Financial Data and Key Metrics Changes - The company reported record revenues of $12.3 billion and non-GAAP earnings per share (EPS) of $3.50 for fiscal Q1 2026, with non-GAAP EPS at the high end of guidance [5][17] - QCT revenues reached a record $10.6 billion, with strong year-over-year growth across automotive and IoT segments [17] - Licensing business revenues were $1.6 billion, with an EBT margin of 77%, driven by higher units and favorable mix [17] Business Line Data and Key Metrics Changes - QCT handset revenues reached a record $7.8 billion, benefiting from recently launched flagship smartphones [17] - QCT IoT revenues grew 9% year-over-year to $1.7 billion, driven by demand across consumer and networking products [17] - QCT Automotive revenues grew to $1.1 billion, up 15% year-over-year, reflecting increased demand for Snapdragon Digital Chassis platforms [17] Market Data and Key Metrics Changes - Global consumer demand for handsets, particularly in the premium and high-tier segments, exceeded expectations, with healthy sell-through observed [5] - The handset industry is expected to face constraints due to memory availability and pricing, particularly DRAM, as suppliers redirect capacity to meet AI data center demand [5][6] Company Strategy and Development Direction - The company is focused on expanding its presence in the premium and high-tier smartphone segments, with a dual flagship product strategy that has seen broad OEM adoption [6][7] - The company is also investing in AI-native smartphones and intelligent wearables, positioning Snapdragon platforms as the choice for the industry [7][8] - In automotive, the company aims to reinforce its technology leadership with multiple design wins and collaborations with major automakers [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals of the handset business despite near-term challenges related to memory supply and pricing [19] - The company anticipates returning to prior growth trajectories for QCT handset revenues once memory supply normalizes [19] - Management remains optimistic about the long-term growth potential in automotive and IoT, with expectations for continued revenue acceleration [21] Other Important Information - The company completed the acquisition of Alphawave Semi, enhancing its high-speed wire connectivity technologies [15] - The company is actively engaging with leading hyperscalers and cloud service providers to develop data center solutions [14] Q&A Session Summary Question: What factors are driving the weakness in handset outlook beyond memory pricing? - Management indicated that the weakness is entirely related to memory availability, with strong microeconomic indicators and handset demand observed [26][27] Question: Is the automotive revenue growth driven by ADAS wins? - Management confirmed that the automotive pipeline continues to translate into revenue, with new car launches contributing to record revenues [29][30] Question: How is the company managing the memory supply situation? - Management clarified that they do not purchase memory directly but work closely with customers who do, ensuring flexibility with various memory providers [69][70] Question: What is the outlook for the data center business? - Management stated that progress is on track, with positive feedback from engagements with hyperscalers and cloud service providers [35][36] Question: How does the company view the impact of memory shortages on the overall handset market? - Management emphasized that the size of the handset market will be determined by memory availability, with expectations for premium and high-tier segments to remain resilient [40][76]

此外，SoIC封装可能在生产过程中遇到了一些问题，但根据定焦数码相机的案例来看，M5 Pro 和M5 Max的制造成本可能会降低，但降幅不大。不过，考虑到目前所有厂商都在应对DRAM危 机，任何成本节约都值得欢迎。SoIC封装或许还能帮助苹果解决M5芯片的一些温度问题，我们 之前报道过，该芯片在高负载运行时温度可高达99摄氏度。 然而，SoIC技术最显著的优势或许在于，它可以让M5 Pro和M5 Max在芯片上拥有独立的CPU和 GPU模块，从而根据用户不同的工作负载实现独特的配置。当然，我们必须对这一传闻持保留态 度，等待更多细节公布，因为苹果随时可能给我们带来意想不到的惊喜。话虽如此，让我们拭目 以待吧。 参参考考链链接接 h tt ps://wc c ft e c h . c om/m5 - p r o - a n d -m5-ma x-l a unc h-r umor e d-t o- ha ppe n-i n-ma r c h - n ew- p a c k a g i n g -t o -r e d u c e - c o sts/ 如果您希望可以时常见面，欢迎标星收藏哦~ 一月即将结束，翘首期盼 ...

