长江商报消息 六年砥砺奋进，六年春华秋实。在中国资本市场改革发展史上，科创板的设立无疑具有 里程碑意义。作为注册制改革的"试验田"，科创板六年来始终坚守"硬科技"定位，以7.35万亿元总市 值、1.12万亿元融资规模的亮眼成绩，交出了一份服务科技创新的精彩答卷。 当前，科创板改革进入深化期。长江商报特推出"科创板六年"专题策划，期待这片创新沃土继续以制度 创新激发市场活力，以资本力量赋能科技创新。 ●长江商报记者 徐佳 2019年7月22日，科创板鸣锣开市，中国资本市场注册制改革的"试验田"应运而生。 六年来，科创板以"硬科技"为底色，通过制度创新重塑资本市场生态。不仅培育了一大批具有核心技术 的"硬科技"创新企业，更推动了全市场注册制改革的落地，成为中国经济转型升级的重要引擎。 2019年7月22日，随着首批25家公司挂牌上市交易，科创板正式开市，成为中国资本市场首个试点注册 制的板块。 六年以来，从最初的资本市场改革"试验田"到如今的"硬科技"主阵地，科创板实现了规模与质量的同步 跃升。 根据上交所数据，截至7月18日收盘，科创板共受理了969家企业的首发上市申请，其中589家公司已经 在科创板上市，总股 ...

Core Viewpoint - The semiconductor sector, particularly the Semiconductors Sector ETF (SMH), has shown significant price movements, with potential for both profit-taking and corrections in the near term [5][6]. Semiconductor Sector - The semiconductor companies, including notable names like Nvidia (NVDA) and Broadcom, have recently reached new all-time highs, indicating strong momentum in the sector [2]. - SMH rallied above its January 6-month calendar range in June but faced resistance in July, suggesting a critical point for future price movements [7]. - Current momentum in SMH remains strong but has not reached new all-time highs alongside price, indicating a potential divergence [7]. Russell 2000 ETF - The Russell 2000 ETF (IWM) attempted to clear the July 6-month calendar range but was unsuccessful, mirroring some characteristics of SMH [9]. - IWM's performance in early July showed improvement, but it has not yet cleared significant resistance levels, which could impact future rallies [12]. - A convincing breakout above the 226-227 range for IWM could signal a strong upward trend, contingent on the retail sector (XRT) also rallying [10].

Core Viewpoint - The article discusses the upcoming fundraising by Cambrian and highlights the company's focus on cloud-based revenue growth, which is expected to see significant increases starting from Q4 2024 [1]. Group 1: Cambrian's Financial Projections - Cambrian's cloud product line revenue is projected to reach approximately 110.9 million in Q1 2025, accounting for 99.94% of total revenue, compared to 9.1 million in 2022, which was only 12.80% of total revenue [1]. - The company anticipates a substantial increase in revenue due to alleviated supply chain issues, with a total revenue of 110.97 million expected in Q1 2025 [1]. Group 2: Market Dynamics and Competitors - Morgan Stanley estimates that the domestic cloud AI chip market will reach 48 billion by 2027, with the majority of the market share held by a leading competitor [3]. - Goldman Sachs has a more optimistic view on Cambrian, predicting revenues of 5.5 billion this year and 24.7 billion by 2027, which surpasses the combined revenue of all other GPU companies as estimated by Morgan Stanley [6]. Group 3: Production Capacity and Supply Chain - Cambrian's production capacity is currently limited, primarily serving a major client, with rumors of a significant order of 100,000 units from this client [9]. - The company is expected to see an increase in production capacity as supply chain issues are resolved, leading to improved revenue and profit margins [9]. - Inventory levels are a key focus, with an anticipated turning point in Q3 2024, after which revenue is expected to surge [9].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the **Japanese export industry**, particularly focusing on the impact of US tariff policies on export values to North America and the diversification of export destinations by Japanese companies [2][3][7]. Core Insights and Arguments 1. **Export Diversification**: - Exports to Europe and the Middle East are increasing, compensating for the significant decline in exports to North America. This indicates a trend of Japanese exporters diversifying their markets in response to anticipated higher US tariffs [2][3]. 2. **Year-over-Year Export Trends**: - Japan's export value to the US, Canada, and Mexico has decreased notably, with a reported decline of **-25.3% YoY** for passenger vehicles. However, total export value remains nearly flat at **-0.5% YoY** due to growth in other regions [3][4][11]. 3. **Comparison with 2018**: - Current export trends differ from those observed in 2018 when the US raised tariffs. Real exports for April to June 2025 were nearly flat at **+0.1% QoQ**, with a solid **+3.2% MoM** increase in June [4][12]. 4. **Impact of Tariffs on Pricing**: - Many automakers have reduced export prices to absorb tariff impacts, with some companies imposing tariff surcharges. However, most are absorbing the tariffs without fully passing them on to customers [4][5][9]. 5. **Future Tariff Adjustments**: - As US-Japan trade negotiations continue, companies may adopt a wait-and-see approach regarding price adjustments. Once tariff rates are finalized, real exports to the US may gradually be affected [5][8]. 6. **Strong Performance in Specific Categories**: - Exports of batteries, metal products, and food items to the US have maintained positive YoY growth, indicating that export trends vary significantly by product category [9][11]. Additional Important Insights - **Market Adaptation**: A Japanese company exporting premium Omi beef has begun exporting to Dubai to reduce dependence on the US market, exemplifying the shift in export strategies [3]. - **Automotive Sector Challenges**: The automotive sector faces a projected sales volume decline of approximately **12%** if the current tariff on automobiles remains in place [8]. - **Export Value Statistics**: The export value growth by major destination shows significant declines for North America while other regions like the Middle East and Africa show strong double-digit growth [11][19]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the Japanese export industry amidst changing tariff policies and market dynamics.

