Group 1: Gold Market Analysis - The bull market for gold is not over, with macro factors remaining optimistic and short-term fluctuations driven by geopolitical events [3][11][13] - Key macro pricing factors for gold have not changed, indicating a sustained upward potential in the medium to long term [3][13] - Micro indicators show that while gold price deviations are high, the RSI is healthy, and ETF inflows continue to rise, suggesting no clear direction for gold prices [3][13] Group 2: Semiconductor Industry Insights - TSMC's revenue for December 2025 is projected to grow by 20.4% year-on-year, driven by high-margin advanced processes and strong demand from AI/HPC sectors [4][12] - The advanced process capacity is fully loaded, with HPC accounting for 55% of revenue and 3nm technology representing 28% of wafer revenue [4][12] - TSMC's guidance for Q1 2026 indicates revenue between $34.6 billion and $35.8 billion, with a gross margin of 63%-65%, reflecting strong demand visibility in AI [4][14] Group 3: Beauty Industry Trends - The South Korean beauty market has undergone several growth and decline phases, with the current phase focusing on global market expansion and reducing reliance on China [18][20] - New brands like APR and Silicon2 are outperforming traditional giants, indicating a shift in market dynamics and consumer preferences [20] - The report highlights the importance of innovation in product formulation and packaging, with South Korean brands leading in areas like cushion packaging and functional skincare products [20]

【申万电子】25年12月台股电子板块景气跟踪：先进制程满载，AI/HPC 扩张带动结构升级 20260120 # 【AI领域】 – # 台积电12月/全年营收同比20%/32%，4Q25 毛利率 62.3%，优于先前指引。 26Q1指引：营收 346–358 亿美元、毛利率 63%–65%、营业利益率 54%–56%，淡季下仍指向先进制程需求韧性、 AI/HPC 拉动延续。 202 【申万电子】25年12月台股电子板块景气跟踪：先进制程满载，AI/HPC 扩张带动结构升级 20260120 # 【AI领域】 – # 台积电12月/全年营收同比20%/32%，4Q25 毛利率 62.3%，优于先前指引。 26Q1指引：营收 346–358 亿美元、毛利率 63%–65%、营业利益率 54%–56%，淡季下仍指向先进制程需求韧性、 AI/HPC 拉动延续。 2026 CapEx指引为 520–560 亿美元，其中 70%–80% 投向先进制程。 – # 信骅12月营收同比18%，受益于 AI 服务器拉货强劲，叠加PCB供应转顺，月季年全面新高。 # 【成熟制程】 – 联电、世界先进、力积电25年12月营收同比2% ...

J P M O R G A N Asia Pacific Equity Research 22 December 2025 Electronic Components Sector Report on SEMICON Japan Advanced Package Substrates seminar At the 'APCS Technology Session: Advanced Package Substrates' held at SEMICON Japan on December 17, Ibiden stated that it expects the trend in advanced packaging toward larger and more multi-layered substrate packaging will continue as chiplets become more popular, and that strengthening warpage management will become even more important to maintain and impro ...

Core Viewpoint - The global market for ceramic substrates used in probe cards is projected to reach $280 million by 2031, with a compound annual growth rate (CAGR) of 8.6% over the coming years [4]. Market Overview - The ceramic substrate market for probe cards is characterized by high rigidity, high insulation, and low thermal expansion, essential for wafer electrical testing [2]. - Major manufacturers include Kyocera, SEMCNS Co., Ltd, Niterra (NTK), and IMTech Plus, with the top three companies holding approximately 91.0% market share in 2024 [7]. - The 300mm semiconductor test probe card substrates dominate the market, expected to account for 89.42% of the market share by 2031, up from 83.96% in 2024 [9]. Application and Demand - NAND flash memory is the primary demand source, representing about 45.5% of the market share [11]. - North America is the largest consumer market, projected to hold 29.06% of the sales market share in 2024, followed by Japan and South Korea [13]. - The domestic market in China is expected to grow rapidly due to localization and self-research efforts, with a CAGR of approximately 17.00% from 2025 to 2031 [13]. Market Drivers - The rise of AI/HPC and 5G/IoT is driving the need for increased wafer testing parallelism and I/O density, leading to advancements in ceramic substrates [15]. - Structural demand and technological upgrades are supported by government initiatives for key material localization and supply chain security [15]. Future Trends - Higher testing density is anticipated due to advancements in integrated circuit technology, necessitating substrates that support more probes [21]. - Miniaturization and high integration are expected to enhance testing efficiency and reduce space requirements [22]. - Multi-functional integration may include features like temperature monitoring and automatic adjustments for improved testing stability [23]. - New materials, including composite substrates, are likely to emerge to enhance thermal management and reduce production costs [24]. - Automation and smart technology integration will improve testing accuracy and efficiency [25]. - Cost optimization and domestic production are becoming increasingly important as the industry shifts towards localization [26].