港股｜挂牌上市 据IPO早知道消息，湖南鸣鸣很忙商业连锁股份有限公司（以下简称"鸣鸣很忙"）于2026年1月28日 正式以"1768"为股票代码在港交所主板上市，成为港股"量贩零食第一股"。 鸣鸣很忙在本次IPO中总计发行15,511,200股H股。其中，香港公开发售获1,899.49倍认购，国际发 售获44.44倍认购。以每股236.60港元的发行价计算，鸣鸣很忙通过本次IPO总计募集36.7亿港元。 值得一提的是，44.44倍的国际认购已是近年来港股消费IPO最高倍数的国际配售之一。要知道， 2025年港股两大消费IPO——蜜雪冰城和布鲁可的国配倍数分别为35.23倍和38.60倍。而36.7亿港 元的募资总额也已超过了当时蜜雪冰城的募资总额。 同时，鸣鸣很忙本次引入了一个堪称近年来最豪华的港股IPO基石阵容，8家基石投资者累计认购约 1.95亿美元，覆盖全球主权财富资金、境内外知名资产管理机构及消费产业战略投资者——其中， 腾讯和淡马锡（Temasek）分别认购4500万美元，贝莱德（BlackRock）认购3500万美元，富达基 金（Fidelity）3000万美元，泰康人寿、博时国际、易方达以及淡水 ...

Group 1: Core Insights - Suzhou's 2026 government work report introduces nearly 40 new terms, indicating a proactive approach to technology and innovation, with each term potentially representing a new industry track or capital leverage point [1] - The RISC-V open instruction set architecture is highlighted as a key area for innovation in the chip industry, with Suzhou establishing an RISC-V open-source chip innovation center in collaboration with Damo Academy [1] - The "Three Firsts and Two New" initiative focuses on pioneering equipment, new materials, software, technologies, and products, aiming to stimulate innovation potential in various industrial tracks [1] Group 2: Capital Empowerment - The introduction of the "Science and Technology Innovation Index" financing system and other measures reflects Suzhou's ongoing efforts to optimize its capital ecosystem [2] - The "Science and Technology Innovation Index Loan" integrates cross-departmental data to create a comprehensive credit evaluation system for innovation enterprises, facilitating precise allocation of financial resources [2] - The S Fund and QFLP initiatives aim to enhance investment channels and support the growth of science and technology enterprises, while infrastructure REITs are expected to improve liquidity for quality assets [2] Group 3: Resource Assurance and Green Development - Suzhou aims for a computing power scale of 34,000 PFLOPS by 2026, emphasizing the importance of computing, electricity, and data support for digital economic development [3] - The deepening of ESG principles encourages enterprises to enhance their sustainable development capabilities across environmental, social, and governance dimensions [3] - Suzhou's shift from "bringing in" to "dual-way opening" in foreign trade reflects its commitment to expanding cooperation and attracting global resources [3]

