374 lines
25 KiB
HTML
374 lines
25 KiB
HTML
<!DOCTYPE html>
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<html lang="zh-CN" data-theme="night">
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<head>
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<meta charset="UTF-8">
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<meta name="viewport" content="width=device-width, initial-scale=1.0">
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<title>紫光展锐IPO深度投研报告</title>
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<link href="https://cdn.jsdelivr.net/npm/daisyui@4.10.1/dist/full.min.css" rel="stylesheet" type="text/css" />
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<script src="https://cdn.tailwindcss.com"></script>
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<script src="//unpkg.com/alpinejs" defer></script>
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<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
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<link rel="preconnect" href="https://fonts.googleapis.com">
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<link rel="preconnect" href="https://fonts.gstatic.com" crossorigin>
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<link href="https://fonts.googleapis.com/css2?family=Lexend:wght@300;400;500;600;700&family=Noto+Sans+SC:wght@300;400;500;700&display=swap" rel="stylesheet">
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<style>
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body {
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font-family: 'Lexend', 'Noto Sans SC', sans-serif;
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background-color: #000010;
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background-image:
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radial-gradient(ellipse at 20% 25%, rgba(10, 81, 194, 0.2) 0%, transparent 50%),
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radial-gradient(ellipse at 80% 15%, rgba(125, 17, 189, 0.2) 0%, transparent 50%),
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radial-gradient(ellipse at 60% 85%, rgba(0, 194, 203, 0.25) 0%, transparent 60%);
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color: #E0E0E0;
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}
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.glass-card {
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background: rgba(15, 17, 32, 0.5);
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backdrop-filter: blur(20px);
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-webkit-backdrop-filter: blur(20px);
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border: 1px solid rgba(255, 255, 255, 0.1);
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transition: all 0.3s ease;
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}
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.glass-card:hover {
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background: rgba(15, 17, 32, 0.7);
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border: 1px solid rgba(0, 194, 203, 0.5);
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transform: translateY(-5px);
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}
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.bento-grid {
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display: grid;
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gap: 1.5rem;
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grid-auto-rows: minmax(100px, auto);
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}
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.glow-text {
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text-shadow: 0 0 8px rgba(0, 194, 203, 0.7), 0 0 16px rgba(0, 194, 203, 0.5);
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}
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.glow-border {
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box-shadow: 0 0 15px rgba(0, 194, 203, 0.3);
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}
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/* Timeline styles */
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.timeline-item::before {
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content: '';
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position: absolute;
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top: 1.25rem;
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left: -0.4rem;
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width: 0.75rem;
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height: 0.75rem;
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border-radius: 9999px;
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background-color: #00c2cb;
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border: 2px solid #000010;
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box-shadow: 0 0 10px #00c2cb;
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z-index: 10;
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}
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.timeline-line {
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position: absolute;
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top: 1.25rem;
