今日， 中科曙光 公告称，公司于2025年12月9日召开董事会，审议通过终止 海光信息 吸收合并中科曙 光并募集配套资金的重大资产重组事项。 OM SSO = FHITS ■ 1-1-1 Q ... < 是说芯语 闸述泛集成电路行业的技术走势、热点 交流、市场应用、行业分析、产业... × 64星原創药容 2位朋友关注 进入公众号 不再关注 昨天 09:00 t A 2位朋友读过 秒劈众号 · 是j 墙 reast in the first 主要原因是交易规模大、涉及相关方多，导致方案论证历时较长，且目前市场环境较筹划之初发生较大 变化，实施条件尚不成熟。 公司与交易各相关方协商后决定终止该事项。此次交易终止不会对公司生产经营和财务状况造成重大不 利影响。 声明：本文仅为信息交流之用，不构成任何投资建议，股市有风险，投资需谨慎。 加入"中国IC独角兽联盟"，请点击进入 是说芯语原创，欢迎关注分享 泛集成电路行业最新动态 星标 是说芯语 不错过任何一条消息 ▶ ...

12月9日晚，海光信息与中科曙光相继宣布，公司于2025年12月9日召开董事会，审议通过了《关于公司终止重大资产重组的议案》，同意终止海光信息通 过向中科曙光全体A股换股股东发行A股股票的方式换股吸收合并中科曙光并募集配套资金，并授权公司管理层办理本次终止的相关事宜。 两家公司均表示，本次终止主要原因是交易规模大、涉及相关方多，导致方案论证历时较长，且目前市场环境较筹划之初发生较大变化，实施条件尚不成 熟。公司与交易各相关方协商后决定终止该事项。此次交易终止不会对公司生产经营和财务状况造成重大不利影响。 海光信息还表示，与中科曙光的产业协同与合作不受影响。公司承诺至少1个月内不再筹划重大资产重组事项。 海光信息与中科曙光表示，将于2025年12月10日15:00—16:00召开终止重大资产重组投资者说明会，会议将以网络互动形式进行，旨在与投资者交流并解 答相关问题。 此前6月9日晚间，海光信息与中科曙光正式公布了《重组预案》。据当时公告，海光信息拟购买资产的交易金额为1159.67亿元。21世纪经济报道记者当 时从业内获悉，在资本市场，芯片设计企业与整机制造企业的估值逻辑存在显著差异。海光信息作为芯片公司，享 ...

Core Insights - The electronic consumer industry is facing a significant price increase driven by a "storage super cycle" initiated by the AI boom, leading to a severe cost challenge for downstream PC and smartphone manufacturers [1] - The price adjustments in the market are not straightforward, with companies employing various strategies to manage the impact of rising storage costs [2][3] Group 1: Price Adjustments - The PC industry is experiencing the first signs of price increases, with estimates suggesting a rise of approximately 10% to 20% for laptops and commercial PCs due to soaring DRAM and SSD costs [2] - In the smartphone market, manufacturers are adopting "stealth price hikes" by reducing initial discounts or promotional offers rather than increasing the official retail prices [3] Group 2: Supply Chain Dynamics - The current price surge is structurally driven by AI demand, which is causing a "capacity squeeze" as manufacturers prioritize high-margin AI-related products over traditional consumer electronics [4] - Major storage manufacturers like Samsung, SK Hynix, and Micron are shifting their production focus towards high-end storage solutions, leading to a significant reduction in the supply of consumer-grade memory [4] Group 3: Manufacturer Strategies - Companies are divided in their strategies to cope with rising costs; for instance, Xiaomi has publicly warned about the pressure on BOM costs, while Lenovo has increased its inventory levels by 50% to mitigate the impact [5][6] - Lenovo's strategy includes long-term supply agreements and proactive inventory management, allowing it to maintain a competitive edge during price fluctuations [6] Group 4: Future Outlook - The structural imbalance caused by AI demand is expected to persist for the next 6 to 12 months, with storage prices likely remaining high until 2026 [7] - The ability to adapt supply chains and diversify sourcing will be crucial for manufacturers to control costs in the evolving market landscape [7] - Lenovo's acquisition of Infinidat is a strategic move to enhance its control over high-end storage solutions, reflecting a shift in the industry where storage is becoming a strategic asset rather than just a cost component [8]

