香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表明概不會就本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 SUNNY OPTICAL TECHNOLOGY (GROUP) COMPANY LIMITED 舜 宇 光 學 科 技（ 集 團 ）有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2382.HK） 內幕消息 (1)轉讓附屬公司全部股權以換取歌爾光學股權； 及 (2)進一步認購歌爾光學的股權 換股合併協議 茲提述有關本公司及本集團若干附屬公司與歌爾股份及歌爾光學訂立諒解備忘 錄的公告。 根據換股合併協議，在換股完成的前提下，寧波奧來與歌爾股份同意通過於 完成日期各自向歌爾光學注資人民幣200.00百萬元及人民幣200.00百萬元的方 式，分別認購歌爾光學新增註冊資本約人民幣55.64百萬元及約人民幣55.64百萬 元。 於認購事項完成後，寧波奧來將持有經認購事項擴大後歌爾光學約31.31%的股 權，並將成為歌爾光學第二大股權擁有人。 換股合併協議 本公告由舜宇光學科技（集團）有限公司根據上市 ...

Group 1 - The core viewpoint is that China's economic growth is expected to slow down in the second half of the year due to weakened consumer stimulus policies and weak domestic demand, with a projected GDP growth of 4.6% for Q3 2025, down from 5.2% in Q2 2025 [1][4][7] - The National Bureau of Statistics of China will release GDP data for Q3 on October 20, with predictions for actual growth rates ranging from 4.2% to 5.0%, and a seasonally adjusted quarter-on-quarter growth rate average of 0.7%, down from 1.1% in Q2 [2] - The retail sales growth rate has been declining since reaching a peak in May, indicating a slowdown in consumer spending, which is a key driver of economic activity [4] Group 2 - The real estate sector's downturn is identified as a fundamental reason for the economic slowdown, with weak residential sales leading to falling property prices and a negative asset effect on consumer spending [5] - Companies are competing to lower prices in response to weak domestic demand, leading to excessive competition, termed "involution," prompting the government to implement "anti-involution" policies to curb excessive price cuts [5] - The trade tensions between China and the U.S. have temporarily eased, but some analysts believe this merely postpones uncertainty, as ongoing export declines to the U.S. continue to suppress market confidence [6][7] Group 3 - Economists predict a moderate appreciation of the Renminbi against the U.S. dollar, with an average forecast of 7.12 yuan per dollar by the end of 2025, compared to a previous forecast of 7.22 yuan [8] - The Chinese stock market has seen a surge in AI-related stocks, attracting previously cautious foreign investments back into China, which may further support the Renminbi's appreciation [8] - The People's Bank of China is expected to implement slight interest rate cuts as part of a broader monetary easing strategy, especially in light of recent U.S. Federal Reserve actions [7]

Core Viewpoint - The recent Federal Reserve interest rate cuts have led to a surge in asset prices across various markets, creating an optimistic sentiment, but concerns about the Fed's independence and ongoing trade policies remain [1][4]. Economic Outlook - The U.S. economy is currently in a stable phase, with corporate earnings expectations improving since April, projecting a growth of approximately 7% to 10% for Q3 [3]. - The labor market shows signs of weakness but remains balanced, contributing to a stable economic cycle, albeit with slower growth [3]. - The development of artificial intelligence (AI) is positively influencing the semiconductor and chip sectors, which are currently in an upward cycle [3]. Inflation and Trade Policies - U.S. inflation is moderate, and uncertainties surrounding trade tariffs have been decreasing as trade agreements have been reached, leading to lower tariffs than previously expected [4]. - The Fed's recent shift in focus from balancing labor market and inflation goals to prioritizing the labor market indicates a clear path towards further interest rate cuts [4]. Investment Strategies - For U.S. Treasury bonds, while the economic slowdown is not severe enough to trigger a recession, long-term inflation and interest rates are unlikely to decline significantly [5]. - The S&P 500 and Nasdaq indices have shown strong returns, driven primarily by earnings rather than valuation expansion, suggesting potential for further growth [5]. - The weakening dollar presents an opportunity for diversifying investments into non-U.S. assets, with the MSCI Asia-Pacific index outperforming the S&P 500 [6]. Emerging Markets - Emerging market assets, particularly in China and Korea, are becoming increasingly attractive due to favorable economic conditions and improving corporate earnings [6][7]. - China's market is highlighted for its improving fundamentals and attractive valuations compared to U.S. assets, with significant foreign investment interest [8][9]. - Korea's market is also seen as promising due to government reforms aimed at improving corporate governance and the presence of strong tech companies benefiting from the AI cycle [7]. Technology and AI Stocks - The recent rally in U.S. tech stocks, particularly in AI, is supported by the Fed's rate cuts, but concerns remain about high valuations and the profitability of many AI firms [10]. - There is a notable shift towards software applications in the AI sector, with increasing confidence in the profitability of software companies [10][11]. Precious Metals - Gold prices have surged due to the Fed's rate cuts and increased demand for safe-haven assets, with expectations for a structural bull market in precious metals [12][14]. - The relationship between gold and stocks is crucial for assessing investment flows, with a low correlation suggesting continued interest in gold as a hedge against risks [13]. Fixed Income Investments - The global fixed income market is increasingly influenced by fiscal rather than monetary policy, with concerns over sovereign debt leading to rising yields [15][16]. - Credit bonds are viewed as more attractive than government bonds due to low default rates and favorable economic conditions, with emerging market debt also offering appealing yields [17].

