香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 Changzhou Microintelligence Co., Ltd 常 州 微 億 智 造 科 技 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向常州微億智造科技股份有限公司（「本公司」）、其獨家保薦人、整體協調人、顧問及包銷團成員表示 同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長註冊前，不會向 香港公眾人士提出要約或邀請。倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港 公司註冊處處長註冊的本公司招股章程作出投資決定。招股章程的文本將 ...

Core Viewpoint - Manycore Technology is set to become the first "global space intelligence stock" through its IPO in Hong Kong, marking a significant milestone as the first technology company among the "Hangzhou Six Little Dragons" to achieve this [3]. Group 1: Company Overview - Manycore Technology specializes in cloud-native spatial design software, utilizing AI technology and GPU clusters to enhance design experiences across various business scenarios, including residential, office, and retail spaces [3]. - The company holds a 23.2% market share in the spatial design software market in China, making it the largest provider according to Frost & Sullivan's data projected for 2024 [3]. Group 2: Financial Performance - Projected revenues for Manycore Technology from 2023 to 2025 are as follows: 663.54 million RMB in 2023, 755.83 million RMB in 2024, and 819.99 million RMB in 2025 [4][5]. - The company is expected to incur losses of 646.1 million RMB in 2023, 513.47 million RMB in 2024, and 427.91 million RMB in 2025, with a notable adjustment leading to a net profit of 57.13 million RMB in 2025 [4][6]. Group 3: Employee Structure - As of December 31, 2025, Manycore Technology employs 1,264 full-time staff, with 41.5% in research and development, 38.3% in sales and marketing, 10.4% in support roles, and 9.8% in general administration [12][13].

Market Overview - The Hang Seng Index is expected to hold at 23,700 points due to prolonged geopolitical uncertainties and rising oil prices, with inflation risks increasing as the market anticipates a shift in the Federal Reserve's interest rate policy [2] - The economic growth target for mainland China has been slightly adjusted to a range of 4.5% to 5%, aligning with expectations, while the overall economic data remains stable [2] - The market is entering an earnings season, with concerns over tech giants' performance amid weak risk appetite and accelerated AI investments [2] Sector Outlook - AI Stocks: The rapid upgrade of AI large models is driving significant growth in the semiconductor industry [3] - Energy Stocks: Ongoing tensions in the Middle East are pushing up oil and coal prices [3] Company News - Xianweida Biotechnology has submitted a listing application in Hong Kong, with investors including Tencent and Meituan [9] - MiniMax has upgraded its subscription plan to support full-modal models, expanding its AI capabilities [9] - Wenyan Zhixing reported a narrowed annual loss of 1.66 billion RMB, while Minshi Group's annual profit increased by 16% [9] - WuXi AppTec's annual profit doubled, and Laopuhuangjin's annual profit surged by 231% [9] Economic Indicators - The U.S. Federal Reserve maintained interest rates, reflecting a cautious stance, with economic growth forecasts slightly raised to 2.4% for 2026 [3] - The geopolitical situation continues to impact oil prices, with expectations of a potential decline in international oil prices in the medium term [3] Regulatory Developments - The Beijing Municipal Bureau has initiated discussions with 12 platform companies regarding "involution" competition, focusing on issues such as unfair rules and false advertising [7] - The Ministry of Industry and Information Technology hopes multinational companies like Apple and Qualcomm will deepen their market presence in China [7] Investment Opportunities - The semiconductor sector is poised for growth due to advancements in AI technology [3] - Companies involved in energy production may benefit from rising prices amid geopolitical tensions [3]

Core Insights - Nvidia has established a dominant position in the AI chip market due to its early advantage with GPUs, but it now faces rapid industry changes and rising competition, necessitating efforts to maintain its leadership [1] - The company has integrated technology from startup Groq to enhance the efficiency of its chips, reflecting its adaptability to evolving market demands [1][3] Group 1: Industry Dynamics - Over the past year, AI companies have shifted focus towards "inference," which emphasizes low-cost and rapid data generation, making chips optimized for this process more valuable [2] - Competitors like Google's Tensor Processing Units (TPUs) and emerging firms such as Cerebras have gained an edge in inference, winning business from Nvidia's long-term clients like OpenAI and Meta [2] Group 2: Product Developments - Nvidia announced a $20 billion licensing agreement with Groq to produce custom chips designed specifically for inference, aiming to accelerate the inference process and reduce costs [3] - The company introduced new products, including NemoClaw, to assist software companies in utilizing AI agents, showcasing its commitment to innovation in response to market needs [4] Group 3: Market Position and Projections - Nvidia's chips currently hold over 90% of the AI market share, and the company aims to maintain this dominance by integrating new technologies [4] - Projections indicate that sales for Nvidia's Blackwell and Rubin chips could reach at least $1 trillion from 2025 to 2027, a significant increase from previous forecasts of $500 billion [4] Group 4: Customer Acquisition and Supply Chain - The ability to attract new customers will be crucial for Nvidia's share in the inference market, where it is expected to hold about one-third of the market compared to its 90% share in AI development chips [6] - The partnership with Groq is also seen as a strategic move to address manufacturing challenges, as Groq's chips are produced by Samsung, alleviating pressure on Nvidia's primary manufacturer, TSMC [6][7]