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left: -0.05rem;
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bottom: -1.25rem;
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width: 2px;
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background-color: rgba(0, 194, 203, 0.2);
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}
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</style>
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</head>
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<body class="min-h-screen p-4 sm:p-8 lg:p-12">
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<div class="max-w-7xl mx-auto space-y-8">
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<!-- Header -->
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<header class="text-center space-y-4">
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<h1 class="text-4xl md:text-6xl font-bold glow-text bg-gradient-to-r from-cyan-300 via-purple-400 to-cyan-300 bg-clip-text text-transparent animate-pulse">
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紫光展锐 IPO
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</h1>
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<p class="text-lg text-slate-300">国产半导体自主可控的标志性事件深度解析</p>
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</header>
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<!-- Main Bento Grid Layout -->
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<main class="bento-grid grid-cols-1 lg:grid-cols-4">
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<!-- IPO Timeline -->
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<section class="lg:col-span-2 glass-card rounded-3xl p-6">
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<h2 class="text-2xl font-bold text-cyan-300 mb-4">概念事件：IPO进程启动</h2>
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<div class="relative pl-4 space-y-8">
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<div class="timeline-item relative">
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<div class="timeline-line"></div>
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<p class="text-cyan-400 font-semibold">2025年6月28日</p>
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<h3 class="font-bold text-white">启动IPO辅导</h3>
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<p class="text-sm text-slate-400">上市辅导备案材料获上海证监局登记，辅导机构为国泰君安和海通证券，标志其A股IPO进程正式启动。</p>
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</div>
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<div class="timeline-item relative">
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<div class="timeline-line"></div>
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<p class="text-cyan-400 font-semibold">2025年4月1日</p>
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<h3 class="font-bold text-white">完成股份制改革</h3>
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<p class="text-sm text-slate-400">公司由“科技有限公司”变更为“科技股份有限公司”，向上市迈出实质性一步。</p>
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</div>
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<div class="timeline-item relative">
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<div class="timeline-line"></div>
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<p class="text-cyan-400 font-semibold">2024年11月19日</p>
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<h3 class="font-bold text-white">市场预期形成</h3>
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<p class="text-sm text-slate-400">国君电子研报首次公开预测：“展锐预计25年有望IPO上市”。</p>
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</div>
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<div class="timeline-item relative">
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<p class="text-cyan-400 font-semibold">2024年9月18日</p>
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<h3 class="font-bold text-white">完成关键融资</h3>
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<p class="text-sm text-slate-400">引入上海、北京国资平台及工银、交银等金融机构，为IPO注入关键动能。</p>
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</div>
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</div>
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</section>
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<!-- Market Position -->
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<section class="lg:col-span-2 glass-card rounded-3xl p-6">
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<h2 class="text-2xl font-bold text-cyan-300 mb-4">市场地位与竞争力</h2>
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<div id="marketShareChart" class="w-full h-72"></div>
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<div class="mt-4 grid grid-cols-2 gap-4 text-center">
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<div>
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<p class="text-3xl font-bold text-purple-400">1.5亿颗</p>
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<p class="text-sm text-slate-400">2023年4G芯片出货量</p>
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</div>
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<div>
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<p class="text-3xl font-bold text-purple-400">5000万颗</p>
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<p class="text-sm text-slate-400">2025年5G芯片出货目标</p>
