证券日报网讯 星宸科技11月14日在互动平台回答投资者提问时表示，公司的激光雷达芯片定位高端、 高性能、高可靠性市场，该芯片已有工程样片，已陆续开展客户验证及上车测试。公司用于激光雷达的 芯片为SPAD-SoC（单光子雪崩二极管系统级芯片），由上层感光晶圆SPAD及下层逻辑晶圆通过3D堆 叠构成。 （编辑 王雪儿） ...

证券日报网讯 星宸科技11月14日在互动平台回答投资者提问时表示，公司智能机器人芯片上半年已出 货550万颗，第三季环比第二季继续保持双位数的高增长，今年有望超过千万量级，市场份额保持领 先。 （编辑 王雪儿） ...

（编辑 袁冠琳） 证券日报网讯 星宸科技11月14日在互动平台回答投资者提问时表示，公司预期毛利率将呈逐季向好的 趋势，结合涨价及公司安全库存带来的成本优势，未来几季毛利率会稳步回升。存储芯片价格的周期性 波动是行业常态，公司拥有规模经济带来的议价及供货能力，无论存储价格是否回落，皆能在产能及价 格上满足客户长期需求。 ...

我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 扫码加我本人微信 Nexperia China Announcement 安世中国致全体员工 (20251114) 各位同事: 大家好! 相信大家已经看到 2025 年 11 月 12 日以安世荷兰临时首席执行官 Stefan Tilger 名义发 出的致安世中国全体员工信。该信函枉顾事实，试图混淆视听，充分反映出安世荷兰部分管理层推 卸责任,置安世中国全体员工切身利益于不顾的态度。公司理解该信函会给大家带来困惑,为此, 特向大家作如下说明,以正视听: 第一、中国商务部多次强调，安世半导体问题的根源是荷兰政府不当干预企业内部事务。中国政府 本着对全球半导体供应链稳定与安全负责任的态度，宣布对符合条件的相关出口予以豁免； 而作为造成当前全球半导体供应链混乱的责任方，荷兰政府截至目前尚未在停止侵害中国企 业合法权益和恢复全球半导体供应链稳定方面有任何实际行动。中国政府已多次敦促荷兰政 府尽快提出实质性、建设性解决问题的方案,并采取实际行动,从源头上迅速且有效恢复全 球半导体 ...

Group 1 - The storage industry has experienced three complete cycles since 2010, with the current upcycle driven by the explosion of demand from AI servers and multimodal applications, leading to a continuous expansion of the supply-demand gap [1] - Starting from March 2025, niche DRAM prices have begun to rise, with NAND Flash and DDR5 products seeing accelerated price increases in Q2 and Q3 of 2025, and some models experiencing month-on-month price increases of 40-100% in October [1] - On the demand side, AI has driven data center storage needs from 600EB in 2020 to 2.4ZB by 2028, with applications like Sora2 significantly increasing storage consumption [1] Group 2 - Technological advancements such as HBM4, which is expected to be mass-produced in 2026, along with innovations like CBA architecture and HBF solutions, are enhancing performance in the storage sector [1] - On the supply side, original manufacturers are focusing on expanding HBM production, while capital expenditures for NAND Flash remain low, indicating that new capacity in 2026 will still be insufficient to meet demand [1] - In Q3 2025, overseas manufacturers achieved record high revenues, while domestic module manufacturers are seeing accelerated profit releases, suggesting a positive outlook for the industry [1] Group 3 - The Guotai Science and Technology Chip ETF (589100) tracks the Science and Technology Chip Index (000685), which has a daily fluctuation of up to 20%, reflecting the overall performance of listed companies in the semiconductor materials, equipment, design, and manufacturing sectors [2] - This index features a high degree of domestic substitution and is characterized by high industry concentration, benefiting from policy support and the ongoing growth in AI computing power demand [2]

