此外，一位发言人还补充称，作为此次决策的一部分，英特尔已终止与爱立信的谈判。值得一提的是，这一谈判的终止并非突然，爱立信曾探讨收购NEX 的部分股权，而在今年早些时候，英特尔便已明确表示计划对该部门进行分拆，并正在物色战略投资者。 此外，英特尔内部人事变动也引发了关注。环球网援引《金融时报》报道称，11月，英特尔证实，上任仅6个月的首席技术与人工智能官萨钦・卡蒂 （Sachin Katti）已决定离职，并将加入人工智能初创公司OpenAI。据悉，这已是今年英特尔出走的第二位高管。 针对高管离职及AI业务的后续安排，英特尔回应称，人工智能仍是该公司最高战略优先事项之一，并宣布由CEO陈立武亲自接管AI业务。 据多家媒体报道，英特尔公司表示，将搁置此前剥离或出售其网络业务部门（NEX）部分股权的计划，同时终止与爱立信的相关收购谈判，引发行业广泛 关注。 对于这一战略调整，英特尔在当地时间周三通过电子邮件发布声明，进一步解释了决策背后的考量："在对NEX的战略选项进行了全面评估后，包括潜在的 独立运营路径，公司认定该业务留在英特尔内部最有利于其实现成功，将NEX保留在公司内部，有助于实现硅芯片、软件和系统之间的更紧 ...

Group 1 - Taiwan Semiconductor Manufacturing Company (TSMC) is a critical player in the current AI boom, significantly influencing semiconductor manufacturing technology [1] - TSMC maintains a strong competitive advantage, or "moat," which is essential for its continued success in the semiconductor industry [1] Group 2 - The article highlights the importance of identifying growth stocks, particularly those integrating AI into their operations, as a strategy for investment [1] - There is a focus on finding undervalued stocks with high growth potential within the AI ecosystem, which is perceived as being underappreciated [1]

Core Insights - SED Initta Technology has strengthened its strategic collaboration with Intel, focusing on the future of intelligent retail and AI-driven technologies [1][2][3] - The company has been recognized as an inaugural "Prestige Partner" within the Intel® Partner Alliance, reflecting its commitment to advancing retail innovation [5][6] - The partnership aims to transition from digitalization to "intelligentization" in retail, integrating AI, edge computing, and cloud-native architectures [7][8] Company Overview - SED Initta Technology is a global leader in intelligent retail solutions, headquartered in Shenzhen, with over 30 years of industry experience [9] - The company's product portfolio includes point-of-sale systems, self-service terminals, AI scales, digital signage, and AI-vision solutions like the SmartEye™ Anti-Loss System [9] - SED Initta serves a diverse international customer base, including major brands such as Burger King and Walmart [10]

Core Viewpoint - Intel is experiencing a resurgence under new CEO Lip-Bu Tan, focusing on artificial intelligence (AI) to recover from past setbacks and missed opportunities [1][2][3]. Intel's Recovery Strategy - The initial step in Intel's turnaround involved eliminating unnecessary bureaucracy by flattening the organizational structure [5]. - A renewed focus on AI, particularly on AI inference, has been prioritized, with Mr. Tan stating that inference will be a larger market than AI training workloads [6][7]. - Mr. Tan has taken direct oversight of the AI division following the departure of the previous AI leader, indicating a strong commitment to AI success [8]. Financial Performance - Intel secured significant funding, including an $8.9 billion investment from the U.S. government and a $2 billion contribution from SoftBank Group, alongside a $5 billion investment from Nvidia [10][11]. - In the first half of 2025, Intel's revenue was flat at $25.5 billion with a net loss of $3.7 billion, but by the third quarter, revenue increased by 3% year over year to $13.7 billion, resulting in a net income of $4.1 billion, a 124% increase from the previous year's loss [11][12]. Investment Considerations - Under Mr. Tan's leadership, Intel appears to be a promising long-term investment in AI, but the stock price has surged, leading to a high valuation [13][16]. - The price-to-earnings (P/E) ratio has increased significantly, making it less favorable for immediate investment compared to competitors like Taiwan Semiconductor Manufacturing Company, which has a P/E ratio of 30 [14][16].

