公众号记得加星标⭐️，第一时间看推送不会错过。 近年生成式人工智能（Generative AI）与高效运算（HPC）需求持续爆发，推动先进封装一跃成为 全球半导体供应链中最关键且最紧张的产能瓶颈。 据 供 应 链 业 内 人 士 透 露 ， 台 积 电 南 科 AP8 厂 区 将 新 增 P2 工 厂 ， 两 座 工 厂 均 以 晶 圆 级 系 统 集 成 （CoWoS）技术为主；而原本聚焦晶圆级多芯片封装（WMCM）、系统级集成芯片（SoIC）及面板 级系统集成封装（CoPoS）的嘉义 AP7 厂区，也将把 SoIC 产线调整为 CoWoS 产线。换言之，台 积电未来两年将全面提升 CoWoS 产能，这也促使稳居台积电 CoWoS 供应链的中国台湾设备与材料 厂商加速扩产，以应对订单满载的市场盛况。 供应链指出，除英伟达已成为 CoWoS 最大客户外，谷歌等定制芯片（ASIC）客户也频繁抛出紧急 订单争抢产能。在这双重需求的推动下，台积电近期已敲定全面上调 2026—2027 年 CoWoS 产能目 标，并重新审视原有的先进封装扩产蓝图。 其中，2026 年底 CoWoS 月产能将突破 14 万片，2027 ...

Core Insights - Bitdeer Technologies Group (NASDAQ:BTDR) is experiencing significant growth, with a notable revenue increase and strategic shifts towards AI infrastructure [2][4] Group 1: Financial Performance - In Q3 2025, Bitdeer reported a 173.6% year-over-year revenue increase, reaching $169.7 million, driven by a 315.6% rise in self-mining revenue [2] - The company achieved a hash rate of 29.1 EH/s, benefiting from higher Bitcoin prices [2] - Despite the revenue surge, Bitdeer posted a net loss of $266.7 million [2] Group 2: Strategic Developments - Management is pivoting towards AI infrastructure, aiming for a $2 billion annualized revenue run rate by the end of 2026 through the expansion of its 1.6 GW global power capacity [2] - The development of the next-gen SEAL04 ASIC chip faced delays but is now back on track, with mass production targeted for Q1 2026 [3] Group 3: Market Position and Analyst Ratings - Northland lowered Bitdeer's price target to $25 from $35 while maintaining an Outperform rating, reflecting a conservative approach following the December production results [1][3] - The removal of the 175 MW Tydal site from HPC valuation indicates a cautious stance by analysts [1]

Core Insights - Applied Digital (APLD) has shown significant stock performance compared to competitors over the past year, but it faces challenges with ongoing unprofitability and negative cash flow margins [2] - The company's revenue growth of 63.0% is notable, yet it is accompanied by a -28.0% operating margin, indicating high spending on AI/HPC infrastructure relative to operational efficiency in mining [2] - APLD's price-to-earnings (PE) ratio stands at -93.6, reflecting a strong investor interest in its AI data center strategy, prioritizing future growth over current earnings [2] Revenue Growth Comparison - APLD's revenue growth of 63.0% is impressive but varies compared to peers, indicating fluctuating success in securing AI/HPC contracts against the backdrop of competitors' mining expansions [2][4] Operating Margin Comparison - APLD's operating margin of -28.0% is significantly lower than HUT's 60.3%, highlighting the disparity in operational efficiency and spending on AI/HPC infrastructure [2][3] Valuation Comparison - APLD's elevated valuation, despite lower revenue compared to many competitors, suggests potential overvaluation given its cash burn pattern and ongoing unprofitability [2][4]

Core Viewpoint - Super Micro Computer, Inc. (SMCI) will host its second quarter fiscal 2026 financial results conference call on February 3rd, 2026, at 5:00 p.m. ET / 2:00 p.m. PT, with a webcast available for access [1]. Group 1 - Supermicro is a global leader in Application-Optimized Total IT Solutions, focusing on Enterprise, Cloud, AI, and 5G Telco/Edge IT Infrastructure [2]. - The company designs and manufactures its products in-house in the US, Taiwan, and the Netherlands, optimizing for scale and efficiency while reducing environmental impact [2]. - Supermicro's award-winning portfolio includes Server Building Block Solutions® that allow customers to customize systems based on their specific workloads and applications [2].

