【解剖大盘】 记者提问称，美国已经宣布了向中国台湾出售价值 110 亿美元的军品，为历史上金额最高。外交部：中 方坚决反对，强烈谴责。还有泰柬持续发生交火等等。黄金、白银这些都可持续关注。上海市市场监督 管理局公示了山东招金集团收购山东金都国投股权案。若收购完成，招金矿业(01818)有望在营收规模 上超越中国黄金集团。另外公司公布海外骨干矿山—科特迪瓦阿布贾金矿 33.28MWp/37.50MWh 光储项 目顺利建成，实现并网发电。今天涨超 6%。 美股这边也不乐观，特朗普又在救场，称新的美联储主席将很快被任命，他是一个认同低利率的人选。 另外，特朗普计划搞一个全民炒股计划，"特朗普账户 "计划拟为新生儿提供 1000 美元，投资美股以积 累财富。贝森特指出，目前仍有38%的美国人不持有任何股票，而该计划的目标是将这一比例降至零。 直接发钱入场股市，推高市场赚钱来刺激消费。 海南自由贸易港全岛封关启动活动 18 日在海口举行。中共中央政治局委员、国务院副总理何立峰出席 活动并讲话。指出：把海南自由贸易港打造成为引领我国新时代对外开放的重要门户。受益品种有美兰 空港(00357)盘中拉高 4 个点；钧达股份( ...

Core Viewpoint - The stock of Shanghai Fudan (01385) has seen a significant increase, attributed to positive market conditions in the storage sector and anticipated price hikes in NAND flash memory [1] Group 1: Market Trends - Kingston's SSD business manager indicated that NAND flash memory shortages will intensify in the next 30 days, leading to further increases in SSD prices [1] - Everbright Securities reports a favorable demand outlook in the storage and high-reliability sectors, benefiting non-volatile memory products from rising storage prices [1] Group 2: Company Performance - The smart meter business is expected to benefit from the company's competitive advantages and increased shipment volumes, particularly in automotive body control areas [1] - First Shanghai's recent report highlights that the company's 28nm FPGA products, launched six years ago, are set to see revenue contributions from the next-generation 1xnm FinFET FPGA products starting in 2026, with market share expansion anticipated next year [1] Group 3: Financial Projections - The programmable chip (PSoC) products based on 1xnm FinFET technology have extensive applications in high-reliability and industrial control sectors, currently accounting for 25% of FPGA business revenue [1] - For the fiscal year 2025, the company's FPGA business revenue is projected to grow by 38.6% year-on-year, reaching 1.47 billion yuan [1]

Core Viewpoint - The stock of Shanghai Fudan (01385) has seen a significant increase, rising over 8% in the afternoon trading session, driven by positive market sentiment regarding the demand for storage solutions and the anticipated price increases in NAND flash memory [1] Group 1: Market Trends - Kingston's data center SSD business manager indicated that a shortage of NAND flash memory is expected to worsen in the next 30 days, leading to further increases in SSD prices [1] - According to Everbright Securities, the demand in the storage and high-reliability sectors is improving, benefiting non-volatile memory products from the rising storage prices [1] Group 2: Company Developments - The smart meter business of the company is expected to benefit from its competitive advantages and increased shipment volumes, particularly in automotive body control and automotive-grade MCU shipments [1] - First Shanghai's recent report highlighted that the company's 28nm FPGA products have been in the market for six years since their development in 2018, with the next-generation 1xnm FinFET FPGA products expected to start generating revenue in 2026 [1] - The programmable system-on-chip (PSoC) products based on 1xnm FinFET technology are widely used in high-reliability and industrial control fields, currently accounting for 25% of the FPGA business revenue [1] - Looking ahead to the fiscal year 2025, the company's FPGA business revenue is projected to grow by 38.6% year-on-year, reaching 1.47 billion yuan [1]

第一上海主要观点如下： 季度业绩摘要 第一上海发布研报称，给予上海复旦(01385)"持有"评级，目标价45.00港元，本季度28nmFPGA产品受 市场竞争影响量增价减，10亿门级产品2025年仅有小部分出货。但2026财年FPGA业务收入将逐步受益 于10逻辑亿门级产品出货量的提升。未来下游客户的FPGA芯片以及智能电表需求将驱动公司营收增 长。预计公司未来三年的收入CAGR为12.7%，对应净利润CAGR为25.8%。 非挥发性存储业务收入同比增长44.1%，车规级MCU销量增长较快 智能电表产品本季度收入同比增长40.8%，其中智能家电及车规级MCU销量增长较快。得益于精确的成 本控制，该业务毛利率仍有增长空间。受存储涨价行情影响，Q3非挥发性存储业务收入同比增长 44.1%，其中高可靠产品占比70%。Q3安全识别业务收入同比增长15.5%，金融、社保卡等芯片销量增 长但目前市场竞争激烈，技术壁垒不强。 风险提示 产品销售状况不及预期、产品价格调整、市场竞争加剧、研发进展不及预期、产能受限风险。 公司2025Q3实现收入11.9亿元，同比增长33.3%。各产品线营业收入分别为：安全与识别芯片2.4亿元 ...