就在英伟达、AMD等巨头相继与人工智能（AI）领军企业OpenAI达成巨额交易之际，OpenAI首席执行官萨姆·奥尔特曼（Sam Altman）最新扬言 称，更多这样的交易正在进行中。 当被问及最近的这些交易时，奥尔特曼说： "你应该在未来几个月对我们有更多的期待。" 他认为， OpenAI未来的模型和即将推出的其他产品将会更加强大，从而推动更多的需求。 奥尔特曼解释说："我们已经决定，现在是时候 进行一次非常积极的基础设施投资了。" OpenAI似乎已经找到了一种方法，可以用别人的钱获得数十亿美元的设备。但有分析人士指出，问题在于，OpenAI目前的收入远未达到1 万亿美元，尽管从各方的角度来看，它的收入增长迅速，据报道，2025年上半年将达到45亿美元。 不过，奥尔特曼显然相信，所有这些投资最终都会得到回报。 "我对摆在我们面前的研究路线图，以及使用这些（未来）模型所带来的经济价值，从未像现在这样充满信心。"他说。 以下文章来源于科创板日报 ，作者黄君芝 科创板日报 . 专注科创板和科技创新，上海报业集团主管主办，界面财联社出品。 2025年迄今，OpenAI已经通过与合作伙伴甲骨文（Oracle）和软银 ...

美联储周三公布的9月议息会议纪要显示，尽管多数联储官员预计今年年内还将降息两次，但决策者内 部就未来降息路径仍存在分歧。关注通胀上行风险是联储官员的共识，有数名官员支持年内不再进一步 降息。纪要公布后，市场仍预计美联储将在本月底的议息会议上再次降息25个基点，但对12月降息25个 基点的预期概率降至80%。美元指数周三上涨，反弹至两个月来高位。 8日美股热门芯片股和AI概念股显著上涨 8日欧洲三大股指集体收涨 投资者周三继续聚焦AI基础设施投资热潮，英伟达公司总裁兼首席执行官黄仁勋当天接受采访时表 示，AI行业发展对算力的需求巨大，算力芯片供不应求，并称英伟达已参与投资马斯克旗下人工智能 公司xAI，英伟达股价收涨2.2%。多家投行上调戴尔科技股票目标价，分析师普遍预计该公司的企业级 AI服务器业务在未来将实现可观的收入和利润增长，戴尔科技股价大幅收涨9.05%。超威半导体 （AMD）与OpenAI达成芯片采购以及股权合作协议后，股价连续三日大涨，周三收涨11.37%，再创收 盘历史新高。 转自：央视财经 当地时间周三，以芯片股和AI概念股为主的科技股推动美股走高。不过，美国联邦政府"停摆"超过一 周，部分投 ...

Core Insights - The ASEAN+3 region demonstrates economic resilience amid global uncertainties, driven by robust internal demand and regional trade [1][3] - AMRO forecasts economic growth for ASEAN+3 to reach 4.1% in 2025 and 3.8% in 2026, reflecting upward revisions from previous predictions [1][3] - The region's strong economic performance in the first half of 2025, particularly in exports, has created favorable conditions for recovery [1][3] Economic Growth - ASEAN+3 economies achieved approximately 4.3% growth in the first half of 2025, supported by both domestic demand and exports [3] - The region's export growth was approximately 7% year-on-year in the first half of 2025, primarily driven by demand for electronic products [3] - The growth forecast for ASEAN is expected to slow from 4.9% in 2024 to 4.6% in 2025 and 4.3% in 2026 [3] Export Performance - The semiconductor sector has shown significant growth, with ASEAN+3 semiconductor exports increasing by 10.9% in the first half of 2025, driven by a 19.2% year-on-year growth in the global chip market [3][4] - Despite overall export growth slowing, strong demand for AI-related chips continues to offset weaknesses in other sectors [3][4] Service Trade and Tourism - The tourism sector has rebounded, with visitor numbers surpassing pre-pandemic levels, providing strong support for domestic demand and employment [4] - Recent data indicates a stabilization in tourism, despite short-term disruptions from natural disasters and security incidents [4] Risks and Challenges - AMRO warns of four major downside risks that could significantly impact the baseline forecasts for 2025 and 2026, including potential escalation of protectionist policies [5][6] - The risk of a slowdown in major economies, particularly the U.S., could weaken consumer and investor confidence, affecting regional economic activity [5][6] - Global financial market volatility and potential spikes in commodity prices due to geopolitical tensions pose additional risks to the region's economic stability [6] Policy and Stability - AMRO emphasizes that ASEAN+3 economies are relatively well-positioned to navigate global headwinds, supported by a robust banking system and adequate foreign exchange reserves [6] - The combination of well-designed policy measures and strong fundamentals provides a critical buffer against external shocks [6]

