TimesSquare Capital Management, an equity investment management company, released its “U.S. Focus Growth Strategy” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. In the third quarter, all the major asset classes posted positive returns except fixed income assets outside the US. The strategy returned 4.00% (gross) and 3.78% (net) compared to a 2.78% return for the Russell Midcap Growth Index. In addition, please check the fund’s top five holdings to know its best picks in 20 ...

Core Viewpoint - The Nasdaq-100 Index is undergoing its annual reconstitution, adding six new companies and removing six others, effective December 22 [1]. Group 1: Companies Added to the Index - The six companies being added to the Nasdaq-100 Index are Alnylam Pharmaceuticals, Ferrovial SE, Insmed Inc., Monolithic Power Systems, Seagate Technology Holdings, and Western Digital Corp [2]. Group 2: Companies Removed from the Index - The six companies being removed from the index include Biogen Inc., CDW Corporation, GlobalFoundries Inc., Lululemon Athletica Inc., ON Semiconductor Corporation, and The Trade Desk, Inc [3]. Group 3: Performance of Newly Added Companies - Seagate Technology Holdings and Western Digital Corp. have seen significant stock price increases due to rising demand for storage products driven by the AI boom, with Seagate's stock up 232.96% and Western Digital's up 277.04% year-to-date [3]. - Alnylam Pharmaceuticals reported an adjusted earnings of $2.90 per share in Q3, a turnaround from a loss of $0.50 a year ago, with quarterly sales increasing by 149% year-over-year to $1.25 billion, surpassing the consensus estimate of $977.79 million; the stock has surged 70.17% year-to-date [4]. Group 4: Performance of Removed Companies - Lululemon Athletica Inc. has experienced a stock decline of 44.95% year-to-date, despite reporting a solid Q3 earnings beat and raising its full-year forecast; the company saw a 2% dip in North American revenue but strong international growth with a 33% increase in revenue and 18% rise in comparable sales [6]. Group 5: Related Market Movements - Walmart missed inclusion in the Nasdaq-100 due to a late switch to Nasdaq, moving from the New York Stock Exchange after the qualification deadline [5]. - The Nasdaq reconstitution follows the S&P 500's quarterly rebalance, with Carvana, CRH Plc, and Comfort Systems USA set to join the S&P 500, while LKQ Corp, Solstice Advanced Materials, and Mohawk Industries are being removed [7].

1000平米科技嘉年华：沉浸体验，看见创新现场 MDC 2025不仅是摩尔线程MUSA技术体系与全栈能力的集中呈现，更致力于打造一个连接技术创新、 开发者共创与产业应用的战略平台。大会将围绕MUSA统一系统架构，全面展示从硬件到软件、从技术 到场景的全栈能力与生态进展，加速推动国产全功能GPU技术扎根千行百业，筑牢智能时代的坚实算力 底座。 主论坛：揭晓新一代GPU架构与路线图 据悉，本次大会主论坛将聚焦驱动千行百业数智化转型的核心引擎——智能算力。摩尔线程创始人、董 事长兼CEO张建中将首次系统阐述以MUSA为核心的全栈发展战略与未来愿景，并重磅发布新一代GPU 架构、推出涵盖产品体系、核心技术及行业解决方案的完整布局，分享多领域落地案例与生态建设进 展，并深入分享摩尔线程在AI计算、图形渲染、科学计算及多场景融合中的落地实践、生态进展与前 瞻思考。 20+技术专场：前沿探索，赋能生态成长 大会设立超过20场技术分论坛，议题覆盖智能计算、图形计算、科学计算、AI基础设施（AI Infra）、 端侧智能、具身智能、开发者工具与平台等关键领域，推动前沿技术与产业实践的深度融合，全方位赋 能开发者与合作伙伴。同时 ...