Core Viewpoint - Crypto-related equities are under significant pressure due to Bitcoin's decline, with Mawson Infrastructure Group experiencing a temporary price spike that is not driven by investor enthusiasm but rather by mechanical factors [1][2]. Company Overview - Mawson Infrastructure Group is a U.S.-based digital infrastructure operator that started as a Bitcoin mining firm and has expanded into broader compute services, focusing on high-efficiency data-center facilities for power-intensive blockchain and GPU workloads [2][3]. Business Model Shift - In 2024, Mawson is repositioning towards the AI and high-performance computing (HPC) sector, driven by increasing demand for GPU-rich data-center space, which diversifies its business away from Bitcoin price cycles and towards recurring revenue from compute leasing and infrastructure services [3]. Bankruptcy Proceedings - Mawson faced turbulence earlier this year when creditors filed an involuntary Chapter 11 bankruptcy petition against the company, claiming it could not meet certain obligations [4]. - The U.S. Bankruptcy Court for the District of Delaware dismissed the involuntary petition with prejudice on October 21, confirming that the petition had no merit and preventing creditors from refiling the case [5][7].

Group 1 - The global semiconductor industry is expected to grow from $631 billion in 2024 to over $1 trillion by 2030, with a CAGR of approximately 8% [1] - AI and High-Performance Computing (HPC) will be the core drivers of this growth, with their market share projected to increase from 35% in 2025 to 48% in 2030 [1] - SEMI forecasts a 10% year-on-year increase in global Wafer Fabrication Equipment (WFE) capital expenditure in 2026, accelerating from 6% in 2025, indicating strong growth in advanced process logic and memory capital expenditures driven by AI [1] Group 2 - The optical module market is expected to maintain high prosperity due to ongoing investments in computing infrastructure both domestically and internationally [1] - The Communication ETF (515880) is the largest in its category, with optical modules accounting for 52% and servers for 22% as of October 28, representing over 81% when combined with fiber and copper connections, indicating a solid fundamental backing for overseas computing [1][2]

Group 1 - The core viewpoint of the article highlights significant investment interest in the semiconductor equipment sector, with a notable inflow of 90 million units into the semiconductor equipment ETF (159516) and a net inflow of 7 million units, indicating strong demand for semiconductor assets [1] - According to Huatai Securities, the global semiconductor industry is expected to grow from $631 billion in 2024 to over $1 trillion by 2030, reflecting a compound annual growth rate (CAGR) of approximately 8%. AI and high-performance computing (HPC) are projected to be the main drivers, with their share increasing from 35% in 2025 to 48% in 2030 [1] - SEMI forecasts a 10% year-on-year increase in global wafer fabrication equipment (WFE) capital expenditure in 2026, accelerating from 6% in 2025, which indicates strong growth in advanced process logic and memory capital expenditures driven by AI [1] Group 2 - The semiconductor equipment ETF (159516) tracks the semiconductor materials and equipment index (931743), which selects securities from publicly listed companies involved in semiconductor material research, production, and equipment manufacturing, reflecting the overall performance of the upstream segment of the semiconductor industry [1] - The index focuses on high-tech and high-growth potential materials and equipment sectors within the semiconductor industry, effectively capturing the development trends and market dynamics of this niche area [1]