证券日报网1月21日讯，甬矽电子在接受调研者提问时表示，稼动率方面，目前一季度公司整体稼动率 将维持在较高水平；订单方面，中国台湾地区头部封测企业因产能紧张，将消费类封装产能转向至 AI/HPC等产品，导致消费类电子订单外溢，总体上公司对于2026年的订单预期较为乐观。 ...

Investment Rating - The report maintains a "Positive" outlook on the semiconductor industry, particularly driven by advancements in AI and high-performance computing (HPC) [1]. Core Insights - The semiconductor industry is experiencing robust growth, with TSMC reporting a revenue increase of 20% year-on-year in December and 32% for the entire year of 2025, driven by AI and HPC demand [2][5]. - TSMC's gross margin for Q4 2025 was 62.3%, exceeding previous guidance, attributed to cost improvements and favorable exchange rates [6]. - The report highlights a significant capital expenditure forecast for 2026, estimated between $52 billion and $56 billion, with 70%-80% allocated to advanced processes, indicating a strong commitment to meeting AI and HPC demand [6]. Summary by Sections AI Sector - The AI sector is witnessing a spending surge, with TSMC's advanced process capacity fully utilized due to strong demand from AI and HPC applications [2][5]. - The revenue from server management chips, particularly from companies like ASPEED, is also on the rise, with a 41% year-on-year increase expected for 2025 [9]. Mature Process - The mature process segment is benefiting from a reduction in 8-inch supply and support from power management and automotive applications, with companies like UMC and PSMC showing revenue growth of 2% and 22% respectively in December 2025 [2]. Memory Sector - The memory sector is experiencing price increases due to supply constraints, with Nanya Technology reporting a staggering 445% year-on-year revenue growth in December 2025 [2][5]. End-Side Chips - MediaTek continues to see growth in high-end mobile platforms, with a 23% year-on-year revenue increase in December 2025, supported by strong demand for flagship chips [2]. Passive Components - The demand for passive components is driven by AI server growth, with Yageo reporting a 30% year-on-year increase in December 2025 [2]. Testing Equipment - Companies like King Yuan Electronics are transitioning to AI chip testing platforms, with a 33% year-on-year revenue increase in December 2025, driven by the demand for GPU and ASIC testing [11].

Core Viewpoint - CleanSpark Inc. (NASDAQ:CLSK) is recognized as a promising long-term investment, particularly due to its strategic pivot towards AI data centers and its strong position in Bitcoin mining [1][2][3]. Group 1: Company Overview - CleanSpark operates as a Bitcoin mining company in the Americas, owning, leasing, and managing data centers and power assets [4]. - The company currently has approximately 50 EH/s of mining capacity in the US [1]. Group 2: Strategic Developments - Northland initiated coverage of CleanSpark with an Outperform rating and a price target of $22.50, emphasizing the company's diversification into HPC and AI data centers [1][3]. - Maxim Group also initiated coverage with a Buy rating and a price target of $22, highlighting CleanSpark's shift from Bitcoin mining to AI data centers to meet rising infrastructure demand [2]. - The company has acquired a 285MW site in Texas and secured approximately 1.5GW of contracted power by November 2025, providing a competitive edge over rivals facing approval delays [3].

