商络电子1月8日在互动平台表示，公司暂未代理海力士、闪迪、美光产品；公司为禾赛科技的激光雷达 产品供应阻容感、电源芯片、FPGA等产品。 ...

格隆汇1月8日丨商络电子(300975.SZ)在投资者互动平台表示，公司暂未代理海力士、闪迪、美光产 品；公司为禾赛科技的激光雷达产品供应阻容感、电源芯片、FPGA等产品。 ...

格隆汇1月5日丨成都华微(688709.SH)在投资者互动平台表示，公司已与燧原科技签署战略合作协议， 携手在大模型、高算力GPU领域展开深度合作，基于公司市场开拓需求，该算力能力可以广泛应用于模 型训练、太空算力、端测推理等领域，相关业务进展公司将严格遵循信息披露规定，公司产品已应用于 航天科技集团、航天科工集团等客户。公司FPGA、ADC/DAC及TSN等核心产品在商业航天产业链中具 有应用潜力。同时，公司相关团队并作为核心专家受商业航天邀请参与《箭载时间敏感网络（TSN）技 术规范》的制定，持续推动TSN技术在高端装备领域的落地与应用。公司正全力以赴推进技术研发与市 场拓展，密切关注前沿技术发展趋势，跟进市场及客户需求，适时拓展产品可能的应用场景，制定前瞻 性布局和规划。 ...

格隆汇1月5日丨成都华微(688709.SH)在投资者互动平台表示，公司已与燧原科技签署战略合作协议， 携手在大模型、高算力GPU领域展开深度合作，基于公司市场开拓需求，该算力能力可以广泛应用于模 型训练、太空算力、端测推理等领域，相关业务进展公司将严格遵循信息披露规定，公司产品已应用于 航天科技集团、航天科工集团等客户。公司FPGA、ADC/DAC及TSN等核心产品在商业航天产业链中具 有应用潜力。同时，公司相关团队并作为核心专家受商业航天邀请参与《箭载时间敏感网络（TSN）技 术规范》的制定，持续推动TSN技术在高端装备领域的落地与应用。公司正全力以赴推进技术研发与市 场拓展，密切关注前沿技术发展趋势，跟进市场及客户需求，适时拓展产品可能的应用场景，制定前瞻 性布局和规划。 ...

一水 发自 凹非寺 量子位 | 公众号 QbitAI 又一家国产芯片即将赴港IPO！ 就在元旦假期期间，百度突然官宣了 "昆仑芯已向港交所提交上市申请" 的消息。 消息一出，百度当日股价一度上涨超8%。 昆仑芯最早诞生于百度内部，由于发展不错，于是从2021年开始独立融资和运营。 目前百度持有这家公司 59.45%的股份 ，且独立上市之后，昆仑芯仍将属于百度附属公司。 该公司最新一轮融资发生于2025年7月，当时估值 210亿元人民币 ，目前投资方除了百度还有上河动量资本、山证投资、比亚迪等。 而随着昆仑芯加入IPO阵营，国产芯片最近掀起的上市潮也再次迎来一波讨论—— 前有已经登陆科创板的沐曦和摩尔线程 （以及昨天登陆港股的壁仞科技） ，中间有刚刚完成上市辅导的燧原科技，同期赴港上市的还有天数 智芯等公司。 国产芯片，正在打响开年第一战。 昆仑芯赴港IPO详情 根据百度最新公告，昆仑芯（北京）科技股份有限公司 （全文简称昆仑芯） 已于2026年1月1日 以保密方式 向港交所提交了主板上市申请。 不提前暴露财务数据、不泄露业务细节、不锁死时间表。 而从本次透露的、为数不多的信息来看，百度核心把目光放在了 "分拆 ...