Economic Growth Outlook - The Chinese economy is expected to experience a slowdown in growth in the second half of the year, with GDP growth forecasted to average 4.6% year-on-year for the third quarter of 2025, down from 5.2% in the previous quarter [2][6][8] - The National Bureau of Statistics of China will release GDP data for July to September on October 20, with predictions for actual growth rates ranging from 4.2% to 5.0% [4] Consumer Demand and Retail Sales - Weak domestic demand is identified as a primary factor contributing to the economic slowdown, with retail sales growth declining since reaching a peak in May [6][8] - The "negative asset effect" from declining housing prices is leading to decreased consumer confidence and spending [6] Industry Competition and Pricing Pressure - Over-competition in sectors such as electric vehicles, steel, and photovoltaic panels has led to aggressive price reductions, prompting government intervention to address excessive competition [6][8] - The policy aimed at curbing price wars may have short-term benefits but could also lead to reduced production and investment by companies [8] Trade Relations and Export Outlook - The previously concerning U.S.-China trade tensions have eased, but uncertainties remain, particularly regarding potential tariffs on exports to the U.S. [8][9] - Despite support from ASEAN markets, exports to the U.S. continue to decline, affecting market confidence [8] Monetary Policy and Currency Forecast - There is speculation that the Chinese government may introduce stimulus measures to boost domestic demand by the end of the year [9] - Predictions indicate a moderate appreciation of the Chinese yuan against the U.S. dollar, with an expected exchange rate of 1 USD to 7.12 CNY by the end of 2025 [9] Stock Market and Investment Trends - The Chinese stock market has seen a surge in AI-related stocks, attracting previously hesitant foreign investments, which may further support yuan appreciation [10] - However, the potential for yuan appreciation could negatively impact exports, necessitating careful policy management [10]

Summary of TSMC and NVIDIA Thermal Management Strategies Industry and Companies Involved - **Industry**: Semiconductor and AI Chip Thermal Management - **Companies**: TSMC (Taiwan Semiconductor Manufacturing Company), NVIDIA Core Points and Arguments Thermal Management Challenges - The development of AI chips is driven by the need for higher performance, which leads to significant thermal management challenges due to increased power consumption and heat generation [6][35][36] - Effective heat dissipation is crucial for next-generation AI chip architectures, as traditional cooling methods struggle with high heat flux densities [37][38] Innovations in Cooling Technologies - TSMC and NVIDIA are exploring advanced cooling technologies, including Direct Liquid Cooling (DLC) and Microchannel Liquid Cooling (MLCP) to address thermal demands [10][30][40] - TSMC's innovative Direct Liquid Cooling solution integrates microfluidic structures into the chip's backside, enhancing cooling efficiency [10][30] - The Microchannel Lid (MCL) concept combines heat spreading and cooling functions, allowing for efficient heat removal and higher compute density [110] Material Evolution - The shift from traditional Thermal Interface Materials (TIM) to advanced materials like Silicon Carbide (SiC) and CVD diamond films is essential for improving thermal conductivity and reliability [74][84] - SiC substrates offer superior thermal conductivity (up to 490 W/m·K) and structural advantages, making them suitable for high-power AI chips [74][76] Industry Trends and Future Directions - The power consumption of AI chips is expected to rise significantly, with projections reaching 6,000–7,000 W by 2028, necessitating advanced thermal solutions [84] - The collaboration between TSMC and NVIDIA is evolving into a strategic alliance focused on thermal technology, which could redefine data center cooling infrastructure [42][41] Competitive Landscape - The next-generation cooling market is valued at $5 billion, with various players including Taiwan's thermal solution providers and emerging innovators like Fabric8Labs and xMEMS [49] - The competition in AI thermal management is intensifying, as effective thermal solutions become a key differentiator in the semiconductor industry [53] Other Important Insights - The evolution of TIM is moving towards "zero-interface" thermal resistance solutions, with a focus on direct structural thermal solutions [47][81] - The integration of cooling technologies with packaging and interconnect technologies is becoming increasingly important for achieving optimal thermal performance [41][52] - The industry is witnessing a paradigm shift where thermal management solutions are being integrated at the chip and packaging levels, rather than just at the system level [41][42]