作者｜ Stone Jin 微信公众号｜ipozaozhidao 摩尔线程和沐曦的科创板IPO申请先行获受理。 本文为IPO早知道原创 成立至今，瀚博半导体已获得真格基金、天狼星资本、耀途资本、快手、红点创投、五源资本、赛富 投资基金、中国互联网投资基金、经纬创投、阿里巴巴、人保资本、国寿科创基金、Mirae Asset、 基石资本、慕华科创、招商局资本、海通开元、易方达、中创智领（原"郑煤机"） 、 联发科等知名 机构的投资 。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 据IPO早知道消息，瀚博半导体（上海）股份有限公司（以下简称"瀚博半导体"）于2025年7月11 日同中信证券签署辅导协议，正式启动A股IPO进程。 这意味着，几乎所有在2018年-2020年成立的头部GPU企业均已启动A股IPO——6月30日，摩尔 线程和沐曦的科创板IPO申请已获受理。此外，燧原科技、壁仞科技亦分别已签署A股上市辅导协 议，而天数智芯则传言或"借壳上市"。 当然，这些企业的最终上市地点现仍存在一定的变数。 成立于2018年的瀚博半导体作为一家高端GPU芯片提供商，主要为 ...

Core Viewpoint - Recently, Xiamen Youxun Chip Co., Ltd. (referred to as "Youxun") has changed its IPO review status to "inquired" on the Sci-Tech Innovation Board, with CITIC Securities as its sponsor [1] Group 1: Company Overview - Youxun was established in February 2003 and is one of the first companies in China specializing in the design of high-speed transceiver chips for optical communication [3] - The company has become a "national champion" in the optical communication field and has participated in the formulation of numerous national and industry standards [3] Group 2: Financial Performance - Youxun's revenue for 2022, 2023, and 2024 was 339.07 million, 313.13 million, and 410.56 million respectively, with a decline of 7.65% in 2023 [9] - The net profit for the same years was 81.40 million, 72.08 million, and 77.87 million, also showing a decrease of 8.02% in 2023 [9] - The company's R&D investment for 2022, 2023, and 2024 was 71.68 million, 66.05 million, and 78.43 million respectively, with a cumulative investment of 216 million over three years [6][7] Group 3: Market Position and Product Development - Youxun has established a complete core technology system in optical communication chip design, achieving breakthroughs in key areas such as transceiver integration and high-speed modulation [6] - The company has successfully entered the global supply chain and ranks first in China and second in the world for products with speeds below 10Gbps [6] - Youxun is actively developing high-value-added new products, including 50G PON transceiver chips and automotive optical communication chips [6] Group 4: R&D and Profitability - The R&D expense ratio for Youxun was 21.14%, 21.09%, and 19.10% for 2022, 2023, and 2024, significantly lower than the industry average of 31.65% and 31.45% [7][9] - The gross profit margin for the main business decreased from 55.26% in 2022 to 46.75% in 2024, indicating pressure from rising raw material costs and declining sales prices [13][14] Group 5: Supply Chain and Inventory Management - The average purchase price of wafers increased by approximately 40.19% from 6,815.70 yuan per piece in 2022 to 9,555.07 yuan in 2024 [15][16] - The company's inventory value at the end of each reporting period was 130 million, 90.36 million, and 175 million, accounting for 38.48%, 25.45%, and 32.55% of current assets respectively [19] Group 6: Ownership Structure - As of the IPO application, the founder and chairman, Ke Binglan, directly holds 10.92% of the shares, with a total of 15.51% when including indirect holdings [22] - The actual controller's voting rights may be diluted to 20.35% post-issuance, raising concerns about potential control changes [24]

Core Insights - Taiwan Semiconductor (TSM) experienced a significant Power Inflow at a price of $243.05, indicating a potential uptrend and serving as a bullish signal for traders [3][4][9] Trading Signals - The Power Inflow occurred within the first two hours of market open, suggesting the overall trend for TSM's stock for the remainder of the day is influenced by institutional activity [6] - Following the Power Inflow, TSM's stock reached a high price of $248.27 and a close price of $245.11, resulting in returns of 2.1% and 0.9% respectively [9] Order Flow Analytics - Order flow analytics, which involves analyzing the flow of buy and sell orders, helps traders make informed decisions by understanding market conditions and identifying trading opportunities [5][7] - Active traders interpret the Power Inflow as a bullish signal, emphasizing the importance of incorporating such analytics into trading strategies [5][7]

