证券日报网讯12月29日，华润微发布公告称，公司将于2026年1月16日召开2026年第一次临时股东会。 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 12月27日23时05分，台湾地区宜兰县海域发生 6.6 级地震，震源深度 60 公里，这是当地 27 年来遭遇的最强地震。 据报道， 台积电旗下所有工厂均完好无损，避免了全球芯片价格再次出现大幅波动。 台积电发布消息称，该公司总部所在的新竹科学园区内，部分厂区在地震后达到疏散启动标准。 台积电在一份简短声明中表示："我们将人员安全置于首位，正依据应急响应程序开展户外疏散及人员 清点工作。目前，所有厂区的安全生产系统均运行正常。" 绝大多数半导体产业设施集中的新竹地区，此次测得的震感仅为 4 级。台积电方面表示，部 分地震预警系统已触发，部分厂区也依照安全规程完成人员疏散。经安全检查后， 工厂已短 暂恢复运营，且未发现明显损毁痕迹。 在台湾其他地区，此次地震也仅造成轻微损失。台湾高铁一度紧急停运了 6 列正在行驶的列 车；而绝大多数灾情报告，均只涉及电梯停运、燃气与自来水泄漏，以及部分建筑物的轻度 损坏。 台积电在此次地震中基本未受影响，归根结底在于该公司持续投入巨资完善防震减灾措施。 1999 年 ...

Core Viewpoint - The company has established a multi-dimensional layout in the storage chip sector, indicating a strategic expansion in this market [1] Group 1: Supply Chain Developments - The company's etching equipment components have entered the supply chain of certain storage clients, with certification for Yangtze Memory Technologies (YMTC) actively being pursued [1] - The company's subsidiary, Shandong Youyan Aisi, has achieved bulk supply of 12-inch silicon wafers to Yangtze Memory Technologies [1] - The company also supplies component products to TSMC through its controlling shareholder's subsidiary [1]

Group 1 - The core viewpoint of the article suggests that China's export control policy on rare earths is perceived as a means to hinder the U.S. from establishing its own rare earth processing industry, raising questions about the fairness of such restrictions [1][5][10] - Despite China temporarily suspending its export controls on rare earths to the U.S., it continues to limit the export of raw materials, which is seen as an obstacle for the U.S. in developing its rare earth processing capabilities [3][5] - The article argues that the responsibility for the U.S.'s inability to build a rare earth processing industry lies with the U.S. itself, as it has previously signed agreements with multiple countries for rare earth mining, indicating that raw materials are available globally [3][5] Group 2 - The U.S. has announced plans to impose tariffs on semiconductor products from China starting June 2027, citing concerns over China's pursuit of dominance in the semiconductor industry, which reflects a broader trend of U.S. protectionism [5][7] - The article highlights a contradiction in U.S. trade policy, where it advocates for free trade but resorts to intimidation and suppression in sectors where it fears being surpassed by China [7][10] - The narrative suggests that the U.S. fails to acknowledge its own shortcomings and instead blames China for its declining position, indicating a lack of self-reflection in U.S. policy [10]

