Core Insights - SGA's U.S. Large Cap Growth Strategy reported a Q4 2025 portfolio return of 0.3% (Gross) and 0.2% (Net), underperforming the Russell 1000 Growth Index (1.1%) and the S&P 500 Index (2.7%) [1] - The portfolio faced significant challenges in 2025, marking the most difficult year since the firm's inception in 2003, but remains optimistic about growth potential and relative valuation [1] - The strategy is positioned to benefit from a shift away from high momentum dynamics in U.S. markets and a broadening of market leadership [1] Company Focus: Broadcom Inc. (NASDAQ:AVGO) - SGA established a below-average weight position in Broadcom Inc. during Q4 2025, which is a leading semiconductor and infrastructure software solutions company [2][3] - As of February 10, 2026, Broadcom's stock closed at $340.44 per share, with a one-month return of 0.16% and a 12-month increase of 44.04% [2] - Broadcom's transformation from custom ASICs to full rack-scale solutions is enhancing its strategic positioning, validated by recent product launches and increased customer commitments [3] - The company is diversifying its customer base, expanding from three to five qualified customers, and accelerating production timelines for future clients [3] - The shift in AI demand from training to inferencing is creating more stable revenue streams for Broadcom, driven by innovations in long context windows and agentic workloads [3]

Core Viewpoint - Shanghai Suyuan Technology Co., Ltd. has applied for a change in its listing review status to "inquired" on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 6 billion yuan [1] Group 1: Company Overview - Established in 2018, Suyuan Technology is a leading enterprise in the cloud AI chip sector in China, aiming to become a leader in general artificial intelligence infrastructure [1] - The company focuses on original innovation and independent research and development, building a sustainable core competitiveness and moat [1] - Over nearly eight years, the company has developed four generations of architectures and five cloud AI chips, creating a complete product system covering AI chips, AI accelerator cards, intelligent computing systems, and AI computing software platforms [1] Group 2: Technology and Product Development - The company has formed a comprehensive core technology system consisting of three categories: chips and hardware, software and programming platforms, and computing cluster solutions [3] - In hardware, the company has developed original architectures such as GCU-CARE and GCU-LARE, which support high parallelism for AI large model acceleration [3] - The software platform, "Yusuan TopsRider," is self-developed and significantly reduces the programming development difficulty and migration costs for mainstream AI models based on the company's hardware [3] Group 3: Market Position and Ecosystem - The company has established extensive commercial applications of its products in various internet AI scenarios, providing AI computing power support for national-level internet applications [4] - Suyuan Technology is actively collaborating with domestic network operators and exploring business opportunities across various industries to provide inclusive computing power support for AI [4] - The company emphasizes long-term strategic partnerships across the entire industry chain, including EDA/IP, wafer manufacturing, packaging testing, and system components, to ensure stable product development and supply delivery [4] Group 4: Fundraising and Financials - The funds raised will be used for the research and industrialization of the fifth and sixth generation AI chip series, as well as advanced AI hardware and software collaborative innovation projects [4] - The total investment for the projects is approximately 743 million yuan, with 600 million yuan planned to be raised [6] - Financially, the company reported revenues of approximately 90.1 million yuan in 2022, projected to increase to 722 million yuan in 2024, while net losses are expected to decrease from 1.116 billion yuan in 2022 to 888 million yuan in 2025 [6][7]

By Toby Sterling and Bart H. Meijer AMSTERDAM, Feb 11 (Reuters) - A Dutch court ordered an investigation into mismanagement at chipmaker Nexperia, dealing a ‌blow to Chinese parent Wingtech by allowing the European management team that ‌took charge after a Dutch state intervention last year to stay in place. The fight over Nexperia, ​which has spread from boardrooms to Brussels and Beijing, is one of the most prominent recent corporate standoffs between Europe and China and has disrupted global supplie ...

