同样的繁荣与萧条周期也适用于人类为抓住经济机遇而创建的商业企业。新房建设、石油开采，甚至 时尚的珍珠奶茶商，其生产周期都见证着一波波新企业的涌现，随后不可避免地会出现市场震荡，导 致企业规模缩小，实力较弱的参与者消失，而实力较强的竞争对手得以生存和发展。半导体和半导体 知识产权行业也不例外，这一点记忆力敏锐的观察家们肯定都能记得。 知识产权行业过去的动荡 来源：内容 编译自 Quadric 。 每个人在青少年求学时期，都会在自然或生物课上学习过种群激增和不可避免的种群崩溃的循环。无 论以动物、植物、昆虫还是细菌为例，某些外部事件都会触发某个物种种群的快速激增，从而导致种 群过剩和对资源（食物、空间、住所）的竞争。最终，要么是种群激增耗尽了食物供应，要么是该物 种本身成为其他捕食者的食物，导致当地种群大量死亡。这个循环始终如一：外部触发、种群激增、 资源枯竭，最终崩溃回落到在原生栖息地正常状态下可以长期维持的种群水平。 过去25年来，每当一种新的接口标准出现，或者一种新的设计趋势成为主流，我们都会见证IP供应商 和芯片初创公司的涌现，它们试图抢占市场，分一杯羹。在处理器IP领域，我们看到CPU、DSP、 GPU ...

Core Insights - Chipone Technology has successfully established itself as a leading player in the semiconductor IP industry, being recognized as "China's first semiconductor IP stock" after its listing on the STAR Market in August 2020 [1][2] - The company has achieved significant milestones, including being included in the STAR 50 index and successfully completing a refinancing issuance under the "light asset, high R&D investment" recognition standard [1][3] - As of the end of Q1 2025, Chipone's order backlog reached a record high of 2.456 billion yuan, maintaining a high level for six consecutive quarters, indicating strong demand and growth potential [1][3] Company Development - Chipone Technology was founded in 2001 and has evolved from providing standard cell libraries to offering comprehensive chip customization services and semiconductor IP licensing [2] - The company initially aimed for a NASDAQ listing but chose to return to the Chinese capital market, benefiting from the reforms and growth prospects of the STAR Market [2] R&D and Market Position - Chipone ranks first in China and eighth globally in semiconductor IP licensing revenue as of 2024, with a strong focus on high R&D investment, maintaining over 30% of revenue allocated to R&D from 2020 to 2024 [3][4] - The company has successfully developed 5nm system-on-chip (SoC) technology and is executing multiple projects in the 4nm/5nm range, showcasing its advanced design capabilities [3] Strategic Growth and Financing - The recent A-share private placement marks a significant step for Chipone, allowing for more flexible fund allocation towards R&D and innovation, which is crucial for maintaining competitive advantages [4][5] - The company is also exploring mergers and acquisitions to enhance its industry position and foster ecosystem development, leveraging its status as a leading semiconductor IP provider [5][6] AI and Chiplet Technology - The rise of artificial intelligence has created substantial demand for high-performance chips, particularly in the AI ASIC sector, where Chipone has made significant advancements [6][7] - Chipone's neural network processor (NPU) IP has been adopted in 142 AI chip models across various sectors, including servers and automotive, with over 100 million units shipped [6][7] - The company has been proactive in developing Chiplet technology, which allows for modular integration of chips, enhancing performance while balancing costs, particularly in cloud AI and high-end automotive applications [8]

Following the release, Ceva management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter. ROCKVILLE, Md., July 9, 2025 /PRNewswire/ -- Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP that enables Smart Edge devices to connect, sense and infer data more reliably and efficiently, will announce results for the second quarter 2025 on August 11, 2025 before the NASDAQ market opens. The conference call will be available via the ...

行业研究丨深度报告丨电子元件 [Table_Title] 《乘时驭势，启新立潮——电子行业 2025 年度 中期投资策略》 1 丨证券研究报告丨 报告要点 [Table_Summary] 本文以产业发展阶段为脉络，我们认为 2025 年下半年三类投资机会主要包括：1）以 AI 眼镜、 苹果折叠屏、人形机器人、国产算力为代表的产业趋势早期投资机会。建议关注小米、META、 特斯拉人形机器人等新品发布事件催化下的主题机会，提前进行布局；2）以 AI 算力（HDI、 PTFE、CCL、NPU）、半导体设备、智能驾驶等为代表的产业业绩爆发期投资机会。建议关注 NV 产业链核心供应商；3）以面板、基础元器件、模拟芯片等为代表的产业成熟期投资机会。 建议关注大尺寸 LCD 龙头公司利润表修复带来的重估机会，以及部分关键环节自主可控。 分析师及联系人 [Table_Author] 杨洋 谢尔曼 王泽罡 SAC：S0490517070012 SAC：S0490518070003 SAC：S0490521120001 SFC：BUW100 钟智铧 蔡少东 张梦杰 SAC：S0490522060001 SAC：S04905220 ...

Key Takeaways QCOM gained 28.2% in 3 months, outperforming Intel but lagging Broadcom and the industry. Snapdragon 8 Elite adoption in premium smartphones is fueling Qualcomm's handset revenue growth. Stiff competition, in-house chips by OEMs, and lowered earnings estimates weigh on QCOM's growth outlook.Qualcomm Incorporated (QCOM) has gained 28.2% in three months compared with the Electronics – Semiconductors industry’s growth of 69.3%. The stock has underperformed the Zacks Computer & Technology sector ...

CLEVELAND, June 30, 2025 (GLOBE NEWSWIRE) -- Parker Hannifin Corporation (NYSE:PH), the global leader in motion and control technologies, today announced that it has agreed to acquire Curtis Instruments, Inc. from Rehlko, for approximately $1 billion in cash. The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals, and is expected to close by the end of calendar year 2025. "Rehlko is proud of the legacy and performance of Curtis as a high-performing, ...

