Group 1 - The market enthusiasm for industrial metals is driven by the dual forces of global economic recovery expectations and the AI technology wave, with significant inflows into the Wanji Industrial Nonferrous ETF (560860) totaling 1.147 billion yuan over the past 20 days and 3.024 billion yuan over the past 60 days, reaching a historical high in both share count and scale as of December 22 [1] - The macroeconomic environment is expected to continue with a "dual easing" of U.S. fiscal and monetary policy, with predictions of 2 to 3 interest rate cuts by the Federal Reserve, which, combined with fiscal stimulus, enhances global manufacturing recovery expectations, providing strong support for the physical consumption of industrial metals like copper and aluminum [1] - The International Copper Study Group (ICSG) forecasts a 150,000-ton supply shortage of copper in 2026, the first in three years, due to long-term underinvestment in copper mine capital expenditures and limited new capacity, which is expected to keep copper prices relatively high [1] Group 2 - The Wanji Industrial Nonferrous ETF (560860) closely tracks the CSI Industrial Nonferrous Metals Theme Index, with the top three sectors being copper (31.06%), aluminum (21.95%), and rare earths (16.13%), collectively accounting for nearly 70% of the index, highlighting its market scarcity and investment value [1] - The current valuation of the CSI Industrial Nonferrous Metals Theme Index remains at historical lows, with a TTM price-to-earnings ratio of 21.97, placing it in the 37.25% valuation percentile over the past decade, indicating a high margin of safety for investors [2] - Investors can conveniently participate through linked funds (Class A: 018489; Class C: 018490) [2]

Core Insights - The "2025 International Fintech Forum" highlighted the significant investment opportunities within the AI industry, particularly focusing on the economic chain driven by companies like Nvidia, which is currently experiencing smooth profit realization [1][2] Group 1: Investment Focus Areas - The economic chain driven by chip designers and manufacturers, led by Nvidia, is seeing substantial profitability, with leading companies in the optical module sector expected to achieve profits of 20 to 30 billion in the coming year [2] - The domestic performance of this economic chain is strong, paralleling traditional high-end manufacturing in China and resembling the supply chains seen in the Apple and PC eras [2][3] - Domestic AI technology is rapidly advancing, with a complete industrial chain in GPU design and foundry, although there remains a technological gap compared to Nvidia [3] Group 2: Key Players and Applications - Leading internet companies are a focal point for investment, particularly in AI cloud services and operational efficiency improvements, with positive financial results reported by both domestic and international firms [3] - The emergence of killer AI applications is a critical area of interest, as it represents the key link that can integrate the entire industry chain [3][4] - OpenAI is projected to generate approximately 15 billion in revenue this year, having signed capital expenditure agreements worth hundreds of billions with various cloud service providers, although there are concerns about the mismatch between revenue and capital expenditures [4]

Core Viewpoint - Jialichuang Group has transformed the PCB prototyping process for electronic engineers globally, evolving into a leading one-stop service provider in the electronic and mechanical industry chain, offering comprehensive services from circuit design to PCB prototyping and component assembly [1][3]. Group 1: Technological Advancements - Jialichuang announced two major technological breakthroughs: the mass production of 34 to 64-layer ultra-high-layer PCBs and the upcoming launch of 1 to 3-stage HDI (High-Density Interconnect) boards [5][8]. - The ultra-high-layer PCBs feature a maximum thickness of 5.0mm and a thickness-to-diameter ratio of up to 20:1, meeting the stringent requirements for complex circuit integration and high-density wiring [5][7]. - The minimum line width and spacing of the ultra-high-layer PCBs can reach 3.5mil, utilizing Tg170 high-temperature resistant substrates, which enhances signal integrity, heat dissipation, and structural stability [5][7]. Group 2: Manufacturing Process - The structure of the ultra-high-layer PCBs employs a core board and prepreg, alternating layers through a multi-layer pressing process, which allows for different types of circuits to be laid out across various layers [7][9]. - Jialichuang has introduced 0.1mm mechanical micro-drilling technology to enhance the precision of micro-holes, addressing the industry's challenges with low plating yield for through-holes [7][12]. - The company has achieved a production speed of ultra-high-layer PCB samples in as fast as 8 days, which is approximately twice as fast as the industry standard, while also reducing product prices by about 50% compared to similar products [8][9]. Group 3: Market Position and Future Directions - Despite being a pioneer in PCB prototyping, Jialichuang still has significant growth potential compared to global PCB giants, particularly in the ultra-high-layer PCB and HDI sectors [9][12]. - The combination of HDI and ultra-high-layer PCBs is essential for the future of modern smart hardware, enabling high-density wiring and supporting complex functionalities in 5G and AI applications [9][12]. - Jialichuang's journey into ultra-high-layer PCB and HDI has been a long-term effort, with significant milestones achieved since its establishment in 2006, including the development of various technologies and manufacturing processes [13][14]. Group 4: Industry Impact - The advancements in HDI and ultra-high-layer PCBs are crucial for the evolution of modern electronic devices, as they allow for smaller, more efficient designs that meet the demands of high-performance applications [12][17]. - Jialichuang's innovations are positioned to empower engineers by making high-end manufacturing techniques accessible, thereby enhancing the capabilities of Chinese manufacturing in the global market [17].