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</div>
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</div>
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</section>
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<!-- Core Logic -->
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<section class="lg:col-span-4 glass-card rounded-3xl p-6">
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<h2 class="text-2xl font-bold text-cyan-300 mb-4">核心逻辑与市场认知</h2>
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<div class="grid md:grid-cols-3 gap-6">
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<div class="bg-black/20 p-4 rounded-xl border border-cyan-500/20">
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<h3 class="font-semibold text-lg text-cyan-400">国产替代与供应链安全</h3>
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<p class="text-sm text-slate-300 mt-2">作为国内唯一公开市场5G SoC通用芯片厂商，是实现终端芯片自主可控的核心载体，符合国家战略，易获政策与资本双重支持。</p>
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</div>
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<div class="bg-black/20 p-4 rounded-xl border border-purple-500/20">
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<h3 class="font-semibold text-lg text-purple-400">已验证的市场竞争力</h3>
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<p class="text-sm text-slate-300 mt-2">已非“讲故事”阶段。2024Q2全球市占率13%，打入小米、vivo、荣耀等主流供应链，为IPO估值提供坚实基本面支撑。</p>
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</div>
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<div class="bg-black/20 p-4 rounded-xl border border-cyan-500/20">
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<h3 class="font-semibold text-lg text-cyan-400">构建成本优势的国产化生态</h3>
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<p class="text-sm text-slate-300 mt-2">通过扶持国产供应链伙伴（如慧智微），构建了具备全球竞争力的成本护城河。路演数据显示，慧智微射频产品成本仅为展锐自研的<span class="font-bold text-white">57%</span>（4元 vs 7元）。</p>
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</div>
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</div>
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</section>
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<!-- Expectation Gap & Risks -->
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<section class="lg:col-span-2 glass-card rounded-3xl p-6">
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<h2 class="text-2xl font-bold text-cyan-300 mb-4">预期差分析：理想 vs 现实</h2>
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<div class="space-y-4">
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<div>
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<h3 class="font-semibold text-purple-400">高端突破 vs. 成本领先</h3>
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<p class="text-sm text-slate-300">市场期待展锐挑战高通，但路演数据显示其核心竞争力更多在于通过整合国产供应链实现的<span class="font-bold text-white">成本控制</span>和中低端市场渗透。其原内部射频团队“技术迭代停滞”的信息，暗示其采取了更务实的“自研+合作”生态路线。</p>
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</div>
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<div>
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<h3 class="font-semibold text-purple-400">5G增长的确定性</h3>
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<p class="text-sm text-slate-300">市场对其5G前景高度乐观，但路演给出的2025年5000万颗出货量是极高目标，是机会也是风险，市场可能尚未充分定价其执行风险。</p>
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</div>
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<div>
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<h3 class="font-semibold text-purple-400">研报的“缺席”</h3>
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<p class="text-sm text-slate-300">目前市场热度多由新闻和路演等一手信息驱动，缺乏系统性卖方研究覆盖。招股书披露的真实财务数据、技术细节可能会带来新一轮的预期修正或强化。</p>
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</div>
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</div>
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</section>
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<!-- Catalysts -->
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<section class="lg:col-span-2 glass-card rounded-3xl p-6">
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<h2 class="text-2xl font-bold text-cyan-300 mb-4">关键催化剂与未来路径</h2>
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<div class="tabs tabs-boxed bg-black/30 mb-4">
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<a class="tab tab-active">近期催化剂</a>
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<a class="tab">长期发展</a>
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</div>
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<ul class="list-disc list-inside space-y-2 text-slate-300">
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<li><span class="font-bold text-white">IPO辅导进展公告:</span> 辅导机构定期报告将维持市场热度。</li>
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<li><span class="font-bold text-white">招股说明书披露:</span> 最关键催化剂，将引发市场对其价值的全面重估。</li>
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<li><span class="font-bold text-white">新款5G芯片手机发布:</span> T820、T770等芯片若获更多一线品牌中高端机型采用，是技术获认可的强力信号。</li>
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</ul>
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</section>
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<!-- Industry Chain -->
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<section class="lg:col-span-4 glass-card rounded-3xl p-6">