Core Insights - Huawei has announced the open-sourcing of its Pangu models, including the 70 billion parameter dense model and the 720 billion parameter mixture of experts (MoE) model, marking a significant step in the domestic large model open-source competition [1][3][20] Model Performance - The Pangu Pro MoE model achieves a single-card inference throughput of 1148 tokens/s on the Ascend 800I A2, which can be further enhanced to 1528 tokens/s using speculative acceleration technology, outperforming similar-sized dense models [3][11] - The Pangu Pro MoE model is built on the MoGE architecture, with a total parameter count of 720 billion and an active parameter count of 160 billion, optimized specifically for Ascend hardware [4][11] Training and Evaluation - Huawei utilized 4000 Ascend NPUs for pre-training on a high-quality corpus of 13 trillion tokens, divided into general, inference, and annealing phases to progressively enhance model capabilities [11] - The Pangu Pro MoE model has demonstrated superior performance in various benchmarks, including achieving a score of 91.2 in the DROP benchmark, closely matching the best current models [12][14] Competitive Landscape - The open-sourcing of Pangu models coincides with a wave of domestic AI model releases, with leading companies like MiniMax and Alibaba also upgrading their open-source models, leading to a price reduction of 60%-80% for large models [3][20] - The Pangu Pro MoE model ranks fifth in the SuperCLUE Chinese large model benchmark, surpassing several existing models and indicating its competitive position in the market [17][18] Technological Integration - Huawei's ecosystem, integrating chips (Ascend NPU), frameworks (MindSpore), and models (Pangu), represents a significant technological achievement, providing a viable high-performance alternative to Nvidia's dominance in the industry [20]

证券研究报告 AI系列专题报告（三） AIoT端侧：智能硬件百花齐放，国产SoC大有可为 半导体行业强于大市（维持） 徐碧云 投资咨询资格编号：S1060523070002 闫磊 投资咨询资格编号：S1060517070006 徐勇 投资咨询资格编号：S1060519090004 证券分析师 2025年6月19日 请务必阅读正文后免责条款 投资要点 处理：边缘智能推动了NPU的广泛应用。AI端侧应用正加速渗透，技术革新推动硬件升级。音频作为高频次、高强度信息交互的重要载体，正快 速成为AI落地端侧的首要信息维度。AI增强型SoC通过集成NPU与可重构计算单元，结合算法-芯片协同优化，突破传统处理器的能效瓶颈，可有 效释放边缘侧的实时推理与决策能力。NPU凭借低功耗特性成为边缘设备的理想选择，专为神经网络设计的架构使其在深度学习任务中表现优异， 主要应用于人脸识别、语音识别、自动驾驶、智能相机等领域，且技术架构随AI算法和应用场景不断演进。 连接：无线通信，物联网主要实现方式。物联网端侧连接需求持续增长，推动局域无线连接技术的应用扩展，涵盖WiFi、蓝牙、ZigBee、2.4G 私有协议、Thread等 。 各 ...

本次收购若达成，有望扩充黑芝麻智能高中低全系计算芯片产品线，强化智能汽车全场景解决 方案能力，并协同提升双方在量产交付及供应链管理效率。同时，促进公司产品拓展至更广泛 的机器人应用，提供AI推理芯片全系产品及解决方案，有利于提升业务规模及财务表现，进一 步增强公司在AI SoC芯片领域的竞争优势。 目前，黑芝麻智能已与多家车企（如吉利、东风、比亚迪）建立合作，且正加速拓展机器人芯片市场。 此次收购若达成，将进一步巩固其在智能汽车和机器人领域的技术布局，但其具体收购对象仍需等待官 方进一步披露。 6月18日，黑芝麻智能国际控股有限公司（股票代码：2533.HK）宣布，拟通过股权收购及注 资方式收购一家AI芯片企业。 加入"中国IC独角兽联盟"，请点击进入 目标公司专注于高性价比、低功耗人工智能（AI）系统芯片（SoC） 及解决方案的开发及销 售。除中央处理器（CPU）外，目前其芯片产品使用的绝大部分知识产权（IP）（包括图像信 号处理器（ISP）、神经网络处理器（NPU）及模拟 IP 等）已实现自研。目标公司主要在汽 车智能化、端侧 AI 应用等领域提供全栈式解决方案。 笔者根据对黑芝麻智能的了解及并购目的分析 ...

6月26日， 2025中国AI算力大会 将在北京中关村东升科技园万丽酒店正式举行！ 作为智一科技旗下 智猩猩 与 智东西 共同发起主办、 芯东西 协办的首届AI算力大会，本次大会计划邀请近 30位重量级嘉宾与会带来致辞、报告、演讲和对话，全方位解构DeepSeek引爆的AI算力变局。同时，大会 也是"智领未来"北京人工智能系列活动之一。 2025中国AI算力大会设有主会场、分会场和展览区。其中，主会场将进行 高峰论坛、AI推理算力专题论坛 和智算中心专题论坛 ，分 会场全天将分别进行 智算集群异构混训技术研讨会、超节点技术研讨会 。其 中，分会场的两场研讨会为闭门制，主要面向持有闭门专享票、贵宾通票的观众开放。 | | | 2025中国AI算力大会 | | | --- | --- | --- | --- | | | | 主办： 智智强 普東西 | | | | | 大会日程 | | | 日期 | 时段 | 主会场 | 分会场 | | 6月26日 | 上午 | 高峰论坛 | 智算集群异构混训 技术研讨会 (闭门制) | | | 下午 | Al推理算力专题论坛 | 超节点技术研讨会 (闭门制) | | | | 智算 ...