Core Insights - The LED display industry is shifting from a focus on physical performance to energy efficiency, driven by the need to address heat issues associated with high power consumption in ultra-high-definition displays [1][18] - Major companies like Leyard, Absen, and others are promoting "cool screens" to enhance system stability and lifespan, while brands like Hisense and TCL emphasize energy-saving features in their latest products [1][18] - The implementation of the national energy efficiency standard GB 21520-2023 is pushing the industry towards adopting energy-efficient technologies, redefining the value and importance of LED driver ICs [1][22] Industry Trends - The transition to ultra-high-definition displays has led to a geometric increase in pixel density, compressing heat dissipation space and exacerbating thermal issues [2][19] - The efficiency of red LED chips is highly temperature-sensitive, with a 1°C increase resulting in approximately a 1% decrease in light output efficiency [2][19] - The traditional 16-channel driver ICs are becoming a bottleneck for energy efficiency as their power consumption share is rising significantly [2][20] Driver IC Importance - In ultra-high-definition micro-pitch products, the power consumption of driver ICs can rise from 15-30% to over 50% under different brightness applications [3][20] - Improving the conversion efficiency of driver ICs can have a more significant impact on overall screen energy efficiency than merely enhancing LED chip light output [21][22] - The new XM11206G driver IC from Lingyang Huaxin is designed to save 20% in power per pixel compared to its predecessor, significantly contributing to energy savings in large displays [22][29] Policy and Standards - The GB 21520-2023 standard sets clear energy efficiency thresholds for the LED display industry, mandating the adoption of energy-efficient driver ICs as a compliance requirement [22][23] - The energy efficiency grading system categorizes products into three levels, with Level 1 being the highest standard for international leading products [23] Company Strategy - Lingyang Huaxin has embedded energy-saving technology into its core, focusing on high integration and common cathode architecture for its driver ICs [24][27] - The company is diversifying its product offerings to include direct display drivers and automotive display drivers, with successful integration into high-end products from Samsung [27][28] - Lingyang Huaxin aims to expand its market share by balancing cost and performance, targeting a 40% growth rate in the coming years [33][34] Future Outlook - The integration of AI with display technology is expected to open new application boundaries for LED displays, enhancing the demand for advanced driver ICs [33][34] - The current LED driver IC market is highly concentrated, with the top five manufacturers expected to hold about 83% market share by 2025 [33] - Lingyang Huaxin is optimistic about its growth prospects, anticipating revenue to exceed 150 million yuan by 2026 [34][36]

Core Viewpoint - ByteDance is developing AI chips, aiming to receive chip samples by the end of March and plans to produce at least 100,000 AI inference chips this year, with a future production target of 350,000 chips [1] Group 1: Company Developments - ByteDance has not yet responded to inquiries regarding its self-developed chips [1] - The company has been actively investing in AI, with its core business heavily reliant on AI technologies, and has launched AI products such as Doubao [1] - Since 2022, ByteDance has initiated the self-development of cloud training and inference chips to build a complete AI technology stack [1] Group 2: Industry Context - The global tech competition is intensifying, with AI chips becoming a focal point for major tech companies, including Google's TPU, Amazon's Inferentia, and Tesla's Dojo, all aimed at reducing reliance on external suppliers [1] - The increasing demand for computing power in the industry drives ByteDance's decision to either self-develop AI chips or continue external procurement, with the goal of maintaining control over its development trajectory [1]

Core Viewpoint - ByteDance is developing an AI inference chip codenamed SeedChip, with plans to receive samples by the end of March and produce at least 100,000 units this year, aiming to increase production to 350,000 units later [1] Group 1: Company Developments - ByteDance is reportedly working on AI chips to reduce reliance on external suppliers, similar to initiatives by tech giants like Google, Amazon, and Tesla [1] - The company has been actively investing in AI infrastructure, having built a large computing cluster and initiated the development of cloud-based training and inference chips since 2022 [1] Group 2: Industry Context - The global competition in technology is intensifying, with AI chips becoming a focal point for major tech companies [1] - ByteDance's core business heavily relies on AI technology, and the company has been advancing in cutting-edge areas such as large language models, launching AI products like Doubao [1] Group 3: Strategic Goals - The primary objective for ByteDance, whether through self-developed AI chips or external procurement, is to gain control over its development trajectory in response to the growing demand for computing power in the industry [1]

Core Viewpoint - ByteDance is developing an AI chip and is in talks with Samsung for manufacturing, aiming to produce at least 100,000 units this year [1][2]. Group 1: AI Chip Development - ByteDance is reportedly developing an artificial intelligence chip and plans to receive sample chips by the end of March [1]. - The company aims to manufacture at least 100,000 units of the AI inference chip in 2023, with plans to scale production to as many as 350,000 units gradually [2]. Group 2: Collaboration with Samsung - ByteDance is negotiating with Samsung not only for manufacturing the AI chips but also for securing memory chip supplies, which are in high demand due to global AI infrastructure expansion [2]. - The collaboration with Samsung marks a significant step in ByteDance's multi-year effort to build in-house chips for AI workloads, which began with hiring chip-related talent in 2022 [2].