策 略 研 究 新股分析 2025 年 12 月 15 日 强一股份：率先实现 MEMS 探针卡 自主量产 ——注册制新股纵览 20251215 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 证 券 研 究 报 告 - ⚫ AHP 得分及配售比例：剔除、考虑流动性溢价因素后，我们测算强一股份 AHP 得分为 2.53 分、2.24 分，分别位于科创体系 AHP 模型总分 41.6%分位、39.3%分位，处于中游偏上、 下游偏上水平。假设以 90%入围率计，中性预期情形下，强一股份网下 A、B 两类配售对象 的配售比例分别是：0.0285%、0.0211%。 ⚫ MEMS 探针 ...

Core Viewpoint - Chinese chip and tech stocks are experiencing declines due to negative sentiment from Wall Street and weak domestic economic data in China [1][2] Group 1: Market Sentiment - Wall Street's skepticism towards artificial intelligence, fueled by U.S. tech giants Oracle and Broadcom, has negatively impacted Asian markets [2] - The overall sentiment in Hong Kong tech is affected by both external pressures from Wall Street and internal weaknesses in China's economic data [1] Group 2: Economic Data - China's November activity data indicates weakness across various sectors, including spending, investment, and real estate [2] - The ChiNext Price Index, which is heavily weighted towards technology, ended 1.8% lower, reflecting the broader market's concerns [2]

Core Insights - Advantest Corporation will showcase its latest semiconductor test solutions at SEMICON Japan 2025, focusing on applications such as AI, high-performance computing, advanced memory, power electronics, automotive, and wireless communications [1][5] Product and Solution Highlights - Advantest will display a comprehensive portfolio of test solutions addressing industry challenges, located at East Hall 4, booth E4346, and will act as a gold-level sponsor for SEMICON Japan [2] - The company will introduce new test solutions for agentic AI/HPC devices, advanced memory devices, mobile and automotive applications, and scalable power semiconductor IC testing [6] Presentations - Advantest will deliver multiple presentations at the Advanced Packaging and Chiplet Summit and SEMI Technology Symposium, covering topics such as AI, HPC, thermal test challenges, and advanced packaging [3] Company Overview - Advantest is a leading manufacturer of automatic test and measurement equipment for semiconductors, with applications in 5G, IoT, autonomous vehicles, and AI [5] - The company has a global presence and is committed to sustainable practices and social responsibility [5]

在近日举行的2025天马全球合作伙伴大会上，由厦门火炬高新区管委会与天马微电子股份有限公司联合 发起共建的"厦门半导体显示产业孵化器"揭牌成立。现场，首批10家企业签约入驻孵化器，包括厦门高 光半导体、大族尚立、微亚智能科技、特仪科技、显华科技等企业，覆盖半导体材料、设备、智能科技 等领域。同时，孵化器引入国际信息显示学会（SID）等机构作为首批战略协同伙伴，将链接国际化产 业资源，优化孵化体系，赋能企业发展。根据规划，厦门半导体显示产业孵化器将打造以"政府引导、 龙头牵引"为核心，集创新协同、生态培育、资源整合于一体的"产业共同体"，推动产业链、创新链、 人才链深度融合，为厦门新型显示产业高质量发展注入强劲动力。（福建日报） ...

