《广东省金融支持企业开展产业链整合兼并行动方案》日前印发。其中提到，结合组建省级政府投资引 导基金体系，推动设立并购基金，鼓励社会资本积极参与，共同形成天使投资、风险投资、私募股权投 资、并购基金、S基金等全链条投资体系，采取跟投、直投等多元化方式，支持企业围绕本产业链关键 环节开展整合兼并。有效发挥政府投资基金支持关键核心技术攻关、补齐产业发展短板的引导作用，撬 动金融资产投资、保险、创投等社会资本、长期资金积极参与，重点投向芯片制造、工业软件、高端医 疗器械等领域，提升产业链关键核心技术自主可控能力。创新供应链金融产品和服务模式，加强资金链 与产业链融合，鼓励广州、深圳、佛山等有条件的地市设立并购基金、产业链基金等，开展产业链整合 兼并。 ...

2019年芯旺微基于自研KungFu8内核的KF8A系列8位车规MCU正式量产，迅速导入车身、照明、空调等子系统，当年出货量破百万颗。 11月26日，芯旺微发文称，公司KungFu车规级MCU累计交货突破2亿颗。 资料显示，2015年在芯旺微内部正式组建车规芯片事业部，按AEC-Q100、IATF-16949、ISO 26262三大标准同步搭建车规质量与功能安全体系，为后续所 有车规产品奠定流程基础。 2017年芯旺微完成首颗8位车规MCU工程批，通过AEC-Q100 Grade-1可靠性验证，实现-40~125 ℃全温区运行，拉开"国产车规MCU量产"序幕。 2020年芯旺微推出KungFu32内核的32位车规MCU KF32A151，主频高达120 MHz、带512 KB ECC Flash与6路CAN，率先通过ISO 26262 ASIL-B产品认 证，形成8位+32位"高低搭配"矩阵，年度车规芯片总出货突破1000万颗。 其车规级MCU累计交付量又于2024年3月突破1亿颗后，在2025年4月交付量突破1.6亿颗，增长迅猛。特别是在底盘域，出货量从2024年底的500万颗快速 增长至2025年4月的超 ...

铠侠的股票因人们对人工智能需求快速增长的预期而受益，这使得其股价在本月早些时候创下历史新 高。尽管此后股价有所回落，但仍比其首次公开募股时的每股 1455 日元高出数倍。然而随后，这家 NAND 芯片制造商公布的季度业绩未达市场预期，导致其股价大幅下跌。 智通财经APP获悉，铠侠在一则消息的影响下于日本股市暴跌超过 12%。该消息称，一家由贝恩资本支 持的实体将出售其在这家日本存储芯片制造商的股份，这引发了人们对全球人工智能相关企业高估值的 担忧。据牵头承销商高盛发布的声明称，BCPE Pangea Cayman LP计划向海外投资者出售 3600 万股铠 侠公司股票。基于周二收盘价9853日元计算，这意味着该交易的估值可能约为 3550 亿日元(约合 23 亿 美元)。 ...

Core Insights - The article discusses the increasing demand for advanced packaging technologies in the semiconductor industry, particularly due to the tight capacity of TSMC's CoWoS technology, which has led companies to consider Intel's EMIB as an alternative solution [1][2]. Group 1: TSMC's CoWoS Capacity Constraints - TSMC's CoWoS advanced packaging capacity is highly constrained, making it difficult for many ASIC and second-tier AI chip manufacturers to secure sufficient support [1]. - The demand for cloud AI chips has surged, leading to full capacity utilization at TSMC and its associated testing supply chain [2]. - There is a growing need for local production in the U.S., which TSMC currently cannot fully meet due to the requirement of returning the backend processes to Taiwan [2]. Group 2: Intel's EMIB Technology - Intel's EMIB technology is gaining attention due to its cost-effectiveness and good thermal performance, making it suitable for products with lower technical specifications [2][3]. - Companies like Marvell and MediaTek are reportedly exploring EMIB to offer more affordable solutions to their customers [2]. - EMIB is seen as a mature technology that can support urgent Tier 2 projects that require quick design-to-production timelines [3][4]. Group 3: Industry Movements and Collaborations - Major companies like Apple and Qualcomm are actively recruiting talent with knowledge of EMIB technology, indicating a strategic shift towards this packaging method [3]. - The integration of TSMC's front-end wafer fabrication with Intel's EMIB backend is being considered as a viable business model for AI chip supply chains [5]. - There is a trend of increasing collaboration among companies testing EMIB, which may lead to stable order volumes in the long term if successful [4][6].

美股盘中突然爆发。 当地时间11月25日（周二），美国股市三大股指盘中"深V"反转，全线收涨。其中道琼斯工业指数重回47000点整数关口之上，纳斯达克指数重回23000点 整数关口之上。 超威半导体（AMD）股价巨震，盘中跌势惨烈，一度大跌逾9%，但其后明显收窄跌幅。 消息面上，美联储理事斯蒂芬·米兰周二在电视采访中表示，由于美联储过高的利率目标，导致就业市场恶化。他建议加大降息力度以支持经济。 芝商所"美联储观察"工具显示，市场预计美联储12月会议上降息25个基点的概率为84.9%。 此外，当地时间11月25日，美国财政部长斯科特·贝森特表示，美国总统特朗普"极有可能"在今年年底的传统节日前，提名美联储主席鲍威尔的继任者。 道指重回47000点之上 当地时间11月25日，美国股市三大股指早盘全线下跌，纳斯达克指数一度跌超1%，盘中大幅拉升，三大股指悉数收涨。截至收盘，道琼斯工业指数涨 1.43%，重回47000点整数关口之上，报47112.45点；标准普尔500指数涨0.91%，报6765.88点；纳斯达克指数涨0.67%，重回23000点整数关口之上，报 23025.59点。 美股市场大型科技股多数上涨。 ...

