摩根士丹利分析师Charlie Chan等人在上周五的一份报告中写道，看到联发科的AI专用集成电路"潜力巨 大"。分析师补充说，尽管谷歌也在与博通(AVGO.US)合作开发TPU，但随着联发科将更多与智能手机 相关的资源转向AI相关芯片，可能会获得更多增长。 周一，联发科与其他主要科技公司(包括芯片制造商南亚科技和联华电子)一同推动台湾基准股指加权指 数创下历史新高。台积电股价下跌0.9%。 晨星公司分析师Phelix Lee表示，联发科的最新业绩指引看起来较为保守，仅反映了截至10月的前景以 及来自谷歌的订单。他认为，市场可能希望公司最终能超越其目标。 智通财经APP获悉，受与谷歌(GOOGL.US)达成AI芯片合作的利好消息刺激，联发科股价强势攀升，近 两日累计暴涨19%，刷新历史最高纪录，市场投资热情被迅速点燃。 这家在台北上市的公司股价周一飙升8.6%，实现了连续两个交易日累计19%的上涨，并收于历史新高。 随着市场对联发科参与谷歌应用于人工智能的芯片张量处理单元(TPU)开发工作的认知度不断提高，这 轮涨势延续了其为期两个月的上涨行情。 由于对台积电的持股触及上限，部分基金经理正转而涌入联发科等其他 ...

| 【编纂】的[编纂]數目 | [编纂]股H股(視乎[编纂]行使興否而定) | | --- | --- | | [瑞景 歐目 | [编纂]股H股(可予[编纂]) | | [编纂]數目 | [编纂]股H股(可予[编纂]及視乎[编纂]行使與否而 | | | 定) | | 最高[编纂] | 每股H股[編纂]港元,另加1.0%經紀佣金、 | | | 0.0027%證監會交易徵費、0.00015%會財局交 | | | 易微費及0.00565%聯交所交易費(須於申請時 | | | 以港元繳足,多繳股款可予退還) | | 面值 | 每股H股人民幣1.00元 | | 【编纂】 | [编纂] | | [聯席保薦人·[编纂]] | | | ICC中全公司 | 或不溶脂 | 瑞财经 吴文婷1月25日，爱芯元智半导体股份有限公司（以下简称"爱芯元智"）通过港股IPO聆讯，有 望成为"中国边缘AI芯片第一股"，中金公司、国泰君安国际、交银国际担任联席保荐人。 爱芯元智是人工智能(AI)推理系统芯片(SoC)的供应商，专注为边缘计算与终端设备AI应用打造高性能 感知与计算平台。公司致力于构建先进的AI计算基础设施，推动人工智能普及化，普 ...

Group 1 - The core point of the article highlights the significant geopolitical implications of Trump's planned visit to China in April, amidst ongoing trade tensions and strategic maneuvering between the U.S. and China [1][5][7] - The U.S. trade representative has expressed a desire for another round of trade negotiations before Trump's visit, while avoiding sensitive topics such as technology competition and rare earth supply chains, indicating a cautious approach to core issues [1][3][5] - China's recent actions, including a substantial reduction in U.S. Treasury holdings by $6.1 billion to a record low of $682.6 billion, reflect a strategic decision to express distrust in U.S. debt amid rising risks [1][3][7] Group 2 - There is a stark contrast in global capital attitudes towards U.S. Treasuries, with foreign holdings increasing by $112.8 billion to a historic high of $9.36 trillion, while China continues to sell off its holdings [3][5] - The U.S. is attempting to stabilize its relationship with China to prevent further isolation, as evidenced by recent diplomatic engagements and the urgency to negotiate trade agreements [5][7] - China's strategy includes a significant increase in gold reserves, reaching 74.15 million ounces, as a hedge against potential risks associated with U.S. monetary policy and geopolitical tensions [5][7]

