Core Viewpoint - The company, Yingjie Electric (300820), is actively engaged in providing power supply services for semiconductor equipment and material manufacturers, indicating a strong position in the semiconductor industry [1] Group 1: Business Operations - The semiconductor business primarily serves equipment and material manufacturers, highlighting the company's focus on this sector [1] - The company collaborates with several well-known domestic semiconductor enterprises, showcasing its established relationships within the industry [1] - The service coverage extends nationwide, including key industrial areas such as Shenzhen and Shanghai, which are critical hubs for semiconductor production [1]

21世纪经济报道记者 石恩泽 深圳报道 （原标题：21现场｜探访新凯来：超高速实时示波器，填补多项空白） 10月15日，在湾芯展上，21世纪经济报道记者了解到，新凯来旗下子公司武汉启云方科技有限公司（简 称"启云方"）和深圳市万里眼技术有限公司（简称"万里眼"），分别带来两个"惊喜"，分别是 一"软"一"硬"上的技术突破。 前者启云方作为"软"的代表，首次向业界发布了两款拥有完全自主知识产权的国产电子工程EDA，即原 理图设计软件和PCB设计软件，填补了国产高端电子设计工业软件技术空白。 后者万里眼作为"硬"的代表，研发出中国首款90GHz超高速实时示波器，围绕"中国标准、中国仪器、 中国应用"建立产业新生态，让半导体产业链从此多了"中国标尺"的选择。 值得一提的是，超高速实时示波器与半导体集成电路技术的发展、6G的技术突破和智能驾驶等产业息 息相关。 在探访新凯来公司时，深圳市万里眼技术有限公司副总经理、研发部总监谭剑介绍，以AI芯片为例， 7nm及以下工艺的智算芯片的高速接口测试，需要带宽60G-90GHz以上的实时示波器。因此，万里眼此 次发布的90GHz超高速实时示波器，将有效支撑起中国半导体行业自主 ...

Financial Data and Key Metrics Changes - Net sales for Q3 2025 were €7.5 billion, including €2 billion from installed base revenue and the recognition of one High NA system [1] - Gross margin for the quarter was 51.6%, aligning with guidance [1] - Net income for the quarter was CHF 2.1 billion, with net bookings of CHF 5.4 billion, including CHF 3.6 billion for EUV [1] Business Line Data and Key Metrics Changes - For Q4 2025, revenue is expected to be between €9.2 billion and €9.8 billion, with installed base revenue projected at approximately €2.1 billion [2][3] - Full year 2025 net sales are anticipated to be around €32.5 billion, with a gross margin around 52% [3] Market Data and Key Metrics Changes - The demand from Chinese customers is expected to significantly decrease in 2026 compared to 2024 and 2025, where strong business was recorded [6] - Despite the anticipated decline in China, net sales for 2026 are expected to not fall below 2025 levels [7] Company Strategy and Development Direction - The company is focusing on AI-driven investments in advanced logic and DRAM, which are expected to benefit a larger part of the customer base [5] - A strategic partnership with Mistral AI has been established to enhance software capabilities within ASML's systems, improving product development speed and performance [9][11] - The company is pursuing opportunities in 3D integration, which is seen as a way to drive Moore's Law and meet increasing customer requirements [16][18] Management's Comments on Operating Environment and Future Outlook - Management noted a flow of positive news regarding AI commitments, which is expected to drive investments in advanced semiconductor applications [5] - The company anticipates that AI will create significant value in its products moving forward, with long-term revenue opportunities projected between €44 billion and €60 billion by 2030 [20] Other Important Information - The company has shipped its first advanced packaging product, the XT260, which supports advanced packaging and offers up to 4x productivity compared to existing products [15] - The collaboration with Mistral AI includes an 11% share acquisition and a seat on their strategic committee, emphasizing the importance of AI in ASML's future [12] Q&A Session Summary Question: What is the outlook for ASML in 2026? - Management expects the impact of market dynamics to be partially effective in 2026, with net sales not expected to be below 2025 levels [7] Question: Can you elaborate on the collaboration with Mistral AI? - The partnership aims to enhance software content in ASML's systems, improve product development speed, and leverage AI for better performance [9][11] Question: What are the long-term opportunities for ASML? - The company sees AI driving advanced applications in semiconductors and expects significant revenue opportunities by 2030 [20]

Core Viewpoint - ASML is addressing concerns regarding its growth in 2026, particularly highlighting a significant expected sales decline in China, while assuring that total net sales in 2026 will not fall below those of 2025 [1][2]. Financial Performance - ASML reported net sales of 7.516 billion euros, which was below the expected 7.79 billion euros, while net profit was slightly above expectations at 2.125 billion euros compared to the forecast of 2.11 billion euros [6]. Market Context - The company has faced challenges due to domestic export restrictions in the Netherlands and U.S. tariff policies, impacting the semiconductor industry [2]. - Analysts from Morgan Stanley, UBS, and Jefferies have recently upgraded ASML's stock, citing growth drivers such as the expansion of AI chip foundries and increased semiconductor manufacturing in China [3]. - The anticipated $5 billion deal between Nvidia and Intel is expected to boost demand for semiconductor equipment, benefiting ASML [4].

