此外，赵奇认为，在并购重组方面，发行定向可转债购买资产是一个非常好的工具，但目前政策要求上 市公司的盈利足以支付可转债一年的利息，所以亏损企业就无法使用这一工具。"希望能对科创成长层 企业放开可转债的盈利要求。"赵奇表示。（中经记者 孙汝祥 夏欣 北京报道） 0:00 芯联集成（688469.SH）董事长兼总经理赵奇日前做客《沪市汇·硬科硬客》第二季第7期节目"科创成长 层'成长记'"时表示，希望优质未盈利企业上市后的再融资渠道能够得到拓宽，期待"先盈利再融资"的政 策能有进一步调整空间。 ...

Core Viewpoint - The company, ChipLink Integrated (688469.SH), is confident in achieving profitability by 2026 and successfully delisting from the "ST" status, with projected revenue growth in the coming years [2] Financial Projections - The company anticipates its total revenue for 2025 to reach between 8 billion and 8.3 billion yuan, representing a year-on-year growth of 23% to 28% [2] - For 2026, the company expects to surpass the 10 billion yuan revenue mark [2]

Core Viewpoint - The past five to six years have been a vibrant period for the development of China's integrated circuit industry, significantly marked by the launch of the Sci-Tech Innovation Board (STAR Market) which supports high-quality, unprofitable tech companies to go public [2] Industry Summary - The institutional innovation of the Sci-Tech Innovation Board has shifted the development model of the semiconductor industry from "single-point breakthroughs" to a collaborative development across the entire industry chain [2] - Since the introduction of the Sci-Tech Innovation Board, the entire industry has exhibited a thriving and prosperous trend [2]

Core Insights - The launch of the Sci-Tech Innovation Board (STAR Market) has significantly transformed the development ecosystem for China's technology industry, particularly benefiting unprofitable "hard tech" companies by providing a supportive environment for long-term investment and innovation [4][5] - As of November 2025, 57 unprofitable companies have listed on the STAR Market, with 22 of them achieving profitability post-listing [4] - The STAR Market has facilitated substantial revenue growth and reduced losses for companies, with 35 firms in the growth layer reporting a 39% year-on-year revenue increase and a 65% reduction in net losses in the first three quarters of 2025 [4] Company Performance and Growth - ChipLink Integration has raised 11 billion yuan since its listing, with revenue growing from 2 billion yuan before listing to 6.5 billion yuan in 2024, effectively doubling its revenue in three years [7] - CanSino has maintained a research and development (R&D) expenditure of over 30%, which has been crucial for its product development and market expansion, particularly during the COVID-19 pandemic [8][15] - Effort, a robotics company, has seen its sales increase from 2,000 units at the time of listing to 16,000 units in 2024, significantly enhancing its market share and competitiveness [10][16] R&D Investment and Innovation - R&D investment is critical for "hard tech" companies, with ChipLink maintaining a 30% R&D expenditure ratio, significantly higher than the industry average of 10% [13] - CanSino's R&D strategy has allowed it to navigate the "valley of death" in vaccine development, leading to profitability in the third quarter of 2025 [15][18] - Effort has shifted from a "follower" to a "leader" in innovation post-listing, focusing on autonomous innovation and the integration of AI technology into its robotics solutions [16] Path to Profitability - Achieving profitability is seen as a natural progression for unprofitable companies on the STAR Market, with both ChipLink and CanSino projecting profitability milestones in the coming years [17][19] - ChipLink anticipates reaching profitability by 2026, supported by increasing market share and improved operational efficiency [19] - Effort aims to achieve profitability through a dual strategy of scaling growth and enhancing profit margins, leveraging its technological advancements [20] Utilization of Growth Tools - The STAR Market's mechanisms, such as mergers and acquisitions and equity incentives, are vital for the growth of "hard tech" companies [21] - ChipLink's acquisition of a 72.33% stake in a peer company exemplifies the effective use of M&A strategies to enhance growth [21] - Both ChipLink and CanSino emphasize the importance of equity incentives to attract and retain talent, which is crucial for long-term success in the tech sector [22]

Group 1 - The global Fab market is expected to grow by 27% year-on-year in 2025, driven by demand from GPU/ASIC and consumer electronics orders [3][9][23] - The advanced process is in an expansion phase, significantly boosted by AI demand, with the Chinese high-end AI chip market projected to grow over 60% in 2026 [3][23][26] - Domestic Fab manufacturers are focusing on mature processes, benefiting from the recovery of the domestic market, with a projected share of over 75% in global mature process capacity additions by 2026 [3][46][53] Group 2 - Key companies to watch include SMIC, Hua Hong Semiconductor, and Jinghong Integrated Circuit, which are positioned to benefit from local manufacturing and the expansion of production capacity [3][41][71] - The third phase of the National Big Fund has not yet entered large-scale project investments, but it is expected to become a capital expenditure increment for the Fab industry in 2026 [3][39][40] - The domestic supply chain is gradually proving itself, with companies like Cambrian and Huawei leading the way in local AI chip production and supply chain development [3][30][34]