市公司 相关研究 证券分析师 韩强 A0230518060003 hangiang@swsresearch.com 武雨桐 A0230520090001 wuyt@swsresearch.com 穆少阳 A0230524070009 musy@swsresearch.com 年内最高/最低（元） 94.83/56.50 市,争客 5.1 股息率% (分红/股价) 0.27 流通 A 股市值 (百万元) 66.947 上证指数/深证成指 3.965.28/13.537.10 注:"股息率"以最近一年已公布分红计算 | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产（元） | 15.45 | | 资产负债率% | 27.02 | | 总股本/流通 A 股 (百万) | 850/849 | | 流通 B 股/H 股 (百万) | /- | 年内股价与大盘对比定势： 叶叫分/外력凹 市场数据 · 收盘价 (元) 研究支持 公司公布全资子公司与关联方共同投资暨关联交易公告。根据公司公告，公司全资子公司紫 ● 光同芯拟与志成高远等五个关联方，以及非关联方宁德时代全资子公司共同设立紫 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [7]. Core Insights - The company is planning to acquire the controlling stake or all equity of Ruineng Semiconductor through a combination of issuing shares and cash payments, which is expected to enhance its automotive electronics business [4][7]. - The acquisition is anticipated to enrich the company's automotive product offerings and further solidify its position in the automotive electronics sector, providing comprehensive solutions to clients [7]. - The company is positioned to enter a new growth phase, supported by a robust incentive mechanism for core employees and strategic partnerships, particularly with Ningde Times [7]. - The demand for specialized integrated circuits is expected to grow, driven by advancements in defense information technology and commercial aerospace, which will benefit the company's FPGA and specialized AI chip segments [7]. Financial Data and Earnings Forecast - Total revenue is projected to grow from 5,511 million in 2024 to 12,209 million by 2027, with a compound annual growth rate (CAGR) of approximately 31.5% [6]. - The net profit attributable to the parent company is expected to increase from 1,179 million in 2025 to 3,495 million in 2027, reflecting a significant growth trajectory [6]. - The company's gross margin is forecasted to improve slightly from 56.8% in 2025 to 57.5% in 2027, indicating operational efficiency [6]. - The price-to-earnings (PE) ratio is projected to decrease from 39 in 2025 to 19 in 2027, suggesting an attractive valuation as earnings grow [6].

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 市场数据： 2025 年 12 月 29 日 收盘价（元） 78.81 一年内最高/最低（元） 94.83/56.50 市净率 5.1 股息率%（分红/股价） 0.27 流通 A 股市值（百万元） 66,947 上证指数/深证成指 3,965.28/13,537.10 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 15.45 | | 资产负债率% | 27.02 | | 总股本/流通 A 股（百万） | 850/849 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -20% 0% 20% 40% 12-30 01-30 02-28 03-31 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 紫光国微 沪深300指数 (收益率) 相关研究 证券分析师 韩强 A0230518060003 hanqiang@swsresearch.com 武雨桐 A02 ...

Summary of Conference Call Records Industry Overview - The commercial aerospace market is projected to reach a scale of 1.5 trillion by 2025, with an accelerated launch schedule by the end of the year indicating a strong growth trajectory for 2026, including potential IPOs of major companies and the maturation of reusable technology, positioning commercial aerospace as a key investment theme [1][2] Key Companies and Investment Opportunities 1. Changjiang Communication - Holds a 15% stake in Changfei Optical Fiber, corresponding to a market value of approximately 15 billion, currently in a state of market value inversion [6] - Deeply tied to Shanghai Yanjin, expected to generate 1-1.5 billion in new optical station construction revenue from overseas expansion in 2026 [6] - Established a satellite team to develop baseband and communication data transmission equipment, and won a project for vehicle-mounted terminals for emergency departments, with a market potential of approximately 6-10 billion nationwide [6] 2. Aerospace Intelligent Equipment - Affiliated with the Fifth Academy of Aerospace, comparable in importance to China Satellite, focusing on Hall thrusters and attitude control systems, backed by 502 Institute, and is the sole supplier with a strong core positioning advantage [6] 3. Fudan Microelectronics - FPGA technology recognized by China Star Network, positioned well in the satellite sector with promising future prospects [6] 4. Xingtong Measurement and Control - A core subsidiary of Zhongke Xingtong, listed on the Beijing Stock Exchange, integrating AI algorithms for aerospace simulation and situational awareness, planning to deploy nearly 200 satellites over five years, with the first two low-orbit satellites expected to launch in the first half of 2026 [8] 5. Other Notable Companies - **Yukede**: Becomes the only data center service provider for the Beijing Social Science Committee-led space data center innovation consortium, providing computing infrastructure and operational services [9] - **Xinwei Communication**: Strong prospects in commercial aerospace, collaborating with Starlink and Amazon's Project Cooper, with revenues from Starlink reaching several hundred million this year [11] Industry Trends and Challenges - The commercial aerospace sector currently faces a talent supply shortage, with existing companies in the core supply chain maintaining a first-mover advantage. New entrants face challenges such as satellite verification and a lack of skilled personnel [9] - The demand for satellite launches is expected to rise rapidly, with a total of 20,000 satellites needed by 2025, indicating significant growth potential in the sector [9] Additional Insights - The integration of AI in aerospace applications is expected to enhance operational capabilities and situational awareness, indicating a trend towards more advanced technological solutions in the industry [8] - The collaboration between companies like Jun Da and Youyi Optical is crucial for meeting stringent space application requirements and validating materials for aerospace use [13]