Core Viewpoint - Citigroup has significantly reduced its holdings in major AI-related technology stocks, reflecting concerns over the sustainability of the AI investment boom and the potential for a market correction in these high-valuation stocks [3][9]. Summary by Category Holdings Overview - As of September 30, 2025, Citigroup's total market value of holdings reached approximately $224 billion, up from $204 billion in the previous quarter, marking a 10% increase [1][2]. - The firm added 826 new stocks and increased holdings in 1,833 stocks, while reducing positions in 3,028 stocks and completely selling out of 399 stocks [1][2]. Major Stock Adjustments - Citigroup has notably reduced its positions in major tech giants such as Nvidia, Microsoft, Apple, and Amazon, aligning with the narrative of an "AI bubble" and the subsequent market correction [3][9]. - Despite the reductions in tech giants, Citigroup slightly increased its stake in Broadcom, indicating a positive outlook on its ASIC technology growth prospects [3][4]. Top Holdings - Nvidia remains Citigroup's largest holding with approximately 33.39 million shares valued at about $6.23 billion, although this represents a 28.22% decrease from the previous quarter [6]. - The second-largest holding is the Russell 2000 Index ETF put options, with around 23.99 million shares valued at approximately $5.81 billion, reflecting a 12.26% increase [4]. - Microsoft ranks third with about 9.56 million shares valued at approximately $4.95 billion, down 19.55% from the previous quarter [4]. Strategic Moves - Citigroup has increased its holdings in put options for the Nasdaq 100 Index ETF by 81%, indicating a preparation for potential declines in AI-related stocks [7][8]. - The top five purchases in the third quarter included high-yield corporate bond ETF put options and Nvidia put options, emphasizing a strategy to hedge against potential downturns in the AI sector [8]. Selling Trends - The top five sell-offs included Nvidia, Meta, Amazon, Microsoft, and Apple, further underscoring Citigroup's cautious stance on the AI investment landscape [9].

Core Viewpoint - Citigroup has significantly reduced its positions in major AI-related tech stocks, reflecting concerns over an "AI bubble" and the sustainability of the AI investment trend, while simultaneously increasing positions in certain ASIC leaders like Broadcom [1][2]. Holdings Summary - Citigroup's total holdings value reached approximately $224 billion in Q3, up 10% from the previous quarter, with 826 new stocks added and 3,028 stocks reduced [1]. - The top ten holdings accounted for 19.48% of Citigroup's total U.S. stock market value, indicating a high concentration in these positions [1]. Major Stock Adjustments - Significant reductions were made in holdings of Nvidia, Microsoft, Apple, and Amazon, with Nvidia being the largest holding but reduced by 28.22% to approximately 33.39 million shares valued at $6.2 billion [2][3]. - Citigroup increased its position in the Russell 2000 ETF put options, reflecting a bearish outlook on small-cap stocks [3]. Specific Stock Positions - The second-largest holding was in Russell 2000 ETF put options, with approximately 23.99 million shares valued at $5.8 billion, an increase of 12.26% [3]. - Microsoft was the third-largest holding, with about 9.56 million shares valued at $5 billion, down 19.55% from the previous quarter [3]. - Tesla put options ranked fourth, with about 10.43 million shares valued at $4.6 billion, showing a slight increase of 6.84% [3]. Additional Insights - Citigroup's strategy included a significant reduction in positions in Apple and Amazon by 33% and 30% respectively, while increasing its stake in Broadcom, which is seen as a competitor to Nvidia in the AI GPU market [4]. - The firm also increased its holdings in Nasdaq 100 ETF put options by 81%, indicating preparation for potential declines in AI-related stocks [4][5]. - The top five sell-offs included Nvidia, Meta, Amazon, Microsoft, and Apple, further emphasizing Citigroup's cautious stance on the AI investment trend [5].

格隆汇11月14日丨诺瓦星云(301589.SZ)在互动平台表示，通过自主研发，公司现已推出MLED ASIC专 用控制芯片、高速接口芯片和PWM+PAM混合驱动芯片，同时，公司还通过战略投资、战略备货等方 式保障供应链安全。未来，公司将密切关注行业动态，积极进行技术预研，不断增强技术实力。 ...

