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运送美国芯片制造设备将需要获得美国出口许可证。 三星和 SK 海力士是全球前两大存储芯片制造商，它们都将中国视为其关键生产基地之一，尤其是传统 存储芯片领域。受 AI 数据中心需求增长以及供应趋紧影响，这类芯片的价格一直在上涨。 截至发稿，三星、SK 海力士以及台积电尚未就此置评。 据路透社报道，知情人士称，美国政府已向三星电子、SK 海力士发放了一项年度许可证，允许它们在 2026 年向其中国工厂出口芯片制造设备。 对三星、SK 海力士来说，这一许可让其暂时松了一口气。此前，美国在今年早些时候撤销了对一些科 技公司的许可证豁免。 据路透社报道，知情人士称，美国政府已向三星电子、 SK 海力士发放了一项年度许可证，允许它们在 2026 年 向其中国工厂出口芯片制造设备。 对三星、SK 海力士来说，这一许可让其暂时松了一口 气。此前，美国在今年早些时候撤销了对一些科技公司 的许可证豁免。 知情人士称，美国已针对向中国出口芯片制造设备设立 了年度审批制度。三星电子、SK 海力士和台积电此前 曾受益于美国对华芯片相关出口全面限制的豁免政策。 但这项被称为"经验证最终用户"(VEU) 的特权将于今年 12 月 31 ...

Core Viewpoint - TSMC has quietly announced the commencement of volume production of its N2 (2nm) process chips, achieving its previously stated goal for production in Q4 2025 [1][5]. Group 1: N2 Technology Overview - TSMC's N2 technology utilizes the first-generation nanosheet transistor technology, enhancing performance and power efficiency across all nodes [1]. - The N2 process aims for a 10%-15% performance improvement at the same power consumption and a 25%-30% reduction in power consumption at the same performance level [3][4]. - For mixed designs including logic, analog, and SRAM, transistor density is expected to increase by 15% compared to N3E, while pure logic designs will see a 20% increase [3]. Group 2: Production and Capacity - TSMC has begun production at its Fab 22 facility near Kaohsiung, Taiwan, with expectations for ramping capacity in 2026 driven by demand from smartphones and high-performance computing AI applications [5]. - The company is also constructing two new fabs capable of N2 process technology to meet the strong interest from partners, with plans to produce N2P and A16 chips starting in the second half of 2026 [7]. Group 3: Performance Enhancements - The N2P process, an enhanced version of N2, is set to further improve performance and power efficiency, while the A16 variant will utilize a Super Power Rail design tailored for complex AI and HPC processors [7].

Core Insights - Hong Kong's stock market is experiencing a revival marked by a surge in IPO activities, with six Chinese companies raising approximately HKD 69.9 billion (around USD 9 billion) on their debut, reinforcing Hong Kong's status as a leading listing venue in Asia [1] - The London Stock Exchange Group (LSEG) projects that Hong Kong will raise about USD 75 billion through stock issuance in 2025, more than tripling the amount from 2024 and marking the highest level since 2021, indicating a strong return to global capital markets [1] - Investor confidence is rebounding, as evidenced by the stable performance of newly listed companies, particularly in the technology sector, with expectations of continued positive momentum into 2026 [1][2] Group 1: IPO Performance - The six newly listed companies span various sectors, including AI, software, industrial manufacturing, and consumer goods, with technology stocks showing particularly strong performance [2] - Notable stock performances include a 45% increase for AI drug development firm Insilico Medicine, nearly 15% for software company 51World, and over 15% for industrial manufacturer Meilian [2] - The overall market sentiment remains positive, with no signs of significant downturn as investors exhibit cautious and rational behavior [2] Group 2: Upcoming IPOs - In addition to the six companies that debuted, three more Chinese firms have initiated share offerings in Hong Kong, aiming to raise over HKD 92.2 billion, with plans to list on January 8 [3] - Specific fundraising plans include HKD 4.35 billion from Knowledge Graph Technology, HKD 3.67 billion from Shanghai Tensyn Semiconductor, and approximately HKD 1.2 billion from Shenzhen Precision Medical Technology [3] Group 3: Future Outlook - Over 300 companies have submitted IPO applications, indicating a sustained momentum in Hong Kong's IPO market, with expectations for this trend to continue into 2026 [4] - The upcoming listing of Shanghai Biran Technology on January 2 is anticipated to set the tone for the market in 2026, alongside ongoing preparations for AI-focused companies like Shanghai Xiyu Technology [4]