Arteris (NasdaqGM:AIP) FY Conference Summary Company Overview - **Industry**: Semiconductor IP - **Company**: Arteris IP - **Focus**: Data movement within semiconductor chips, utilizing network-on-chip (NoC) technology to enhance data processing, storage, and transfer capabilities [3][4] Core Business and Technology - **Products**: - Ncore: Cache-coherent product for processor subsystems - Non-coherent NoC IP: For data transport across chips - FlexGen: Automates NOC IP generation, improving design speed by 10x and reducing design length by up to 30% [9] - **Acquisitions**: - Magillem (2020): Enhances SoC connectivity and hardware-software integration - Cycuity (2023): Focuses on hardware security verification [14][15] Market Dynamics - **Increasing Complexity**: Driven by AI applications, chiplets, and the need for robust data movement solutions [5][6] - **AI Focus**: Approximately 50% of design starts are for AI applications, including automotive and data center solutions [10][11] - **Customer Base**: Over 230 active customers, including major global companies and startups [7][8] Financial Performance - **Third Quarter Highlights**: - Revenue growth of 18%, with a significant increase in remaining performance obligations (RPO) by 34% year-over-year, reaching approximately $105 million [19][20] - Positive free cash flow despite negative profitability due to deferred revenue model [17][18] - **Future Guidance**: - Projected revenue around $69 million for the upcoming year, with a target for license revenue growth in the high teens to low 20s percent [34] Growth Strategy - **R&D Investment**: Commitment to maintaining a robust R&D program, with plans to release one new product annually [13][30] - **Market Focus**: Targeting high-growth areas such as automotive, AI, and chiplet solutions [13][14] - **Inorganic Growth**: Potential for further acquisitions to enhance capabilities and market reach [22][23] Customer Relationships - **Retention Rate**: Over 90% customer retention, exemplified by a long-term relationship with Mobileye [12] - **Royalty Streams**: Diversification of royalty sources, with a significant portion now coming from automotive applications [26][27][28] Conclusion - Arteris is positioned for growth in the semiconductor IP market, leveraging its innovative technologies and strong customer relationships to navigate the complexities of modern chip design and data movement. The company is focused on maintaining financial health while investing in R&D and exploring strategic acquisitions to enhance its market position [14][34]

Core Viewpoint - Guangzhou is implementing a series of policies to promote the high-quality development of the integrated circuit industry during the 14th Five-Year Plan period, focusing on attracting investment and enhancing the entire industry chain [1][3]. Policy Support - The policies aim to secure support from national and provincial integrated circuit industry development funds for major projects in Guangzhou [1]. - Enterprises are encouraged to utilize multi-level capital markets for financing and to attract various venture capital and private equity funds into the integrated circuit sector [1]. Industry Development Strategy - Guangzhou is building a modern industrial system known as "12218," with semiconductors and integrated circuits identified as strategic leading industries [3]. - The city has established an industrial layout centered around Huangpu, with Nansha and Zengcheng as key areas, enhancing industrial clustering effects [3]. Focus Areas - The policies emphasize resource concentration in high-end chip research and development, 12-inch wafer manufacturing, advanced packaging and testing, and key materials and equipment [3][4]. - Specific support is provided for the design of high-end general-purpose chips and specialized chips, with subsidies for companies achieving certain technological milestones [4]. Manufacturing and Testing Support - The policies support advanced IDM and wafer foundry enterprises in establishing R&D, production, and operational centers, particularly for 12-inch wafer production lines [4]. - Financial support for significant projects includes a maximum of 20% of new equipment purchase costs, with specific conditions on equity stakes [4]. Advanced Packaging and Testing - The policies promote the development of advanced packaging technologies and testing techniques, with financial assistance for qualifying projects [5]. - Support is also extended to automotive and display manufacturers to enhance the application of key design and manufacturing chips [5]. Infrastructure Development - The policies include measures to enhance industrial capacity and service levels through the construction of specialized integrated circuit industrial parks [7]. - Financial incentives are available for the establishment of public facilities and testing platforms within these parks, with rewards up to 5 million yuan [7]. New Materials Focus - The establishment of a high-end electronic information new materials industrial park is prioritized, aiming to attract leading companies in integrated circuit materials [8]. - The park will focus on the development and supply chain of critical materials such as electronic gases, photoresists, and advanced packaging materials [8].