Core Insights - The SPDR S&P Semiconductor ETF (XSD) is a smart beta ETF that debuted on January 31, 2006, providing broad exposure to the Technology ETFs category [1] - Smart beta ETFs track non-cap weighted strategies, aiming to outperform traditional market cap weighted indexes by selecting stocks based on specific fundamental characteristics [3][4] - The fund is managed by State Street Global Advisors and has amassed over $1.32 billion in assets, making it one of the larger ETFs in the Technology sector [5] Fund Details - The XSD seeks to match the performance of the S&P Semiconductor Select Industry Index, which is a modified equal weight index representing the semiconductor sub-industry of the S&P Total Markets Index [6] - The annual operating expenses for XSD are 0.35%, and it has a 12-month trailing dividend yield of 0.28%, positioning it as one of the least expensive options in its category [7] - The fund has a heavy allocation to the Information Technology sector, representing 99.7% of the portfolio [8] Holdings and Performance - Credo Technology Group Holdings (CRDO) is the largest holding at approximately 3.69%, with the top 10 holdings accounting for about 31.8% of total assets [9] - As of July 18, 2025, XSD has gained approximately 8.43% year-to-date and 4.27% over the past year, with a trading range between $160.63 and $270.08 in the last 52 weeks [11] - The ETF has a beta of 1.53 and a standard deviation of 37.75% over the trailing three-year period, indicating a higher risk profile compared to peers [11] Alternatives - Other ETFs in the semiconductor space include iShares Semiconductor ETF (SOXX) and VanEck Semiconductor ETF (SMH), with assets of $13.9 billion and $27.91 billion respectively, both having an expense ratio of 0.35% [13] - Investors seeking lower-risk options may consider traditional market cap weighted ETFs that aim to match the returns of the Technology ETFs [13]

Core Viewpoint - Nvidia and Palantir have experienced significant stock price increases, with Nvidia's market cap at $4.2 trillion and Palantir's at approximately $360 billion, raising questions about their future growth potential [2][11]. Nvidia - Nvidia has seen a 19% increase needed to reach a $5 trillion market cap, which is considered plausible given its dominance in the AI chip market and high demand for its products [4][5]. - The stock trades at a forward price-to-earnings (P/E) multiple of 38, with profit margins exceeding 50%, indicating strong earnings growth potential [5]. - If market conditions remain favorable, Nvidia could reach the $5 trillion milestone by the end of next year, or even sooner if AI excitement increases [6]. Palantir - Palantir would need to nearly triple in value to reach a $1 trillion market cap, a challenging task despite a 430% surge in the past year [7]. - The company expects revenue of around $3.9 billion for the year, reflecting a 36% increase from 2024, driven by its role in the AI sector [8]. - Palantir's stock trades at a forward P/E of 260, which investors seem to overlook in favor of perceived growth opportunities [9]. Investment Comparison - Nvidia is viewed as a better investment due to solid fundamentals and a dominant position in the AI chip market, while Palantir's valuation is seen as speculative and vulnerable to market fluctuations [11][13]. - Palantir's stock performance is heavily influenced by retail investor sentiment, making it susceptible to sell-offs during economic downturns [12].

Core Insights - The fifth RISC-V China Summit will be held from July 16 to 19, 2025, in Shanghai, featuring a main forum, nine vertical sub-forums, five workshops, and a 4,500 square meter technology exhibition area, attracting hundreds of companies, research institutions, and open-source technology communities [1] Group 1: Siemens EDA and Debugging Solutions - Siemens EDA introduced Tessent UltraSight-V, a debugging and tracing solution specifically designed for RISC-V systems, addressing inefficiencies and high costs associated with traditional debugging methods [4] - Tessent UltraSight-V offers comprehensive end-to-end debugging and tracing capabilities, supporting various communication interfaces and mainstream development environments, significantly enhancing debugging efficiency [4][5] - Key features include efficient debugging functions, advanced tracing capabilities, scalability for single-core to multi-chip designs, and integration with UVM verification environments [5] Group 2: Chipmunk Technology and Simulation Optimization - Chipmunk Technology presented the "Near Cycle Model," a SystemC-based CPU modeling technology aimed at optimizing the simulation accuracy and performance of RISC-V processors [7] - The model integrates cycle information into simulations, significantly improving accuracy and enabling precise software performance evaluations, addressing limitations of traditional RISC-V simulation tools [7][8] - The technology supports seamless integration with third-party virtual platforms, allowing users to customize and deploy simulation configurations quickly [8] Group 3: Andes Technology and Custom Instruction Development - Andes Technology showcased the ACE framework and AndesCycle simulator to accelerate the development of custom instructions for RISC-V architecture [9] - The ACE framework simplifies the design process by allowing developers to generate hardware RTL code from two design files, enhancing development efficiency [11] - The AndesCycle simulator provides detailed instruction cycle analysis, helping developers identify and optimize performance bottlenecks, with real-world applications demonstrating significant performance improvements [12]