Summary of SanDisk (SNDK US) Company Report Industry Overview - The report focuses on the **semiconductor industry**, specifically the **NAND flash memory market**. Key Points and Arguments 1. **Consumer Electronics Demand Weakness**: - Anticipated pressure on NAND pricing starting **2Q26** due to weakening demand in consumer electronics, particularly from major local Android OEMs and Samsung, which are planning at least a **10% unit decline** in 2026 due to rising BOM costs and potential de-specification [2][3] - Consumer electronics account for **56%** of total NAND demand, indicating a significant impact on the supply-demand balance [2] 2. **NAND Pricing Forecast**: - Expected moderation in NAND price hikes to **3-5%** in **2Q26**, down from previous forecasts of a **5% bit supply shortage** [2][3] - Kioxia's smartphone price hike in **1Q26** is projected to decrease to **10-15%** compared to **25%+** in **4Q25** [2] 3. **Financial Performance and Projections**: - Revenue forecast for **FY2026** is **$11.80 billion**, representing a **60.5% YoY increase**, and **$14.13 billion** for **FY2027**, a **19.8% YoY increase** [6] - Client revenue is expected to contribute **53%** of total revenue in **FY2026**, while cloud and consumer revenues will contribute **14%** and **33%**, respectively [6] 4. **Profitability Metrics**: - Projected **Operating Profit Margin (OPM)** of approximately **30%** at mid-cycle, which is favorable compared to Micron's historical average of **15%** [3][11] - Significant growth in net income is expected, with projections of **$2.84 billion** in **FY2026** and **$5.10 billion** in **FY2027**, reflecting **544.5%** and **79.8%** YoY growth, respectively [5][6] 5. **Valuation and Rating**: - Downgraded to **Hold** with a target price of **$239**, based on a **2.5x CY2026E P/B** valuation [3][11] - The downgrade reflects expectations of a temporary peak in the NAND cycle due to weaker pricing momentum [3][11] Risks Identified 1. **AI Demand Deceleration**: Potential slowdown in demand for AI-related products could impact NAND sales [4][14] 2. **Geo-political Uncertainties**: Ongoing geopolitical tensions may affect supply chains and market stability [4][14] 3. **Increased Competition**: Rising competition in the semiconductor space could pressure margins and market share [4][14] Additional Important Information - The report includes detailed financial tables outlining revenue, net income, and key financial ratios for **FY2025**, **FY2026**, and **FY2027**, highlighting significant growth expectations and margin improvements [5][10][17][18] - The balance sheet shows a strong cash position with total cash and equivalents projected to reach **$8.02 billion** by **FY2027** [16] This comprehensive analysis provides insights into SanDisk's current market position, future growth prospects, and the challenges it may face in the semiconductor industry.

如何看本轮存储设备空间弹性 20251214 Q&A 当前存储设备市场的主要趋势是什么？ 当前存储设备市场的主要趋势是价格上涨，尤其是在 DRAM 和 HBM 领域。这 一趋势主要受到 AI 需求驱动，特别是企业级 SSD 需求的推动。传统需求如手 机和 PC 等领域，由于 AI 需求旺盛，部分产能被转移到 AI 相关产品上，从而导 致整体存储价格同步上涨。预计这一涨价趋势将持续到 2027 年。 全球存储设备产能情况如何？ 目前全球 NAND 闪存的产能约为 140 万片，相较于 2024 年减少了 15%至 20%，即大约减少了 20 万片。现有产能中，大约 40%至 50%用于企业级 SSD，即 670 万片左右。未来几年，由于 AI 驱动，企业级 SSD 的复合增长率 预计在 25%至 30%之间，大约每三四年翻一倍。因此，未来 NAND 闪存的需 求量可能达到两三百万片。 3D DRAM 降低对光刻机依赖，增加对薄膜沉积及刻蚀设备需求，为国 内厂商提供弯道超车机会，预计 2028-2030 年产业化爆发。 国内半导体设备公司收入持续增长，头部公司复合增速达 40%-50%， 受益于逻辑制程和成熟逻辑 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 在 Arduino 被高通收购后，开源硬件社区正在讨论 Arduino 的新条款和条件。 主要微控制器竞争对手 Adafruit 认为，新条款限制了云工具的逆向工程，对用户上传内容主张永久 许可，并对人工智能相关功能实施广泛的监控，从而威胁到开放原则。 Arduino 为这些变化辩护，声称这些限制仅适用于其SaaS 云应用程序，数据处理是现代平台的标准 做法，并且其对开源硬件的承诺保持不变。 关于 Arduino 新条款和条件的争论 上周，我与 Arduino、Adafruit 和 EFF 就高通公司在10 月份收购这家以单板微控制器套件而闻名的 备受喜爱的公司进行了交谈。 许 多 批 评 来 自 竞 争 对 手 Adafruit ， 该 公 司 的 产 品 包 括 与 Arduino 兼 容 的 硬 件 套 件 。 11 月 下 旬 ， Adafruit 的执行主编Phillip Torrone 在 LinkedIn 上警告其 36,000 多名粉丝，（除其他事项外） Arduino 用户现在"被明确禁止进行逆向工程，甚至未经 Arduino 许可，不得试图了 ...