11 February 2026 | 12:10AM HKT Equity Research SMIC (0981.HK): 4Q25 OP beat; UT rate and ASP sustained; 1Q26 Rev guidance in line 4Q25 Revenue of US$2.5bn (+13% YoY/ +4% QoQ) was 3%/ 3% higher than GSe/ Bloomberg consensus, and beyond mgmt. guidance of +0%~+2% QoQ. 4Q25 GM of 19% was in-line with management's guidance (18%~20%) and our / street's expectation of 19.3%/ 20.0%. The revenue growth were driven by wafer shipment increase of +1% QoQ and ASP increase of +1% QoQ, while the gross margin trended down ...

Summary of Montage Technology Conference Call Company Overview - **Company Name**: Montage Technology - **Ticker Symbols**: 688008.SS (A-shares), 6809.HK (H-shares) - **Industry**: Semiconductor, focusing on memory interface and connectivity solutions - **Market Share**: Approximately 40% in the global memory interface market - **Key Products**: Memory interface solutions (RCD/DB), PCIe retimers, server platform solutions, etc. [33][40] Core Insights - **Investment Rating**: Montage-H initiated with a Buy rating and a target price (TP) of HK$205, reflecting a 10% discount to Montage-A's TP of Rmb205 [1][4] - **Stock Performance**: Montage-A shares have increased by 35% year-to-date, outperforming the SSE Index, which rose by 2% [1] - **AI Infrastructure Growth**: The company is positioned as a direct beneficiary of AI capital expenditures, with expectations for increased demand in memory interfaces and MRDIMM due to agentic AI developments [1][3][21] Financial Forecasts - **Revenue and Earnings Growth**: Revenue forecasts for Montage-A have been revised upwards, with expected revenues of Rmb5,593 million for 2025E, Rmb7,463 million for 2026E, and Rmb10,030 million for 2027E [13][20] - **Profit Margins**: Gross profit margins are projected to improve, with gross margins expected to reach 62.2% by 2027 [20] - **Earnings Per Share (EPS)**: EPS is forecasted to grow from Rmb1.96 in 2025E to Rmb4.08 in 2027E [20] Market Dynamics - **AI Capex Catalyst**: Anticipation of positive announcements regarding AI capital expenditures in China's upcoming 15th Five Year Plan, which could further enhance Montage's market position [21][22] - **Technological Advancements**: The transition to DDR5 technology is expected to drive ASP and margin improvements, alongside new connectivity solutions [34][42] Risks - **Downside Risks**: Key risks include potential slowdowns in AI infrastructure capex, market share loss to international competitors, and delays in product migration and development [37][43] - **High-Risk Rating**: Montage-H is rated high-risk due to its short trading history, although fundamentals remain strong [38] Additional Insights - **Investor Sentiment**: Positive feedback from investors highlights Montage as a unique AI investment opportunity within the Chinese semiconductor sector, attributed to its growth outlook and technological advantages [2] - **Product Pipeline**: Montage has a clear product pipeline and upgrade cadence, which is crucial for maintaining its competitive edge [2] Conclusion Montage Technology presents a compelling investment opportunity driven by its strong market position in the semiconductor industry, particularly in AI-related applications. The company's financial forecasts indicate robust growth, supported by favorable market dynamics and technological advancements. However, investors should remain cautious of potential risks that could impact future performance.

消息面上，2月10日晚间，上交所官网显示，盛合晶微半导体有限公司科创板IPO将于2月24日上会迎 考。 机构指出，重视盛合晶微上市带来的半导体设备催化。先进封装涉及光刻、刻蚀、薄膜沉积、电镀、键 合、测试等多个环节，与前道晶圆制造有诸多工艺重叠。随着盛合晶微募资扩产，将直接拉动相关设备 的需求，有望带动整个国产半导体设备及材料供应链的价值重估和订单释放，为相关供应商带来确定性 的发展机遇。 科创半导体设备ETF鹏华紧密跟踪上证科创板半导体材料设备主题指数，上证科创板半导体材料设备主 题指数选取科创板内业务涉及半导体材料和半导体设备等领域的上市公司证券作为指数样本，以反映科 创板半导体材料和设备上市公司证券的整体表现。 数据显示，截至2026年1月30日，上证科创板半导体材料设备主题指数(950125)前十大权重股分别为华 海清科、中微公司、拓荆科技、中科飞测、沪硅产业、芯源微、安集科技、华峰测控、天岳先进、盛美 上海，前十大权重股合计占比73.89%。 截至2026年2月11日 11:22，上证科创板半导体材料设备主题指数(950125)成分股方面涨跌互现，有研硅 领涨4.75%，华峰测控上涨2.15%，沪硅 ...