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<h2 class="text-2xl font-bold text-cyan-300 mb-4">产业链图谱与核心公司</h2>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-6 text-sm">
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<!-- Upstream -->
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<div class="space-y-3">
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<h3 class="text-lg font-semibold text-purple-400 border-b-2 border-purple-400/30 pb-1">上游：设计支撑 & 制造封测</h3>
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<p><strong class="text-slate-200">EDA/IP:</strong> 芯原股份 (客户)</p>
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<p><strong class="text-slate-200">射频前端:</strong> <span class="bg-cyan-500/20 text-cyan-300 px-2 py-1 rounded">慧智微 (核心供应商)</span></p>
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<p><strong class="text-slate-200">存储芯片:</strong> 江波龙、东芯股份、德明利 (供应商/认证)</p>
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<p><strong class="text-slate-200">封装测试:</strong> <span class="bg-cyan-500/20 text-cyan-300 px-2 py-1 rounded">伟测科技</span>、甬矽电子、长电科技 (客户/供应商)</p>
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</div>
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<!-- Midstream -->
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<div class="space-y-3 border-x-0 md:border-x md:border-dashed border-slate-700 px-0 md:px-6">
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<h3 class="text-lg font-semibold text-cyan-300 border-b-2 border-cyan-300/30 pb-1">中游：平台核心</h3>
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<div class="p-4 bg-cyan-900/50 rounded-lg text-center glow-border">
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<p class="text-xl font-bold text-white">紫光展锐</p>
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<p class="text-slate-300">手机SoC、物联网芯片设计</p>
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</div>
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</div>
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<!-- Downstream -->
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<div class="space-y-3">
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<h3 class="text-lg font-semibold text-purple-400 border-b-2 border-purple-400/30 pb-1">下游：模组 & 终端应用</h3>
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<p><strong class="text-slate-200">通信模组:</strong> 广和通、美格智能、有方科技 (合作)</p>
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<p><strong class="text-slate-200">智能终端:</strong> 小米、vivo、荣耀、中兴、海信 (客户)</p>
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<p><strong class="text-slate-200">生态圈:</strong> 深圳华强 (分销)、腾讯游戏 (软件合作)、浙江龙盛 (参股)</p>
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</div>
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</div>
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</section>
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<!-- IPO Event Analysis -->
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<section class="lg:col-span-4 glass-card rounded-3xl p-6" x-data="{ selectedTab: 0 }">
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<h2 class="text-2xl font-bold text-cyan-300 mb-4">历史复盘：类似IPO事件如何驱动股价？</h2>
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<div class="tabs tabs-lifted">
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<template x-for="(item, index) in riseData" :key="index">
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<a class="tab" :class="{ 'tab-active': selectedTab === index }" @click="selectedTab = index" x-text="item.stock"></a>
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</template>
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</div>
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<div class="bg-base-100/30 p-4 rounded-b-xl rounded-tr-xl min-h-[200px]">
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<template x-for="(item, index) in riseData" :key="index">
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<div x-show="selectedTab === index" class="space-y-3">
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<div class="flex justify-between items-center">
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<h3 class="text-xl font-bold text-white" x-text="`${item.stock} (${item.stock_code})`"></h3>
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<div class="badge badge-lg" :class="item.rise_rate > 0 ? 'badge-success' : 'badge-error'" x-text="`涨幅: ${item.rise_rate}%`"></div>
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</div>
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<p class="text-sm text-slate-400" x-text="`日期: ${item.trade_date}`"></p>
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<div class="text-sm text-slate-300 leading-relaxed" x-html="item.reason"></div>
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</div>
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</template>
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</div>
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</section>
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<!-- Related Stocks Table -->
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<section class="lg:col-span-4 glass-card rounded-3xl p-6 overflow-x-auto">
