Core Insights - IonQ has established itself in the quantum computing sector by developing one of the most accurate systems, achieving 99.99% two-qubit gate fidelity [1] - The company is pursuing vertical integration to enhance scalability and control over the quantum ecosystem through strategic acquisitions [2] Company Strategy - IonQ has made significant acquisitions, including Oxford Ionics for reducing quantum computer size, LightSynq for photonic interconnect technology, Capella for satellite-based distribution, and Vector Atomic for quantum sensing technology [4] - The latest acquisition of SkyWater Technology allows IonQ to manufacture its own chips, making it the only vertically integrated quantum computing company [5] Industry Context - Most semiconductor companies operate on a fabless model, relying on third-party foundries, but vertical integration is advantageous in the emerging quantum computing field [6] - With SkyWater's fabs located in the U.S. and its trusted status with the government, IonQ is positioned to secure government contracts in quantum computing, which is a promising revenue source [8]

Core Insights - A significant portion of Symbotic's revenues is derived from its partnership with Walmart, which serves as the largest customer [1] - In fiscal 2025, more than 84% of Symbotic's total revenues were generated from Walmart, indicating a high dependency on a single customer [2] - Symbotic has a sizable backlog of $22.5 billion, primarily from agreements with Walmart and GreenBox, providing strong visibility into future revenue [3] - To reduce dependence on Walmart, Symbotic is pursuing strategies to diversify its customer base and expand market reach [5] - A new partnership with Nyobolt enhances Symbotic's warehouse automation systems, improving performance and durability [6] Revenue Concentration - Over 84% of Symbotic's fiscal 2025 revenues were generated from Walmart, highlighting significant customer concentration risk [2][11] - The company's backlog of $22.5 billion is largely tied to Walmart and GreenBox, emphasizing the reliance on these key partners [3][11] Strategic Initiatives - Symbotic is focusing on diversifying its customer base to mitigate risks associated with customer concentration, including a deal with Nyobolt [5][11] - The collaboration with Nyobolt aims to enhance the performance of Symbotic's autonomous mobile robots, which could broaden its market appeal [6] Financial Performance - Symbotic's shares have surged in double digits over the past year, outperforming its industry [9] - The company is trading at a premium valuation compared to the industry average, with a price-to-sales ratio of 10.98X [13]

Core Viewpoint - In 2025, despite increasing uncertainties in external demand, China's major provinces have stabilized their economic foundations, with several economic powerhouses achieving record GDP growth [1][3]. Economic Performance - In 2025, three provinces surpassed a GDP of 10 trillion yuan, with Guangdong leading at 14.58 trillion yuan, followed by Jiangsu at 14 trillion yuan, and Shandong breaking the 10 trillion yuan mark for the first time [3][6]. - Guangdong's GDP reached 145,846.76 billion yuan, marking its 37th consecutive year at the top of the national GDP rankings, with advanced manufacturing and high-tech manufacturing growing by 5.1% and 6.2% respectively [6]. - Jiangsu's GDP was 142,351.5 billion yuan, a 5.3% increase year-on-year, while Shandong's GDP reached 103,197 billion yuan, growing by 5.5% [6][7]. Industrial Development - The industrial sector remains a core support for Jiangsu's growth, with notable performance in high-end manufacturing, particularly in electronics and transportation equipment [6][7]. - Shandong's equipment manufacturing sector saw an 11.4% increase in value added, with significant growth in automotive and rail transport industries [7]. - In 2025, 20 provinces achieved GDP growth rates above the national average of 5%, with western provinces like Tibet leading at 7% [8]. Trade Resilience - Despite uncertainties, foreign trade showed resilience, with new energy vehicles, lithium batteries, and photovoltaic products becoming significant contributors to exports [8]. - Anhui's foreign trade exceeded 1 trillion yuan for the first time, with a 1.1 times increase in exports of the "new three items" [8]. Regional Strategies - Various provinces emphasized tailored industrial planning during their local meetings, focusing on upgrading existing industries rather than simply moving away from traditional sectors [10]. - Guangdong aims to build a competitive modern industrial system, emphasizing high-quality manufacturing and integrating artificial intelligence into its industrial framework [10][11]. - Zhejiang's strategy includes embedding AI into industrial upgrades, leveraging its strong digital economy and private sector participation [12]. Traditional Industry Enhancement - Provinces like Hubei and Henan are focusing on enhancing their traditional industries while also promoting new sectors [14][15]. - Hubei's plan includes upgrading traditional sectors like automotive and steel while fostering emerging industries such as integrated circuits and artificial intelligence [14][15]. - The strategy of "three lines advancing" aims to strengthen the competitiveness of traditional industries while supporting new and future industries [15][16].