Group 1: Hong Kong Stocks - LeMo Technology (02539) surged nearly 17%, reaching a new high of 67.8 HKD, over 60% increase from the IPO price of 40 HKD [1] - Baixin An-B (02185) rose over 4% after announcing that its subsidiary completed the registration of the Iberis multi-polar renal artery radiofrequency ablation catheter system in New Zealand, the only product approved for both radial and femoral artery access for renal denervation [1] - Health Road (02587) increased over 2% as it announced plans to repurchase up to 100 million HKD of its shares in the open market, reflecting confidence in its business outlook [1] - Deutsche Bank Tianxia (02418) fell over 8% following a report that revealed 10 shareholders collectively held 98.9% of the company's issued H-shares, leaving only 1.1% for other investors [1] Group 2: Other Notable Stocks - Kailaiying (06821) rose nearly 2% as its Shanghai Fengxian commercial production base officially commenced operations, marking a significant upgrade in its biopharmaceutical CDMO capabilities [2] - Tianyu Semiconductor (02658) rebounded over 12% on its second day of trading, although still down 20% from its IPO price of 58 HKD [2] - Lithium stocks saw gains, with Ganfeng Lithium (01772) up 4.65%, Hongqiao Group (08137) up 2.15%, Tianqi Lithium (09696) up 3.29%, and CATL (03750) up 1.51% [2] - AAC Technologies (02018) rose nearly 2% after Alibaba launched its first self-developed flagship AI glasses, the Quark AI Glasses S1 [2] - Zhou Hei Ya (01458) increased over 5% as it announced the opening of its first overseas brand store in Malaysia on December 5, 2025 [2] Group 3: US Market Highlights - US mining stocks generally rose, with Albemarle (ALB.US) up 5.08% and MP Materials (MP.US) up 0.47%, amid reports of the US government planning to increase its stake in key mineral companies [5] - Paramount Skydance (PSKY.US) fell 9.82% after proposing a buyout of Warner Bros Discovery (WBD.US) at $30 per share, while Netflix (NFLX.US) offered $27.75 per share [5] - Intel (INTC.US) rose 2.25% after announcing it would retain its network and edge computing business, enhancing integration in AI and data center solutions [5] - Netflix (NFLX.US) dropped 2.89% while Warner Bros Discovery (WBD.US) rose 6.28% following Netflix's announcement of a $27.75 per share acquisition offer for Warner Bros [6] - Baidu (BIDU.US) increased by 5% as reports emerged that Kunlun Core is preparing for an IPO in Hong Kong, targeting early 2026 for its application [6]

公众号记得加星标⭐️，第一时间看推送不会错过。 多年来，虚拟或云无线接入网 (RAN) 概念的主要问题之一在于英特尔作为通用芯片的唯一供应商。 这与相关的开放式 RAN 运动及其最初倡导的供应商多元化理念背道而驰。虽然其他公司也生产中央 处理器 (CPU)，但没有一家公司能像英特尔那样在 RAN 技术上投入如此巨资。像 Orange 这样的运 营商一再呼吁硬件和软件"完全解耦"，并实现"在任何类型的硬件上运行任何类型的软件"。然而，即 使是从英特尔转向使用相同 x86 架构的 CPU 竞争对手 AMD，也显得困难重重。最近 AI-RAN 的出 现更是雪上加霜。 根据英伟达的定义，AI-RAN 将用其图形处理器 (GPU) 取代传统 RAN 的定制芯片和虚拟 RAN 的 中央处理器 (CPU)。其部分原因是希望通过人工智能和机器学习来提高频谱效率——英伟达坚称，旧 硬件平台无法实现如此显著的频谱效率提升。然而，对于电信行业而言，不利之处在于，英伟达目前 在 GPU 领域的统治地位甚至超过了英特尔在 CPU 领域的统治地位。 人工智能替代方案即将问世吗？近来，谷歌内部研发的一款名为张量处理单元 (TPU) 的芯片 ...

欧盟委员会将探讨旨在保护区域内企业技术的企业管理机制。近来，出现了中国资本旗下的安世半导体 相关的混乱，包括本田由于半导体短缺而在部分工厂暂停生产等。该公司起源于荷兰的飞利浦，在2020 年之前被中国闻泰科技收购。 正在建设的英特尔俄亥俄州工厂 将半导体制造吸引到本国的政策在2022年以后在各地正式启动，但如今欧洲和美国都出现新工厂建设延 期的情况。除AI半导体之外，半导体需求疲软。在中国半导体国产化等背景下，经济安保也成为焦 点…… 全球半导体产业的扶持政策正在迎来转折点。欧盟将主要支援对象从吸引外国企业转换为区域内企业的 研发，并开始讨论数万亿日元规模的预算框架。除人工智能（AI）半导体之外，半导体需求疲软。在 中国半导体国产化等背景下，由于中国资本旗下的安世半导体相关的混乱，经济安全保障也将成为焦 点。调整支援政策的氛围加强。 作为欧盟执行机构的欧盟委员会提出了修改《欧洲半导体法》的方针，并开始讨论具体的支援方案。接 受欧盟委员会要求的业界团体收集了半导体巨头的意见。业界团体方面要求欧盟单独确保200亿欧元规 模的预算，最早将于2026年春季公布修改法案。 欧盟根据2023年制定的欧洲半导体法，推进了外 ...

