Group 1 - Longxin Technology has officially initiated its IPO process by disclosing its listing counseling record on July 7, marking a significant step towards its public offering [1][2] - The company was established in 2016 with a registered capital of 60.19 billion yuan and has no controlling shareholder, with the largest shareholder holding 21.67% of the shares [1] - Longxin Technology specializes in the research, design, production, and sales of Dynamic Random Access Memory (DRAM) products, which are widely used in mobile terminals, computers, servers, virtual reality, and the Internet of Things [1] Group 2 - The company has received substantial investments from various sources, including the National Integrated Circuit Industry Investment Fund, which holds a 9.8% stake, and Anhui Investment Group, which holds 8.8761% [1] - Other notable investors include Alibaba, Zhaoyi Innovation, China Life Investment, and several others, indicating strong market confidence in Longxin Technology [1] - As of March 2024, the company's latest financing round has achieved a valuation of 150.8 billion yuan [1]

Core Viewpoint - The semiconductor industry in China is experiencing a recovery in various segments despite tightening export controls from overseas, with a focus on self-sufficiency and innovation in advanced processes, equipment, and materials [1][18]. Group 1: Industry Overview - Since Q2 2025, export controls on advanced semiconductor processes and computing chips from overseas have intensified, yet domestic production capacity and yield continue to improve [1]. - The semiconductor index in June 2025 increased by 5.96%, lagging behind the Philadelphia semiconductor index and Taiwan semiconductor index, which rose by 16.54% and 8.15% respectively [27]. Group 2: Demand Side - The demand for consumer electronics is recovering, with global smartphone shipments in Q1 2025 increasing by 1.5% year-on-year, and China's shipments rising by 3.3% [3]. - AI applications are driving innovation in various sectors, including automotive and wearable devices, with global AI glasses shipments soaring by 216% year-on-year in Q1 2025 [3]. - The automotive market in China remains strong, with significant orders for new models like Xiaomi's YU7 [3]. Group 3: Inventory Trends - The smartphone supply chain remains stable, while the PC supply chain shows slight improvement in inventory levels [4]. - Global inventory levels for major smartphone chip manufacturers decreased slightly in Q1 2025, while PC chip manufacturers saw a minor increase [4]. Group 4: Supply Side - TSMC is increasing its capital expenditure for advanced process lines in the U.S., with a projected investment of $100 billion [5]. - Major memory manufacturers are focusing their capital expenditures on high-end memory products, with Micron's revenue in FY25Q3 exceeding guidance [6][10]. Group 5: Price Trends - Prices for memory products, particularly DDR4, have seen a significant increase, with an approximate 50% rise since late May 2025 [6]. - The prices of high-capacity NAND products are also on the rise, indicating a recovery in consumer product prices [6]. Group 6: Sales Performance - Global semiconductor sales reached $57 billion in April 2025, marking a 22.7% year-on-year increase and the first month of sequential growth in 2025 [7]. Group 7: Industry Chain Tracking - The semiconductor industry chain is showing signs of marginal improvement, with a focus on companies benefiting from self-sufficiency and recovery in demand [8]. - Domestic companies in the semiconductor design and manufacturing sectors are expanding their product offerings and customer bases, with notable IPOs from companies like Muxi and Moer Thread [9]. Group 8: Investment Recommendations - The focus on self-sufficiency in the semiconductor supply chain is expected to accelerate, with positive trends in orders and revenue for domestic equipment and material manufacturers [16][18].

