Core Viewpoint - The company has significantly increased its revenue share from Google TPU-related business from 15% in 2023 to 32% in the first three quarters of 2025, indicating strong growth potential in this segment [1] Group 1: Revenue and Profitability - The gross margin of the TPU business is 10 percentage points higher than traditional MEMS foundry services due to economies of scale [1] - Google is expected to increase its TPU shipment volume by 80% year-on-year in 2026, which may lead to further revenue growth for the company [1] Group 2: Business Strategy - The company operates as a leading, self-controlled MEMS chip manufacturer using a "Pure-Foundry" model, focusing on various sectors including communication computing, biomedical, industrial automotive, and consumer electronics [1] - The company aims to actively develop operational plans to continuously improve capacity utilization and yield rates, maintaining its competitive strength in the MEMS pure foundry sector [1]

董少鹏 今年以来，A股市场持续聚焦硬科技赛道——从上半年寒武纪等芯片制造相关企业股价表现强势，到近 期摩尔线程、沐曦等GPU企业刚登陆资本市场便备受投资者瞩目，市场资金正不断向科技创新领域汇 聚。近日，深交所与中证指数公司对包括沪深300、中证A500等在内的多个重要成分股指样本股进行调 整，显著提升了指数的"含科量"。这一适时调整不仅精准呼应市场结构变化，顺应了新质生产力发展趋 势，更有助于引领长线投资、便利指数化投资，可谓资本市场一项具有风向标意义的举措。 所谓样本股，是中证指数公司、深圳证券交易所等指数编制机构根据一系列公开、明确的规则，从股票 市场中筛选出用于计算股票指数的代表，从而便于投资者追踪、判断整个市场或某个特定板块的整体表 现。 在积极引导的同时，也要客观认识科技创新与资本市场的内在规律。科技行业发展往往伴随着技术的快 速迭代与市场情绪波动，企业成长路径存在一定不确定性。因此，应以深化资本市场投融资综合改革为 方向，持续完善制度环境，强化中长期评价导向，引导更多耐心资本陪伴企业成长。监管则可进一步优 化"预警引导"与依法规范相结合的方式，在包容创新、支持合理市场热情的同时，也要防范脱离基本面 ...

Group 1 - The article discusses the impact of AI on the workplace, highlighting both the potential benefits and the challenges faced by employees as AI technologies evolve [2][3] - It notes that many companies are still hesitant to invest in employer branding, focusing instead on product performance and financial results, which diminishes the importance of employee relations [3] - The trend of seeking "versatile talents" in job descriptions is increasing, while the concept of "one-person companies" emerges as a response to workforce reductions, raising questions about the value of teamwork [3] Group 2 - The article reflects on the struggles of an AI startup team, emphasizing the challenges of navigating the AI landscape and the impact of rising price sensitivity among consumers [3][4] - It mentions the organization of various events, including AI talent salons and recruitment fairs, aimed at fostering community and industry engagement [4] - The publication aims to maintain high content standards and neutrality while exploring monetization strategies through paid content, indicating a shift in the media landscape [4] Group 3 - The article presents a list of the top 50 employers in the workplace bonus category, showcasing companies that have excelled in employer branding and employee engagement [8][15] - It highlights the importance of adapting to changing market demands and the emergence of new job roles in sectors like IP management and overseas market promotion due to the globalization of brands [11] - The narrative emphasizes the need for companies to innovate and adapt to the evolving economic landscape, particularly in the context of AI and automation [11]

