芳菲四月，春和景明。晴空万里，燕雀高歌。值此万象新生之际，清华大学迎来了 11 4周年华 诞。11 4年的辉煌历程，见证了清华人不断超越自我的拼搏和创新，也承载着无数代清华人的 使命与担当。 百年未有之大变局持续演进，新一轮科技革命和产业变革正在深入重构全球创新版图、重塑全 球经济结构。要想解决 "卡脖子"，只能发展"硬科技"，这需要数十年如一日的厚积薄发，也需 要甘坐"冷板凳"的义利抉择。硬科技时代，清华系创始人在半导体、AI、新能源等领域撑起半 边天。 清华系创始人的背后，清华系投资人更是撑起了投资圈的 "半壁江山"，可谓是"半个投资圈都 从清华园走出"。 母基金研究中心在文末附长图盘点具有代表性的清华投资人 ，以飨读者。 清华本身也在投资方面有所布局。成立于 1 9 9 4年的清华大学教育基金会是中国大陆最早的高 校基金会，是中华人民共和国民政部认证的" 5A级社会组织"，这是中国政府对基金会最高级别 认证。 01 百行俱进，翘楚群英 创新创业，已深深刻在了清华人的基因中。 "清华系"已成为资本市场中极具传奇色彩的IPO天 团，清华俨然成为中国创业者的"最强军校"。 清华 8 6级毕业生张朝阳，可以说是 ...

由于合伙人们的理工科背景，周全告诉本报记者，英诺天使基金重点关注新一代信息技术、新能源新材料、先进 制造、生物科技等围绕新质生产力的高精尖领域。 以下为访谈： 《华夏时报》记者：这两年人形机器人产业飞速发展，创业公司如雨后春笋般纷纷冒出，英诺天使基金为何会在 众多企业中选择松延动力? 华夏时报（www.chinatimes.net.cn）记者 石飞月 北京报道 时隔多年，被誉为"中国硅谷"的中关村仍然像一块磁铁，吸引着怀揣梦想的年轻人。这里从不缺新鲜的故事，而 今天谈论的主角，是不久前因为半程马拉松比赛在社交平台上刷屏的人形机器人。 4月25日上午十点，《华夏时报》记者来到坐落于这里的中关村梦想实验室，见到了英诺天使基金管理合伙人周 全，此时他刚结束一场会议。周全是松延动力这个投资项目的主要负责人，在那场人形机器人半马比赛中，松延 动力获得亚军，跑进了大众视野。 从种子轮到A轮，英诺天使基金一路押注松延动力。除了松延动力外，加速进化、鹿明机器人、灵足科技、"杭州 六小龙"之一的云深处这些人形机器人领域的公司也在英诺天使基金的投资名单上。这背后是英诺天使基金对于人 形机器人这一产业的长期看好，但站在投资角度，周 ...

Group 1 - Core viewpoint: Yu Xin Semiconductor, known as the first chip company in Guangzhou, is preparing for an IPO in the A-share market, having submitted its IPO guidance filing to the Guangdong Securities Regulatory Bureau [1][2] - Yu Xin Semiconductor was established in December 2017 with a registered capital of 2.366 billion yuan and is the first 12-inch wafer manufacturing platform in Guangdong to achieve mass production [2] - The company provides wafer foundry services covering 12-inch mixed signal, high-voltage display drivers, image sensors, power management, and power discrete devices, catering to markets such as IoT, automotive electronics, AI, and 5G [2] Group 2 - After four rounds of financing, Yu Xin Semiconductor is currently valued at approximately 16 billion yuan, ranking sixth among A-share semiconductor foundry companies [2] - The market is keenly observing the potential stock performance of companies that have stakes in Yu Xin Semiconductor, as successful IPOs typically benefit these stakeholders significantly [4][5] - One A-share listed company has a direct or indirect stake in Yu Xin Semiconductor, which could lead to substantial gains if the IPO is successful [4][5]