Summary of TSMC's SiC Strategy and Industry Insights Industry and Company Overview - The document focuses on TSMC (Taiwan Semiconductor Manufacturing Company) and its strategy regarding Silicon Carbide (SiC) in the context of advanced packaging and AI chip demands [1][2][3] - Other companies mentioned include NVIDIA, AMD, Google, and AWS, highlighting the competitive landscape in AI and HPC (High-Performance Computing) [22][60] Core Insights and Arguments 1. Challenges in AI Chip Design - The increasing complexity and power demands of AI chips have made traditional power delivery methods inadequate, leading to issues like IR drops and transient voltage droops [5][6] - Single GPUs now require over 1000A of current, pushing legacy power delivery systems to their limits [6][22] 2. Innovative Solutions - Foundries and OSAT providers are proposing solutions like Marvell's PIVR and ASE's VIPack to optimize power delivery and thermal performance [8][9] - TSMC's CoWoS-L platform integrates IVRs and eDTCs to enhance power stability and reduce voltage drop [12][13] 3. SiC's Role in Advanced Packaging - SiC is emerging as a critical material for high-voltage ICs and on-chip power delivery, supporting developments in BSPDN and IVR architectures [19][20] - Its unique properties, such as high thermal conductivity and mechanical strength, position SiC as a key enabler for thermal management and optical interconnects [21][51] 4. Market Dynamics - The demand for ultra-large-scale GPUs and ASICs is driving the need for advanced materials and packaging solutions [22][23] - TSMC is exploring SiC as an interposer material to meet the increasing bandwidth and power demands of AI/HPC packaging [61] 5. Competitive Landscape - TSMC's advancements in SiC could provide a competitive edge over Intel and Samsung, who are also investing in power delivery and packaging technologies [60][61] - The introduction of SiC substrates into TSMC's platforms could reshape the AI semiconductor supply chain [59] Additional Important Insights 1. Bottlenecks in Process and Packaging Technologies - The document identifies three critical bottlenecks: thermal challenges, power delivery bottlenecks, and electro-optical integration demands [26][33][35] - TSMC is addressing these through diversified packaging solutions and exploring next-gen silicon photonics [38][39] 2. Future Directions - The integration of SiC into TSMC's advanced packaging platforms like COUPE could redefine the industry's approach to thermal, electrical, and optical challenges [59] - The document emphasizes the importance of overcoming challenges related to defect density, process compatibility, and cost structure for SiC adoption [66][67] 3. SiC in Optical Applications - SiC is also highlighted for its potential in optical waveguides, particularly for AR glasses, due to its high refractive index and thermal conductivity [68][75] - The combination of SiC with Micro LED technology is seen as a promising pathway for future AR displays [77] 4. Research and Development - Ongoing research is focused on the feasibility of integrating SiC with TSV structures to enhance power integrity and thermal management [64][65] - TSMC's patent portfolio indicates a strong commitment to SiC integration in advanced packaging technologies [65] This comprehensive analysis underscores TSMC's strategic focus on SiC as a transformative material in the semiconductor industry, particularly in the context of AI and HPC advancements.

戴尔周二发布"长期财务架构"，预测未来四年营收将以每年7%至9%的速度增长，不计特别项目的每股 盈馀成长15%以上。相较之下，戴尔在2023年原预测为营收年增3%至4%，经调整后每股盈馀成长8%以 上。 戴尔营运长克拉克（Jeff Clarke）说："两年前我们都低估了AI市场规模，如今只会更大。" 戴尔的基础设施部门受惠于来自CoreWeave和xAI等客户对AI伺服器的强劲需求，另外也争取到美国能 源部及阿布达比AI公司G42等政府机构合约。 戴尔CEO麦可．戴尔周二在CNBC节目上说："我可以肯定，总有一天这些（数据中心）会盖得太多， 但目前还看不出任何迹象。"他形容当前算力需求"极其惊人"。 麦可．戴尔表示，AI数据中心真正瓶颈在电力与基础设施。包括OpenAI等大型客户都反映供电是扩充 的关键限制。即便戴尔持续优化机柜能效与散热设计，AI模型训练与推论若要支撑"数以万亿计 token"的生成，整体用电仍将大幅攀升，意味专案时程更仰赖电网与机房供电就绪。 戴尔科技周二将未来两年营收和获利增长预测调高约一倍，并表示人工智能（AI）产品需求将支撑这 波上修展望至少延续至2030会计年度。戴尔10月8日早盘 ...