Core Viewpoint - J.P. Morgan maintains an overweight rating on CleanSpark following the company's second land acquisition in Texas, highlighting its unique position in the market compared to peers expanding into AI [1][2]. Group 1: Acquisition Details - CleanSpark has entered a definitive agreement to acquire 447 acres in Brazoria County, Texas, located approximately 40 miles south of Houston, with plans to develop it into an AI/HPC facility pending approvals [2]. - This acquisition includes a long-term transmission extension agreement to supply an initial 300 MW of power, with infrastructure capable of supporting up to 600 MW over time [3]. - The deal marks CleanSpark's second acquisition in Texas within three months, increasing its total potential capacity in the state to approximately 885 MW, which includes a 285 MW site in Austin County [5]. Group 2: Infrastructure and Development Plans - CleanSpark expects the transaction to close in the first quarter of 2026, with the grid connection process estimated to take 12 to 24 months [3][4]. - During the grid connection period, CleanSpark will work with local utilities to install high-voltage lines and an on-site substation, and may also begin engaging potential tenants or constructing a data center shell [4]. Group 3: Strategic Positioning - The proximity of CleanSpark's sites to urban centers makes them particularly suitable for inference applications, enhancing the company's strategic positioning in the AI sector [2]. - Ongoing interest in CleanSpark's 230 MW bitcoin mine in Sandersville, Georgia, is also noted as a potential site for AI expansion [6].

Summary of Key Points from Conference Call Records Industry Overview: Semiconductors Core Insights - **Sustained WFE Growth**: The semiconductor industry is expected to see an 11% year-over-year (YoY) growth in wafer fabrication equipment (WFE) by 2026, driven by transitions in leading-edge logic and DRAM due to AI datacenter expansions [1][6][10]. - **Memory Market Dynamics**: The NAND supply/demand balance has tightened significantly, with price increases anticipated through 2026, supported by strong SSD demand from hyperscalers and enterprises [1][6]. - **Investor Expectations**: Elevated investor expectations following strong third-quarter results mean that upcoming earnings and guidance must meet high standards [1][7]. Company-Specific Insights Applied Materials (AMAT) - **Rating**: Buy - **Outlook**: Expected upside in guidance due to improved memory spending outlook, with a focus on DRAM and foundry/logic segments [2][6]. - **Financial Estimates**: Anticipated 1% revenue upside for the quarter and 4% quarter-over-quarter (QoQ) revenue improvement, with non-GAAP EPS estimates 8% above consensus for CY26 [8][10]. Entegris (ENTG) - **Rating**: Sell - **Concerns**: Cautious outlook due to margin headwinds and limited growth from fab construction-related CapEx, which constitutes about 25% of revenue [3][58]. - **Financial Estimates**: Expected 2% revenue downside for the quarter, with guidance for flattish revenue QoQ [60]. Lam Research (LRCX) - **Rating**: Buy - **Focus Areas**: Investors are expected to concentrate on DRAM spending and NAND upgrades, with modest revenue upside anticipated for the quarter [16][18]. - **Financial Estimates**: Expected 2% revenue upside for the quarter, with non-GAAP EPS estimates 1% above consensus for CY26 [17]. KLA (KLAC) - **Rating**: Neutral - **Investor Focus**: Management's view on process control intensity and growth expectations for 2026 WFE will be critical [24][26]. - **Financial Estimates**: Anticipated over 1% revenue upside for the quarter, with guidance for flat revenue QoQ [25]. MKS Instruments (MKSI) - **Rating**: Sell - **Outlook**: Focus on 2026 WFE expectations and chemistry momentum, with a balanced investor positioning [32][34]. - **Financial Estimates**: Expected 1% revenue upside for the quarter, with guidance for slight revenue growth QoQ [33]. Teradyne (TER) - **Rating**: Buy - **Key Focus**: Sustainability of semi-test growth and Merchant GPU qualification progress [40][43]. - **Financial Estimates**: Expected 2% revenue upside for the quarter, with non-GAAP EPS estimates 13% above consensus for CY26 [42]. Qnity (Q) - **Rating**: Buy - **Investor Focus**: Wafer start recovery and operational execution will be key areas of interest [49][52]. - **Financial Estimates**: Expected 2% revenue upside for the quarter, with guidance for flattish revenue QoQ [51]. SanDisk (SNDK) - **Rating**: Buy - **Focus Areas**: Sustainability of NAND pricing growth and enterprise SSD qualification momentum [66][68]. - **Financial Estimates**: Expected 2% revenue upside for the quarter, with non-GAAP EPS estimates 9% below consensus for CY26 [67]. Seagate (STX) - **Rating**: Buy - **Investor Focus**: Sustainability of HDD pricing growth and HAMR production ramp [73][75]. - **Financial Estimates**: Expected 1% revenue upside for the quarter, with guidance for flattish revenue QoQ [74]. Additional Considerations - **CapEx Monitoring**: Investors are advised to closely monitor CapEx revisions from leading foundry and memory players, as well as signs of wafer start recovery, which could create upside for select suppliers [1][19]. - **China Exposure**: Continued focus on China exposure and its implications for revenue growth in 2026 remains a critical point for investors [9][26]. This summary encapsulates the key insights and financial expectations from the semiconductor industry and specific companies, highlighting potential investment opportunities and risks.