Group 1 - Nvidia's upcoming GTC 2026 conference is expected to act as a catalyst for the stock, with historical performance showing a 30% outperformance over the Philadelphia Semiconductor Index in the three months following past GTC events [1] - Major tech companies such as OpenAI, Google DeepMind, Meta, Microsoft, and Tesla will participate in the conference, which will take place from March 16 to 19 in San Jose, California [1] - Nvidia's CEO Jensen Huang will deliver a keynote speech and lead an industry panel discussion during the event [1] Group 2 - GF Securities believes the event could serve as a catalyst not only for Nvidia but for the entire semiconductor sector, with expectations for Nvidia to showcase its second-generation Co-Packaged Optics (CPO) switch [2] - The anticipated CPO technology may utilize TSMC's co-packaged optics technology, with significant production expected to ramp up by 2027, reaching 80,000 units [2] - Other potential announcements include updates to Nvidia's Feynman series GPUs, specifically the Kyber NVL576 series [2] Group 3 - Bank of America maintains a "buy" rating on Nvidia with a target price of $300, highlighting the potential positive impact of any details regarding the Rubin series production for 2027-28 [3] - The firm notes that Nvidia's previous Blackwell series production has generated $500 billion in cumulative sales, and the current forward P/E ratio is at a historical low of 17 times [3] - Wells Fargo anticipates Nvidia will provide updates on its product pipeline, with estimates suggesting that Nvidia has confirmed approximately $240 billion to $250 billion in revenue towards its $500 billion target since the launch of Blackwell [3]

Group 1 - Nvidia's upcoming GTC 2026 conference is expected to act as a catalyst for the stock, with historical performance showing a 30% outperformance over the Philadelphia Semiconductor Index in the three months following past GTC events [1] - The conference will take place from March 16 to 19 in San Jose, California, featuring major participants such as OpenAI, Google DeepMind, Meta, Microsoft, and Tesla [1] - Nvidia's CEO Jensen Huang will deliver a keynote speech on March 16 and will also host an industry panel discussion on March 18 [1] Group 2 - GF Securities believes the event could serve as a catalyst not only for Nvidia but for the entire semiconductor sector, with expectations for Nvidia to showcase its second-generation Co-Packaged Optics (CPO) switch [2] - Bank of America maintains a "buy" rating with a target price of $300, highlighting that any details regarding the Rubin series production could boost the currently depressed stock price [2] - Wells Fargo anticipates Nvidia will provide updates on its product pipeline, which includes significant revenue projections from the Blackwell series [2] Group 3 - Analysts estimate that Nvidia has confirmed approximately $240 billion to $250 billion in revenue towards its $500 billion target, with potential for an upward revision to $600 billion [3] - Nvidia has deployed 9GW of Blackwell, compared to less than 4.5GW of Hopper, indicating strong growth in its infrastructure [3] - Stocks potentially influenced by GTC developments include AMD, TSMC, Broadcom, Intel, Marvell, and various networking equipment companies [3]

Core Insights - The upcoming NVIDIA GTC developer conference is expected to showcase the company's strategies to maintain its leadership in the AI chip market amidst increasing competition [1] - Analysts anticipate that NVIDIA will introduce new products optimized for inference workloads, particularly a chip integrating technology from the recently acquired AI startup Groq [2] - The rise of custom ASIC chips from major clients like OpenAI and Meta poses a long-term threat to NVIDIA's dominance in the GPU market, especially in inference applications [3] Group 1: Conference Highlights - The GTC conference serves as a critical platform for NVIDIA to present advancements in chips, data centers, and AI software, while investors seek reassurance on the effectiveness of the company's AI ecosystem strategy [1] - Market research indicates that NVIDIA will likely update its full-stack roadmap and emphasize areas such as inference, AI agents, and AI factory infrastructure [1] Group 2: Competitive Landscape - The transition from AI model training to inference is reshaping the competitive landscape, with NVIDIA currently holding over 90% market share in both training and inference but expected to face market share erosion, particularly in inference [1][3] - The CEO of d-Matrix highlights that while NVIDIA will maintain its lead in training, the inference market presents different challenges, as developers can easily switch to competitors for running AI models [2] Group 3: Strategic Responses - To counteract competition, NVIDIA is enhancing its defenses through acquisitions and investments, including a $2 billion investment in optical communication companies to advance co-packaged optics technology [3] - Analysts predict that co-packaged optics will be a key breakthrough for NVIDIA's next-generation chip architecture [3][4] Group 4: Market Trends - The resurgence of CPUs in AI tasks is noted, with analysts suggesting that NVIDIA may showcase server products utilizing only its CPUs to address new performance bottlenecks [4] - The potential of AI agents and robotics is seen as a significant driver for future growth, with NVIDIA reporting approximately $6 billion in robotics-related revenue last quarter [6] Group 5: Geopolitical Factors - Geopolitical factors are increasingly influencing NVIDIA's future, with U.S. export restrictions on AI chips and limited access to key markets like China reshaping its global sales strategy [7] - The investment in AI infrastructure in regions like the Middle East is crucial for NVIDIA, although uncertainties related to regional conflicts and energy costs may impact demand [7]