截至10月10日，联芸科技股东户数1.47万，较上期减少5.32%；人均流通股4767股，较上期增加5.62%。 2025年1月-6月，联芸科技实现营业收入6.10亿元，同比增长15.68%；归母净利润5613.50万元，同比增 长36.38%。 机构持仓方面，截止2025年6月30日，联芸科技十大流通股东中，招商丰盈积极配置混合A（009362） 位居第九大流通股东，持股32.08万股，为新进股东。长城久嘉创新成长混合A（004666）退出十大流通 股东之列。 责任编辑：小浪快报 10月14日，联芸科技跌0.73%，成交额6.71亿元。两融数据显示，当日联芸科技获融资买入额7397.34万 元，融资偿还6393.88万元，融资净买入1003.45万元。截至10月14日，联芸科技融资融券余额合计3.74 亿元。 融资方面，联芸科技当日融资买入7397.34万元。当前融资余额3.74亿元，占流通市值的9.32%。 融券方面，联芸科技10月14日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元。 资料显示，联芸科技(杭州)股份有限公司位于浙江省 ...

深圳特区报记者 邹媛 熊子恒 转自：深圳特区报 鹏城十月，"芯"聚全球。10月15日，2025湾芯展将在深圳会展中心（福田）开幕。10月14日，记者提前 来到场馆探营。展馆外，"万里眼超高速实时示波器全球首发"等标语直击眼球；场馆内，来自全球各地 的展商已经提前抵达，正在服务台有序注册登记领取证件。接下来的三天，这里将成为全球20多个国家 和地区600多家企业、机构携新技术、新产品、新成果精彩亮相的"黄金秀场"，令业界得以零距离触摸 全球半导体产业发展的强劲脉搏。 展商云集 重磅新品定义"芯"高度 此次湾芯展上，新凯来无疑是最大的亮点之一。记者了解到，此前新凯来在上海半导体设备展上推出的 6大类31款半导体设备，都将全部在此次湾芯展上亮相，且其旗下的两家子公司都将带来重磅新品发 布，其中万里眼将全球首发超高速实时示波器。 "出圈"并非偶然。今年3月的上海国家会展中心，是新凯来成立4年来首次走进大众视野。一出场便 是"王炸"，其发布的31款新品，覆盖刻蚀产品、扩散产品、薄膜产品以及物理量测、X射线量测、光学 量检测6大类。值得关注的是，它的产品用了13座中国名山命名，大有攀登"芯"高峰的寓意。 据新凯来官网显示 ...

Core Insights - Credo has joined Arm Total Design to enhance the development of custom silicon specifically for AI data centers [1] Group 1 - The collaboration aims to accelerate the design and deployment of tailored silicon solutions that meet the growing demands of AI workloads [1] - This partnership is expected to leverage Arm's expertise in chip design alongside Credo's capabilities in high-speed connectivity [1] - The initiative reflects the increasing focus on optimizing hardware for AI applications, which is critical for data center efficiency and performance [1]

