香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或依賴該等內容而引致 的任何損失承擔任何責任。 SENASIC Electronics Technology Co., Ltd.* 琻 捷 電 子 科 技（ 江 蘇 ）股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監 會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向琻捷電子科技（江蘇）股份有限公司（「本公司」）、本公司的聯席保 薦人、整體協調人、顧問及包銷團成員表示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登 記前，不會向香港公眾人士提出要約或邀請。倘於適時向香港公眾人士提出要約或邀請，有意 投資者務請僅依據於香港公司註冊處處長登記的本公司招股章程作出投資決定。該 ...

Group 1: Geopolitical Tensions and Energy Prices - Iran's air defense forces reportedly shot down a US F-15 fighter jet, which the US Central Command denied as unfounded [1][4][5] - The ongoing conflict in the Middle East has disrupted shipping routes, particularly in the Strait of Hormuz, leading to a significant increase in energy prices [1][7] - As of March 5, WTI crude oil rose by 3.80% to $77.50 per barrel, while ICE Brent crude increased by 2.95% to $83.80 per barrel, with European natural gas prices surging over 8% [1][7] Group 2: Market Reactions - US stock markets experienced a decline, with the Dow Jones down 0.66%, Nasdaq down 0.38%, and S&P 500 down 0.43% [2] - Gold and silver prices saw a sharp drop, with gold falling over 1% to $5082 per ounce and silver dropping nearly 2% to below $82 per ounce, influenced by Poland's central bank proposal to sell part of its gold reserves [2] - Consumer goods stocks also faced a downturn, with Walmart and Procter & Gamble both declining over 1.5% [3] Group 3: Military Developments - The US Central Command has requested additional intelligence personnel to support military operations against Iran, indicating a potential duration of at least 100 days for the conflict [6] - Iran's military actions included the use of heavy missiles targeting Israeli locations, highlighting the ongoing military escalation in the region [5][6] Group 4: Economic Implications - The rise in oil and gas prices is raising concerns about inflation, with warnings from the European Central Bank about potential economic downturns if the conflict persists [7] - The International Energy Agency noted that significant oil exports pass through the Strait of Hormuz, and any disruption could have severe consequences for global oil supply [8] - The IMF's managing director emphasized that prolonged conflict in the Middle East could negatively impact global energy prices and economic growth, urging policymakers to remain vigilant [8]

Group 1: Thermal Interface Materials (TIM) - TIM refers to Thermal Interface Material, which is used to fill gaps and conduct heat from one component to another [1] - TIM1 is located between the chip and the heat spreader, while TIM2 is between the heat spreader and the cold plate or heatsink [4] - The value of TIM2 is expected to be several times higher than TIM1 due to the materials used, with recent industry data indicating a price range of $70-90 per card [7] - The increasing power consumption of XPU chips suggests that future liquid cooling solutions will likely adopt liquid metal TIM2 layers [8] Group 2: Market Dynamics and Orders - The North American electricity shortage is a persistent industry logic that will continue throughout the year [9] - A recent order for DFDQ involving gas turbines and HRSG has raised questions about its impact on BYTH's market position; however, this order is only for Canada and does not affect the U.S. market [12] - The company has upgraded its daily reports to include a broader range of industry insights, covering sectors such as Memory, AI, and liquid cooling [13]

Group 1 - The article emphasizes the importance of efficiently filtering key announcements to aid investment decisions, highlighting the service "Announcement Selection" that provides deep insights into complex terms and reveals investment opportunities [1] - On March 4, a significant increase in revenue was noted for a company in the semiconductor equipment and AI computing sectors, with a 158% year-on-year growth in combined revenue for January and February, leading to a stock price increase of 17.52% on March 5 [2] - Another company in the semiconductor and PCB industry received approval for a fundraising plan exceeding 1.3 billion yuan, resulting in a stock price increase of 6.58% on March 5 [2] Group 2 - A company holds the global market share for LBO and BBO crystals in the laser crystal and semiconductor equipment sectors, indicating strong competitive positioning [3] - A company plans to invest 50 million yuan in a target company to enhance its capabilities in AR glasses optical technology, reflecting strategic expansion into AIoT and automotive electronics [3] - The demand for electric grid infrastructure and renewable energy is resonating, as evidenced by a company winning its third electric grid project bid this year, indicating growth in the sector [3]