Core Viewpoint - OpenAI is planning to invest $1.4 trillion to build the world's largest computing power center, which raises questions about its funding sources and the feasibility of such a massive project [2][3]. Group 1: OpenAI's Ambitious Plans - OpenAI has signed significant contracts with chip manufacturers like Nvidia, AMD, and Broadcom, committing to large-scale chip purchases and data center construction, amounting to $1.4 trillion [3]. - Despite its valuation of $500 billion, OpenAI's planned investment exceeds its total worth, leading to skepticism about its ability to finance such a project [3]. Group 2: Government Involvement - OpenAI's CFO hinted at seeking government backing for the project, suggesting that it is a national-level initiative that could benefit the country [4]. - This statement sparked backlash from politicians and the public, questioning why taxpayer money should support a private enterprise [4]. Group 3: Financial Viability - The financing model for the $1.4 trillion investment is compared to a mortgage, but the rapid depreciation of computing centers poses a challenge for banks to provide loans [4][5]. - The concern is that if the cash flow return period exceeds the depreciation period, banks will be reluctant to finance such projects [4]. Group 4: Comparison with Tesla - In contrast to OpenAI's narrative-driven approach, Tesla is focused on tangible production, with Elon Musk announcing plans to manufacture chips in-house due to high demand [6]. - Musk's confidence in future chip demand reflects a different capital model, emphasizing the importance of actual production capabilities [6]. Group 5: Long-term Implications - The demand for computing power is expected to continue growing, regardless of OpenAI's success or failure, as other players in the AI space will continue to drive demand [7]. - The article suggests that the current situation is part of a larger trend towards "generalized computing power," akin to the electrification wave of the past century [13]. Group 6: Market Dynamics - The market is characterized by narrative-driven fluctuations, where perceptions of AI can shift rapidly, impacting stock valuations and investor sentiment [8][10]. - Understanding these narratives is crucial for investors, as they can present opportunities amidst market panic [10]. Group 7: Strategic Importance of Computing Power - The $1.4 trillion investment is not just a corporate issue but a matter of national strategy, as control over computing power equates to control over AI sovereignty [12]. - Major tech companies are also increasing their investments in computing power and clean energy, indicating a collective movement towards this goal [12].

Core Insights - The article discusses the evolution of AI from model competition to a comprehensive infrastructure competition, emphasizing the importance of computing power as the "new oil" [2][3]. Group 1: AI Infrastructure - The AI infrastructure consists of a full chain including chips, computing power, models, platforms, applications, and commercialization ecosystems [3]. - Self-developed chips are crucial for optimizing computing power, reducing costs, and ensuring better integration with business needs [4][5]. - Cloud service providers play a key role in AI infrastructure, with AI cloud being an advanced version that integrates AI chips, models, algorithms, and application ecosystems [7]. Group 2: Market Dynamics - The global cloud computing market is growing rapidly, with China's annual growth rate reaching 35%, and AI-related revenues are increasing at an even faster pace [8]. - In the AI public cloud segment, Baidu Smart Cloud holds a 24.6% market share and has become the first domestic provider to announce profitability in AI cloud services [8][10]. Group 3: AI Chip Development - Baidu has developed the Kunlun chip, optimized for large-scale inference scenarios, with new models like M100 and M300 being introduced [11]. - Baidu has also made advancements in multi-card clusters for the MOE architecture, with products like "Tianchi 256" and "Tianchi 512" capable of training trillion-parameter models [12]. Group 4: Comprehensive AI Ecosystem - Baidu has established a complete domestic stack system for AI, integrating Kunlun chips and the Baijiao AI computing platform for efficient task management [16]. - The company serves over 460,000 enterprise clients and has developed more than 1.3 million platform agents to assist various industries [18]. Group 5: User-Friendly AI Development - The newly launched "Miaoda 2.0" platform allows non-technical users to create applications without programming knowledge, enhancing accessibility [19]. - Baidu's Qianfan platform integrates the latest Wenxin large model and over 150 mainstream models, providing a rich development ecosystem [20]. Group 6: Competitive Landscape - The article compares Baidu's comprehensive layout to Google's, highlighting the importance of having full-stack capabilities in the AI cloud market [25]. - Companies with full-stack capabilities will be able to provide powerful, stable, low-cost, and controllable AI computing power, becoming the digital foundation of the intelligent era [25].