Core Insights - The article highlights that Prima, a product developed by Science, has successfully helped over 40 blind patients regain their sight, with results published in NEJM [5] - Max Hodak, co-founder of Neuralink, predicts that the first humans capable of living to 1000 years old may have already been born due to advancements in AI and brain-computer interfaces [5] Group 1: Product and Technology - Prima consists of a 2mm x 2mm solar-powered micro-silicon chip implanted beneath the retina of blind patients [5] - Special glasses are worn by patients, which contain a camera to capture external images, and a laser projector that projects these images onto the eye [6] - The solar cell stimulates retinal cells under laser illumination, bypassing dead cells to relay visual signals back to the brain [7] Group 2: Industry Applications and Collaborations - The article lists various companies involved in brain-computer interface technology and its applications, including medical services, consumer health, entertainment, and digital technology [8] - Notable companies mentioned include 爱朋医疗, 诚益通, 创新医疗, 科大讯飞, 乐普医疗, and others, indicating a diverse ecosystem around brain-computer interfaces [9]

Core Viewpoint - The White House faced criticism for a video that mixed Hollywood film clips with military actions against Iran, labeled as "American justice," which sparked controversy among film industry professionals [1][3][4]. Group 1: Video Content and Reactions - The 42-second video featured clips from popular films and TV shows, including characters played by Russell Crowe and Mel Gibson, interspersed with footage of U.S. military actions against Iran [1][3]. - Actor and director Ben Stiller publicly demanded the removal of his film clip from the video, stating that they never authorized its use and emphasized that war is not a movie [3][4]. - The video included a segment with U.S. Defense Secretary Lloyd Austin, which was interpreted as a display of a tough stance against adversaries, aligning with Trump's communication style during his presidency [3][4]. Group 2: Broader Context and Implications - Critics described the video as a "terrible prank," suggesting it aimed to promote a new wave of military action against Iran by glorifying the image of American heroes [4]. - A subsequent video continued the theme by mixing real war footage with clips from the video game "Grand Theft Auto: San Andreas," further emphasizing the militaristic narrative [4]. - Trump's social media strategy has been characterized by provocative content that resonates with online culture, including the use of AI-generated videos and film references, which has remained consistent since his return to the political scene [4].

Core Insights - The article emphasizes that while most buy-side institutions claim to use Transaction Cost Analysis (TCA), few effectively leverage execution analysis to influence daily trading decisions [1][3]. Group 1: Transaction Cost Analysis (TCA) - TCA can serve as a decision support system rather than merely a post-trade compliance tool, aiming to protect performance, reduce friction, and enhance the repeatability of trade execution [1][3]. - Execution analysis focuses on optimizing trading performance and can provide critical information for front-office functions, particularly in four high-priority areas: broker review, trade planning, strategy selection, and internal coordination with portfolio managers [3][4]. Group 2: Broker Selection and Communication - Broker selection involves behavioral changes, such as determining which orders to send to which brokers and when, requiring execution analysis to explain differences in outcomes and assess their repeatability [3][4]. - Effective communication between investment managers and traders is crucial, as many factors influencing execution quality are determined before trades are executed, including urgency, constraints, benchmark preferences, and risk tolerance [7][8]. Group 3: Timing and Scheduling - Minor timing adjustments, such as how aggressively to display order sizes or when to withdraw orders, can significantly impact execution outcomes, necessitating real-time adaptability to market conditions [4][10]. Group 4: Strategy and Algorithm Selection - Strategy selection often relies on established processes and intuition; however, analytical tools can help traders validate these default options across various market conditions without extensive backtesting [6][10]. Group 5: Conditions for Effective Execution Analysis - Execution analysis must meet three essential conditions: confidence in conclusions, understanding of market conditions, and delivery formats that align with trading desk workflows [7][10]. - Confidence in TCA results is hindered by the inherent volatility of trading outcomes, necessitating a statistical rather than arithmetic approach to analysis [8][10]. Group 6: Contextual Awareness and Delivery - A TCA system with contextual awareness should adapt to evolving market structures and participant behaviors, ensuring that benchmarks remain relevant [10][14]. - Effective delivery of TCA insights requires user-friendly presentations, transparency regarding methods and data gaps, and alignment with actual workflows to facilitate decision-making [11][12][13]. Group 7: Practical Implementation - Successful TCA initiatives often begin with narrowing the focus to specific business pain points and desired decision improvements, emphasizing the importance of demonstrating value to drive better decision-making [15][17]. - Institutions should establish decision criteria, confidence thresholds, and relevant scenarios to guide TCA implementation effectively [17].