Overview - Gartner's annual report on "Top 10 Strategic Technology Trends" provides a roadmap for technological transformation and business transformation decisions for enterprises over the next five years, categorizing trends into Architect, Synthesist, and Vanguard, focusing on AI platforms and infrastructure, AI applications and orchestration, and security and trust governance [1]. Group 1: AI Native Development Platforms - AI native development platforms leverage generative AI to accelerate software development, enabling non-professionals to participate and allowing small teams to deliver multiple applications simultaneously, thus enhancing productivity and reducing costs [7]. - FPGA/EDA toolchains will be integrated into AI native development systems, automating engineering processes and significantly shortening FPGA development time [8]. - FPGA will serve as an essential prototype verification platform in the automated hardware design era, meeting the increasing demand for rapid validation due to rising chip design iterations [9]. Group 2: AI Supercomputing Platforms - AI supercomputing platforms provide massive computing power for training and running advanced AI models, addressing the challenges posed by traditional infrastructure [10]. - FPGA will handle data flow preprocessing and auxiliary computing tasks in AI supercomputing, addressing memory and I/O bottlenecks during model training and inference [10]. - FPGA will be a key component in building programmable AI data center networks, enhancing performance and security in AI clusters [11]. Group 3: Confidential Computing - Confidential computing protects data during processing using hardware-based trusted execution environments (TEE), becoming increasingly critical due to stricter privacy regulations [11]. - FPGA can create customizable hardware-level TEE, offering fine-grained security boundaries and integrating national cryptography algorithms for sensitive applications [12]. - FPGA will act as a local confidential computing node in edge and industry devices, ensuring data confidentiality and integrity throughout the processing chain [13]. Group 4: Multi-Agent Systems (MAS) - Multi-agent systems enhance efficiency and scalability by enabling collaboration among specialized AI agents, with a significant increase in interest reflected in a 1445% rise in consultations [14]. - FPGA will support concurrent reasoning and real-time control in physical environments, meeting the stringent real-time requirements of MAS applications [14]. - FPGA will facilitate automated hardware development processes driven by MAS, significantly reducing design iteration cycles and labor costs [15]. Group 5: Domain-Specific Language Models (DSLM) - Domain-specific language models provide higher accuracy and compliance in specific industries compared to general-purpose models, aiding in error reduction and cost savings [15]. - FPGA/ASIC design languages are ideal for training DSLM, which can automate code generation and optimization, enhancing the FPGA development process [16]. - Building a specialized RAG corpus for DSLM will be crucial for FPGA manufacturers and tool providers, creating a competitive advantage [17]. Group 6: Physical AI - Physical AI integrates perception, decision-making, and action capabilities into robots and smart devices, extending digital AI productivity into the physical world [18]. - FPGA will serve as the core chip in physical AI systems, integrating various sensors and AI models to form a closed-loop system [18]. - FPGA can meet functional safety requirements in critical applications, combining intelligent control with safety monitoring [18]. Group 7: Proactive Network Security - Proactive network security employs advanced AI to predict and mitigate network attacks before they occur, shifting from passive to active defense strategies [19]. - FPGA-based SmartNICs can perform deep packet inspection at high speeds, providing a programmable and secure hardware protection layer [20]. Group 8: Digital Traceability - Digital traceability ensures the integrity and origin of software and data, becoming essential due to increasing regulatory demands [21]. - FPGA can support digital traceability by providing high-performance cryptographic functions and real-time watermarking capabilities [22]. Group 9: AI Security Platforms - AI security platforms offer unified protection for third-party AI services and in-house applications, addressing emerging risks associated with AI [23]. - FPGA's role in AI security platforms is limited, primarily serving as an optional component for inference acceleration [24]. Group 10: Geopolitical Resilience - Geopolitical resilience involves migrating workloads from global cloud platforms to sovereign clouds or local environments to mitigate geopolitical risks [25]. - FPGA can serve as a hardware module in sovereign clouds, providing essential infrastructure support for localized AI and business systems [26].