如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 Source：moneyDJ ，谢谢 。 FOPLP(面板级扇出型封装)成为新的先进封装竞逐市场，封测大厂力成(6239)执行长谢永达昨(29) 日于法说会上透露，公司正与一家美国客户合作验证中，即日前宣布投产晶圆代工龙头2奈米制程 的公司(这意指超微AMD)。尽管公司未公布合作细节，供应链则透露，公司技术将应用在PC或游 戏机芯片，最快2027年可以看到产品上市。 国内封测厂多年来一直在推行FOPLP案，至今约莫9年，但一直没有看到有太多终端应用落地，主 要是因为起初因良率问题而迟迟未见显著成效，客户端态度也相对观望。再加上，早前应用层次停 留在RF IC、PMIC等相对成熟领域，如今在台积电(2330)登高一呼下，封测厂也加速转往消费性 电子、AI等更多元的应用场域。 谢永达表示，力成的FOPLP 技术自2016 年量产以来，当时技术相对简单，经过历年来的持续优 化，目前朝异质整合发展，规格主要采510X515 毫米。他也强调，目前全球真正具大规模FOPLP 生产能力的业者仅有公司一家，良率也大幅超出预期，现正与与一家美国客户合作验证中。 关 注 ...

据CNBC：美国商务部长卢特尼克赞扬了台积电(TSM.N)。 ...

Group 1: Investment Direction and Strategy - The core investment direction is in hard technology industries where there is a "gap" between China and the U.S., particularly in sectors facing "bottleneck" issues [1][9] - The investment strategy of the company focuses on technological advancement as the main line, seeking benchmark enterprises led by outstanding entrepreneurs [9][10] - The company emphasizes the importance of creating a favorable social environment for innovation and entrepreneurship, rather than merely trading stocks [2][13] Group 2: Manufacturing and Export Achievements - China is recognized as the world's only manufacturing superpower, with a manufacturing output accounting for 35% of the global total, significantly surpassing the U.S., Japan, and Germany [5][6] - In 2023, China became the world's largest automobile exporter, and in 2024, integrated circuits became the largest single export product, reaching an export value of $159.5 billion [3][5] - Despite the growth in chip exports, China still faces a significant trade deficit in integrated circuits, indicating a low self-sufficiency rate in high-end chips [3][6] Group 3: New Energy Vehicle Market Outlook - The future landscape of the new energy vehicle market is summarized as "Five Giants vs. One Hero," identifying key players such as BYD, Chery, Geely, Huawei, Xiaomi, and Tesla [11][12] - Current production capacity in the domestic new energy vehicle sector exceeds demand, with a utilization rate of only 54% [11] - The company believes that as the new energy vehicle industry matures, efficiency and cost-effectiveness will become critical for survival [11][12] Group 4: Technological Innovation and Market Dynamics - The company highlights the historical opportunity for China's technology industry due to macroeconomic changes and the ongoing fourth industrial revolution [7][8] - There is a significant development space in information technology in China, with the sector's market share at 15.62% compared to the U.S. at 23.49% [10] - The company has invested in various sectors, including AI, robotics, and semiconductor industries, to capitalize on the opportunities presented by technological advancements [10]

行情速递 ① 主板领涨， 奥拓电子（+10.10%）/兆易创新（+10.00%）/利通电子（+10.00%）/美利云 （+9.98%）/得润电子（+9.92%）/ ②创业板领涨， 博创科技（+20.01%）/平治信息（+20.00%）/华宇软件（+9.28%）/宏景科技 （+8.00%）/冰川网络（+7.08%）/ ③科创板领涨， 新相微（+12.63%）/希荻微（+10.43%）/有方科技（+7.82%）/安集科技 （+7.68%）/思瑞浦（+6.86%）/ ④活跃子行业， SW 通信应用增值服务（+1.79%）/ SW 教育出版（+1.72%）/ SW 数字芯片设 计（+1.72%）/ 国内新闻 ① IDC，2024年中国企业级外部存储市场整体回暖并进入增长周期/销售额 达69.2亿美元/占全球市场份额的22.0%/其中/浪潮信息销售额与出货量市 占率分别达10.9%和11.2%/均位列中国前二/ 公司公告 ① 韦尔股份，2025 年第一季度报告/25Q1公司实现营收64.72亿元/同比增 长14.68%/归母净利润8.66亿元/同比增长55.25%/ ② 盛美上海，2025 年第一季度报告/25Q1公司 ...