Investment Rating - The report does not explicitly state an overall investment rating for the semiconductor industry or specific companies within it Core Insights - The semiconductor industry is experiencing a significant AI super cycle, with companies like AMD expecting substantial growth in AI workloads and custom ASICs capturing 20-25% of the total addressable market [2][15] - KLAC anticipates growth in its TSMC business and higher investment from INTC, indicating a positive outlook for memory and advanced packaging sectors [3][16] - CoreWeave reports an "insatiable" demand for compute resources, highlighting the shift in AI workloads from training to more compute-intensive inferencing [17] - ARM is making strides in data center CPU development, with expectations of increased revenue opportunities through its CSS model [5][18] - MCHP has raised guidance due to strong order flow and backlog, indicating robust demand across multiple sectors [6][19] - INTC is cautious about supply constraints peaking in 1Q26, while also seeing increased demand driven by AI applications [9][20] Summary by Company AMD - AMD is in a ten-year AI super cycle, expecting significant capital deployment from large companies [2] - The company anticipates multiple GW-scale customers beyond OpenAI, indicating strong market confidence [15] KLAC - KLAC expects low to mid-single-digit growth in C1H:26 due to memory pull-ins and reassured investors about N2 monetization continuing into C2026 [3][16] CoreWeave - CoreWeave's backlog is approximately 55 billion, indicating a strong demand for AI compute resources [17] ARM - ARM is progressing on a data center CPU chip for a major customer and sees significant revenue potential through its CSS model [5][18] MCHP - MCHP reported phenomenal orders in November and expects CQ1 to be significantly above normal seasonal levels [6][19] INTC - INTC reiterated that supply constraints are expected to peak in 1Q26, with a focus on AI-driven demand for CPUs [9][20] PI - PI sees growth from deeper apparel adoption and logistics deployments, with a focus on improving gross margins [10][21] AMBQ - AMBQ's customer base is stable, with expectations for diversified growth in 2027 [11][22] ENTG - ENTG is focused on improving gross margins and may consider consolidating capacity to enhance sentiment [12] SMTC - SMTC is optimistic about its CopperEdge ramp and the adoption of LPO technology among hyperscalers [13][23] Anthropic - Anthropic is constrained by compute capacity, indicating strong demand for AI resources [14] Impinj - Impinj is focused on expanding its RAIN market presence, with significant growth opportunities in logistics and food sectors [21] Semtech - Semtech is preparing for a ramp in its ACC technology to support major hyperscaler deployments [23]

这显然不是陈立武（Lip-Bu Tan）所期待的英雄般的欢迎——2025年3月，陈立武被任命为英特尔 （Intel）的首席执行官，距离他此前辞去公司董事会职位只过去了七个月。一段时间以来，英特尔处在 飘摇动荡之中：前首席执行官突然退休，两位高层代管公司。如今，陈立武在线上向全球的英特尔员工 英特尔，这家曾经辉煌的公司，似乎找到了一条可行的救赎之路。图片来源：ILLUSTRATION BY DOUG CHAYKA; white house photo from Getty Images 发表他的第一次正式讲话。员工们渴望听到坦白真诚的发言——然而，如果他们认为陈立武的讲话并不 坦诚，英特尔的公司文化是鼓励他们说出真实感受的。 "在我们公司，你可以随意提问，不用担心后果。"一位在英特尔工作了30年、近期退休的员工对《财 富》杂志表示。那天，陈立武"立刻被问到：'你为什么辞职（辞去董事会职务）？你现在回来是想拯救 英特尔吗？'"陈立武回答说，他当时有一些私事需要处理，但听众对这个答案并不满意。这位资深员工 称，他身边马上出现了批评的议论声。"大家对他的回答感到失望。" 如果说当时的场面已经让陈立武脑门冒汗了，那么到 ...

NAND wafer 合约价格大幅提升，AI 从云到端 拥抱新机遇 [Table_ReportDate] 2025 年 12 月 7 日 证券研究报告 行业研究 [行业周报 Table_ReportType] | [Table_StockAndRank] 电子 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 杨宇轩 电子行业分析师 执业编号：S1500525010001 邮箱：yangyuxuan@cindasc.com 王义夫 电子行业分析师 执业编号：S1500525090001 邮 箱：wangyifu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] NAND wafer 合约价格大幅提升，AI 从 云到端拥抱新机遇 [Table_ReportDate] 2025 年 12 ...