spans various industries including automotive, aerospace, and electronics [1]. Group 2: Regulatory Environment - The suspension of the antitrust review by Chinese regulators is seen as a cautious decision influenced by the US's recent export control measures targeting China's semiconductor industry, which has led Synopsys to halt sales and technical support activities in China [2]. - Analysts suggest that the Chinese regulatory stance is a response to US actions perceived as attempts to restrict China's chip design capabilities, indicating a need to maintain market competition and assert technological sovereignty [2]. Group 3: Global Antitrust Review Progress - Prior to the suspension, the UK's Competition and Markets Authority (CMA) and the European Commission expressed concerns that the merger could weaken competition in specific markets related to digital chip RTL power analysis software and optical software [3]. - To address these concerns, Synopsys and Ansys proposed several remedial measures, including divesting Ansys' RTL power analysis business and selling Synopsys' optical solutions group, which helped alleviate regulatory worries in Europe [3]. - Despite the ongoing uncertainties, 21 brokerages, including Berenberg, continue to maintain a "buy" rating for Synopsys, although the market remains cautious about the future of the transaction [3].

Investment Rating - The report rates the electronic industry as "stronger than the market" [1] Core Insights - The EDA (Electronic Design Automation) sector is experiencing accelerated domestic substitution due to U.S. restrictions on EDA exports to China, which is seen as a bottleneck for the rapid development of China's technology industry [5][8] - The global EDA market is projected to grow steadily, with a compound annual growth rate (CAGR) of 8.87% from 2019 to 2024, reaching a market size of approximately $15.71 billion in 2024, reflecting a year-on-year increase of 8.1% [3][10] - Domestic EDA companies are rapidly increasing their market share, with a growth rate of 13.3% in China, indicating significant potential for domestic substitution [3][10] Summary by Sections EDA Market Overview - The global EDA market is expected to reach $15.71 billion in 2024, with a CAGR of 8.87% from 2019 to 2024 [3][10] - The top three EDA companies (Synopsys, Cadence, Siemens) hold a combined market share of 74% [10][23] - The Chinese EDA market is projected to grow to 135.9 billion yuan in 2024, with a market growth rate of 13.3% [10][26] Domestic EDA Development - Domestic EDA companies like Huada Jiutian, Gai Lun Electronics, and Guangli Microelectronics are focusing on full-process EDA tool development, indicating a shift towards self-sufficiency [5][35] - The domestic EDA market is characterized by a significant growth rate of 20.4% for local companies, compared to 8.4% for international counterparts [11][32] Industry Dynamics - The EDA sector is crucial for the semiconductor industry, with increasing demand for precision and functionality in chip design tools [11][32] - The report highlights the importance of advanced packaging technology and efficient design tools, which dominate the EDA market structure [10][28] Recent Developments - Broadcom reported a record revenue of $15 billion in Q2 2025, driven by strong demand for AI-related products, indicating a robust market for semiconductor solutions [41] - AMD's acquisition of Untether AI's team is expected to enhance its capabilities in AI chip technology, reflecting ongoing innovation in the semiconductor space [43][44]