Core Viewpoint - The recent announcement by Moer Thread to manage idle fundraising of 7.5 billion yuan has attracted significant market attention, highlighting a trend among A-share companies, including those on the Sci-Tech Innovation Board, to utilize idle funds for cash management [1][2]. Group 1: Idle Fund Management in A-Share Market - Over the past three years, more than 110 A-share listed companies have reported annual idle cash management exceeding 5 billion yuan, including 14 companies from the Sci-Tech Innovation Board [1]. - Among the 12 Sci-Tech Innovation Board companies managing idle funds, 6 have amounts exceeding 5 billion yuan, with Moer Thread managing 7.5 billion yuan and Huahong managing 21 billion yuan [2]. Group 2: Regulatory Framework and Recent Changes - The China Securities Regulatory Commission (CSRC) has established regulations for the management of idle fundraising, which were revised and upgraded in June 2025 to enhance oversight [6][10]. - The latest regulations stipulate that idle funds can be managed through dedicated accounts, ensuring that cash management does not interfere with the normal investment plans of the fundraising [10]. Group 3: Industry Practices and Investor Concerns - Companies in the high-end computing sector often face long technical cycles, making the use of idle funds for cash management a common practice [4]. - There is a call from investors and industry insiders for more detailed disclosures regarding the management of idle funds to enhance transparency and protect investor interests [1][12].

Core Insights - The establishment of the Xilin (Shaoxing) Integrated Circuit Industry Equity Investment Fund Partnership (Limited Partnership) on December 12, with a capital contribution of 500 million RMB [1] Group 1 - The fund is managed by Xilin Private Equity Fund Management (Hangzhou) Partnership (Limited Partnership) [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - Partners contributing to the fund include Xilin Integrated's Xilin Equity Investment (Hangzhou) Co., Ltd., Shaoxing City Yuecheng Integrated Circuit Industry Equity Investment Fund Partnership (Limited Partnership), and Shaoxing Guoding Multi-Strategy Equity Investment Partnership (Limited Partnership) [1]

Group 1: China Civil Aviation Information Network (00696) - The company is a leading GDS provider globally and the largest in China, with a global market share of approximately 28% and a domestic market share of about 95% [10] - The company's performance is highly correlated with the growth of the civil aviation industry, with expected flight bookings reaching 732 million in 2024, surpassing the 2019 peak [10] - The launch of the "official direct sales platform" in July 2025 positions the company to enter the trillion-yuan OTA market, aiming to reduce reliance on traditional OTAs [10] - The company is projected to achieve net profits of 2.21 billion, 2.43 billion, and 2.65 billion yuan from 2025 to 2027, with a maintained "buy" rating based on recovery in the civil aviation sector [10] Group 2: Xiangsheng Medical (688358) - Xiangsheng Medical has focused on ultrasound technology since its establishment in 1996, holding over 400 intellectual property rights and offering a comprehensive range of ultrasound products [11] - The company aims to leverage its "portable + intelligent" advantage, with products like SonoFamily series that include high-end and portable ultrasound devices, enhancing its competitive edge [11] - The company is expected to achieve revenues of 517 million, 620 million, and 744 million yuan from 2025 to 2027, with net profits projected at 146 million, 182 million, and 229 million yuan, respectively, maintaining a "buy" rating [13] Group 3: CIMC Enric (03899.HK) - CIMC Enric is a clean energy equipment platform under CIMC, focusing on LNG transportation, storage, and processing, with a projected net profit CAGR of 17% from 2020 to 2024 [13] - The company has a robust order backlog of 30.8 billion yuan, with 27.3 billion yuan in clean energy equipment orders, benefiting from the LNG market's growth [14] - The company is expected to achieve net profits of 1.13 billion, 1.47 billion, and 1.76 billion yuan from 2025 to 2027, with a "buy" rating based on a 29% upside potential from its current valuation [15] Group 4: PVA Industry (皖维高新 600063) - The company has established a comprehensive PVA industrial chain, with a focus on cost advantages and long-term growth potential, aiming to expand into high-value new materials [23] - The company is positioned to benefit from a recovery in demand for PVA products, with a projected increase in production capacity and profitability in the coming years [23] - The company is expected to achieve revenues of 8.064 billion, 8.881 billion, and 9.768 billion yuan from 2025 to 2027, with net profits projected at 473 million, 622 million, and 862 million yuan, respectively, maintaining an "overweight" rating [25] Group 5: Social Services Industry - The introduction of spring and autumn holidays has stimulated tourism demand, with significant increases in travel and spending during these periods [26] - The winter "snow holiday" policy has also contributed to the recovery of the ice and snow tourism industry, with various incentives driving participation [26] - The overall service consumption is expected to benefit from government policies aimed at boosting demand, with a focus on tourism and related sectors [27]

36氪获悉，爱企查App显示，近日，芯联（绍兴）集成电路产业股权投资基金合伙企业（有限合伙）成 立，出资额5亿元人民币，经营范围包括以私募基金从事股权投资、投资管理、资产管理等活动。合伙 人信息显示，该企业由芯联集成全资子公司芯联股权投资（杭州）有限公司等共同出资。 ...

Group 1 - The core point of the news is the establishment of the Xinlian (Shaoxing) Integrated Circuit Industry Equity Investment Fund Partnership with a total investment of 500 million yuan, focusing on private equity investment, investment management, and asset management activities [1][2]. - The fund is a limited partnership and is registered in Shaoxing, Zhejiang Province, with a business scope that includes private equity investment and asset management [2]. - The fund is fully funded by Xinlian Integrated Circuit Manufacturing Co., Ltd. through its subsidiary, Xinlian Equity Investment (Hangzhou) Co., Ltd. [1][2]. Group 2 - The fund's legal representative is Yuan Feng, and it is currently in a state of existence with a business term lasting until December 12, 2025 [2]. - The main operating location of the fund is in the Yinqiao Road area of Shaoxing City, Zhejiang Province [2]. - The fund is classified under the national industry standard for capital market services [2].