Core Insights - Automation and robotics are transitioning from experimentation to real-world applications, driven by advancements in AI and labor constraints, with Serve Robotics and Teradyne representing different investment opportunities within this megatrend [1][2] Group 1: Serve Robotics - Serve Robotics is focused on deploying autonomous delivery robots in urban areas, benefiting from increased engagement with delivery platforms and restaurant partners as automation acceptance grows [4] - The company reported significant growth in delivery volumes, deploying over 2,000 autonomous robots and achieving operational milestones, while maintaining reliability and safety [5] - Despite rapid expansion, Serve Robotics faces financial pressures, reporting a GAAP net loss of $33 million in Q3 2025 and $67 million for the first nine months of the year, indicating a challenging path to breakeven [6] - Future growth is expected to be driven by an expanding fleet, improved autonomy, and partnerships with companies like Uber Eats and DoorDash, aiming for increased revenue through urban adoption [7] Group 2: Teradyne - Teradyne is experiencing increased demand for AI-driven semiconductor and automation workloads, with Q3 2025 revenues rising 4.3% year-over-year, primarily due to strength in semiconductor testing [8][10] - The company is leveraging its scale and engineering capabilities to align with long-term technology transitions, positioning itself as a key player in advanced semiconductor production [9] - However, Teradyne's robotics revenues have been flat and declined year-over-year, reflecting challenges in industrial automation and variability in AI project timing [11] - Looking ahead, Teradyne anticipates that AI-related demand will continue to drive growth through 2026, supported by investments in differentiated test platforms [12] Group 3: Stock Performance & Valuation - Serve Robotics' share price performance has lagged behind Teradyne's over the past six months, with Serve currently trading at a premium on a forward price-to-sales ratio [13][14] - EPS estimates for Serve Robotics have widened to a projected loss of $1.83 per share for 2026, while Teradyne's estimates have declined to $5.09 per share, indicating expected earnings growth of 43.9% year-over-year [16][18] - The comparative analysis suggests that Serve Robotics offers a stronger growth outlook, while Teradyne presents a more established cash-generating model, leading to differing investment profiles [20]

业绩指引方面，SanDisk预计，2026财年第三财季营收将在44亿美元至48亿美元之间，GAAP毛利率预 计在64.9%至66.9%之间。SanDisk首席执行官David Goeckeler表示，展望未来，2026年之后的客户需求 远高于供应。在世界上一些最大和资本最雄厚的科技公司的推动下，预计数据中心将在2026年首次成为 NAND的最大市场。不过，公司仍坚持现有资本支出计划，拒绝盲目扩产。 周五，SanDisk(SNDK.US)盘前大涨逾22%，报661.50美元。财报显示，2026财年第二财季，SanDisk营 收为30.25亿美元，同比增长61%；GAAP口径下净利润为8.03亿美元，同比增长672%；GAAP口径下稀 释后每股收益为5.15美元，同比增长615%；GAAP口径下毛利率为50.9%，相比去年同期提升18.6%，全 面超越市场预期。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 Suzhou Novosense Microelectronics Co., Ltd. 蘇州納芯微電子股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2676） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B 條而作出。 茲 載 列 蘇 州 納 芯 微 電 子 股 份 有 限 公 司（「 本公司 」）於 上 海 證 券 交 易 所 網 站 (www.sse.com.cn) 所刊發的公告，僅供參考。 承董事會命 蘇州納芯微電子股份有限公司 董事長兼執行董事 王升楊先生 香港，2026年1月30日 截 至 本 公 告 日 期，本 公 司 董 事 包 括：(i)執 行 董 事 王 升 楊 先 生、盛 雲 先 生、王 一 峰 先生及姜超尚先生；(ii)非執行董事吳傑先生；及(iii)獨立非執行董事洪志良博士、 陳西嬋博士、王如偉先生及杜琳琳女士。 苏州纳芯微电子 ...