Core Viewpoint - The article discusses the recent resurgence of Borui Jinxin, a chip company that previously faced financial difficulties but has now received new investments and cleared debts, indicating a potential turnaround in the Chinese chip industry, particularly for ARM CPU manufacturers [1][9]. Group 1: Industry Trends - The Chinese chip design industry has seen significant growth, with the number of chip design companies increasing from 1,780 in 2018 to 2,218 in 2020, and projected to reach 3,901 by 2025, reflecting a compound annual growth rate [2]. - Factors driving this growth include the rise of artificial intelligence, the maturity of RISC-V, and the electrification and intelligence of vehicles, with ARM high-performance chips being a standout segment [2][10]. - ARM architecture has gained recognition across various applications, including embedded systems, mobile devices, PCs, and servers, particularly in the context of AI and cloud computing [2][10]. Group 2: Market Dynamics - IDC predicts a 70% increase in server shipments based on ARM architecture by 2025, with ARM aiming for nearly 50% of computing power in top-tier data centers to be ARM-based by the same year [3]. - Major cloud service providers like AWS, Google, and Microsoft are increasingly adopting ARM server CPUs, indicating a favorable market environment for ARM chips [4][10]. - Despite the challenges faced by domestic companies like Borui Jinxin, the demand for ARM server chips is on the rise in China, driven by the need for domestic alternatives and advancements in AI technology [10]. Group 3: Challenges and Opportunities - The design and production of advanced SoCs (System on Chips) present significant challenges, particularly as the industry moves towards sub-5nm processes, which dramatically increase design costs and complexity [6][8]. - The cost of designing chips has escalated, with design costs rising from $90 million for 16nm to $249 million for 7nm, and projected to reach $725 million for 2nm, making it difficult for startups to secure funding [8][9]. - Despite past difficulties, Borui Jinxin's recent investment and strategic support from state-owned enterprises may provide a unique opportunity to leverage its ARM instruction set authorization and compete in the server chip market [11].

Core Insights - The OECD report highlights the geographical distribution of wafer fabrication capacity, indicating that the top five economies (China, Taiwan, South Korea, Japan, and the USA) account for 87% of global wafer production capacity by September 2025 [2][5]. Geographical Distribution of Production Capacity - The report illustrates that South Korea's wafer production capacity is highly concentrated, with nearly 80% coming from nodes between 6nm and less than 22nm, primarily due to investments from major suppliers like SK Hynix and Samsung [5]. - In contrast, the USA's wafer production capacity is more diversified across various process nodes [5]. Concentration of Production Capacity Among Companies - The top ten semiconductor companies hold approximately 50% of the global wafer production capacity [6]. - In Japan, 73 companies operate wafer fabs with a total capacity exceeding 5 million wafers, with the top five companies accounting for 58% of Japan's total capacity [6]. Planned and Under Construction Capacity Growth - The majority of capacity investments are concentrated in the largest semiconductor-producing economies, driven by major companies operating in those regions [9]. - The USA, China, South Korea, Taiwan, Japan, Germany, and Singapore are identified as the countries with the largest growth in wafer production capacity [9]. Wafer Capacity by Chip Type - The report emphasizes that assessing wafer capacity distribution solely by node density is insufficient; chip type and business model must also be considered [11]. - China and Taiwan are the only two economies ranked among the top five producers for all six chip types analyzed [16]. Potential for Capacity Expansion by Chip Type - Capacity expansion potential varies significantly across chip types and economies, with notable growth in power chips and analog chips primarily occurring in China [18]. - The USA leads in upcoming capacity for analog chips, while China is set to dominate in mature logic chip production [19]. Mixed Manufacturing Capabilities of Fabs - Many fabs can produce multiple chip types, complicating the analysis of wafer capacity distribution [24]. - The presence of mixed-capacity fabs is particularly common in the production of analog and mature logic chips, while dedicated fabs are more prevalent for power semiconductors and advanced logic chips [26]. Average Wafer Fab Size by Chip Type - The average size of wafer fabs varies by chip type, with power, analog, and mature logic chips averaging between 30,000 to 50,000 WSPM, while advanced logic and general memory fabs are significantly larger [28]. Ownership and Wafer Capacity - Most wafer production capacity in the top five economies is owned by domestic companies, although foreign investment is increasing in some regions [32]. - The report notes that the ownership structure in the semiconductor industry can be complex, with many companies operating in multiple countries [33]. Wafer Capacity by Business Model - The report categorizes wafer capacity into three business models: IDM, pure foundry, and IDM-foundry, highlighting the evolving nature of semiconductor manufacturing [36]. - China and Taiwan are noted for having over 50% of their domestic wafer capacity coming from foundries rather than IDMs [38].