Group 1 - The report highlights the focus on "anti-involution" policies, which aim to reduce ineffective supply and promote industrial upgrades, shifting from total stimulus to targeted measures [3][13] - The A-share market experienced fluctuations with the CSI 300 index rising by 1.54% and the CSI 1000 index increasing by 0.56% during the week of June 30 to July 4, 2025 [12] - Traditional cyclical industries such as steel, coal, and construction materials led the market rally, influenced by the recent policy announcements [12][13] Group 2 - The deep-sea technology sector is identified as a multidisciplinary industry with potential for growth as policies are released, covering a wide range of activities from raw materials to deep-sea resource development [14] - The semiconductor sector is experiencing a shift with the easing of restrictions on EDA tool exports to China, highlighting the importance of domestic EDA tool development and the need for a complete industrial chain [14] - The launch of the Beijing Stock Exchange's specialized index reflects a growing focus on high-quality, specialized small and medium enterprises, which may enhance market activity [15][17] Group 3 - The report provides performance statistics for various equity fund indices, indicating that the medical stock fund index rose by 6.88% last week, while the growth stock fund index increased by 1.15% [18] - The active equity fund indices are categorized by investment style, with the balanced stock fund index showing a weekly increase of 1.85% and the value stock fund index rising by 0.56% [18] - The report emphasizes the importance of evaluating fund performance based on various metrics, including relative benchmark performance and overall competitiveness [30][31]

Group 1 - TCL Technology has made substantial progress in acquiring a 21.5311% stake in Shenzhen Huaxing Semiconductor, with a total transaction value of 11.562 billion yuan, combining cash and shares for payment [1][2] - The cash component of the transaction amounts to 7.203 billion yuan, with approximately 4.359 billion yuan raised through a targeted issuance to no more than 35 specific investors [1][2] - Post-transaction, TCL Technology's ownership in Shenzhen Huaxing Semiconductor will increase from 62.68% to 84.21%, enhancing control over core semiconductor display assets [1][2] Group 2 - Shenzhen Huaxing Semiconductor will become a major shareholder of TCL Technology, holding a 4.99% stake, while TCL Technology's chairman and his associates will see their stake diluted from 6.74% to 6.40% [2] - The acquisition is expected to strengthen TCL Technology's main business and enhance profitability, solidifying its competitive position in the semiconductor display industry [2] - TCL Technology focuses on three main sectors: semiconductor displays, new energy photovoltaics, and semiconductor materials, following a significant restructuring in 2018 [2] Group 3 - The semiconductor display business of TCL Technology is projected to achieve a revenue growth of 24.6% year-on-year in 2024, reaching 104.3 billion yuan, with a net profit turnaround from a slight loss to a profit of 6.23 billion yuan [3] - TCL Huaxing is the second-largest panel manufacturer in mainland China, with large-size LCD TV panels as its core strength, contributing approximately 50% of its revenue [3] - Shenzhen Huaxing Semiconductor operates the T6 and T7 factories, which are critical for producing ultra-large size displays, with significant investments in these production lines [3][4] Group 4 - Shenzhen Huaxing Semiconductor was established in June 2016 and initially fully owned by TCL Huaxing, later introducing external shareholders like the Shenzhen Major Industry Development Fund and Samsung Display [4] - Following the recent transaction, the Major Industry Fund's stake will decrease to 10.77%, while TCL Technology's total stake will rise to 84.21%, with Samsung Display retaining 5.0239% of the shares [4]

Core Viewpoint - Changxin Storage is set to launch its A-share listing, marking a significant milestone in its development and the advancement of China's semiconductor industry, particularly in the DRAM sector [1][3]. Group 1: Company Overview - Changxin Storage, established in 2016, specializes in the research, production, and sales of DRAM memory chips, with a registered capital of approximately 60.193 billion yuan [1]. - The company is the only domestic entity capable of large-scale production of DRAM chips, having developed a complete industrial chain from chip design to wafer manufacturing and packaging testing [1]. - Changxin Storage has achieved significant technological milestones, including mass production of 19nm DDR5 chips and advancements in high bandwidth memory (HBM) products [1][2]. Group 2: Market Position and Growth - The company's average monthly production increased from 100,000 wafers in Q1 2024 to 200,000 in Q1 2025, with an expected total production of 2.73 million wafers for the year, representing a year-on-year growth of 68% [2]. - Market analysis predicts that Changxin Storage's global DRAM market share will rise from 6% in Q1 2025 to 8% by the end of the year, with DDR5 and LPDDR5 products expected to account for 7% and 9% of sales, respectively [2]. Group 3: Strategic Developments - The timing of Changxin Storage's listing coincides with supportive domestic semiconductor policies, including the "1+6" policy measures from the CSRC aimed at facilitating the listing of hard-tech companies [2]. - The company has completed multiple rounds of large-scale financing, with a post-money valuation reaching 150.8 billion yuan after a recent 10.8 billion yuan funding round [3]. - Changxin Storage's competitive pricing strategy, with some products priced at 50% of international brands, is expected to disrupt the mid-to-low-end market dominated by major players like Samsung and SK Hynix [3]. Group 4: Industry Impact - The IDM model adopted by Changxin Storage has created a strong industrial driving effect, collaborating with upstream companies to promote the localization of equipment and materials [4]. - The company's products are integrated into the supply chains of major smartphone manufacturers and contribute to the domestic AI computing ecosystem [4]. - With the mass production of high-end products like HBM, Changxin Storage aims to establish a comprehensive technical standard system across the entire industry chain [4].