Core Insights - The integration of AI inference chips is becoming crucial for automotive intelligence as autonomous driving approaches [2][10] - The demand for inference chips is expected to significantly increase by 2026 due to the rapid growth of automotive intelligence needs [3] Inference Demand Surge - AI model training has been a key growth driver for the AI chip market, with high-end chips like NVIDIA's H100 and H200 being highly sought after, often resulting in multi-million dollar orders [4] - Inference chips have now surpassed training chips in demand, becoming the new mainstay for data center computing power and smart driving applications, as companies focus on translating large models into practical applications [4][5] Automotive Intelligence Key to Success - Autonomous vehicles are evolving into highly integrated "smart mobile terminals" that require real-time decision-making capabilities, supported by the powerful computing power of inference chips [6] - A Level 4 autonomous vehicle can generate data volumes of several gigabytes per second, necessitating rapid processing and analysis for effective driving decisions [6][7] Performance and Efficiency of Inference Chips - Inference chips are designed for edge computing, allowing for immediate data processing without relying on cloud transmission, which is critical for timely decision-making in autonomous driving [7] - New generation inference chips utilize advanced architectures and manufacturing processes, such as 7nm technology, to provide high performance while significantly reducing energy consumption [8] Customization for Autonomous Driving - Inference chips must be tailored for core tasks in autonomous driving, such as visual recognition and decision control, through customized neural network accelerators to enhance processing efficiency and accuracy [9] Industry Transformation with Inference Chips - Inference chips represent a pivotal point in AI industry development, acting as a bridge from research to market application and playing an essential role in automotive intelligence [10] - Achieving automotive-grade certification is a significant hurdle for inference chips, requiring rigorous environmental testing to ensure reliability and stability throughout the vehicle's lifecycle [10][11] Challenges and Future Outlook - Algorithm adaptation is a key challenge for inference chips in automotive applications, necessitating close collaboration between chip manufacturers and automotive companies to optimize performance [11] - The rise of inference chips marks a new phase in the AI and autonomous driving industry, addressing core issues such as cost, latency, and privacy, and enabling deeper integration of AI technologies into operational contexts [11][12] - As AI technology and automotive hardware converge, the future application prospects for inference chips will expand, with increasing competition among automotive companies to develop more competitive autonomous driving solutions [12]

Core Viewpoint - Guohai Securities report indicates that Lanke Technology is expected to achieve a year-on-year net profit growth of 52.29% to 66.46% by 2025, driven by increased shipments of interconnect chips [1] Group 1: Company Performance - Lanke Technology is positioned as a leading player in the Retimer chip market globally, focusing on deep integration of CXL technology [1] - The demand for memory interconnect chips is anticipated to rise due to the increasing ratio of CPU to GPU, benefiting Lanke Technology in the AI era [1] Group 2: Industry Trends - The ongoing iteration of memory interconnects is being driven by AI inference, which is expanding the demand for HBM and DRAM while simultaneously increasing the requirements for CPUs [1] - AMD projects that its AI server CPU market will grow from approximately $8.2 billion in 2025 to around $30 billion by 2030, indicating significant growth potential in the sector [1]

Core Viewpoint - The company has successfully defended itself against patent infringement claims made by Skyworks Solutions, with the ITC's initial ruling stating that the company's subsidiaries did not violate Section 337 of the Tariff Act of 1930 and did not infringe on Skyworks' patents [2][6][8] Group 1: Case Background - The patent dispute began in May 2024 when Skyworks filed a lawsuit against the company's subsidiary, Kangxi Communication Technology (Shanghai) Co., Ltd., and GRAND CHIP LABS, INC., alleging patent infringement [5] - In July 2024, Skyworks initiated a Section 337 investigation with the ITC, claiming that the company's products exported to the U.S. infringed on five of its patents [5][6] - The ITC formally accepted the case in August 2024, with the case number Inv. No. 337-TA-1413, and the company responded accordingly [5] Group 2: Investigation Progress - On January 24, 2026, the ITC administrative law judge issued a preliminary ruling, determining that the company's subsidiaries did not violate Section 337 and did not infringe on two specific patents held by Skyworks [6] - The investigation into the remaining three patents was terminated due to Skyworks' voluntary withdrawal during the evidence disclosure phase, leading to the conclusion that all five patent infringement claims were unfounded [6] Group 3: Company's Position and Future Steps - The company emphasizes its commitment to intellectual property management and protection, highlighting its innovation and the establishment of a comprehensive intellectual property system [8] - The initial ruling provides crucial legal support for the company's products entering the U.S. market and confirms the originality of its core technologies [8] - The company will continue to monitor the case's progress and actively protect the rights of the company and its shareholders, adhering to disclosure obligations [8]

Group 1 - The company Longxin Technology (龙芯中科) expects to achieve an operating revenue of approximately 635 million yuan in 2025, representing a year-on-year growth of about 26% [1] - The projected net profit attributable to the parent company for 2025 is expected to be around -449 million yuan, which indicates a reduction in losses by approximately 176 million yuan compared to the previous year, a year-on-year decrease in losses of about 28% [1] - The net profit attributable to the parent company after deducting non-recurring gains and losses is projected to be around -503 million yuan, which is a reduction in losses of approximately 162 million yuan compared to the previous year, reflecting a year-on-year decrease in losses of about 24% [1] Group 2 - Longxin Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 24, 2022, with an issuance of 41 million shares at a price of 60.06 yuan per share [2] - The total amount raised from the initial public offering (IPO) was approximately 2.462 billion yuan, with a net amount of about 2.419 billion yuan, which is 1.091 billion yuan less than originally planned [2] - The company intended to raise approximately 3.512 billion yuan for advanced process chip research and industrialization projects, high-performance general-purpose graphics processing unit chip and system research projects, and to supplement working capital [2]