Financial Data and Key Metrics Changes - For the second quarter, revenue increased slightly to $5,160,000 compared to $5,130,000 in the previous quarter, marking the sixth consecutive quarter of revenue over $5,000,000 [20][29] - Net income for the quarter increased 27% to $431,000 compared to $340,000 last year, reflecting higher gross profit and lower operating expenses [20][33] - For the first half of fiscal year 2026, total sales reached a record $10,300,000, up from $10,190,000 in the previous year, with net income increasing 36% to $917,000 [23][37] Business Line Data and Key Metrics Changes - Medical market sales increased by 150% year over year to $1,000,000, driven by balloon coating systems shipped to the U.S., Europe, and China [19][22] - Integrated Coatings Systems sales decreased by 24% to $1,530,000, primarily due to a customer-requested delivery delay [21] - OEM sales increased by 92% to $394,000, driven by strong shipments to Fluxer OEMs and new optics-related OEM wins [21] Market Data and Key Metrics Changes - U.S.-Canada sales decreased by 22% year over year, driven by slowing momentum in the clean energy industry [20] - Sales in Asia increased by 153% year over year, with major growth in China and other parts of Asia [20] - EMEA sales increased by 25%, while Latin America sales decreased by $74,000 [21] Company Strategy and Development Direction - The company has shifted to offering larger, more complex systems, which has broadened its addressable market and increased average unit selling prices [9][16] - The diversification strategy has shown momentum in the medical device industry, offsetting declines in clean energy orders [14][27] - Investments in R&D and application engineering are aimed at enhancing customer partnerships and driving long-term growth [64][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, supported by a solid backlog of $11,200,000 and a strong balance sheet with $10,600,000 in cash and no debt [15][26] - The company anticipates modest revenue growth for the full fiscal year, balancing caution with expected demand from the medical device industry [15][27] - Management noted that the clean energy sector is expected to decline this year, but diversification efforts are expected to mitigate this impact [14][27] Other Important Information - The company reported a gross profit margin increase to 50% for the second quarter, attributed to a favorable product mix and reduced costs [29][30] - The company has invested $1,300,000 in R&D for the first half of fiscal year 2026, compared to $1,400,000 in the previous year [26][34] - The company maintains a strong cash position with no outstanding debt, allowing for continued investment in growth initiatives [37] Q&A Session Summary Question: Insights on medical device strength and Chinese exposure - Management noted that despite challenges in the Chinese market, significant orders have been captured due to superior quality compared to local competitors [42][45] Question: Details on new optics-related OEMs - Management indicated that these new partnerships are significant for long-term market entry, although immediate revenue impact may be limited [76] Question: Semiconductor market outlook - Management reported strong interest from customers at a recent trade show, indicating potential growth in the semiconductor sector [79] Question: Backlog revenue recognition timeframe - The majority of recent large orders will be recognized in FY 2027, with some expected to ship in the current fiscal year [87] Question: Projections for second half sales - Management expects Q3 to be slightly higher than Q4 due to a system shipment delay [90]

1、李强：要持续用力扩大内需、做强国内大循环，不断形成扩内需的新增长点 重要程度：★★★★★ 中共中央政治局常委、国务院总理李强10月14日下午主持召开经济形势专家和企业家座谈会。李强强调， 要加力提效实施逆周期调节，用足用好政策资源，以改革办法打通堵点卡点。要持续用力扩大内需、做强 国内大循环，不断形成扩内需的新增长点。要多措并举营造一流产业生态，综合治理行业无序、非理性竞 争，着力构建创新生态圈。 2、上海最新发文，涉及人工智能、算力等 重要程度：★★★★ 据上海市人民政府网站消息，上海市经济和信息化委员会日前印发 《上海市智能终端产业高质量发展行动 方案(2026—2027年)》，其中提出，到2027年，上海市智能终端产业持续做大做强，总体规模突破3000亿 元，实现三个"一千万"台规模，即人工智能计算机、人工智能手机、人工智能新终端规模各达到千万台以 上。 《行动方案》还提出，提升智能算力终端规模。加快边缘智算一体机终端布局，开发支持大模型轻量化的 推理一体机产品，打造即插即用人工智能边端解决方案，加速人工智能赋能千行百业。 3、央行10月15日将开展6000亿元买断式逆回购操作 重要程度：★★★★ ...

Group 1: Papa John's Takeover Bid - Papa John's shares rose nearly 10% after a report of a $64 per share takeover bid from Apollo Global, valuing the company at approximately $2 billion [1][2] - The stock continued to show positive movement, increasing by 3% in premarket trading [2] Group 2: Alzheimer's Diagnostic Test Approval - The U.S. FDA approved Elecsys pTau181, a blood-based biomarker test developed by Roche and Eli Lilly for initial assessment of Alzheimer's disease and cognitive decline [3][4] - This test measures phosphorylated Tau (pTau) 181 protein in human plasma, serving as a key biomarker for Alzheimer's pathology [3][4] - Elecsys pTau181 is noted to potentially reduce the need for more invasive and costly diagnostic procedures like PET and CSF testing [5] Group 3: PayPay's IPO Valuation - PayPay, Japan's leading QR code payment app, is expected to have a valuation exceeding $20 billion in its planned U.S. IPO, potentially occurring as early as December 2025 [5][6] - Investor discussions suggest a floor valuation of 2 trillion yen, with market sources indicating the final figure could surpass 3 trillion yen [6][7] - The optimism surrounding PayPay's valuation is attributed to its dominant position in Japan's digital payments market and recent profitability in SoftBank's financial segment [7]