如果您希望可以时常见面，欢迎标星收藏哦~ 来源：内容来自 semiengineering ，谢谢。 EDA厂商正致力于探索提升设计和验证工程师生产力的新方法。这些工程师正面临着芯片复杂度 呈指数级增长的挑战，同时还要在极短的上市时间窗口内工作，并应对工程人才供应不足的问题。 过去，提升通常只需要改进算法，或在线性流程中实现计算并行化。但在当前一代先进芯片中，情 况已发生很大变化。多芯片集成要求在设计流程更早阶段进行多物理场分析，而在设计某一部分所 做的变更，可能会对SoC或封装的其他部分，甚至在实际应用中产生深远影响。如今的挑战在于， 必须以系统性的方式应对大量相互竞争的设计要素，这就需要对现有工具和方法进行多方面改进， 同时引入创新技术，并在许多情况下采用不同的问题处理方式。 "我们有机会提升工具和设计人员的生产力，"Siemens EDA定制IC事业部副总裁兼总经理Amit Gupta指出，"我们需要提升EDA核心工具的运行时间、覆盖率或执行速度。同时，我们还要提升 设计人员，尤其是初级设计人员的工作效率。整个行业需要越来越多的工程师，我们必须加速他们 的成长。" 改进工具的工作早已开始，最初从将更多任务 ...

Core Viewpoint - Data I/O Corporation held a conference call to discuss its First Quarter 2025 financial results, highlighting key financial metrics and future expectations [1][3]. Financial Performance - The conference call included presentations from the President and CEO, Bill Wentworth, and CFO, Gerry Ng, indicating a structured approach to financial reporting [3]. - The company emphasized the importance of understanding the impact of various factors on its financial performance, including global events and market conditions [4][5]. Market Conditions - The discussion acknowledged uncertainties related to global and geopolitical events, international trade regulations, and the overall activity level in the automotive and semiconductor industries [5]. - The company noted that order levels and market acceptance of new products are critical for revenue recognition, which may be influenced by economic conditions and demand fluctuations [5].

Financial Data and Key Metrics Changes - Revenue for the first quarter of 2025 was $6,200,000, representing a 19% increase from $5,200,000 in the fourth quarter of 2024 and a slight increase from $6,100,000 in the first quarter of 2024 [13][14] - Net loss for the first quarter was $382,000, an improvement from a net loss of $1,200,000 in the fourth quarter of 2024 and $807,000 in the prior year period [17] - Adjusted EBITDA was nearly breakeven at a loss of $98,000 compared to a loss of $364,000 for the prior year period [18] Business Line Data and Key Metrics Changes - Automotive electronics accounted for 66% of first quarter bookings, up from 59% for all of 2024 [13] - Consumables, including adapters and services, represented 46% of total first quarter revenue, providing a stable base of recurring revenue [14] - New bookings for the first quarter were $4,600,000, up from $4,100,000 in the fourth quarter of 2024 but down from $8,000,000 in the first quarter of 2024 [14] Market Data and Key Metrics Changes - Revenue from the Americas and Europe saw significant growth, with increases of 324% and 244% respectively, while Asia experienced a 40% decline due to prior year performance and current trade uncertainties [13][14] - Backlog at the end of the first quarter was $2,900,000, down $600,000 from December 31 [15] Company Strategy and Development Direction - The company is focusing on strategic investments for growth and productivity improvements, with a new product roadmap to be detailed in the next quarter or two [7] - Discussions with semiconductor companies are ongoing, aiming to establish strategic relationships that will support future growth [8] - The company is adapting to tariff impacts by exploring various pathways to deliver products without significant disruptions [6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that tariffs and trade uncertainties have created challenges but expressed confidence in navigating these issues [19] - The company remains cautious for the second quarter but is focused on driving sales improvement through new market strategies [19] - Management highlighted the importance of customer communication and monitoring market conditions closely [59] Other Important Information - Operating expenses for the first quarter were CAD3.6 million, down 11% from the fourth quarter and 12% from the prior year [17] - The company maintains a healthy cash position with $10,500,000 in cash at the end of the first quarter, reflecting improved sales and cost structure [18] Q&A Session Summary Question: Revenue mix between capital equipment, adapters, and software - The recurring revenue mix decreased to 46% in Q1 2025 from 50% in 2024, driven by increased system deliveries [21][22] Question: Expense reduction potential for the current year - The company anticipates ongoing opportunities for expense reduction but will balance this with necessary investments for growth [27][28] Question: Progress in the semiconductor sector - Management reported positive developments in establishing relationships with semiconductor companies, indicating faster progress than expected [35][36] Question: Improvement in orders in April - There is cautious optimism regarding recurring revenue, but system sales may be slower due to ongoing tariff uncertainties [53][54] Question: Utilization of systems - The company does not track customer system utilization due to security concerns but monitors adapter sales as an indicator of usage [56][57]

