Company Overview - Soitec is a world leader in innovative semiconductor materials, with over 30 years of experience in developing cutting-edge products that deliver technological performance and energy efficiency [3] - The company generated sales of €0.9 billion in the fiscal year 2024-2025 [3] - Soitec serves three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge and Cloud AI [3] - The company employs over 2,200 individuals from 50 different nationalities across its sites in Europe, the United States, and Asia [3] - Soitec holds nearly 4,300 registered patents [3] Share Capital and Voting Rights - As of June 30, 2025, Soitec has a total of 35,727,041 ordinary shares with a par value of €2.00 each [5] - The total number of theoretical (gross) voting rights is 45,640,854 [5] - The total number of exercisable (net) voting rights is 45,564,582 [5]

Investment Rating - The report maintains an "Overweight" (OW) rating on Naura, AMEC, and ACMR, with revised target prices reflecting positive outlooks for these companies [6][37][55]. Core Insights - The outlook for China's wafer fab equipment (WFE) market remains strong, driven by better-than-expected demand from logic foundries and ongoing localization efforts [1][2]. - The total addressable market (TAM) forecast for China WFE has been raised from $36.6 billion (down 12% year-over-year) to $40.3 billion (down 3% year-over-year) for 2025, and from $35.1 billion (down 4% year-over-year) to $36.2 billion (down 10% year-over-year) for 2026 [3][9]. - China is expected to continue gaining market share in WFE, with approximately 25% of foundry capital expenditures allocated to domestic WFE in 2025, up from 20% in 2024 [4]. Market Demand and Supply Dynamics - Strong demand for logic foundries in China is anticipated in the second half of 2025, with expectations of increased spending related to AI applications [2][9]. - Despite concerns regarding oversupply in mature nodes, the report suggests that government initiatives may prioritize localization over economic rationale in the second half of 2025 [5]. - The report indicates that imports of semiconductor equipment into China may recover starting in July 2025, following a decline in early 2025 [21]. Company-Specific Developments - Naura has expanded its product portfolio, launching new ion implant equipment, and is expected to benefit from the increasing localization of semiconductor manufacturing in China [4][37]. - The report highlights that leading Chinese WFE players are likely to capture larger shares of the market due to their expanding product pipelines and advanced R&D capabilities [6][37]. - Naura's revenue growth is projected to be supported by increased capital expenditures from logic foundry and memory customers in 2025 [37][51]. Financial Projections - The report revises Naura's earnings estimates upward for 2025-2027, reflecting strong demand and market share gains [51][52]. - Naura's net sales are projected to increase from Rmb 41.88 billion in 2025 to Rmb 61.42 billion by 2027, with corresponding net income growth [63][66].

Global Research Risk and Alpha amid Rising Volatility Cathy Fang Analyst S1460518100001 cathy.fang@ubs.com +86 21 3866 8891 July 2025 This document has been prepared by UBS Securities Co. Limited. UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. ...

Core Points - HUHUTECH International Group Inc. will participate in the ORY APAC-US Conference 2025 on July 9, 2025, in Singapore, where the Chairperson will present the company's vision and plans to investors and industry leaders [1] - The ORY APAC-US Conference 2025 aims to foster growth in the APAC region by facilitating discussions and idea-sharing among financial market professionals and companies [3] Company Overview - HUHUTECH is a provider of factory facility management and monitoring systems, with subsidiaries in China, Japan, the United States, and Germany [4] - The company specializes in high-purity gas and chemical production systems, offering products like high-purity process systems (HPS) and factory management control systems (FMCS) that enhance operational efficiency [4] - HUHUTECH serves major players in the pan-semiconductor industry, with its products utilized by semiconductor manufacturers, LED and micro-electronics factories, as well as pharmaceutical and food and beverage manufacturers [4]

不圆 发自 凹非寺 量子位 | 公众号 QbitAI DeepSeek推理要详细还是要迅速，现在可以自己选了？ 来自特拉维夫大学的研究团队开发出了一种新方法，可以 监控和控制LLM中的思考路径长度 。 超频能够减少不必要的推理步骤，使模型更快地得出结论，同时避免因过度推理导致的性能下降。 该模型已在gitHub上开源。 给LLM的推理任务装上进度条，还能控制推理的深度、调整推理速度。 加速后的模型和原模型相比， 使用的token数减少了近6倍，且都得出了正确答案 。 LLMs在显示结构化推理时，会隐式跟踪其在思考阶段的相对位置，并通过隐藏状态编码这一信息。 而论文提出了一种"思维进度向量"（Thinking Progress Vector, TPV ），可用于实时预测模型在推理阶段的相对位置，并通过可视化进度条 展示模型的推理动态。 通过干预TPV，可以加速或减速模型的推理过程，实现"超频"（overclocking）和"降频"（downclocking）。 方法：实时监控并控制推理深度 在有效推理学习过程中，模型必须 隐式地学习跟踪其思考阶段进度 ，并保持对例如距离最终答案有多近的估计。 由于进度跟踪依赖于 ...

This week on “Checks and Balance” we explore how the bill will affect America’s fiscal trajectory—and the pocketbooks of Donald Trump’s supporters https://t.co/kRLceIciJM ...

Core Insights - The article highlights Paul Franke's extensive experience in stock picking and investment strategies, emphasizing his contrarian approach and the development of a system called "Victory Formation" for identifying stocks based on supply/demand imbalances [1] Group 1: Investment Strategy - Paul Franke's investment philosophy includes using a diversified approach by owning at least 50 well-positioned stocks to achieve regular outperformance in the stock market [1] - The "Bottom Fishing Club" articles focus on identifying deep value stocks or those showing significant positive technical momentum reversals [1] - The "Volume Breakout Report" articles analyze positive trend changes supported by strong price and volume trading activity [1] Group 2: Performance and Recognition - Franke has been recognized as a top investment advisor nationally during the 1990s and ranked 1 in the Motley Fool® CAPS stock picking contest in 2008 and 2009 among over 60,000 portfolios [1] - As of June 2025, he was ranked in the Top 4% of bloggers by TipRanks® for 12-month stock picking performance based on suggestions made over the last decade [1]

在这个信息爆炸的时代，每天都有大量的信息涌进来，我们在星球（ Global Semi Research ） 中，每 天也会分享行业的动态和行业的关键数据，但大部分的球友对这些数据并不会做深入的分析，也不会特 意去记这些数据，等到需要用的时候，回头再来找，就发现忘记是哪个资料中有这个数据了。 每天还会推送精选的外资投行/国内券商的优质研报和半导体行业信息/数据，方便我们在星球中进行半 导体、AI行业的交流。 为了避免这种情况，我们最近开始对这些关键的数据进行整理，把每天看到的比较有用的信息和数据都 放到云盘中，即方便大家好回溯这些数据，也可以给大家提供一些更系统的资料。 现在星球中领券后只需要390元，无论是我们自己做投资，还是对行业有更深入的研究，都是非常值得 的。扫描下图中的二维码可进星球。 目前里面的数据还并不是非常多，但这个云盘的数据会持续更新。 图片 | 类别 | 2024 | 2025e | 2026e | 2027e | | --- | --- | --- | --- | --- | | capacity for Local GPU(kwpm) | 2 | 10 | 20 | 26 | | B c ...

Green factory projects took off across the US with federal incentives and optimism about the shift to clean energy. Then came Trump's megabill https://t.co/1MXgXpaH1W ...

From sweet strawberries to parched wheat fields and less demand for sausage rolls, the UK food sector has seen many effects of this year’s weather https://t.co/dZXi0onKSj ...