Core Viewpoint - The article emphasizes that the AI market is not in a bubble but is experiencing a controlled acceleration, as evidenced by Broadcom's recent earnings report, which aligns closely with market expectations [1][2][3]. Financial Performance - Broadcom reported revenue of $19.31 billion for the first fiscal quarter, slightly exceeding market expectations, with semiconductor solutions revenue reaching $12.52 billion, also surpassing forecasts [5]. - The guidance for the second fiscal quarter is approximately $22 billion, indicating management's confidence in visible orders rather than emotional growth [7][8]. AI Market Insights - The earnings report signals three key insights for investors regarding the AI industry: 1. **Continuity of AI Revenue**: Concerns about quarterly fluctuations in AI server demand are alleviated, as Broadcom's guidance indicates that large customer orders have not slowed down [9][10]. 2. **Confidence in Capital Returns**: Broadcom announced a share buyback plan of up to $10 billion, suggesting that management believes current cash flow can support expansion while the stock is not overvalued [11][12]. 3. **Structural Stability**: Broadcom's business spans both semiconductors and enterprise software, providing a more resilient earnings structure compared to single-focus companies [14][15]. Valuation Considerations - The article raises questions about Broadcom's valuation in light of its significant revenue growth, suggesting that valuation should be viewed through the lens of growth certainty rather than traditional metrics like PE ratios [17][18]. - Broadcom's revenue model is not solely driven by AI but includes a mix of high-margin custom chips and stable software business, which contributes to smoother profit fluctuations [18]. ASIC Development and Future Trends - The focus is shifting from general-purpose GPUs to custom ASICs as AI hardware evolves, with Broadcom positioned as a key player in this transition [20][21]. - Collaborations with major clients to develop AI ASICs could create long-term lock-in effects, as the complexity of chip design makes switching suppliers costly [21]. Conclusion - The article concludes that the AI market is entering a second phase characterized by systematic expansion rather than speculative frenzy, with Broadcom redefining itself from a cyclical semiconductor company to a growth-oriented infrastructure company [22][25][26].

Core Viewpoint - The article discusses the current state of the AI market, highlighting a shift from a period of exuberance to one of skepticism, suggesting that true long-term investors see this as an opportunity to invest rather than a sign of decline [4][8][26]. Group 1: Market Sentiment and AI Investment Cycle - The AI investment cycle is entering a "capital expenditure digestion period," leading to a slowdown in new hardware demand as companies have built substantial computing power reserves [7][14]. - Market sentiment has shifted from enthusiasm to skepticism, with investors questioning whether AI represents a genuine industrial revolution or a financial bubble [8][18]. - The past three years of indiscriminate price increases in AI-related assets have ended, giving way to a more rational and brutal revaluation of these assets [8][21]. Group 2: Notable Investor Actions - Billionaire investor Leo KoGuan, known for his early investments in Tesla, has purchased 1 million shares of NVIDIA for approximately $180 million, signaling confidence in the AI sector [10][12]. - KoGuan plans to buy an additional 1 million shares, asserting that "artificial intelligence is not a bubble; it has just begun" [12][14]. - His investment strategy reflects a deep understanding of technology cycles, emphasizing the importance of patience over short-term market fluctuations [13][16]. Group 3: AI as a Fundamental Infrastructure - The key question for the future of AI is whether it will become a fundamental infrastructure like electricity or the internet [18][19]. - Historical precedents show that technological revolutions often experience skepticism and volatility before establishing themselves [18][26]. - The current fluctuations in AI valuations may represent typical early-stage volatility in a transformative technology, rather than a sign of long-term decline [18][21]. Group 4: Long-term Investment Perspective - Long-term investors view current market volatility as an opportunity to accumulate shares at lower prices, as the underlying demand for AI infrastructure remains strong [14][22]. - NVIDIA is positioned at the core of the AI supply chain, with its GPUs being essential for various AI applications, creating high barriers to entry for competitors [19][20]. - The article emphasizes that true value does not disappear with stock price declines but may be overlooked due to limited understanding [26].