Group 1 - The core point of the article highlights that despite the U.S. tariff policy aimed at Chinese mature chips, over 70% of global orders are still flowing to China, indicating a contradiction between policy pressure and market dynamics [1][3][21] - The U.S. government announced additional tariffs on mature chips from China, set to take effect in 2027, primarily targeting chips of 28nm and above, which are essential for everyday applications [3][5] - The demand for mature chips is driven by the need for reliability and stability rather than extreme performance, making them a crucial component in various industries [5][19] Group 2 - China's mature chip industry has developed a complete supply chain, including production, packaging, design, and delivery, which is difficult for U.S. policies to disrupt [5][21] - The U.S. policy aims to limit China's position in the chip supply chain, but the actual effect may catalyze companies to further invest in Chinese supply chains due to cost and stability considerations [7][23] - Chinese manufacturers have rapidly expanded production capacity, allowing them to respond quickly to market demands, which is a core capability valued by global customers [17][25] Group 3 - Recent technological breakthroughs in China, particularly by a team from Peking University, have enhanced innovation capabilities in mature chips, supporting AI and next-generation communication technologies [9][11] - The competitive edge of China's mature chips is not solely based on low prices but on a comprehensive advantage derived from a complete industrial chain [13][19] - The shift in global semiconductor orders from a few dominant firms to a more distributed model reflects changing market dynamics, with China establishing a leading position in the mature chip market [21][26] Group 4 - U.S. automotive and electronics companies have expressed concerns about the impact of tariffs on costs and delivery times, indicating a shift in the industry focus towards increased procurement from China [23][30] - The article emphasizes that the future competition in the semiconductor industry will depend on understanding market needs, with China redefining the global semiconductor logic through its actions [29][30]

岁末年终，回顾2025年全球IPO市场，港交所以一记漂亮的"回马枪"重夺全球募资额冠军，"A赴港"贡献接近一半；美股IPO活动继续回暖，纳斯达克凭借 2025年全球规模最大IPO公司——医疗用品巨头Medline的贡献拿下全球募资额第二名；去年的冠军印度国家证券交易所位列第三。 三甲之外，纽交所拿下全球第四，纽交所上市的液化天然气出口商Venture Global募资额位列全球第十；A股首日涨幅超过300%的"大肉签"多达34只，硬 科技企业"量价齐升"，其中，上交所和深交所募资总额位列第五和第八。 星标★IPO日报 精彩文章第一时间推送 张力制图 全球十大IPO 锂电池巨头宁德时代以410.06亿港元的H股募资额位列全球第二，也是港股今年的"募资王"。此外，在港交所上市的黄金开采公司紫金黄金国际、重型工 程机械制造企业三一重工、赛力斯凭借287亿港元、153亿港元、143亿港元的募资额成为全球第四、八、九大IPO募资项目。也就是说，港交所在前十大 IPO募资中独得四席，而2024年仅有美的集团在港交所上市募资357亿港元进入前十。需要指出的是，宁德时代、三一重工、赛力斯均是A+H两地上市的 公司。赛力斯公司 ...

Core Viewpoint - NVIDIA has made a significant acquisition of Groq, a chip manufacturer with a different technological approach, for $20 billion, which has sparked discussions about market monopolization and competitive dynamics in the AI chip sector [1][19]. Group 1: Acquisition Details - NVIDIA's acquisition of Groq is its largest to date, aimed at eliminating a potential competitor in the AI chip market [1]. - Groq, founded in 2016, has a valuation exceeding $7 billion and was co-founded by Jonathan Ross, a designer of Google's first-generation TPU [3]. - The acquisition is structured as a "shell acquisition," where NVIDIA has not fully acquired Groq but has signed a non-exclusive licensing agreement to use Groq's inference technology [22]. Group 2: Technology Insights - Groq's core product is the Language Processing Unit (LPU), designed specifically for accelerating AI computations, similar to Google's TPU but without the use of high-bandwidth memory (HBM) [5][12]. - The LPU utilizes SRAM for storage, allowing for faster data access compared to traditional GPU architectures, achieving data retrieval speeds over 20 times faster than GPUs [12][24]. - Groq's LPU has demonstrated a model inference speed that is reportedly 10 times faster than NVIDIA's GPUs, indicating its potential to disrupt the market [14]. Group 3: Market Implications - The acquisition reflects a broader trend in the AI industry where the demand for model inference is expected to surpass that for model training, as indicated by a Bloomberg report projecting a decrease in training costs from 60% to around 20% of data center expenditures by 2032 [25]. - NVIDIA's move to acquire Groq's technology suggests a strategic effort to enhance its capabilities in both model training and inference, ensuring it remains a dominant player in the AI computing landscape [24][25].