Group 1: Stock Performances - Rocket Lab Corporation (NASDAQ:RKLB) gained 15.5% after launching its 21st Electron rocket of the year [1] - Lumentum Holdings Inc. (NASDAQ:LITE) increased by 14.76% this week [2] - BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) rose by 9.68%, with Truist Securities raising its price target from $80 to $100 [2] - Ciena Corporation (NYSE:CIEN) saw an increase of 8.84% [2] - Venture Global, Inc. (NYSE:VG) gained 12.01% [2] - Astera Labs, Inc. (NASDAQ:ALAB) soared 10.57%, influenced by broader chip stocks and NVIDIA's recent performance [3] - Micron Technology, Inc. (NASDAQ:MU) jumped 12.9% following strong first-quarter earnings [4] - Sandisk Corporation (NASDAQ:SNDK) gained 12.75% [4] - Karman Holdings Inc. (NYSE:KRMN) increased by 9.91%, with Keybanc initiating coverage with an Overweight rating and an $80 price forecast [4] - CoreWeave, Inc. (NASDAQ:CRWV) increased by 7.82% after joining the Department of Energy's Genesis Mission [5] Group 2: Analyst Ratings and Price Targets - Needham analyst Ryan Koontz maintained a Buy rating for Rocket Lab and raised the price forecast from $63 to $90 [1] - Truist Securities maintained a Buy rating on BioMarin Pharmaceutical and raised its price target from $80 to $100 [2] - Keybanc initiated coverage on Karman Holdings with an Overweight rating and announced an $80 price forecast [4]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the construction industry, indicating an expected return that will outperform the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The 2026 fiscal policy is set to remain proactive, with a focus on increasing fiscal spending and optimizing government bond tools to enhance local financial capabilities. This is expected to support economic growth and improve the construction industry's operational conditions [18][11]. - Infrastructure investment has shown signs of recovery, with November data indicating a month-on-month improvement. The construction sector is anticipated to stabilize as policies aimed at debt reduction and "anti-involution" continue to be implemented [2][11]. - The demand for cleanroom construction is expected to rise due to increased capital expenditures in the semiconductor and cloud service sectors, driven by rapid advancements in AI technology [3][15]. Summary by Sections Industry Dynamics - The national fiscal work conference highlighted the achievements of 2025 and outlined the key tasks for 2026, emphasizing a more active fiscal policy to stimulate consumption and manage risks in key areas [18]. - The construction industry is expected to benefit from a combination of improved fiscal policies and a recovering investment environment, leading to marginal improvements in operational performance [2][11]. Market Performance - The construction industry saw a weekly increase of 2.26%, outperforming the CSI 300 index, with the decoration and renovation sector showing the highest growth at 11.37% [20][21]. - The overall industry valuation metrics indicate a TTM P/E ratio of 12.47 and a P/B ratio of 0.83, with several companies showing low valuations, suggesting potential investment opportunities [24][28]. Key Companies to Watch - Recommended companies include low-valuation state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved cash flow and profitability [11][13]. - Cleanroom engineering leaders like Yaxin Integration and Shenghui Integration are highlighted for their potential growth due to increasing demand in the semiconductor sector [3][15].

Group 1 - The U.S. Trade Representative's office announced new tariffs on Chinese semiconductor products, set to take effect in June 2027, with an initial tax rate of 0% starting December 2025 [1][3] - The tariffs target older semiconductor technologies, including silicon wafers and discrete semiconductor devices, and will be added on top of existing 50% tariffs imposed since 2018 [3][5] - The delay in implementation is seen as a strategy to maintain tariff leverage while easing tensions with China, indicating a desire to stabilize U.S.-China relations [3][5] Group 2 - China's rapid advancements in semiconductor self-research and development are being stimulated by U.S. sanctions, leading to the establishment of a $47.5 billion national semiconductor fund in 2024 [7][15] - The U.S. manufacturing sector has faced nine consecutive months of contraction, with rising raw material costs and declining orders, prompting a reevaluation of tariff policies [5][19] - The U.S. trade policy is causing a global trade slowdown, with growth rates dropping significantly and increasing costs for global supply chain restructuring [19] Group 3 - China's response to U.S. tariffs includes export controls on critical materials essential for semiconductors and other industries, which could impact U.S. supply chains [12][15] - The U.S. political support for Japan in the context of tensions with China has been largely symbolic, with limited practical support, leading to confusion and disappointment in Japan [9][21] - The ongoing U.S.-China trade tensions reflect a contradictory approach, where the U.S. aims to pressure China while simultaneously avoiding severe damage to bilateral trade relations [19][21]