Financial Data and Key Metrics Changes - First quarter revenue was $74.3 million, down 19% sequentially from $91.6 million in Q4 2024 and down 3% year over year from $76.8 million in Q1 2024 [16] - First quarter endpoint IC revenue was $61.2 million, down 17% sequentially from $74.1 million in Q4 2024 and slightly down year over year from $61.5 million in Q1 2024 [16] - First quarter systems revenue was $13.1 million, down 25% sequentially from $17.5 million in Q4 2024 and down 15% year over year from $15.3 million in Q1 2024 [17] - First quarter adjusted EBITDA was $6.5 million, compared to $15 million in Q4 2024 and $6.7 million in Q1 2024 [19] - First quarter GAAP net loss was $8.5 million, while non-GAAP net income was $6.3 million or $0.21 per share on a fully diluted basis [19] Business Line Data and Key Metrics Changes - Endpoint IC revenue exceeded expectations driven by turns orders, with a forecast for an increase in Q2 [16] - Systems revenue exceeded expectations due to strength in both reader and reader IC sales, but a decline is expected in Q2 driven by lower reader IC revenue [17] - First quarter gross margin was 52.7%, compared to 53.1% in Q4 2024 and 51.5% in Q1 2024, with expectations for similar margins in Q2 [17][18] Market Data and Key Metrics Changes - The company holds the number one endpoint IC market share, capturing 85% of the industry's 2024 unit volume growth [10] - A geographic shift in sourcing products from China to other regions represents roughly 15% of endpoint ICs, with the company’s exposure being much less [12] Company Strategy and Development Direction - The company aims to extend its technology lead, market share, and platform adoption while managing business with a steady hand [15] - The focus remains on investing in enterprise solutions that transform the industry, particularly in retail, supply chain, and logistics [7][14] - The company is strategically shifting investments away from China towards the U.S. and Europe to mitigate tariff impacts [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges extraordinary macro uncertainty but believes the long-term growth opportunity remains intact [7] - The company expects a modest increase in channel inventory in Q2 as partners build optionality, but anticipates normalization and bookings growth if consumer demand holds [12][22] - Management remains optimistic about the enterprise end customer base and believes that those leveraging the platform will outperform competitors [7][28] Other Important Information - The company ended Q1 with cash, cash equivalents, and investments of $232.5 million, down from $239.6 million in Q4 2024 [19] - Free cash flow was negative $13 million, driven primarily by unfavorable working capital timing, which is expected to reverse in Q2 [20] Q&A Session Summary Question: How are you thinking about the impact of tariffs on demand? - Management indicated that they are navigating the tariff situation and believe that enterprises are undershipping consumer demand due to geographic shifts in sourcing [28][30] Question: What is the outlook for inventory levels? - Management stated that channel inventory is not high relative to consumer demand and that partners are adjusting their inventory strategies due to tariffs [44][70] Question: What are the growth opportunities for 2025 and beyond? - Management highlighted food as a significant opportunity but noted that it would be more material in 2026 and beyond, with a focus on fixed reading solutions in supply chains [74][76] Question: How is the M800 ramp progressing? - The M800 is expected to ramp nicely, with anticipated gross margin benefits as it becomes a volume runner later in the year [58][93] Question: What is the status of the large logistics customer? - Management reported continued support and growth with the logistics customer, despite inventory issues at the channel partner level [86]