如果您希望可以时常见面，欢迎标星收藏哦~ 台积电董事长魏哲家上个月表示，台积电位于熊本的第一家晶圆厂已于去年年底开始量产，而原定 于今年年初开始建设的第二家晶圆厂则因当地交通问题而"略有推迟"，但他并未提供修改后的时间 表。 《华尔街日报》报道称，消息人士称，尽管尚未确定具体的时间表，但建设可能会进一步推迟。 台积电位于亚利桑那州的第一家晶圆厂已于去年投入商业生产。第二家工厂即将竣工，设备安装正 在进行中。第三家工厂已于今年4月破土动工。该公司新承诺的1000亿美元投资将用于建造另外三 家晶圆厂、两家集成电路组装厂和一个研发中心。 来 源： 内容来自 taipeitimes 。 台积电近日表示，其在美国的投资不会影响其在其他地方的现有项目，否认了《华尔街日报》的报 道。《华尔街日报》报道称，在美国总统唐纳德·特朗普的关税威胁下，该公司将推迟在日本建设 第二家制造厂，以专注于美国扩张。 这家全球最大的合约芯片制造商在一份声明中表示，其全球扩张战略基于多种因素，包括客户需 求、商业机会、运营效率、政府支持和总体成本。 台积电表示，因此该公司在美国的投资不会影响其在其他地区的计划。 《华尔街日报》称，台积电正在认真 ...

同 时 ， 为 了 保 持 摩 尔 定 律 的 进 展 ， 创 新 的 重 点 已 从 尺 寸 缩 放 转 向 功 能 性 缩 放 。 在 从 FinFET 到 Nanosheet，乃至未来CFET等晶体管架构的艰难跋涉中，业界深刻意识到： 仅依赖硅基材料的三 维堆叠技术，已难以支撑可持续的微缩与能效提升。寻求根本性的材料革新，成为突破瓶颈、开辟 新增长曲线的关键所在。 在这一背景下，从传统硅基三维材料向二维半导体材料的战略过渡，迅速跃升为全球半导体研发与 产业布局的核心焦点，吸引了全球科研人员与产业界的目光。 二维半导体，来势汹汹 IMEC 预测至 2039 年的路线图 如果您希望可以时常见面，欢迎标星收藏哦~ 近日，在 《芯片，最新路线图》 一文中，笔者分享了IMEC对未来14年半导体路线图的预测。 能看到，随着先进制程节点的演进和晶体管架构的革新，二维半导体材料或将成为未来业界关注的 焦点。 实际上，当前摩尔定律日益放缓，随着制程节点向物理极限不断逼近，硅基三维晶体管的制造结构 日趋复杂，所需投入的成本呈现指数级攀升，而技术演进带来的边际效益却显著递减。 众所周知，随着半导体制程向亚-纳米级逼近，硅基器 ...

