Core Viewpoint - The company, Hengshuo Co., Ltd. (688416.SH), has announced that its NOR Flash integrated memory chip has not yet entered mass production [1] Company Summary - Hengshuo Co., Ltd. is currently in the development phase of its NOR Flash memory chip, indicating that the product is still in the pre-production stage [1]

Investment Rating - The report maintains an "Outperform" rating for the computer sector, recommending specific stocks including Wuxi Unicomp Technology, Kingdee International, Iflytek, Newland Digital Technology, Hand Enterprise, ArcSoft Corporation, and Hygon, with Dawning Information Industry as a related target [2][7]. Core Insights - Alibaba has launched the "Qwen" project to compete with ChatGPT, marking a significant strategic expansion into the C-end AI application market after previously focusing on B-end services [8]. - Baidu emphasizes the value of AI applications, showcasing new self-developed hardware and a roadmap for its Kunlun chips, aiming to build a robust autonomous computing power system [9]. - Muxi Integrated Circuit's IPO registration has been approved, indicating progress in the domestic high-end chip market, while space computing emerges as a new frontier in global tech competition [10]. Summary by Sections Alibaba's Initiatives - Alibaba has initiated the "Qwen" project, developing a personal AI assistant app to compete globally, with significant investment in AI infrastructure [8]. Baidu's Developments - At the Baidu World Conference, the company highlighted AI's potential to create substantial value, launching new AI chips and applications [9]. Muxi's IPO and Space Computing - Muxi's IPO approval for raising RMB 3.90 billion for GPU development signifies a key step for domestic chip advancement, alongside the rise of space computing as a competitive technology frontier [10].

Core Insights - SoftBank's total market value of U.S. stock holdings reached $26 billion for Q3 2025, up 4% from $24.9 billion in the previous quarter [1][2] - The top ten holdings accounted for 95.94% of the total portfolio value [2] Holdings Activity - New Purchases: 4 stocks [2] - Added to Existing Positions: 2 stocks [2] - Sold Out of: 2 stocks [2] - Reduced Holdings in: 4 stocks [2] Top Holdings - T-Mobile US (TMUS) is the largest holding with approximately 45.17 million shares valued at about $10.81 billion, representing 41.64% of the portfolio, with a decrease of 29.26% in shares held [3][5] - NVIDIA (NVDA) is the second-largest holding with approximately 32.11 million shares valued at $6 billion, accounting for 23.07% of the portfolio, with an increase of 5.19% in shares held [3][5] - Intel (INTC) is a new addition with approximately 86.96 million shares valued at $2.92 billion, making up 11.23% of the portfolio [3][6] - Symbotic (SYM) holds approximately 39.83 million shares valued at $2.15 billion, representing 8.27% of the portfolio, with no change in shares held [3][6] - Webtoon Entertainment (WBTN) has approximately 31.43 million shares valued at $610 million, accounting for 2.35% of the portfolio, with no change in shares held [4][6] Recent Transactions - SoftBank sold all its shares in NVIDIA, cashing out approximately $5.8 billion [3] - New positions were established in Klarna Group, Ambiq Micro, and Concorde International Group [6] - SoftBank completely exited positions in Cipher Mining and Oracle [6] - Significant reductions were made in holdings of Nu Holdings, Metsera, and Lemonade, while a substantial increase was noted in Full Truck Alliance [6][8]

Investment Rating - The industry rating is maintained as "Outperform" [11] Core Insights - The report highlights the accelerating investment in AI infrastructure by major tech companies, indicating a robust demand for computing power and a positive outlook for the AI ecosystem [1][17] - The end-side AI market is expected to see significant growth, with key players like Apple, Nvidia, and Meta leading innovations and product launches [2][20][24] Summary by Sections AI Cloud Side - The ongoing US-China talks are easing tensions, leading to increased investments from major tech firms, which is expected to drive demand in the computing supply chain [1][17] - Meta has raised its capital expenditure forecast to $70-72 billion, driven by urgent needs in AI computing [1][18] - Microsoft's capital expenditure reached $34.9 billion in Q1 2026, with plans to double its data center capacity in the next two years [1][19] - Alphabet has adjusted its capital expenditure guidance for 2025 to $91-93 billion, focusing on expanding AI and cloud computing infrastructure [1][19] AI End Side - Apple reported record earnings, with iPhone revenue expected to grow by double digits in Q1 2026, and is increasing its AI R&D investments [2][20] - Nvidia's GTC Washington summit showcased the Vera Rubin superchip, with GPU shipment targets raised to 20 million by 2026 [2][24] - Meta's smart glasses have seen strong sales, with Reality Labs exceeding expectations, prompting increased production [2][26] - Industrial Fulian's net profit surged by 62% YoY in Q3, validating the profitability of its AI server business [2][29] - Luxshare Precision is leading innovations in AR technology and showcasing advanced optical interconnect solutions [2][32] - Google officially launched the seventh-generation TPU "Ironwood," expected to be available soon [2][41] - Rokid has introduced the new BOLON AI smart glasses, marking a significant collaboration in the smart wearable sector [2][8]

每经AI快讯，11月17日，万通智控(300643.SZ)发布投资者关系活动记录表，公司的合作伙伴深明奥思 所设计开发的AI推理芯片已经出了静态样品，预计在2026年一季度开始流片，目标客户包括整车厂、 机器人厂商、大模型一体机等，万通智控独家代理芯片板卡的制造及销售，计划于2026年年中实现市场 化。 ...