Core Viewpoint - The negotiations between Samsung and its labor union regarding performance pay and other issues have broken down, leading the union to announce a transition to a joint struggle system and initiate procedures for a strike [1][3]. Group 1: Negotiation Breakdown - Samsung stated that it made concessions based on union demands, but unreasonable requests from the union led to the breakdown of negotiations [3]. - The company announced the breakdown and details of the negotiations through an internal bulletin on March 4, indicating that efforts to improve employee treatment were made but ultimately unsuccessful [3]. - The union has indicated that a strike could result in a loss of 10 trillion KRW for the company, while the workers would only face a loss of 400 billion KRW, suggesting a strategic advantage for the union in the event of a strike [3]. Group 2: Key Issues in Negotiations - The main point of contention in the negotiations was the reform of the performance bonus system, with the union demanding the removal of the 50% cap on the excess profit distribution bonus (OPI) based on Economic Value Added (EVA) [4]. - The company proposed to maintain the 50% cap on OPI but allowed for a choice between calculating OPI based on either EVA 20% or operating profit 10% [4]. - The company also offered a total salary increase rate of 6.2% and proposed additional bonuses for the semiconductor division if sales and operating profits reached the highest in the domestic industry [4].

Core Viewpoint - Intel's CEO, David Zinsner, has shifted the company's 18A manufacturing technology from being an internal-only product to a potential offering for external customers, indicating a significant change in strategy [2][4]. Group 1 - The transition in strategy marks a major change from last year when the CEO believed that the 18A technology would only yield reasonable returns if used for Intel's own products [4]. - Since taking over as CEO, significant transformations have been made at Intel, including a workforce reduction of approximately 20% to adapt to the demands of AI [4]. - The CEO has committed to continuing the operation of Intel's factories and is seeking new customers for the upcoming 14A manufacturing technology [4].

Core Viewpoint - The article emphasizes the importance of focusing on high-quality information sources in the fragmented era of the semiconductor industry, suggesting that professionals should streamline their information intake to enhance efficiency and effectiveness. Group 1: Information Sources - The article recommends five key WeChat public accounts for semiconductor professionals to follow in 2026, which include: - Semiconductor Technology World, focusing on industry technology and expert insights [1] - Global Electronic Market, recognized as the leading platform in the semiconductor industry with 500,000 followers [5] - Semiconductor Industry Circle, a community for semiconductor professionals [7] - Semiconductor Industry Alliance, representing the entire semiconductor supply chain [9] - China Semiconductor Forum, which offers a platform for discussions and networking [11] Group 2: Community Engagement - The article highlights the existence of a WeChat group with 80,000 members, which is open for free access to all interested parties [12] - It outlines the steps to join the group, which include scanning a QR code and responding with "join group" in the public account [13][15]

Core Viewpoint - The electronic sector has seen significant capital inflow, with a net inflow of 16.2 billion yuan, ranking second among 31 primary industries in the Shenwan classification. The electronic ETF (515260) experienced a peak increase of 3.78% during the day, closing up 1.82% [1][7]. Group 1: Market Performance - The electronic ETF (515260) attracted a total of 47.29 million yuan over the previous four days, indicating strong investor interest [1][7]. - Key stocks in the sector include Sanan Optoelectronics, which hit the daily limit, and semiconductor companies such as Jinghe Integration and Chipone Technology, both of which rose over 5% [1][7]. - Panel stocks represented by TCL Technology and BOE are expected to undergo long-term valuation recovery, with respective increases of 5.06% and 3.24% [1][7]. Group 2: Industry Insights - The electronic ETF (515260) includes major technology concepts, with Apple and Nvidia's supply chains accounting for 46.56% and 29.30% of the index weight, respectively, positioning investors to capitalize on growth opportunities [3][9]. - Apple has launched the MacBook Neo, utilizing iPhone chips for the first time, priced at 4,599 yuan, which reflects a significant reduction in price without sacrificing performance due to enhanced chip capabilities [3][9]. - Nvidia's GTC conference is scheduled for March 16-19, 2026, with a focus on new technology innovations, particularly in AI-PCB and core computing hardware, driven by strong demand and robust order growth in the AI-PCB sector [3][10]. Group 3: Future Outlook - Citic Securities indicates that both event-driven catalysts and price-volume signals suggest that the narratives of price increases and AI developments remain in a favorable zone, with expectations for continued price-driven market activity in March [3][10]. - The electronic ETF (515260) and its linked funds are effective tools for investors looking to gain exposure to core assets in the electronic sector, tracking the electronic 50 index and heavily weighted in semiconductor and consumer electronics industries [3][10].