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<h2 class="text-2xl font-bold text-cyan-300 mb-4">相关概念股全景图</h2>
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<table class="table table-zebra-zebra bg-transparent w-full">
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<thead class="text-base text-cyan-300">
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<tr>
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<th>股票名称</th>
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<th>股票代码</th>
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<th>关联逻辑</th>
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<th>标签</th>
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</tr>
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</thead>
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<tbody class="text-slate-200">
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<!-- Data will be populated by script -->
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</tbody>
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</table>
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</section>
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</main>
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<!-- Footer -->
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<footer class="text-center text-xs text-slate-500 py-6">
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<p>北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现</p>
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<p>本报告为AI合成数据，所有信息仅供参考，不构成任何投资建议，投资需谨慎。</p>
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</footer>
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</div>
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<script>
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// ECharts for Market Share
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const marketShareChart = echarts.init(document.getElementById('marketShareChart'));
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const marketShareOption = {
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backgroundColor: 'transparent',
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tooltip: {
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trigger: 'item',
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formatter: '{a} <br/>{b} : {c}%'
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},
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legend: {
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orient: 'vertical',
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left: 'left',
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textStyle: {
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color: '#E0E0E0'
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}
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},
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series: [
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{
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name: '2024 Q2 全球智能手机AP/SoC市场',
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type: 'pie',
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radius: ['40%', '70%'],
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avoidLabelOverlap: false,
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itemStyle: {
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borderRadius: 10,
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borderColor: '#000010',
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borderWidth: 2
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},
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label: {
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show: false,
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position: 'center'
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},
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emphasis: {
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label: {
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show: true,
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fontSize: 20,
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fontWeight: 'bold',
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color: '#FFFFFF'
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}
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},
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labelLine: {
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show: false
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},
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data: [
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{ value: 13, name: '紫光展锐', itemStyle: { color: '#8A2BE2' } },
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{ value: 36, name: '联发科', itemStyle: { color: '#00c2cb' } },
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{ value: 29, name: '高通', itemStyle: { color: '#4169E1' } },
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{ value: 22, name: '其他', itemStyle: { color: '#374151' } }
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]
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}
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]
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};