增长背后的硬碰硬 5.2%，放平时可能不算惊艳，但今年这局面能稳住就已经不简单。更关键的是，这个数字不是靠印钞票堆出来的，而是实打实从产业里长出来的。新 能源汽车出口量又拿了全球第一，光伏组件占全球产能八成，这些数字背后都是工厂里机器轰鸣的声音。 以前被卡脖子的芯片制造，今年也有几家企业悄悄实现了技术突破。这种变化不是喊口号喊出来的，是研发人员熬夜熬出来的，是工程师一个参数一 个参数调出来的。 资本市场这两年也变了个样。以前一些行业疯狂烧钱，拼补贴、抢流量，最后钱烧没了，留下一堆烂摊子。今年监管部门没少下功夫整顿，该规范的 规范，该引导的引导。现在踏踏实实做技术、搞产品的企业，反而更容易拿到投资。市场开始认真了，钱也开始往靠谱的地方流。 就业市场也在回暖，虽然没具体数字，但身边找工作的朋友明显感觉机会多了。新能源、数字经济这些新赛道，正在吸纳大量人才。房价还在调整， 但保障房开工量上去了，租房市场也规范了不少，至少不用担心房东突然涨租金或者赶人走了。 中央经济工作会议说了什么 全球投资者都盯着中国的中央经济工作会议，这不是没道理。中国经济体量摆在这儿，任何风吹草动都会影响全球产业链。今年这次会议没搞什么大 转 ...

华尔街对AI烧钱模式的耐心正在耗尽，甲骨文失去关键支持者的消息，更令市场对科技巨头的高债务 和高支出感到不安…… 周三，美国科技股下跌，消息称甲骨文失去了一个数据中心项目的关键支持者，这重新点燃了投资者对 人工智能公司飙升的支出及其融资债务的担忧。 以科技股为主的纳斯达克综合指数收跌1.81%，收于11月下旬以来的最低水平。甲骨文下跌5.4%。在这 家软件公司股价下跌之前，有报道称，甲骨文在美国数据中心项目的主要支持者Blue Owl Capital将不 会资助密歇根州一个价值100亿美元的数据中心。 自9月初见顶以来，甲骨文股价已下跌近46%，因为华尔街对通过举债建设AI基础设施的不安情绪日益 增长，而该公司正处于这种情绪的漩涡中心。 周三的波动紧随上周的抛售潮，当时的抛售是由甲骨文和芯片制造商博通的收益未达到投资者高昂的预 期所引发的。其他大型科技股周三也纷纷下跌。英伟达下跌3.8%，而Alphabet下跌3.1%。博通下跌 4.5%。 与悲观情绪形成鲜明对比的是，作为英伟达重要供应商的存储芯片公司美光在收盘后给出了看涨的前 景。这家总部位于爱达荷州的集团表示，预计本季度将产生约187亿美元的收入，远高于 ...

【相关阅读】接近"腰斩"的甲骨文：一切都是我的错？ 【#甲骨文股价几乎腰斩#！甲骨文跌势不止，#AI行业泡沫风险加剧#】在今年9月10日以创纪录的涨幅 刷新历史新高后，甲骨文股价便开始一路走低。本月以来，公司连遭利空突袭，进一步加剧了外界对于 人工智能行业前景和估值泡沫的担忧。 截至周三收盘，甲骨文报178.45美元，下跌5.4%，近三个月累计跌幅48.5%。作为近两年推动美股牛市 的关键因素，该行业对于明年市场的走向依然至关重要。 截至周三收盘，甲骨文报178.45美元，下跌5.4%，近三个月累计跌幅48.5%。作为近两年推动美股牛市 的关键因素，该行业对于明年市场的走向依然至关重要。 据媒体报道，蓝猫头鹰资本（Blue Owl Capital）为甲骨文公司密歇根州100亿美元数据中心项目提供融 资的计划宣告泡汤，知情人士指出，此事源于市场对甲骨文债务规模及支出水平的担忧。受该消息影 响，曾一度大热的这家人工智能（AI）概念股大幅跳水。不过，甲骨文随后对该报道予以否认，并表 示该项目正在稳步推进。 周三，其他与人工智能相关的个股也纷纷跟随下跌。芯片制造商博通下挫4.4%，近5个交易日累计跌幅 超20%，进入 ...