Core Insights - ASML Holding N.V. and Taiwan Semiconductor Manufacturing Company are critical players in the global semiconductor supply chain, with ASML specializing in extreme ultraviolet lithography systems and TSMC being the largest contract chipmaker globally [1][2] ASML Holding - ASML has a unique advantage in the chip equipment market as the only company capable of producing extreme ultraviolet lithography machines at scale, essential for manufacturing chips at 5nm, 3nm, and soon 2nm levels [3][4] - The company is rolling out next-generation High-NA EUV machines to meet the rising demand for smaller, more efficient chips, particularly driven by AI growth [4] - Despite its technological edge, ASML faces challenges from the ongoing U.S.-China trade war, which has led to export restrictions affecting its growth [5][7] - ASML's sales growth has slowed, with Q3 2025 revenues increasing by only 0.7% year over year, a significant drop from 23% in Q2 and 46% in Q1 [6] - The company has indicated that U.S.-China tariff discussions are negatively impacting customer capital spending timelines, potentially delaying orders and revenue recognition [7] Taiwan Semiconductor Manufacturing Company (TSMC) - TSMC dominates the semiconductor foundry space and has advanced production capabilities, already moving into 3nm production with plans for 2nm [8] - The ongoing AI boom has positioned TSMC for a multi-year growth cycle, with AI-related revenues tripling in 2024 and expected to double again in 2025 [9] - TSMC's Q3 2025 revenues surged 41% year over year to $33.1 billion, with earnings per share increasing by 39% to $2.92 [9][10] - To meet rising AI chip demand, TSMC plans to invest between $40 billion and $42 billion in capital expenditures in 2025, with 70% focused on advanced manufacturing processes [10][11] - TSMC faces near-term challenges from geopolitical tensions, particularly with significant revenue exposure to China, which could lead to export restrictions and supply-chain disruptions [12] - The company's global expansion strategy, including new fabs in the U.S., Japan, and Germany, may increase costs and reduce gross margins by 2-3 percentage points annually over the next three to five years [13] Comparative Analysis - TSMC is projected to have a steadier long-term growth profile compared to ASML, with revenue growth estimates of 33.7% and 20.6% for 2025 and 2026, respectively, and a non-GAAP EPS increase of 43.9% in 2025 [14] - ASML's revenue and EPS growth for 2025 are estimated at 23.2% and 39.3%, but are expected to decelerate significantly in 2026 [15] - Year-to-date, ASML shares have surged 61.6%, while TSMC shares have increased by 54.1% [16] - In terms of valuation, TSMC trades at 25.06 times forward earnings compared to ASML's 37.26 times, suggesting TSMC is more reasonably priced given its stronger growth outlook [17] Investment Outlook - Both companies are positioned to benefit from the AI-driven semiconductor investment cycle, but TSMC is currently viewed as the better investment option due to stronger near-term earnings stability and a more attractive valuation [19][20]

Core Insights - President Trump's deal has significantly altered the dynamics of the U.S.-China technological Cold War, raising concerns among critics that it may enable Beijing to advance its technological capabilities more rapidly [1] Group 1 - The deal is perceived as a strategic move that could potentially allow China to catch up in technology [1]

Core Viewpoint - The company, Yintan Zhikong, reported a significant year-on-year increase in its storage chip business due to industry demand [1] Group 1: Company Performance - The company's storage chip business includes a variety of memory devices such as DRAM, NAND flash, NOR FLASH, EMMC, and SSD [1] - The brands represented by the company include Baiwei, Shichuangyi, Jingcun, Dongxin, and Xintianxia [1] Group 2: Market Impact - The increase in the storage chip business is attributed to the overall demand in the industry [1]

Listen on the go! A daily podcast of Wall Street Breakfast will be available by 8:00 a.m. on Seeking Alpha, iTunes, Spotify.Getty Images Good morning! Here is the latest in trending:Flipping the script: Paramount (PSKY) goes hostile for Warner Bros. (WBD), but Netflix (NFLX) is 'super confident' about the deal. Additional worries surface over a 'five-alarm antitrust fire.'It's official: President Trump has blessed sales of Nvidia's (NVDA) H200 GPUs to China and a similar approach will be applied to other c ...

