Company Overview - Richardson Electronics, Ltd. is a leading global manufacturer specializing in engineered solutions, green energy products, power grid and microwave tubes, and related consumables [4] - The company serves various markets including alternative energy, healthcare, aviation, broadcast, communications, industrial, marine, medical, military, scientific, and semiconductor [5] - More than 55% of products are manufactured in LaFox, Illinois, Marlborough, Massachusetts, or Donaueschingen, Germany, or by manufacturing partners worldwide [5] Financial Results Announcement - Richardson Electronics plans to release its financial results for the second quarter ended November 29, 2025, after the close of business on January 7, 2026 [1] - The financial results will be distributed via GlobeNewswire and available on the company's website [1] Conference Call Details - A conference call to discuss the second quarter fiscal year 2026 results will be hosted on January 8, 2025, at 9:00 a.m. Central Time by the Chairman and CEO Edward J. Richardson and CFO Robert J. Ben [2] - The call will include a question-and-answer session as part of the agenda [2] - Participants are encouraged to register for the call and a replay will be available starting January 9, 2026, for seven days [3]

Group 1: China’s Economic Landscape - China is positioned as a leader in the next economy, particularly in sectors like robotics, shipbuilding, and AI, competing closely with the US [1][10] - The Chinese tech sector has rebounded after being oversold, with exports projected to grow by 5-6% over the next couple of years, contrary to previous negative expectations [5][6] - China has a trade surplus of approximately one trillion dollars, with a significant diversification of exports to other regions, including Asia and Europe [6][8] Group 2: Investment Opportunities - Investors can gain broad exposure to the Chinese market through ETFs, such as the Greater China Growth ETF, which includes a mix of tech giants and advanced manufacturing companies [2][3] - The ETF has shown a 20% increase this year and a 45% increase since its launch two years ago, indicating strong performance [3] - There is a growing trend of Chinese companies, like Xiaomi and Hikvision, expanding into emerging markets in South Asia, Southeast Asia, Africa, and the Middle East, providing investment opportunities [8][9] Group 3: Emerging Companies in AI and Technology - A new generation of Chinese companies in chip manufacturing and robotics is emerging, with some companies experiencing significant stock price increases since going public [12][13] - Companies like Black Sesame and Brennen are highlighted as promising investments in the tech sector, particularly in the context of the AI race between the US and China [12][13] - These underexposed Chinese tech firms are expected to perform well and can be accessed through ETFs, allowing investors to mitigate political and economic risks [13]

Core Viewpoint - The prices of storage products, including memory modules and solid-state drives, have surged dramatically since September, leading to increased costs for major computer manufacturers and a decline in customer demand for new builds [2][4][5]. Price Surge in Storage Products - Since September, the price of memory modules has increased significantly, with DDR5 memory prices rising from around 1,000 yuan to 2,300-2,400 yuan, and DDR4 prices increasing from over 100 yuan to 300-400 yuan, with daily price hikes of 50-60 yuan [2]. - Solid-state drives have also seen substantial price increases, with a 1TB SSD's procurement price more than doubling compared to earlier in the year, rising from 200-300 yuan to 700-800 yuan [2]. - Online platforms reflect similar trends, with Kingston's 32G DDR4 memory increasing by nearly 70% and other brands like Goldendata and Acer experiencing price hikes of over 140% and 100 yuan respectively within a short period [3]. Impact on Computer Brands - Major PC manufacturers such as Dell and Lenovo have begun raising their product prices, with increases of 100-200 yuan reported for various models, and further adjustments expected by year-end [4]. - TrendForce data indicates that DRAM prices are projected to rise by 171.8% year-on-year by Q3 2025, significantly outpacing the increase in gold prices during the same period [4]. Supply and Demand Imbalance - The rapid growth of AI technology has led to a surge in demand for storage products, with AI servers requiring eight times more storage than standard servers, contributing to the price increases [5]. - Major manufacturers like Samsung, Micron, and SK Hynix are shifting production towards high-end AI storage products, reducing output of traditional DDR4 products, which exacerbates the shortage in consumer-grade storage [5]. - The current price surge is expected to last until mid-2026, with a potential decline in prices thereafter, although solid-state drives may have limited room for price correction due to ongoing demand from AI servers [5].