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marketShareChart.setOption(marketShareOption);
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window.addEventListener('resize', () => {
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marketShareChart.resize();
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});
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// Stock Data Population
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const stockData = [
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{ "stock": "紫光股份", "reason": "同属紫光集团，公司协同紫光集团芯片产业发展，形成“芯云一体、场景驱动、混合交付、授信安全”的云产业生态群。", "其他标签": "紫光集团", "stock_code": "000938" },
|
||
{ "stock": "紫光国微", "reason": "同属紫光集团，与紫光展锐在市场化的原则下，针对技术、产品、客户等方面开展合作", "其他标签": "紫光集团", "stock_code": "002049" },
|
||
{ "stock": "慧智微", "reason": "核心射频供应商，其增长逻辑与“展锐放量”高度绑定。并通过璞华基金穿透持股0.044%", "其他标签": "核心供应商, 参股", "stock_code": "688512" },
|
||
{ "stock": "江波龙", "reason": "存储芯片供应商，LPDDR产品已获得紫光展锐等主流平台的认证，并通过璞华基金穿透持股0.044%", "其他标签": "供应商, 认证", "stock_code": "301308" },
|
||
{ "stock": "伟测科技", "reason": "测试服务主要客户包括紫光展锐，是产业链上确定性较高的环节。", "其他标签": "客户, 封测", "stock_code": "688372" },
|
||
{ "stock": "甬矽电子", "reason": "2022年至2024年应收账款前五名均包括紫光展锐", "其他标签": "客户, 封测", "stock_code": "688362" },
|
||
{ "stock": "深圳华强", "reason": "授权分销国产产品线包括紫光展锐", "其他标签": "分销", "stock_code": "000062" },
|
||
{ "stock": "中电港", "reason": "授权分销产品线包括紫光展锐", "其他标签": "分销", "stock_code": "001287" },
|
||
{ "stock": "越秀金控", "reason": "旗下基金合计持有紫光展锐约0.136%", "其他标签": "参股" },
|
||
{ "stock": "中信证券", "reason": "持有紫光展锐约0.076%", "其他标签": "参股", "stock_code": "600030" },
|
||
{ "stock": "长电科技", "reason": "通过璞华基金穿透持股0.044%", "其他标签": "参股, 封测", "stock_code": "600584" },
|
||
{ "stock": "东芯股份", "reason": "存储芯片产品已获紫光展锐认证", "其他标签": "认证", "stock_code": "688110" },
|
||
{ "stock": "德明利", "reason": "公司eMMC存储产品通过紫光展锐新一代芯片移动平台的产品认证许可", "其他标签": "认证", "stock_code": "001309" },
|
||
{ "stock": "芯原股份", "reason": "客户紫光展锐", "其他标签": "客户", "stock_code": "688521" },
|
||
{ "stock": "广和通", "reason": "合作紫光展锐", "其他标签": "合作", "stock_code": "300638" },
|
||
{ "stock": "诚迈科技", "reason": "合作紫光展锐", "其他标签": "合作", "stock_code": "300598" },
|
||
{ "stock": "美格智能", "reason": "持续加强与紫光展锐等为代表的领先芯片企业的战略合作", "其他标签": "合作", "stock_code": "002881" },
|
||
];
|
||
|
||
const tableBody = document.querySelector('.table tbody');
|
||
stockData.forEach(stock => {
|
||
const row = document.createElement('tr');
|
||
row.className = "hover:bg-cyan-900/50";
|
||
row.innerHTML = `
|
||
<td class="font-bold">${stock.stock}</td>
|
||
<td>${stock.stock_code ? `<a href="https://valuefrontier.cn/company?scode=${stock.stock_code}" target="_blank" class="text-purple-400 hover:underline">${stock.stock_code}</a>` : 'N/A'}</td>
|
||
<td>${stock.reason}</td>
|
||
<td><span class="badge badge-outline badge-info">${stock['其他标签'].replace(/,/g, '</span> <span class="badge badge-outline badge-info">')}</span></td>
|
||
`;
|
||
tableBody.appendChild(row);
|
||
});
|
||
|
||
// Rise Analysis Data for Alpine.js
|
||
const riseData = [
|
||
{ "stock": "爱施德", "stock_code": "002416", "rise_rate": 9.98, "trade_date": "2025-07-01", "reason": "<strong>核心结论:</strong> 荣耀IPO辅导备案+Magic V5折叠屏发布双重催化，爱施德作为荣耀最大渠道股东及国包商，股权重估与分销备货共振，资金抢筹封板。<br><br><strong>驱动逻辑:</strong><br>1. <strong>荣耀IPO：</strong>6月26日深圳证监局辅导备案启动。爱施德为除国资委外最大渠道股东，上市后将按公允价值重估。<br>2. <strong>新品分销：</strong>7月2日荣耀Magic V5发布，爱施德为全国总代理，暑期备货高峰启动，分销收入弹性大。<br>3. <strong>AI生态：</strong>爱施德同步布局算力租赁，形成第二增长曲线。" },
|
||
{ "stock": "浙大网新", "stock_code": "600797", "rise_rate": 9.96, "trade_date": "2025-09-22", "reason": "<strong>核心结论:</strong> “摩尔线程IPO辅导备案”引爆国产GPU赛道，浙大网新因0.9%原始股+15亿元总代理对赌+低市值成为资金抢筹的最便宜映射标的。<br><br><strong>驱动逻辑:</strong><br>1. <strong>国产GPU独角兽IPO：</strong>持有摩尔线程0.9%股份，具备原始股重估弹性。<br>2. <strong>总代理协议：</strong>为摩尔线程GPU大陆行业总代理，2024-2026年对赌销售额≥15亿元，具备扭亏弹性。<br>3. <strong>东数西算：</strong>参与枢纽节点数据中心EPC及运维，配套摩尔线程GPU服务器，订单增量与政策红利同步释放。" },
|
||
{ "stock": "养元饮品", "stock_code": "603156", "rise_rate": 10.0, "trade_date": "2025-10-10", "reason": "<strong>核心结论:</strong> 武汉新芯挂网招股书，长江存储证券化路径首次官方确认，养元饮品所持0.98%股权面临一次性公允价值重估，触发“消费壳+半导体NAV”估值切换。<br><br><strong>驱动逻辑:</strong><br>1. <strong>长江存储IPO：</strong>公司通过泉泓投资出资16亿元获长存集团0.98%股权。<br>2. <strong>价值重估：</strong>按招股书市值区间1800-2200亿元测算，潜在浮盈3.6-13.4亿元，相当于2024年归母净利润24-89%。<br>3. <strong>政策红利：</strong>工信部支持存储龙头快速上市，公司民营资本身份稀缺，被资金赋予“政策红利外溢”期权。" },
|
||
{ "stock": "合肥城建", "stock_code": "002208", "rise_rate": 9.96, "trade_date": "2025-10-16", "reason": "<strong>核心结论:</strong> “长鑫存储IPO辅导完成”触发其作为合肥国资唯一上市平台有望承接股权增值与代建订单的期权式重估。<br><br><strong>驱动逻辑:</strong><br>1. <strong>长鑫存储IPO：</strong>形成“子公司-基金-长鑫”股权链路，上市后可兑现投资收益；同时承担长鑫厂区代建，后续扩产将带来订单。<br>2. <strong>地产壳装半导体：</strong>并购政策放宽，公司作为最低估值合肥国资上市平台，具备“无法证伪”的资产注入期权。<br>3. <strong>国资平台：</strong>控股股东为长鑫单一最大股东，地方国资可通过资产注入等方式将部分证券化收益导入公司。" },
|
||
{ "stock": "上海临港", "stock_code": "600848", "rise_rate": 10.01, "trade_date": "2025-09-24", "reason": "<strong>核心结论:</strong> 壁仞科技上市辅导备案获受理，公司所持3.87%股权一次性重估约7.4亿元，相当于2024E归母净利润60%，资金抢筹封板。<br><br><strong>驱动逻辑:</strong><br>1. <strong>AI芯片IPO：</strong>壁仞科技IPO，公司通过基金持股3.87%，账面成本1.1亿，重估浮盈7.4亿。<br>2. <strong>IPO影子股：</strong>持股占比较高，在A股影子股中具备稀缺性。<br>3. <strong>政策利好：</strong>临港新片区获支持开展国际数据服务业务，公司主园区资产直接受益。" }
|
||
];
|
||
document.addEventListener('alpine:init', () => {
|
||
Alpine.data('riseData', () => ({
|
||
riseData: riseData
|
||
}));
|
||
});
|
||
</script>
|
||
|
||
</body>
|
||
</html> |