大家好，我是海豚君！ 舞完了大棒的特朗普，先是来一个90天的休止符，接着这两天突然跟"换魂"了一样，开始对包括中国在内的国家频频示好，市场原本预期平均税率都要到20%上 下，现在似乎川普温和之后，觉得最终关税税率可能也就是5-10%之间。 这种情况下，市场从Risk-off模式又重新进入了Risk-on模式，但这一波特朗普政府的神操作之后，美股市场会一笑泯恩仇，接着4月2日解放日之前的节奏继续"蹦 迪"吗？ 一、4月2日之前 vs之后，到底什么变了？ 但这次特朗普的极限操作，让市场意识到了，疫情以来美国的繁荣主要是联邦政府的加杠杆，现在这个杠杆在美国国债收益率高企的情况下，继续加杠杆已经很 困难了。 在特朗普这波难得一见的"抽象"操作中，从叙事角度，最大的变化恐怕就是"美国例外论"信仰了。在全球资金超配美国资产的过程中，除了美国作为成熟市场，稳 定的股东回报和理性的资本配置之外，一个很大的原因，相信美元资产持续向上。 从美国的宏观杠杆率变化可以看出： a. 美国经济总体的杠杆率目前仍然有258%，比疫情前的251%（2019年四季度）还高出7个百分点； b. 但分部门来看，杠杆是集中给到了联邦政府，企业和居民 ...

Investment Rating - The report suggests a positive outlook for the electronic sector, driven by AI industry growth and domestic substitution logic, recommending a focus on AIOT, AI-driven technologies, equipment materials, and consumer electronics [5][6]. Core Insights - The electronic sector is experiencing a moderate recovery in demand, with notable performance in AI cloud and edge chip-related companies for 2024 and Q1 2025. Google's Q1 capital expenditure increased by 43.4% year-on-year, indicating strong investment in AI and cloud computing [5][6]. - Companies like Cambricon and Haiguang Information reported significant revenue growth, with Cambricon achieving a revenue of 1.174 billion yuan in 2024, up 65.56% year-on-year, and a staggering 4230.22% increase in Q1 2025 [5][6]. - The report highlights the importance of sustained high capital expenditure by leading cloud providers like Google, which is crucial for maintaining competitive advantages in AI and cloud services [5][6]. Summary by Sections Industry News - The report notes that the semiconductor industry is facing challenges, with companies like STMicroelectronics reporting a 27.3% decline in revenue due to lower demand in automotive and industrial sectors [11]. - Alphabet's Q1 revenue exceeded expectations, driven by strong search advertising performance and increased AI investments [11]. Company Performance - Haiguang Information reported a Q1 revenue of 2.4 billion yuan, a 50.76% increase year-on-year, with a net profit of 506 million yuan, up 75.33% [20]. - Cambricon's Q1 revenue reached 1.111 billion yuan, marking a 4230.22% increase year-on-year, with a net profit of 355 million yuan [5][20]. - The report also highlights the performance of other companies such as Hengxuan Technology and Zhaoyi Innovation, which reported significant revenue and profit growth in 2024 and Q1 2025 [18][19]. Market Trends - The report indicates that the electronic sector outperformed the broader market, with the Shenwan Electronics Index rising by 0.83% compared to a 0.38% increase in the CSI 300 Index [21][23]. - The semiconductor sub-sector showed varied performance, with consumer electronics and electronic components experiencing positive growth, while semiconductor stocks faced declines [23][24]. Investment Recommendations - The report recommends focusing on AIOT companies such as Lexin Technology and Hengxuan Technology, as well as AI-driven chip manufacturers like Cambricon and Haiguang Information [5][6]. - It also suggests monitoring the upstream supply chain for semiconductor equipment and materials, highlighting companies like North Huachuang and Zhongwei Technology as potential investment opportunities [6].

Investment Rating - The report suggests a positive outlook for the electronic sector, driven by AI industry growth and domestic substitution logic, recommending a focus on AIOT, AI-driven, equipment materials, and consumer electronics sectors [4][5]. Core Insights - The electronic sector is experiencing a moderate recovery in demand, with notable performance in AI cloud and edge chip-related companies for 2024 and Q1 2025. Google reported a 43.4% year-on-year increase in capital expenditure for Q1 2025, indicating strong investment in AI and cloud computing [4][5]. - Companies like Cambricon and Haiguang Information have shown impressive revenue growth, with Cambricon achieving a revenue of 1.174 billion yuan in 2024, up 65.56% year-on-year, and a staggering 4230.22% increase in Q1 2025 [4][5]. - The report highlights the importance of AI-driven sectors and domestic substitution in the semiconductor industry, with specific companies recommended for investment based on their performance and market position [4][5]. Summary by Sections Industry News - The report notes that the semiconductor industry is facing challenges, with companies like STMicroelectronics reporting a 27.3% decline in revenue for Q1 2025 due to lower-than-expected demand in automotive and industrial sectors [10]. - Alphabet's Q1 2025 revenue exceeded expectations at $76.5 billion, driven by strong search advertising performance and significant investments in AI [10]. Company Performance - Cambricon's Q1 2025 revenue reached 1.111 billion yuan, a 4230.22% increase year-on-year, with a net profit of 355 million yuan, marking a significant turnaround [4][19]. - Haiguang Information reported a revenue of 2.4 billion yuan in Q1 2025, up 50.76% year-on-year, with a net profit of 506 million yuan, reflecting strong growth in its CPU and DCU products [4][19]. - Hengxuan Technology achieved a revenue of 9.95 billion yuan in Q1 2025, a 52.25% increase year-on-year, with a remarkable net profit growth of 590.22% [4][19]. Market Trends - The report indicates that the electronic sector outperformed the broader market, with the Shenyin Wanguo electronic index rising 0.83% compared to a 0.38% increase in the CSI 300 index [20][22]. - The semiconductor sub-sector showed a decline of 0.81%, while consumer electronics saw a rise of 3.86%, indicating a mixed performance across different segments [22][24]. Investment Recommendations - The report recommends focusing on AIOT companies such as Lexin Technology and Hengxuan Technology, as well as AI innovation-driven firms like Cambricon and Haiguang Information [5][4]. - It also suggests monitoring the upstream supply chain for semiconductor equipment and materials, highlighting companies like North Huachuang and Zhongwei Technology as potential investment opportunities [5][4].