Core Viewpoint - Domestic mid-to-high-end cleanroom engineering companies are expected to benefit from capital expenditure expansion driven by domestic substitution processes and are likely to seize overseas market opportunities, particularly in Southeast Asia, leading to a new growth cycle and improved profit margins [1][3]. Group 1: Cleanroom Engineering Overview - Cleanroom engineering is a foundational engineering aspect of advanced manufacturing, with the IC semiconductor sector being the primary application area for high-end cleanrooms [2]. - Cleanrooms provide controlled, clean environments for product manufacturing, serving high-tech industries such as integrated circuits, new displays, life sciences, and food and pharmaceuticals [2]. - The capital expenditure for cleanroom engineering in integrated circuit manufacturing accounts for 5-10% of total spending, indicating significant investment potential [2]. Group 2: Global Demand and Market Trends - Global demand for mid-to-high-end cleanroom engineering is expected to grow, driven by capital expenditure expansion in AI and HPC applications [3]. - According to SEMI's July 2025 forecast, global semiconductor equipment sales are projected to reach $125.5 billion and $138.1 billion in 2025 and 2026, respectively, reflecting a year-on-year growth of 6% and 10% [3]. - The U.S. market is anticipated to see accelerated capital expenditure growth due to manufacturing reshoring and supportive chip policies, while Southeast Asia is expected to become a major growth market due to industry chain development and capacity transfer investments [3]. Group 3: Domestic Companies and Overseas Expansion - Leading domestic cleanroom engineering companies are expanding overseas, with international business becoming a new growth point and potentially higher profit margins [4]. - The global mid-to-high-end cleanroom engineering market is concentrated, with high entry barriers due to large investment scales, short project implementation cycles, and low tolerance for errors [4]. - Domestic companies are accelerating their overseas expansion, particularly in Southeast Asia, where early movers like Yaxin Integration and Shenghui Integration have seen over half of their revenue come from international operations by mid-2025 [4].

Industry Trend - Bitcoin miners are pivoting towards AI/HPC (Artificial Intelligence/High-Performance Computing) due to its current market appeal [1] - The market rewards those who invest in AI [1] - Opportunities exist for Bitcoin miners in the AI/HPC sector [1] Company Focus - The Mining Pod questions whether MARA (Marathon Digital Holdings) will secure a significant AI deal [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a significant acceleration in revenue growth, with a 46.3% year-on-year increase in the first three quarters of 2025, reaching 2.116 billion yuan. The net profit attributable to shareholders also increased by 29.1% year-on-year to 96 million yuan [7] - The company is expected to benefit from strong order backlogs and opportunities in both domestic and overseas markets, particularly in the semiconductor and precision manufacturing sectors [7] - The report highlights the potential for improved gross margins as contract confirmations progress, despite current pressures from project costs [7] Financial Performance Summary - Total revenue for 2023 is projected at 2.009 billion yuan, with a year-on-year growth of 23.41%. For 2024, revenue is expected to slightly decline to 2.008 billion yuan, followed by a significant increase to 2.912 billion yuan in 2025, representing a 45.02% growth [1][8] - The net profit attributable to shareholders is forecasted to be 138.59 million yuan in 2023, decreasing to 114.40 million yuan in 2024, and then increasing to 152.61 million yuan in 2025, reflecting a growth rate of 33.39% [1][8] - The latest diluted EPS is projected to be 1.39 yuan for 2023, decreasing to 1.14 yuan in 2024, and then increasing to 1.53 yuan in 2025 [1][8] Order Backlog and Market Opportunities - As of the end of Q3 2025, the company has an order backlog of 2.214 billion yuan, a year-on-year increase of 21.2%. The majority of these orders are concentrated in the semiconductor sector [7] - The report emphasizes the growth potential in the global cleanroom market driven by AI and high-performance computing applications, with significant opportunities in the U.S. and Southeast Asia [7] - The company is planning to expand into the U.S. market, particularly focusing on opportunities related to TSMC's expansion [7]