Core Viewpoint - Company plans to acquire 49% stake in Zhuhai Noah Changtian Storage Technology Co., Ltd. to achieve 100% ownership, enhancing its position in the semiconductor industry [1][2] Group 1: Acquisition Details - The acquisition involves purchasing 31% of Noah Changtian for 144 million yuan, increasing the company's stake to 51% and gaining control over SkyHigh Memory Limited (SHM) [1] - The total equity of Noah Changtian was valued at 463 million yuan as of the assessment date, reflecting a 3.26% increase over the book value [1] Group 2: Strategic Implications - Noah Changtian serves as a holding company for SHM, which specializes in high-performance 2D NAND and related memory products, with a global sales network [2] - The acquisition is expected to complement the company's existing non-volatile memory product offerings and expand its global sales network, thereby enhancing core competitiveness [2] Group 3: Transaction Status - The company announced a suspension of trading as it plans to issue shares to acquire the remaining 49% stake in Noah Changtian, with the suspension expected to last no more than 10 trading days [2] - The transaction is still in the planning stage, with preliminary agreements signed with the existing shareholders [2]

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【11月25日亚德诺公布第四财季业绩，营收利润双超预期】11月25日，芯片制造商亚德诺披露第四财季 业绩。营收达30.8亿美元，同比增26%，高于分析师预期的30亿美元。调整后每股收益为2.26美元，略 高于预期的2.24美元。公司Richard Puccio称，虽宏观不确定性或影响2026财年状况，但有能力利用周期 性复苏和长期增长机会。此外，公司预计2026财年第一季度营收介乎30亿至32亿美元，超分析师预期的 29.7亿美元。 ...

格隆汇11月25日｜芯片制造商亚德诺(Analog Devices)公布第四财季业绩，营收为30.8亿美元，同比增长 26%，高于分析师预期的30亿美元；调整后每股收益为2.26美元，略高于预期的2.24美元。公司首席执 行官Richard Puccio表示，虽然宏观不确定性可能会影响2026财年的状况，但相信我们有能力继续利用 正在进行的周期性复苏和长期增长机会。此外，公司预计2026财年第一季度营收将介于30亿至32亿美元 之间，超过分析师预期的29.7亿美元。 ...

Group 1: Economic Outlook - The global economy is transitioning from a linear trajectory to a complex system characterized by non-linearity, path dependence, and adaptability, leading to heightened sensitivity to disturbances and a dual feature of instability and resilience optimization [1] - Major economic policies are diverging, exacerbating global structural differentiation, while structural reforms, supply chain restructuring, and technological innovation are simultaneously reshaping the growth foundation [1] - China's performance and choices are critical in this global context, with its vast domestic market, ongoing industrial upgrades, and relatively ample policy space positioning its assets at the center of global capital attention [1] Group 2: Policy and Profit Recovery - China is creating conditions for corporate profit recovery through coordinated fiscal and monetary policies amid a transition between old and new economic equilibria [2] - The MSCI China Index is projected to see a 10% increase in earnings per share by 2026, driven by anti-involution measures and reduced depreciation expenses from declining capital expenditures [2] - Continuous policy support is effectively boosting corporate profitability and investment value, with expectations for steady increases in ROE and dividend yields for listed companies [2] Group 3: Technological Advancements - Artificial intelligence (AI) is becoming a substantial force driving China's economic transformation, with 2025 anticipated as the "AI application year" [3] - Global recognition of China's AI industry is growing, with significant breakthroughs in technology innovation and favorable policies expected to enhance profitability [4] - The restructuring of supply chains is creating new investment opportunities, particularly in technology independence, resilient supply chains, and energy security [4] Group 4: Capital Flows and Market Dynamics - The easing of global monetary policies and a weakening dollar are creating favorable conditions for emerging market assets, including those in Asia [6] - The MSCI China Index is forecasted to reach a target of 100 by the end of 2026, indicating a potential 14% increase from current levels, supported by inflows from domestic and foreign investors [6] - China's assets are facing significant value reassessment opportunities amid a dual critical state of upward potential and downward risks, driven by structural reforms and technological innovations [6] Group 5: Micro-Level Changes - The potential for China to become a global capital "safe haven" lies not in macro data but in ongoing micro-level transformations, such as technological breakthroughs and smart factory upgrades [7] - These subtle changes are becoming key nodes that could shift the overall landscape, indicating that perceptions of Chinese assets represent a vote for the future [7]

智通财经APP获悉，博通(AVGO.US)周一股价大涨11.1%%，成为标普500指数中当日表现最佳的成分 股，原因是投资者重新涌入多家与人工智能(AI)交易相关的热门科技公司。华尔街也注意到这家芯片制 造商，将其视为谷歌(GOOGL.US)在AI领域日益增长的主导地位的衍生投资标的。 作为超大规模计算公司最大的高性能专用集成电路(ASIC)供应商之一，博通今年表现强劲，股价年内涨 幅已达60%。周一的上涨使该股创下自4月9日以来的最佳单日表现。该股同时也是追踪标普500科技股 板块的Technology Select Sector SPDR基金(XLK)中表现最好的成分股。 博通股价的变动正值投资者持续推高谷歌股价之际。随着AI交易收复部分近期失地，谷歌股价上涨超 过5%。谷歌股价在过去一个月上涨了21%，表现优于"美股七巨头"中的其他公司，并在近期交易中推 动大盘走高。投资者对谷歌最新的AI模型Gemini 3、即将推出的名为"Ironwood"的第七代张量处理单元 (TPU)、其在AI图像生成方面与Nano Banana Pro的进展，以及名为"Google Antigravity"的新智能体平台 都做 ...