长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 投资人记事 来源：雪球 基金年报+一季报相继出炉 ， 又到了我们了解自己基金经理的时间窗口了 。 不妨来看看 ， 朱少醒 、 张坤 、 谢治宇今年一季度在干嘛 ？ 他们的基民在做什么 ？ 截至今年一季度末 ， 朱少醒 、 张坤 、 谢治宇三位基金经理 ， 管理的资产规模合计约1258亿元 。 我们分两个部分 ， 去了解我们的基金经理 。 第一部分是 ， 他们的基民在做什么 ， 这决定了基金经理的很多行为模式 。 公募基金管理的一个重要工作 ， 就是流动性管理 ， 面对基民的申赎 ， 基金经理会做一些被动的买卖 ， 我们需要大致了解 ， 他们在报告期花了多大精力在被动工作 。 另外 ， 基金规模决定了 ， 他们的交易操作到底是真的增减持 ， 还是被动增减持 ， 任何不基于基金规模 变动的持仓分析 ， 都不靠谱 。 比如 ， 一个基金规模原本100亿 ， 现在200亿 ， 假设原本持有茅台10亿元 ， 现在持有茅台12亿元 ， 你说 ， 它是增持还是减持 ？ 数字上看 ， 是增持的 。 然而 ， 因为10亿 ...

上述关键驱动因素包含基带芯片、收发器和相关PMIC，至于成本节约：预期由苹果的5G解决方案 驱动，每装置可省下10美元。 iPhone 16e 内部芯片关键在处理器、Cellular network、电源管理，后二者相关芯片「内部价值比 重」：分别上升到63%和50%，并预期iPhone 17：可能会采用相同的Cellular解决方案。 法人则分析，若按照苹果iPhone 16e 出货规模今年可达到2200万支来看，至少可省下2.2亿美元。 若后续更多iPhone导入，按照一年2亿支规模来看，基带芯片初估就可省下成本达20亿美元（相当 于新台币650亿元），相当可观。但苹果和高通还有合约限制，业界预期苹果自研新款芯片将采逐 步推进导入手机。 如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体行业观察综合 ，谢谢。 苹果自推动Apple silicon长期计画以来持续扩张自行研发芯片的路线，其中备受外界讨论多时耕 耘多年5G Modem芯片C1先前已正式浮上台面，一般预料持续由伙伴台积电（2330）操刀，究竟 苹果自研芯片效益如何，研究机构最新分析也解密。 counterpoint Research ...

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自半导体行业观察综合 ，谢谢。 苹果自推动Apple silicon长期计画以来持续扩张自行研发芯片的路线，其中备受外界讨论多时耕 耘多年5G Modem芯片C1先前已正式浮上台面，一般预料持续由伙伴台积电（2330）操刀，究竟 苹果自研芯片效益如何，研究机构最新分析也解密。 counterpoint Research 最新拆解分析，Apple iPhone 16e 的BoM成本显示，iPhone内部自行开发 总元件成本以iPhone 16 e最高，为40%。 上述关键驱动因素包含基带芯片、收发器和相关PMIC，至于成本节约：预期由苹果的5G解决方案 驱动，每装置可省下10美元。 iPhone 16e 内部芯片关键在处理器、Cellular network、电源管理，后二者相关芯片「内部价值比 重」：分别上升到63%和50%，并预期iPhone 17：可能会采用相同的Cellular解决方案。 法人则分析，若按照苹果iPhone 16e 出货规模今年可达到2200万支来看，至少可省下2.2亿美元。 若后续更多iPhone导入，按照一年2亿支规模来看，基带芯 ...