Core Viewpoint - The construction of a unified national market is essential for establishing a new development pattern in China, with significant progress made over the past year in breaking down barriers and enhancing market efficiency [1]. Group 1: Market Infrastructure and Efficiency - The national unified electricity market has accelerated, with cross-regional electricity transactions increasing, exemplified by the first delivery of green electricity from Qinghai to Northeast China [2]. - The marketization of land resources has improved, with significant reforms in rural collective land use, leading to a 60% reduction in land acquisition time for enterprises [2]. - Various regions have implemented measures to facilitate the efficient flow of resources, such as the launch of a technology transaction platform in Hunan and a talent-sharing mechanism in Zhengzhou [3]. Group 2: Breaking Down Local Protectionism - Local governments are encouraged to adopt long-term strategies to prevent closed-loop economies, with initiatives in Shandong and Henan promoting high-quality investment [4]. - The process for businesses to relocate across regions has been streamlined, with remote processing of applications and reduced bureaucratic hurdles [4]. - Efforts to dismantle local protectionist barriers have been observed, promoting a more integrated domestic market [4]. Group 3: Addressing "Involution" in Competition - The introduction of a new pricing mechanism in national drug procurement aims to prevent abnormal low pricing that disrupts market order [6]. - Regulatory measures have been implemented to ensure fair competition, including the enforcement of the Fair Competition Review Regulations [8]. - Industries are being guided to shift from price competition to value creation, with significant growth in high-tech manufacturing sectors reported [9].

Core Viewpoint - The primary focus of the company is to concentrate on its core business and take all necessary legal measures to protect its legitimate rights regarding Anshi [1][2] Group 1: Company Operations and Strategy - Anshi China is currently addressing challenges by maintaining orderly production and cooperating with the Chinese government to resume exports of relevant products for civilian use [1] - Since mid-October, Anshi China has delivered over 11 billion chips to more than 800 global customers [1] - The company is working to localize the supply chain to ensure stable supply for domestic customers and is validating domestic wafer suppliers, expecting to complete this by Q1 to Q2 of 2026 [1] Group 2: Legal Actions and Disputes - The company has initiated multiple legal proceedings in the Netherlands to protect its and its shareholders' rights, with a potential claim amounting to $8 billion if disputes are unresolved within six months [2] - Anshi Semiconductor's management in the Netherlands unilaterally decided to stop supplying wafers to Anshi China, violating commercial contracts and impacting the global semiconductor supply chain [2] - The Chinese Ministry of Commerce has indicated that the root cause of the Anshi issue is improper administrative intervention by the Dutch government, urging for the withdrawal of administrative orders to facilitate negotiations [2]

一年多来，赖当局三大"乱台"毒招重伤台湾政治体制。为扭转"少数执政"的被动局面，赖当局先是发动 全台"大罢免"，企图通过政治斗争清除异己，最终却以"吞零蛋"的惨败收场。接着，面对蓝白阵营联合 通过的"财划法"修正案，赖清德竟打破岛内政治惯例，授意行政机构"不副署、不公布"，导致法案无法 生效。这种前所未有的做法，直接引发行政与立法机构的全面对立。更令岛内惊愕的是，台"伪宪法法 庭"5名"大法官"在赖清德的授意下，竟无视法定程序，在不足法定人数的情况下作出判决，宣告"宪法 诉讼法"相关条文失效。此举不仅撕裂台湾司法公信力，更将司法沦为政治斗争的工具。一系列操作不 但加剧了台湾的政治对立，撕裂了社会共识，也让民生议题被无休止的内斗搁置，完全背离了岛内民众 对良政善治的期待。 同时，赖当局接连"卖台"行径已经严重拖累台湾发展前景。赖当局为讨好美国，不惜挥霍民脂民膏，提 出高达1.25万亿元新台币的"防务特别预算"，承诺将防务预算提升至GDP的5%。这些巨额资金原本可用 于改善民生、促进经济发展、医治贫富分化加剧的"台湾病"，却被投入到无底的军购黑洞中。更严重的 是，赖当局为了对美输诚，竟积极推动台积电等半导体龙头企 ...