Core Viewpoint - Longxin Semiconductor, a fabless chip design company, has initiated its H-share IPO process to expand its international capital channels amidst a wave of A-share technology companies seeking secondary listings in Hong Kong [1][2]. Company Overview - Longxin Semiconductor focuses on the research and sales of integrated circuits, particularly in the high-growth sectors of smart video chips and high-speed interconnect chips [2]. - The company ranks fifth globally in the video bridging chip market by revenue and first among mainland Chinese manufacturers, according to a report by Frost & Sullivan [2]. Financial Performance - Revenue growth from 2022 to 2024 is projected at RMB 2.41 billion, RMB 3.23 billion, and RMB 4.66 billion, with a compound annual growth rate (CAGR) of 39.1% [3]. - For the first nine months of 2025, revenue reached RMB 3.89 billion, a 16.7% increase compared to the same period in 2024 [3]. - Net profit for the same period in 2025 grew by 32.5% to RMB 1.25 billion [3]. - Gross margins for 2022, 2023, and 2024 were 58.8%, 53.6%, and 54.3%, respectively, reflecting strong profitability due to optimized product mix and core technology control [3]. Market Position and Competitive Advantage - Longxin Semiconductor has established a significant lead in the mixed-signal chip market, ranking first in mainland China and among the top five globally in the video bridging chip sector [4]. - The proprietary ClearEdge technology platform integrates high-bandwidth SerDes, high-speed protocol processing, and video processing, supporting transmission rates of up to 20Gbps, with advancements towards 32Gbps [4]. - The company has developed a diverse product matrix with over 200 chip models, enabling rapid reuse and expansion across various applications, thus shortening development cycles and reducing costs [4]. Application and Growth Areas - The smart visual terminal segment contributed 79.3% of total revenue in the first nine months of 2025, with applications in drones, robots, commercial displays, and video conferencing systems [5]. - The smart automotive sector has emerged as a strong growth driver, with revenue share increasing from 8.0% in 2022 to 18.0% in 2024, reflecting a CAGR of 109.2% [5]. - The company has 14 chip models certified for automotive applications, enhancing its integration into high-end automotive displays and autonomous driving systems [5]. Strategic Initiatives - The dual listing strategy (A+H) aims to address future uncertainties and leverage capital markets for growth [6]. - The global semiconductor market is projected to grow from RMB 3 trillion in 2020 to RMB 4.2 trillion in 2024, with expectations to reach RMB 7.1 trillion by 2029 [7]. - The Chinese government has elevated the integrated circuit industry to a national strategic level, providing unprecedented opportunities for domestic chip design companies like Longxin Semiconductor [10]. - The funds raised from the IPO will be directed towards enhancing R&D capabilities, expanding overseas business networks, and strategic acquisitions in the global semiconductor industry [10]. Future Outlook - Longxin Semiconductor aims to define new standards in high-speed data transmission through next-generation technologies, addressing the evolving demands of smart cockpits and spatial computing devices [11]. - The company's ability to balance technological iteration and global supply chain dynamics will be crucial for its success in the competitive landscape [11].