Company Research: Shanghai Fudan - In Q3 2025, Shanghai Fudan achieved revenue of 1.19 billion RMB, a year-on-year increase of 33.3%[5] - The gross profit margin improved to 61.1%, up by 9 percentage points year-on-year, primarily due to increased FPGA product shipments[5] - The net profit attributable to shareholders reached 137 million RMB, with a non-recurring net profit of 121 million RMB, reflecting a 59.2% year-on-year growth[5] FPGA Business Outlook - FPGA business revenue grew by 34.7% year-on-year, driven by demand for 28nm FPGA products[6] - The next-generation 1xnm FinFET FPGA products are expected to contribute to revenue starting in 2026, with a projected 38.6% growth in FPGA revenue to 1.47 billion RMB in FY 2025[6] Valuation and Rating - The target price for Shanghai Fudan is set at 45.00 HKD, indicating an 8.5% upside from the current price[8] - The company is rated as "Hold," with a projected revenue CAGR of 12.7% and a net profit CAGR of 25.8% over the next three years[8] Risk Factors - Key risks include underperformance in product sales, price adjustments, intensified market competition, and potential limitations in production capacity[9] Company Research: Weimob - Weimob's revenue for H1 2025 was 775 million RMB, a decrease of 10.6% year-on-year, due to strategic reductions in low-margin businesses[15] - The adjusted net profit for H1 2025 was 17 million RMB, a significant improvement from a net loss of 187 million RMB in the same period of 2024[15] AI Business Development - Weimob's AI-related products generated approximately 34 million RMB in revenue in H1 2025, indicating progress in commercializing AI solutions[15] - The company aims to enhance its core advertising services and optimize its business mix for long-term profitability[16] Valuation and Rating - The target price for Weimob is adjusted to 3.02 HKD, reflecting a 57% upside potential, maintaining a "Buy" rating[18]

安路科技回复称，公司完整掌握了FPGA的相关核心技术，拥有国内领先的SERDES技术及研发团队。 公司所有带SERDES通道的FPGA产品，都可以连接光模块，满足客户的各种高速传输需求。 格隆汇12月2日｜有投资者在互动平台向安路科技提问：FPGA能够驱动光模块，核心在于其内部集成 的高速串行收发器，在Xilinx（现AMD）FPGA中常被称为GT/GTX/GTH，在Intel FPGA中可能称 Transceiver。FPGA接口直接驱动光模块以替代铜缆进行高速连接，是一项非常成熟、可靠且高性能的 工程技术方案。它成功解决了铜缆在高速率、长距离传输时面临的物理瓶颈。请问公司FPGA接口和光 模块能进行连接吗？ ...

格隆汇12月2日丨安路科技(688107.SH)在投资者互动平台表示，公司的FPGA产品可以适配光模块 CPO。 ...

Core Viewpoint - Unisoc announced on November 3 that its FPGA products for the aerospace sector are progressing smoothly towards implementation by 2025, indicating a positive outlook for the company's growth in this market [1] Group 1: Product Development - The company is focusing on core control chip FPGA as the centerpiece of its offerings, complemented by read-refresh chips, memory, and bus interfaces, creating a comprehensive system solution [1] - The company is actively promoting these solutions to users, which has resulted in successful market penetration [1] Group 2: Market Performance - The market promotion efforts have yielded positive results, with the products being applied in bulk by mainstream and core users [1] - This successful application is contributing to a continuous and stable revenue stream for the company [1]

Core Insights - Unigroup Guowei announced on November 3 that its revenue from special integrated circuits includes a distribution of various FPGA products [2] - The V7 and K7 series products hold a significant market share, while the VU series has entered small batch supply stage, with potential for gradual volume increase in the future [2] - Due to the rapid iteration of FPGA technology, the company typically initiates the research and development of the next generation of products in advance to maintain technological and market competitiveness [2]

Core Viewpoint - Unigroup Guowei (002049.SZ) has confirmed that its FPGA products utilize self-developed dedicated EDA design tools, and the use of general EDA design tools has not been affected, allowing normal operations to continue [1] Group 1 - The company has developed its own dedicated EDA design tools for FPGA products [1] - The usage of general EDA design tools remains unaffected [1] - All company operations are proceeding normally [1]