Important Matters - WISCO Development plans to acquire equity in WISCO Mining and Luzhong Mining, resulting in stock suspension [1] - Unisplendour intends to purchase equity or full ownership of Ruineng Semiconductor, leading to stock suspension [1] - Heng Rui Medicine's subsidiary received approval for clinical trials of HRS-6257 tablets, with no similar drugs approved in the domestic market [1] - Longpan Technology's subsidiary is reducing production on some lithium iron phosphate production lines for maintenance, a move echoed by several leading manufacturers in the industry [1] Investment Operations - Guoxin Technology has laid out plans for smart driving MCU chips and is developing a high-performance AI chip with 10,000 DMIPS [1] - Juneyao Airlines plans to purchase 25 Airbus A320 series aircraft for $4.1 billion [1] - Spring Airlines intends to buy 30 Airbus A320neo series aircraft, with a transaction amount not exceeding $4.128 billion [1] - Tsinghua Tongfang is making breakthroughs in the open-source HarmonyOS field for product and commercialization [1] - Guangzhou Port is investing 2.353 billion yuan in the intelligent transformation project of the Nansha Port International General Terminal [1] - International Composite Materials plans to invest 1.693 billion yuan to build a project with an annual production capacity of 36 million meters of high-frequency high-speed electronic fiber cloth [1] - State Power Investment Corporation's subsidiary is co-investing with CATL in the Dadu River Danba Hydropower Station project, with a total investment of 15.273 billion yuan [1] - Haisheng Pharmaceutical's invested company has completed the first subject enrollment in the Phase II clinical trial of the innovative drug NWRD06 injection, targeting a specific liver cancer marker [1] Contracts and Collaborations - Chinalco International signed overseas project contracts worth approximately 14 billion yuan [2] - Tianqi Lithium has completed a strategic cooperation with SQM and Codelco [2] - Roman Co., Ltd.'s subsidiary signed a 156 million yuan computing power service project contract [2] - China Duty Free Group's wholly-owned subsidiary signed a duty-free project contract at Beijing Capital International Airport [2] - Reascend Technology's high-silica fiber has begun commercial cooperation with a well-known international aerospace company for long-term product supply [2] - Macro Micro Technology signed a strategic cooperation agreement with a leading domestic transmission company, focusing on GaN power semiconductor devices [2] Capital Operations - Tianqi Co., Ltd. plans to raise no more than 977 million yuan through a private placement for the development of a robot embodiment intelligence system for the automotive industry [2] - SMIC's registered capital in SMIC Southern will increase to $10.077 billion; it plans to acquire 49% equity in SMIC Northern for 40.6 billion yuan [2] - Changan Automobile intends to raise no more than 6 billion yuan through a private placement [2] Share Buybacks - Kweichow Moutai's controlling shareholder, Moutai Group, has cumulatively increased its stake in the company by 3 billion yuan, completing the buyback plan [3] - AVIC Heavy Machinery has been supplying key forgings to several commercial rocket companies [3] - Huihan Co., Ltd. invested 68.25 million yuan to establish a private equity fund, specifically investing in a commercial aerospace company [3] - Sega Technology plans to increase its investment in optical module company Guangcai Xincheng by 275 million yuan to acquire a 20% stake [3]

芯片制造商英伟达股价下跌1.1%，回吐了上周部分涨幅。此前有报道称，英伟达以约200亿美元收购了 人工智能芯片初创公司Groq的资产，创下其史上最大规模交易纪录。英伟达股价在周五上涨了1%。 芯片制造商英伟达股价下跌1.1%，回吐了上周部分涨幅。此前有报道称，英伟达以约200亿美元收购了 人工智能芯片初创公司Groq的资产，创下其史上最大规模交易纪录。英伟达股价在周五上涨了1%。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 ...

岁末年初，手握重金的千亿级私募正谋定后动。 近日，记者独家采访获悉，景林资产发布了管理合伙人、CEO高云程《2025年终给投资者的一封信》， 系统阐述了其对市场后续走势的判断以及对AI方向的布局。 高云程认为，在AI、新能源、智能驾驶、人型机器人等新经济发展的前沿领域，中国和美国都在积极 投资，相关公司在浪潮中快速成长。景林资产高度关注并积极持有产业浪潮下，估值在历史合理区间 内，生意模式具备定价权，竞争格局处于有利地位，管理层也足够清醒理性的优秀企业。 "中美股市各有星辰" 在即将收官的2025年，中国资产和美股资产均有所演绎，展望2026年，高云程认为大概率仍是如此。 高云程表示，2025年DeepSeek的横空出世，让世界认识到中国在生成式人工智能的竞争浪潮中是有竞 争力和性价比优势的。与此同时，千问在开源模型中的全球采用度也证明了国产模型可以利用现有可用 资源让领先者焦虑，也让全球参与者有更多的选择。 他分析称，中国新兴产业发展的背后是几代工程师人才的迭代，充分诠释了从先进制造业学习者到复杂 的全球产业链分工者，再到部分产业中研发和制造上的超越者的积极变化。 高云程认为，如今中国不可能再是规则的接受方 ...