每经AI快讯，有投资者在投资者互动平台提问：请问公司有无EMIB封装技术储备？有相关业务开展 吗？ 甬矽电子（688362.SH）12月9日在投资者互动平台表示，公司已经通过实施Bumping项目掌握RDL及凸 点加工能力，并于2024年第四季度完成2.5D封装的通线，技术路线覆盖了基于RDL/硅转接板/硅桥等多 种方案，目前正在和相关客户做产品验证。 （记者 王晓波） ...

Core Viewpoint - The company, Baiwei Storage, is preparing to enter the Hong Kong capital market, with its controlling shareholder, Sun Chengsi, facing the expiration of a concerted action agreement that is not set to be renewed, potentially affecting his control over the company. Group 1: Company Background and Ownership Structure - Baiwei Storage was founded in September 2010 by Sun Rixin, who established a packaging and testing factory a year prior. Sun Chengsi, his son, took over as vice president in 2012 and became chairman by December 2022 when the company was listed on the Shanghai Stock Exchange [1][2][3]. - The ownership structure includes Sun Chengsi holding 17.65% directly, with family members and employee stock platforms collectively holding 7.09%, making him the actual controller with a total control ratio of 24.74% [4][26]. Group 2: Financial Performance and Growth - Baiwei Storage's revenue has shown significant growth, with figures of CNY 2.986 billion, CNY 3.591 billion, and CNY 6.695 billion for the years 2022, 2023, and 2024 respectively, and a projected revenue of CNY 3.912 billion for the first half of 2025, reflecting a 13.7% year-on-year increase [11][34]. - The company's revenue sources are primarily from smart mobile and AI emerging sectors, contributing 58.8%, 32.9%, 55.4%, and 43% of total revenue across the years, while PC and enterprise storage contributed 22.7%, 49.2%, 30.5%, and 34.9% [12][34]. Group 3: Sales Channels and Customer Dynamics - Direct sales revenue has increased significantly, with figures of CNY 6.87 billion, CNY 15.25 billion, CNY 32.46 billion, and CNY 17.63 billion over the respective periods, while distribution remains the primary sales channel [12][35]. - The top five customers contributed 39.6%, 32.3%, 46.7%, and 47.3% of revenue, with the largest customer contributing 10.4%, 8.9%, 17.2%, and 12.6% [13][36]. Group 4: Cost Structure and Profitability - Baiwei Storage's gross margin has fluctuated, with rates of 12.8%, -2.1%, 17.3%, and 8.9% across the periods analyzed. The gross margins for specific business lines also showed significant variability [16][39]. - Research and development expenses are the largest cost component, amounting to CNY 1.26 billion, CNY 2.5 billion, CNY 4.47 billion, and CNY 2.73 billion, with employee salaries constituting a significant portion of these costs [18][39].

Core Viewpoint - Wall Street analysts are optimistic about technology and materials stocks, forecasting a 21% upside for information technology and 18% for materials over the next year as of December 5 [1] Group 1: Technology Sector - The Vanguard Information Technology ETF tracks 314 U.S. companies, primarily in semiconductors, software, and electronics hardware, with an expense ratio of 0.09% [4] - The information technology sector trades at 28.6 times forward earnings, above its five-year average of 27.2 and ten-year average of 24.7, but is justified by a projected 26% earnings increase next year [4] - Over the last decade, the information technology sector outperformed the broader market, returning 2,000% compared to the S&P 500's 700% [5] - The sector is expected to continue outperforming the S&P 500 over the next five years, driven by advancements in artificial intelligence [6] - Philippe Laffont predicts technology stocks will grow to represent 75% of the S&P 500, up from less than 40% today, due to the AI boom [7] - The top holdings in the Vanguard Information Technology ETF include Nvidia (18.1%), Apple (14.2%), and Microsoft (12.9%), which together account for about 45% of the ETF's performance [8][9] Group 2: Materials Sector - The Vanguard Materials ETF measures 108 U.S. companies in the materials sector, with a focus on specialty chemicals, industrial glass, and construction materials, also with an expense ratio of 0.09% [10] - The materials sector trades at 18.8 times forward earnings, above its five-year average of 18.1 and ten-year average of 17.6, with a consensus earnings growth forecast of only 5% for 2026 [10] - Historically, the materials sector has underperformed the S&P 500, returning 360% over the last two decades compared to the S&P 500's 700% [11] - The top holdings in the Vanguard Materials ETF include Linde (15%), Newmont (6.8%), and Sherwin-Williams (6.2%) [13]