Core Viewpoint - The company has successfully upgraded and phased out early products, focusing on new models for various applications in display technology and automotive certification [1] Product Development - The subsidiary Beijing Chip Energy has completed the iteration and upgrade of early products AX2000, AX240, and AX3000, which are now discontinued [1] - The current main products include AX3000, AX3100, and AX9000 series, primarily used for LCD backlight control in televisions, monitors, and automotive displays [1] - The AX8000 model is utilized for clock and data control in LED display modules [1] Certification and Production - The company's chip product GT1A0S has successfully passed AEC-Q100 and Asil-B certifications, indicating its compliance with automotive industry standards [1] - The GT1A0S has also achieved small-scale mass production [1]

Core Viewpoint - The company, Explorer (300005.SZ), has received mass production orders for its G2 touch OLED vehicle touch control chip products from Samsung and has commenced production [1] Group 1 - The G2 touch OLED vehicle touch control chip is a significant product for the company [1] - The partnership with Samsung indicates a strong market demand and potential growth for the company's product line [1]

人民财讯11月17日电，11月17日，海光信息(688041)高管在第三季度业绩说明会上回应，存储芯片的价 格波动可能会导致服务器厂商的成本有一定程度的上升。存储芯片涨价的主要原因是AI服务器的需求 爆发，公司作为国内少数同时拥有高端通用处理器和AI加速处理器的芯片厂商，借助国内服务器市场 对高性能计算芯片的需求增长，将持续深化与整机厂商合作，推动产品市场版图扩展。 ...

Core Viewpoint - Notable investors, including Peter Thiel and SoftBank, have completely exited their positions in Nvidia, raising concerns about the company's valuation and the sustainability of the AI hype cycle [2][3]. Group 1: Investor Actions - Peter Thiel's Thiel Macro Fund sold approximately 537,742 shares of Nvidia, representing nearly 40% of its portfolio, and exited all positions by September 30, 2023, with the sale valued at nearly $100 million based on average stock prices during the period [2]. - SoftBank reported liquidating its entire Nvidia holdings, cashing out $5.83 billion, which will be reinvested into OpenAI [2]. - Bridgewater Associates reduced its Nvidia holdings by nearly 4.72 million shares, a decrease of 65.3%, leaving it with 2.51 million shares by the end of the third quarter [3]. Group 2: Investment Strategy Shift - In conjunction with the Nvidia sell-off, Thiel Macro Fund significantly increased its positions in Microsoft and Apple, acquiring 49,000 shares of Microsoft and 79,181 shares of Apple during the third quarter [6]. - The fund completely divested from Vistra Energy Corp, selling 208,747 shares, and reduced its Tesla holdings from 272,613 shares to 65,000 shares, a reduction of 76% [6]. - By the end of the third quarter, Thiel Macro Fund's portfolio consisted of only three stocks, with Tesla as the largest holding at approximately 38.83%, followed by Microsoft at 34.09% and Apple at 27.08% [6]. Group 3: Market Perspective - Thiel views AI as transformative but believes it is a slow-moving process, arguing that platform-based software service companies provide sustainable economic growth rather than high-valuation "pure chip companies" [6]. - Microsoft and Apple are seen as better positioned due to their robust debt structures, strong free cash flow, and mature diversified business models, especially in the integration of AI, cloud, and devices [6].

不过从去年开始，软银重新加码英伟达，去年四季度持仓10亿美元，今年一季度再次将英伟达持仓增至 约30亿美元，直至此次清仓减持。 11月14日，全球最大对冲基金桥水（Bridgewater Associates）公布的截至今年三季度末的持仓报告显 示，其对英伟达的持股数大幅降低。 图片来源：视觉中国 11月17日，据科创板日报，周末披露的文件显示，亿万富翁彼得·蒂尔（Peter Thiel）清仓AI芯片巨头英 伟达，卖出了全部持股。 蒂尔是金融科技巨头Paypal和国防AI公司Palantir的联合创始人，被称为"硅谷风投教父"。不仅创立了 Founders Fund等知名投资基金，还精准押注众多明星企业，比如早期投资Facebook并获得巨额回报。 无独有偶，此前，软银和对冲基金桥水也大幅抛售了英伟达。 11月11日，软银集团发布的业绩报告中提到，截至第二季度末，其持有的3210万股英伟达股票（含资产 管理子公司持股）已于2025年10月以58.3亿美元价格售出。 公开资料显示，软银曾在2017年以40亿美元买入英伟达近5%的股份，成为其大股东之一。但在2019 年，出于资金流动性需求以及当时对英伟达股价涨幅 ...