Core Viewpoint - Micron Technology, Inc. has experienced a significant decline in stock price, dropping 27.8% over the past month, underperforming both the Zacks Computer and Technology sector and major semiconductor players [1][4]. Company Performance - The company's non-GAAP gross margin fell to 37.9% from 39.5% in the previous quarter, driven by weaker NAND flash pricing and startup costs at a new DRAM production facility [6]. - For the third quarter, Micron guided for a gross margin of 36.5% at the midpoint, indicating continued margin pressures [7]. Long-Term Outlook - Despite short-term challenges, Micron's long-term growth prospects remain strong, with expected year-over-year revenue growth of 29% and a 153% increase in EPS if third-quarter targets are met [8]. - The Zacks Consensus Estimate predicts revenue growth of 41% for fiscal 2025 and 30% for fiscal 2026, with EPS improvements of 427% and 58%, respectively [9]. Strategic Positioning - Micron has a strong history of beating earnings estimates, with an average surprise of 10.7% over the last four quarters [10]. - The company is well-positioned in high-demand segments such as AI, data centers, automotive, and industrial IoT, benefiting from the increasing demand for advanced memory solutions [11]. - Micron's diversification strategy reduces reliance on consumer electronics, focusing on stable sectors to mitigate revenue volatility [12]. Technological Advancements - The company is advancing in high-bandwidth memory (HBM) products, crucial for AI workloads, with notable developments in AI-optimized memory solutions [13]. - Micron is a key supplier for NVIDIA's GeForce RTX 50 Blackwell GPUs and plans to open a new HBM advanced packaging facility in Singapore by 2026 [14]. Valuation - Micron is currently undervalued, with a forward 12-month Price/Sales (P/S) ratio of 1.86X, significantly lower than the sector's 5.06X and major competitors [15][16]. Conclusion - The recent sell-off in Micron's stock reflects short-term headwinds, but the long-term growth story remains compelling, making it a prudent choice for investors willing to navigate near-term volatility [18].

行情速递 ① 主 板 领 涨 ， 日 海 智 能 (+10.06%)/ 合 众 思 壮 (+10.05%)/ 朝 阳 科 技 (+10.02%)/ 中 科 金 财 (+10.02%)/卓翼科技(+10.01%)/ ②创业板领涨， 利安科技(+20.01%)/新晨科技(+19.99%)/东土科技(+16.41%)/ ③科创板领涨， 富信科技 (+7.89%)/维德信息(+7.59%)/有方科技(+7.19%)/ ④活跃子行业， SW其他通信设备(+4.40%)/SW通信网络设备及器件(+3.79%)/ 国内新闻 ① 通信世界网，中国联通App上线"联通卫星"业务/用户办理该业务后/可在 地面通信网络覆盖不稳定或无覆盖的情况下/通过天通卫星提供紧急通信服 务/ ② SEMI， 江苏路芯半导体掩膜版项目一期在2025年上半年送样90-100nm 制程节点半导体掩膜版/2025年下半年试产40nm制程节点半导体掩膜版产 品/一期项目有望在2025年完成投产并贡献小部分收入/在2026年进一步放 量/ ③ 智通财经，IDC手机季度跟踪报告显示/2025年第一季度/中国智能手机市 场出货量在"国补"政策叠加春节销售旺季的 ...

Group 1 - Proactive provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The news team covers medium and small-cap markets, as well as blue-chip companies, commodities, and broader investment stories [3] - Proactive's content includes insights across various sectors such as biotech, pharma, mining, natural resources, battery metals, oil and gas, crypto, and emerging technologies [3] Group 2 - Proactive is committed to adopting technology to enhance workflows and improve content production [4] - The company utilizes automation and software tools, including generative AI, while ensuring all content is edited and authored by humans [5]