Core Viewpoint - The article highlights a significant market pullback in major indices, particularly in AI-related stocks, driven by concerns over Oracle's debt levels and spending, following the withdrawal of a key investor from a major data center project [1][3][4]. Market Performance - On the day of reporting, the Dow Jones index fell by 0.47% to 47,885.97 points, the S&P 500 dropped by 1.16% to 6,721.43 points, and the Nasdaq index decreased by 1.81% to 22,693.32 points [3]. - Oracle's stock declined by 5.4% amid reports of financial concerns related to a $10 billion data center project in Michigan, which was not financed as planned [3][4]. Investor Sentiment - Despite Oracle's denial of the project being halted, market sentiment remained negative, leading to significant declines in other AI-related stocks, including Broadcom (down over 4%), Nvidia (down nearly 4%), AMD (down over 5%), and Google (down over 3%) [4]. - Brian Mulberry from Zacks Investment Management noted a clear rotation from large-cap growth stocks to large-cap value stocks, indicating a defensive positioning by investors in anticipation of future market conditions [4]. Trends and Predictions - Since December, several AI concept stocks, including Oracle and Broadcom, have seen notable declines, with Oracle and Broadcom down over 11% and approximately 19% respectively this month [4]. - Mulberry predicts that the trend of moving away from overvalued stocks towards more reasonably valued sectors will continue until 2026, potentially leading to market volatility due to uncertainties in monetary policy [4]. Key Indicators - The article emphasizes the importance of monitoring key indicators, such as free cash flow, to assess when and where profitability in the AI sector may turn around, as free cash flow cannot be easily manipulated [5]. - The article also mentions that Medline, a medical supplies giant, had a successful IPO, raising $6.26 billion, marking the largest IPO in the U.S. since 2021 [5]. Stock Performance Overview - Major tech stocks experienced declines, with Nvidia down 3.81%, Apple down 1.01%, Microsoft down 0.06%, Google down 3.21%, Amazon down 0.58%, Meta down 1.16%, Tesla down 4.62%, Broadcom down 4.48%, and Oracle down 5.40% [6]. - Chinese concept stocks also faced downward pressure, with the Nasdaq Golden Dragon China Index down 0.73%, and notable declines in Alibaba, JD.com, Pinduoduo, and NIO [6].

该行业对于明年美股走向依然至关重要。 在今年9月10日以创纪录的涨幅刷新历史新高后，甲骨文股价便开始一路走低。本月以来，公司连遭利 空突袭，进一步加剧了外界对于人工智能行业前景和估值泡沫的担忧。 截至周三收盘，甲骨文报178.45美元，下跌5.4%，近三个月累计跌幅48.5%。作为近两年推动美股牛市 的关键因素，该行业对于明年市场的走向依然至关重要。 甲骨文否认融资泡汤传闻 据媒体报道，蓝猫头鹰资本（Blue Owl Capital）为甲骨文公司密歇根州100亿美元数据中心项目提供融 资的计划宣告泡汤，知情人士指出，此事源于市场对甲骨文债务规模及支出水平的担忧。受该消息影 响，曾一度大热的这家人工智能（AI）概念股大幅跳水。不过，甲骨文随后对该报道予以否认，并表 示该项目正在稳步推进。 近几周来，与企业数据中心建设计划相关的高风险融资方案一直让投资者感到紧张不安。甲骨文在最新 季度财报文件中披露，截至11月30日，该公司未来15年在数据中心租赁及云服务容量方面的承诺支出高 达2480亿美元，较今年8月的数据增长了近148%。 美国证券交易委员会SEC文件显示，这家云计算巨头在今年9月新发行了180亿美元债券。 ...

Group 1 - The core viewpoint of the article is that the company, Saiwei Electronics, is actively developing silicon photonic communication chip manufacturing technology and is making progress in related technical challenges and foundational application research [1] - The MEMS-OCS at the Beijing FAB has entered the trial production stage, indicating a significant milestone in the company's manufacturing capabilities [1]

证券日报网讯 12月17日，赛微电子在互动平台回答投资者提问时表示，公司是一家业界领先、自主可 控、采用"Pure-Foundry"模式、国际化运营的MEMS芯片专业制造厂商，一直致力于为通信计算、生物 医疗、工业汽车、消费电子等各领域客户（包括知名巨头厂商及新兴中小厂商）提供一流的MEMS工艺 开发及晶圆制造服务，客户方面，公司与各客户均签订了保密协议，与客户相关的具体信息需遵循商业 保密条款不便公开，敬请理解。 （文章来源：证券日报） ...