Market Overview - Sentiment in Asian markets remains mixed as they brace for year-end, with focus on FOMC minutes and geopolitical developments in China, the Middle East, and the Russia-Ukraine conflict [1] Stock Indices Performance - China's Shanghai Composite Index closed flat at 3,965.12, ending a nine-day winning streak, with a trading range of 3,947.42 to 3,979.99 [2] - The Shenzhen Component Index increased by 0.50 percent to close at 13,604.07, up from 13,537.10 [2] - Japan's Nikkei 225 fell by 183 points or 0.36 percent to 50,343.50, with a trading range of 50,208.50 to 50,549.00 [2] - Korea's Kospi Index decreased by 6 points or 0.15 percent to 4,214.17, trading between 4,186.95 and 4,226.36 [4] - Hong Kong's Hang Seng Index rose by 219 points or 0.86 percent to 25,854.60, with a range of 25,930.22 to 25,611.23 [4] - Australia's S&P/ASX200 closed at 8,717.10, down 9 points or 0.10 percent, with a trading range of 8,706.60 to 8,751.90 [5] - New Zealand's NZX 50 gained 22 points or 0.16 percent to close at 13,548.13, trading between 13,518.17 and 13,569.85 [6] - Wall Street closed negatively, with the Dow Jones Industrial Average down 0.51 percent to 48,746.93 and the Nasdaq Composite down 0.50 percent to 23,474.35 [7] Company Performance - Fujitsu and Nidec Corp both rallied more than 2.2 percent [3] - Dainippon Screen Mfg Co, Murata Mfg Co, and Nitori Holdings Co gained over 1 percent [3] - Sumitomo Metal Mining led losses with a decline of 4.8 percent, followed by Rakuten, Japan Steel Works, Mitsubishi Materials Corp, and TOTO, all losing more than 2 percent [3] - Netwealth Group rebounded by 2.1 percent, while Temple & Webster Group, Mirvac Group, Santos, and Centuria Capital Group all rallied more than 1.5 percent [5] - Silex Systems and Liontown both plunged more than 4.7 percent, with Newmont Corp losing 4.1 percent and Catalyst Metals and Evolution Mining losing more than 3 percent [5] - Synlait Milk topped gains with a surge of 3.2 percent, while Pacific Edge, NZX, Scales, and Sanford all rallied more than 2 percent [6] - KMD Brands, Summerset Group, Serko, and Genesis Energy all declined by more than 1 percent [6]

Core Viewpoint - The company, Chaoying Electronics (603175.SH), has established stable partnerships with globally recognized chip manufacturers, cloud service providers, and EMS manufacturers, particularly in the communication and server sectors [1] Group 1: Partnerships and Collaborations - The company is unable to disclose specific customer cooperation details due to commercial policy restrictions [1] - It has formed stable collaborations with well-known global chip manufacturers and cloud service providers [1] - The company also partners with globally recognized EMS manufacturers [1] Group 2: Product Capabilities - The company possesses the necessary process technology for AI server products, enabling it to meet diverse customer needs [1] - Its products are applicable in various areas, including servers, AI servers, switches, and AI accelerator cards [1]

Core Viewpoint - Changxin Technology (300088.SZ) provides mid-to-high-end display module products for mobile phones, wearables, NB, and PAD, establishing long-term and stable deep cooperation with numerous mobile brand clients [1] Group 1 - The company serves H customers with display module products [1] - The company has formed long-term and stable partnerships with various mobile brand clients [1]

Core Viewpoint - TianTong Co., Ltd. plans to make significant adjustments to its fundraising project "Large Size RF Piezoelectric Wafer Project," notably reducing its annual production capacity from 4.2 million pieces to 2.1 million pieces, which is seen as a contraction signal in the capital market, but is actually a structural shift towards higher value products [1][2]. Group 1: Production Capacity Adjustment - The production capacity for the RF piezoelectric wafer project has been halved from 4.2 million pieces to 2.1 million pieces [1]. - The adjusted capacity includes 420,000 pieces of high-value "piezoelectric heterogeneous wafers," which are considered the best substrate solution for high-end surface acoustic wave (SAW) filters [1][2]. Group 2: Strategic Focus and Technology Upgrade - The adjustment aims to seize strategic opportunities in the high-end electronic components sector during the 14th Five-Year Plan period, focusing on breaking foreign technology barriers [2]. - The company plans to optimize existing processes and introduce new key processes such as ion implantation, wafer bonding, annealing, polishing, and testing, requiring new equipment investments [2]. Group 3: Financial Projections and Investment Structure - Despite the reduction in production capacity, the overall revenue level is expected to remain consistent with the original plan due to higher profit margins from high-end products, with an internal rate of return (IRR) projected at 14.63% [2]. - The internal investment structure of the fundraising project has changed, with an increase in construction costs by 32.175 million yuan and a corresponding decrease in equipment purchase and installation costs by the same amount, keeping the total investment unchanged [2]. Group 4: Project Timeline and Investment Strategy - The project timeline has been extended, with the expected operational date pushed from December 2026 to December 2029, resulting in an 8-year construction period [3]. - The company adopts a cautious investment approach, implementing a "phased and batch" equipment investment strategy to align equipment procurement with technological development, minimizing risks associated with large-scale investments [3].