曾经熙熙攘攘的首尔东大门区辉经工业高中，现已更名为首尔半导体高中，准备迎接一次重大的身 份转变。在李明博政府大力推动职业教育的巅峰时期，这所学校招收了2500名学生。如今，学生 人数只有80人。面临关闭，该校正在重塑自身，成为一所半导体高中，计划明年招收64名新生。 该校新任校长池宇中曾是三星电子高管，负责管理印度和埃及的工厂。但池宇中面临着一条艰巨的 道路。尽管政府正在提供预算支持，但这些资金几乎无法支付人员成本，甚至连二手半导体设备都 买不起。寻找合格的教师是一个更大的障碍。该学校提供的时薪不高，最高可达5万韩元（37美 元），但经验丰富的专业人士是否愿意以这样的薪水授课仍不确定。即使他们愿意，现行教育部规 定禁止他们留下，除非他们持有正式的教师资格证书——而拥有教育背景的半导体专业人士几乎不 存在这种资格证书。 为了吸引学生，学校提供宿舍。然而，由于监管方面的障碍，建造一座 3,300 平方米（35,521 平 方英尺）的宿舍可能需要长达四年的时间。 自 1980 年代以来，半导体一直是韩国经济的基石。然而，韩国只有六所半导体高中，其中大多数 是新建的，仍处于早期发展阶段。与此同时，台湾在人才数量和质量 ...

Core Insights - Light Peak Technology received a letter of appreciation from the Tianjin Municipal Bureau of Commerce for its 3D Mapping light show at the "2025 Summer Davos Multinational Enterprise Leaders Exchange Conference" [1] - The event, held on June 24, attracted over 300 guests, including representatives from Fortune 500 companies and international business associations, focusing on innovation and development [1][2] - The 3D Mapping light show was highlighted as a key attraction, providing a unique visual experience and contributing to the event's success, receiving widespread recognition [1][2] Company Performance - Light Peak Technology showcased its expertise in high-end light and shadow creativity, demonstrating its service capabilities at an international level [1][2] - The company plans to leverage its technological and creative advantages to collaborate with more cities and institutions, aiming to inject vitality into urban economic development [2] Technical Execution - The 3D Mapping light show utilized three T Pro series projectors to transform a 40-meter wide and 9.5-meter high building facade into an immersive giant screen [4] - The T Pro series projectors, with over 30,000 lumens brightness, effectively corrected environmental interference, ensuring vibrant colors and detailed visuals despite the building's reddish hue [4] - The technical team completed the entire process from installation to optimization in just 72 hours, showcasing efficient and precise execution [11]

Market Overview - The A-share market experienced a volatile increase last week, with the CSI 300 rising by 1.54% and the CSI 1000 increasing by 0.56% [2][15] - The central economic committee's sixth meeting emphasized the need to govern "involution" competition, leading to a rally in traditional cyclical industries such as steel, coal, and building materials [3][15] Policy Insights - The "anti-involution" policy aims to reduce ineffective supply and promote industrial upgrades, shifting from total stimulus to managing supply [3][16] - The focus on "anti-involution" is expected to create a macro environment conducive to technological and industrial upgrades, although related policies have yet to be fully implemented [3][16] Sector Analysis - Deep-sea technology is highlighted as a multidisciplinary industry that may see repeated catalysts as policies are released [4][17] - Recent easing of semiconductor restrictions by the U.S. government may enhance domestic EDA tool replacement rates, with a focus on building a complete industrial chain [4][17] Fund Market Dynamics - The Beijing Stock Exchange launched the "Specialized and New" index on June 30, which includes the top 50 companies in strategic emerging industries, potentially increasing trading activity on the exchange [4][18] Fund Performance Tracking - The Active Equity Fund Index rose by 0.46% last week, with a cumulative excess return of 11.29% since inception [5][19] - The Value Equity Fund Index increased by 0.56%, with a cumulative excess return of -5.87% since inception [6][19] - The Balanced Equity Fund Index saw a rise of 1.85%, with a cumulative excess return of 4.91% since inception [7][19] - The Growth Equity Fund Index increased by 1.15%, with a cumulative excess return of 15.96% since inception [8][19] - The Pharmaceutical Equity Fund Index rose by 6.88%, with a cumulative excess return of 21.94% since inception [9][19] - The Consumer Equity Fund Index increased by 0.57%, with a cumulative excess return of 15.46% since inception [10][19] - The Technology Equity Fund Index rose by 0.46%, with a cumulative excess return of 15.71% since inception [11][19] - The High-end Manufacturing Equity Fund Index increased by 1.73%, with a cumulative excess return of -3.19% since inception [12][19] - The Cyclical Equity Fund Index rose by 1.11%, with a cumulative excess return of 3.73% since inception [13][19]