Financing Overview - A total of 20 financing events occurred in Shanghai from December 15 to December 21, with 7 disclosing amounts totaling approximately 1.171 billion yuan [3] - This period saw a decrease of 2 financing events compared to the previous week, which had 22 events [3] Company Dynamics - Moudian Intelligent won the highest award at the National Disruptive Technology Innovation Competition on December 12 [2] - Maikang Smart secured the first prize at the "Huawei Cloud Cup" 2025 AI Application Innovation Competition on December 17 [2] - Jieti Medical was selected for the "2025 China Sci-Tech Innovation Good Company" list by Zhito Finance on December 18 [2] - Jeno Bio's "Gong'anli®" successfully obtained registration in Thailand on December 20 [2] Industry Focus - The Shanghai Open Processor Industry Innovation Center was officially launched in the RISC-V Ecological Block on December 15 [2] - Muxi Co., a Zhangjiang enterprise, was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17 [2] - A team from Shanghai Jiao Tong University's Integrated Circuit Institute developed the all-optical computing chip LightGen on December 21 [2] Financing by Region - Nine districts in Shanghai experienced financing events, with Pudong New District having the highest number at 9 events, followed by Xuhui District with 3 events [5] Financing by Round - The majority of financing rounds were Series A, with 8 occurrences, followed by 6 angel rounds [5] Financing by Industry - The artificial intelligence sector led with 6 financing events, followed by the healthcare sector with 4 events [7] Notable Financing Events - Jeno Bio completed over 200 million yuan in Series B financing on December 16, led by Huagai Capital [10] - Anlingke Bio secured nearly 50 million USD in A+ round financing on December 16, with investments from multiple firms [12] - Fangqing Technology completed over 500 million yuan in angel+++ and Pre-A round financing on December 16 [14] - Yuanma Zhiyuan completed angel+ round financing on December 15, exclusively invested by Yifeng Capital [16] Industry Highlights - Five financing events related to the artificial intelligence industry occurred, with three involving AIGC [18] - Three financing events in the integrated circuit industry included two in EDA and one in logic chips [18] - The successful listing of Muxi Co. set a benchmark for the commercialization of domestic high-end chips [18] - The development of the LightGen chip provides a new method to address the computational power gap in generative AI deployment [18] - The Shanghai Open Processor Industry Innovation Center aims to strengthen policy guidance and ecological cultivation for the integrated circuit industry [18]

Core Insights - The article highlights the significant rise of China's computing power sector, marked by the recent IPOs of companies like Moore Threads and Muxi, which have collectively reached a market value exceeding 1.6 trillion yuan [1][3] - Lenovo Ventures has emerged as a key player in this sector, successfully investing in four major companies: Cambricon, Haiguang Information, Moore Threads, and Muxi, showcasing its strategic foresight in the computing power landscape [3][4] Investment Strategy - Lenovo Ventures began its investment journey in the computing power sector in 2017, focusing on AI computing as a critical component of future technological advancements, despite the sector being largely overlooked at the time [4][5] - The firm has a systematic approach to investment, conducting in-depth research annually to identify emerging trends and opportunities in the industry [7][8] Notable Investments - Cambricon, a pioneer in AI-specific chip design, has seen its market value soar to over 600 billion yuan, validating Lenovo Ventures' early investment decision [4][5] - Haiguang Information, recognized for its capabilities in high-end CPU and GPU development, has also experienced significant growth, with its stock price increasing over sevenfold since its IPO [5][6] - Moore Threads and Muxi were identified and invested in during their early stages, reflecting Lenovo Ventures' commitment to supporting domestic GPU development [5][7] Ecosystem Development - Lenovo Ventures has created a complementary ecosystem among its portfolio companies, enhancing their market validation and operational efficiency through collaboration with Lenovo Group [10][11] - The firm emphasizes the importance of synergy between its investments and Lenovo's core business, aiming to integrate innovative technologies into its product offerings [10][12] Future Outlook - Lenovo Ventures is focused on disruptive computing architectures, including technologies like quantum computing and RISC-V, positioning itself to capitalize on the next wave of technological advancements [11][12] - The firm aims to remain at the forefront of the computing revolution, recognizing the evolving nature of computing and its implications for various industries [11][13]