Core Insights - The gaming sector experienced slight fluctuations on October 15, with the gaming ETF (159869) showing a minor decline of around 0.5% after previously dropping over 2.5% [1] - The gaming ETF has seen a net inflow of 2.423 billion yuan over the past 10 trading days, indicating strong investor interest, with the product's total scale reaching 10.612 billion yuan [1] - The media and gaming industries are benefiting from the AI technology wave and the trend of overseas expansion, with a focus on major internet companies in Hong Kong and AI Agent developments [1] Industry Performance - Domestic gaming revenue continues to grow at a double-digit rate, driven by new games like "Delta Action" and enduring titles such as "Honor of Kings" [1] - The overseas market is also experiencing significant growth, with contributions from Supercell's titles and "Dune: Awakening" [1] - The overall industry is witnessing a technological boom, supported by expectations of increased capital inflows, suggesting that the growth trend is likely to continue [1] Investment Opportunities - The gaming sector is catalyzed by multiple factors including AI, content, and changes in commercialization models [1] - The gaming ETF (159869) tracks the CSI Animation and Gaming Index, reflecting the overall performance of A-share listed companies in the animation and gaming industry, presenting potential investment opportunities [1]

Core Insights - The collaboration between Zhifang Intelligent and Jingneng Microelectronics marks a significant step in integrating robotics with the semiconductor industry, aiming to develop general-purpose embodied intelligent robot solutions for semiconductor factories [1][3] - The semiconductor industry is facing challenges in automating the last 5-6% of processes, which traditional automation cannot efficiently address, highlighting the potential role of robotics in overcoming these hurdles [2] - The demand for power semiconductors is expected to grow as intelligent robots transition to electric drive systems, creating new opportunities within the semiconductor market [4][5] Group 1: Strategic Collaboration - Zhifang Intelligent and Jingneng Microelectronics have signed a strategic cooperation agreement to deploy general-purpose embodied intelligent robots in advanced semiconductor factories, marking a global first [1] - The project will be implemented in phases, starting with the introduction of Zhifang's robot system "Aibao" at Jingneng's Hangzhou base, focusing on automating high-precision processes [3] Group 2: Automation Challenges - The semiconductor manufacturing industry has achieved a 94% automation rate, but the remaining 5-6% poses significant cost challenges, making it difficult to justify further automation investments [2] - The introduction of robotics is seen as a solution to these traditional automation limitations, allowing for adaptability in changing manufacturing scenarios [2] Group 3: Market Opportunities - Jingneng Microelectronics aims to leverage the growing demand for power semiconductors driven by the robotics sector, with an estimated 80% overlap in chip requirements between automotive and robotics applications [5][6] - The evolution of power devices in robotics is expected to shift from 24V systems to higher voltage systems, creating a need for advanced semiconductor solutions [6] Group 4: Silicon Carbide Market Dynamics - The rapid development and cost reduction of silicon carbide (SiC) chips are opening new application spaces in the power semiconductor market, particularly for electric vehicles [7] - The global demand for SiC chips is primarily driven by the electric vehicle market, with China being a key player, providing a competitive advantage in terms of cost and efficiency [7]

复苏来了吗？ 作者 I 杨继云 报道 I 投资界PEdaily 春江水暖，往往始于招人。 以往春节过后，通常都会有一波VC招聘。但最近几年"逃离一级市场"的声音不绝于耳， 裁员收缩席卷VC圈。直至今年，气氛悄悄发生一些变化——De e pSe e k爆红，掀起中国科 技资产重估浪潮，VC又开始忙碌起来。 仅在今天（3月5日），达晨财智、丰年资本都开放年度最大招聘需求，涉及众多岗位， 更显而易见的是对AI、具身智能、半导体、自动驾驶等科技领域的全面加码—— "未来十年，科技是最大的确定性，本土科技还有很多机会等待我们发掘。" 过去一个月，投资界与各家VC/PE交流中发现，酝酿招人计划的机构不在少数。而多位 创投大佬不约而同地表达了一个共同观察：一级市场开始局部回暖。 VC圈第一波招聘来了 "春节回来，招聘需求肉眼可见地多了起来，甚至有VC机构一连提了8个岗位需求。"一 级市场的猎头们率先感到了一丝回暖。 猎头还透露一家头部双币基金，正面向市场招募一名专注AI领域的投资人，职级视经验 而定，要求主导过AI领域投资项目，有大模型或AI应用层成功退出案例者加分。当中还 有一个硬性要求： 9 0后，紧跟AI前沿发展。 ...