Core Viewpoint - The press conference highlighted the achievements of Mianyang's state-owned enterprises (SOEs) during the 14th Five-Year Plan, emphasizing their role in driving high-quality development and contributing to the city's goal of becoming a provincial economic sub-center [2][5]. Group 1: Scale and Performance - The total assets of state-owned enterprises in Mianyang surpassed 1 trillion yuan, reaching 1.4 trillion yuan by November 2025, with revenue of 220.48 billion yuan and industrial output value of 124.06 billion yuan, representing increases of 133.9%, 52.2%, and 49% respectively compared to the end of the 13th Five-Year Plan [2]. - Leading enterprises like Changhong Group ranked 279th in the 2025 World Brand 500 list, improving by 6 positions, while Jiuzhou Group entered the China Enterprise 500 for the first time, contributing to Mianyang having the most state-owned enterprises listed in the province [2]. Group 2: Economic Contribution - The state-owned economy contributed over 40% directly to the city's economy, with the establishment of the "587+" industrial guiding mother fund to foster emerging industries such as artificial intelligence and low-altitude economy [3]. - Infrastructure investments totaled 32.816 billion yuan across 340 projects, including the completion of the South Suburb Airport T2 terminal and the Jiuzhai-Mianyang Expressway [3]. Group 3: Technological Innovation - Mianyang's state-owned enterprises invested over 20 billion yuan in R&D, achieving a research intensity of over 4.5%, maintaining the top position in the province [3]. - Significant technological advancements were made, including the development of international-leading products such as the Changhong quantum gravity meter and Jiuzhou aerospace cables, which filled domestic gaps [3]. Group 4: Reform and Optimization - The city successfully completed the three-year action plan for SOE reform, receiving an "excellent" rating from the provincial state-owned assets supervision and administration commission [4]. - The number of state-controlled listed companies increased to 9, with a focus on optimizing capital layout and integrating similar businesses [4]. Group 5: Social Responsibility - Mianyang's state-owned enterprises employed over 100,000 workers, creating more than 15,000 new jobs during the 14th Five-Year Plan [4]. - Initiatives included rent reductions for 7,769 small and micro enterprises totaling 275 million yuan and investments of over 81 million yuan in targeted assistance for 54 villages [4]. Future Outlook - Moving into the 15th Five-Year Plan, Mianyang aims to further enhance the high-quality development of its SOEs, leveraging technology and industry control to support the city's economic goals [5].

来源：环球网 2025年12月27日，"全球变革与中国企业高质量出海论坛"在对外经济贸易大学诚信楼三层报告厅举行。 本次论坛旨在探讨全球变革背景下中国企业国际化的新机遇、新挑战与新策略，探索中国企业出海的高 质量发展路径，搭建跨界融合、深度对话的学术与实践交流平台。本次论坛由对外经济贸易大学国际商 学院、《国际商务——对外经济贸易大学学报》和《管理评论》期刊共同举办，知名企业高管、专家学 者、行业精英及学生一百余人参加了此次论坛。 论坛开幕式 论坛开幕式由对外经济贸易大学国际商学院院长、《国际商务》期刊主编邢小强教授主持。首先，对外 经济贸易大学党委常委、副校长陈德球教授代表学校致辞，向与会嘉宾表示最诚挚的欢迎。他指出，对 外经济贸易大学始终以国际化为学科建设核心，形成多部门协同推进国际化的特色，依托传统优势学科 与新兴交叉学科布局，为国家对外开放领域输送了大量高质量的专业人才。在高水平对外开放持续推 进、数字经济重塑全球经贸格局的背景下，中国企业出海既有机遇也有挑战，本次论坛召开正当其时， 大家在探讨前沿理论成果的同时，也能碰撞出富有启发性的实践火花，必将助力中国企业在高水平对外 开放浪潮中实现更高质量发展 ...

格隆汇12月29日丨梅安森(300275.SZ)在投资者互动平台表示，公司参股子公司知与行正在开展星上相 控阵天线等星上载荷相关产品的研发工作，相关研发进度存在一定不确定性，请注意投资风险。 ...