以下为2025年度新质100创新企业榜： 360集团 爱美客 百川智能 柏垠生物 达梦数据 海光信息 华硼中子 极智嘉科技 佳杰云星 金山办公 君实生物 科曼医疗 莱芒生物 老来健康 凌雄科技 Mirxes觅瑞 墨芯人工智能 欧冶半导体 擎朗智能 週届日日 安恒信息 百度慧播星 北京人形 丹诺医药 海康威视 华为终端 剂泰科技 箭元科技 京北方 康盈半导体 快看漫画 蓝箭航天 理工雷科 蚂蚁集团 壓尔线程 默达生物 普瑞基准 深睿医疗 爱连健康 奧比中光 百利天恒 长生医疗 国泰海通证券 寒武纪 火石创造 加速进化 会蝶集团 京东科技 科大讯飞 快手科技 浪潮海岳HOM 立康生命科技 Medidata 魔法原子 纳安生物 阡视科技 深之蓝 1月30日，由经济观察报社举办的2025年度创新峰会成功举办。此次峰会以 "新质领航 创启未来" 为主题，汇聚多名企业家、学者及行业领袖，围 绕人工智能、数字化转型、机器人、生物医药等热点领域，分享前沿动态与创新实践。 随着全球产业竞争进入 "创新竞速、集群突破" 的新阶段，中国正以 "新质生产力" 突破传统增长路径 —— 人工智能重构产业效率、半导体芯片 打破技术壁垒、空 ...

份额方面，科创芯片设计ETF易方达最新份额达4.27亿份，创成立以来新高。（数据来源：Wind） 资金流入方面，科创芯片设计ETF易方达最新资金净流入4219.96万元。拉长时间看，近5个交易日内有 4日资金净流入，合计"吸金"1.22亿元，日均净流入达2432.13万元。（数据来源：Wind） 截至2026年1月30日 15:00，上证科创板芯片设计主题指数(950162)强势上涨2.28%，成分股澜起科技上 涨12.13%，普冉股份上涨9.64%，中微半导上涨7.65%，聚辰股份，芯原股份等个股跟涨。科创芯片设 计ETF易方达(589030)上涨1.79%，最新价报1.08元。拉长时间看，截至2026年1月29日，科创芯片设计 ETF易方达近2周累计上涨5.05%。（以上所列股票仅为指数成份股，无特定推荐之意） 流动性方面，科创芯片设计ETF易方达盘中换手16.5%，成交7471.90万元，市场交投活跃。拉长时间 看，截至1月29日，科创芯片设计ETF易方达近1年日均成交9827.27万元。 规模方面，科创芯片设计ETF易方达最新规模达4.50亿元，创成立以来新高。（数据来源：Wind） 科创芯片设计ET ...

Core Insights - China has approved its leading AI startup DeepSeek to purchase Nvidia's H200 artificial intelligence chips, with regulatory conditions still being finalized [1] Company Summary - DeepSeek, identified as a top AI startup in China, is set to acquire Nvidia's H200 chips, indicating a significant move in the AI sector [1] Industry Summary - The approval for DeepSeek to buy Nvidia's AI chips reflects China's ongoing investment and interest in advancing its artificial intelligence capabilities [1]

Group 1 - The CPO concept stocks in the A-share market experienced a widespread decline, with notable drops in several companies [1] - Yongding Co., Ltd. saw a significant decrease of over 8%, while Fenghuo Communication and Zhongjing Electronics fell by more than 4% [1] - Other companies such as Sry New Materials, Benchuan Intelligent, Changxin Bochuang, Jufei Optoelectronics, and Tongfu Microelectronics also reported declines exceeding 3% [1] Group 2 - Yongding Co., Ltd. reported a decline of 8.63% with a total market value of 35.9 billion [2] - Fenghuo Communication decreased by 4.80%, with a market capitalization of 51.2 billion, and has a year-to-date increase of 17.52% [2] - Zhongjing Electronics fell by 4.63%, with a market value of 6.935 billion, and a year-to-date decline of 7.06% [2] - Sry New Materials decreased by 3.91%, with a market capitalization of 30.5 billion, and a year-to-date increase of 1.55% [2] - Benchuan Intelligent saw a decline of 3.79%, with a market value of 4.263 billion, and a year-to-date decrease of 0.81% [2] - Changxin Bochuang dropped by 3.49%, with a market capitalization of 43.4 billion, and a year-to-date increase of 4.72% [2] - Jufei Optoelectronics declined by 3.37%, with a market value of 9.748 billion, and a year-to-date increase of 0.58% [2] - Tongfu Microelectronics fell by 3.26%, with a market capitalization of 75.6 billion, and a year-to-date increase of 32.07% [2] - Other companies such as Ziguang Co., Huamao Technology, and Kechuan Technology also reported declines, with varying market values and year-to-date performances [2]