Core Viewpoint - The launch of the new generation ultra-high-speed real-time oscilloscope by Wanliyan represents a significant advancement in China's semiconductor industry, achieving a bandwidth breakthrough of 90GHz, which enhances domestic oscilloscope performance by 500% and marks a historic leap as "the only one in the country and the second globally" [1][2][3] Group 1: Product Significance - The oscilloscope is essential in technology-intensive industries such as electronic information and semiconductor integrated circuits, serving as a critical tool for engineers to visualize electrical signals [2][3] - The previous U.S. export controls on high-bandwidth oscilloscopes limited domestic access to devices with bandwidths over 60GHz, hindering advancements in high-end chips, 6G communication, optical communication, and intelligent driving [2][3] - The introduction of the 90GHz oscilloscope not only signifies a leap in hardware performance but also reflects China's capability for independent technological innovation [3] Group 2: Market Context - The high-end oscilloscope market in China has been dominated by Western companies such as Keysight, Tektronix, and Teledyne LeCroy, which have pushed bandwidths above 60GHz, with the highest reaching 110GHz [3][5] - Oscilloscopes with bandwidths below 4GHz account for only 10% of the overall market, while those above 13GHz represent 70% of the market share [3] Group 3: Company Strategy and Team - Wanliyan was established on September 4, 2023, and is controlled by Xinkailai, with a young team averaging 28-29 years old, comprising about 80% in R&D [3][4] - The CEO emphasized the need to address "bottleneck" issues and to continue pursuing innovation opportunities in collaboration with industry partners [2][4] Group 4: Challenges and Opportunities - The company faces the challenge of overcoming the dual dependency on Western oscilloscopes, which includes both path dependency and psychological reliance among domestic enterprises and research institutions [5] - Wanliyan aims to serve over 1,500 companies restricted from purchasing Western products and is expanding its regional presence to enhance communication and service [5]

Core Viewpoint - The National Development and Reform Commission (NDRC) is soliciting public opinions on guidelines for government investment funds, focusing on enhancing support for key sectors and promoting technological innovation [1][3]. Group 1: Government Investment Fund Guidelines - The guidelines aim to increase high-end production capacity and focus on industrial technological innovation and addressing critical core technology challenges [3]. - Industry investment funds are expected to play a leading role in industrial development, supporting the transformation of traditional industries, nurturing emerging industries, and establishing future industries [3]. - Venture capital funds will target the development of new productive forces, investing in seed and early-stage enterprises while also supporting small and medium-sized enterprises in their early to mid-stages [3].