Core Viewpoint - Texas Instruments (TXN.US), known as a "barometer of global chip demand," is set to release its latest quarterly earnings, with analysts focusing on whether the unprecedented AI wave will drive chip demand from AI chips and storage chips to analog chips, potentially leading to a strong recovery for Texas Instruments and its peers [1][6]. Group 1: Earnings Performance - Texas Instruments reported third-quarter revenue of approximately $4.74 billion, exceeding analyst expectations by about 1.9% and showing a year-over-year increase of 14.2% [1]. - The adjusted operating profit for the third quarter significantly surpassed analyst consensus, but the revenue outlook for the next quarter was notably below expectations [1]. - Analysts expect fourth-quarter revenue to grow by 11.3% year-over-year to $4.46 billion, contrasting with a 1.7% decline in the same period last year [1][2]. Group 2: Analyst Sentiment - Over the past 30 days, analysts covering Texas Instruments have slightly upgraded their forecasts, indicating expectations for core business performance and potential revenue growth driven by AI data center developments [5]. - The semiconductor sector has seen a positive investor sentiment, with an average stock price increase of 14.3% over the past month, while Texas Instruments' stock rose by 9.9% during the same period [5]. Group 3: AI and Market Trends - The ongoing construction of AI data centers is expected to drive demand for analog chips, with analysts predicting a "super bull market" for these chips as the AI infrastructure investment wave continues [6][8]. - Texas Instruments has positioned its power management systems as critical components for AI data centers, with expectations of over 50% growth in AI data center-related business by 2025, amounting to approximately $1.2 billion [7]. - The global AI infrastructure investment wave is projected to reach $3 trillion to $4 trillion by 2030, indicating a significant opportunity for Texas Instruments as AI data center expansions accelerate [8]. Group 4: Product and Market Position - Texas Instruments is a leading seller of analog chips and a key player in the MCU market, with a market share of approximately 19%-20% in analog chips and ranking among the top five in the MCU sector [10][11]. - The company's extensive product lineup includes over 80,000 analog, power, signal chain, and MCU products, serving more than 100,000 customers across various end markets [11]. - The performance of Texas Instruments is often seen as a leading indicator of demand trends in the broader semiconductor market, reflecting changes in inventory cycles and overall industrial demand [11].

Core Viewpoint - The company, 雷电微力 (301050.SZ), has successfully applied its self-developed chips in BeiDou navigation satellites, meeting the performance and reliability requirements for satellite communication T/R chips [1]. Group 1 - The self-developed chips are now utilized in BeiDou navigation satellites [1]. - The chips fulfill the performance requirements for satellite communication [1]. - The reliability standards for the T/R chips have been met [1].

每经编辑｜陈柯名 潘海福 据科创板日报26日消息，记者从知情人士处获悉，1月25日，英伟达创始人兼CEO黄仁勋抵达北京，开启其2026年访华行程的北京站环节。 当日，黄仁勋现身北京王府中环，前往半山腰云南菜用餐，用餐期间还与现场就餐人员友好合影，互动氛围轻松。据现场与黄仁勋合影的人士向《科创板 日报》记者透露，合影过程中能明显感受到这位科技大佬非常友好谦和。据悉，此次是黄仁勋2026年首度来华，此前已完成上海站行程，此次北京之行也 是其本次中国多地行程的重要一环。 此前据智通财经报道，1月24日，黄仁勋现身上海陆家嘴街道乳山路锦德菜市场，晚上将参加英伟达上海年会。这是黄仁勋今年首度来华，他于23日下午 到达上海，首站到访英伟达位于上海张江的新办公室。 编辑|陈柯名 潘海福 校对|金冥羽 黄仁勋现身上海菜市场。 每日经济新闻综合自科创板日报、智通财经、21世纪经济报道等 据参考消息援引外媒报道，黄仁勋前往英伟达的上海新办公室，与员工见面并回答了诸多员工关注的问题，同时回顾公司2025年主要事件。消息人士称， 黄仁勋此次赴华行程与2025年初基本一致，主要参加上海、北京和深圳分公司的新年晚会以及供应商答谢会。 据 ...