Core Insights - Chengdu Huamei has received positive market feedback for its newly launched products, including the 40G RF direct sampling ADC and heterogeneous PSoC chips, which are recognized for their leading performance metrics and comprehensive in-house technology [1] Product Performance - The new products are widely applied in critical fields such as electronics, communications, control, and measurement, meeting downstream demands for high integration, low power consumption, and low latency [1] - Customers have reported outstanding performance in signal processing speed, stability, and compatibility, with some products already replacing foreign counterparts in specific scenarios, particularly in complex environments [1] Orders and Delivery - The company has made significant progress in promoting new products, with the 8-bit 64G ultra-high-speed ADC already supplying small batches to multiple users [1] - The 4-channel 12-bit 40GSPS ADC has completed customer validation and received intention orders, while PSoC architecture products have also entered small batch supply [1] - TSN-related products are currently in the trial phase with specialized industry clients [1]

Group 1: Market Overview - The storage market continues to experience a supply-demand imbalance, leading to price increases across various products [1][2] - The significant rise in storage prices is impacting the entire supply chain of consumer electronics, including smartphones, computers, electric vehicles, and servers [1] - Market transaction volumes are declining due to widespread price hikes and supply constraints, resulting in a sluggish overall order situation [1] Group 2: Product-Specific Insights - DRAM prices are experiencing substantial increases, with spot prices showing significant volatility and active transactions [1][6] - SSD prices are also on the rise, with lead times extending and a phenomenon of "price without market" emerging due to high prices [3][6] - Flash Wafer market prices have doubled, with a notable 38% increase in 64G TLC prices, driven by strong demand and limited supply [8][9] Group 3: Market Dynamics - The current storage market is expected to maintain an upward trend in the short term, with supply-demand conflicts unlikely to ease [2][8] - OEM pricing for DRAM and SSD products has shown increases ranging from 1% to 6% across various capacities [4][5][7] - The USB market is also seeing price increases, but demand remains weak, leading to reduced transaction volumes [10]

Core Viewpoint - Huawei has launched Flex:ai AI container software, which utilizes computing power slicing technology to divide a single GPU/NPU power card into multiple virtual computing units, enhancing resource utilization significantly [1][3]. Group 1: Product Features - Flex:ai allows a single power card to support multiple AI workloads simultaneously, improving hardware resource utilization [3]. - The software aggregates idle XPU computing power from various nodes within a cluster to form a unified "shared computing pool," enabling global scheduling and flexible allocation of computing resources [4]. - The core technology integrates both hardware and software, enhancing the typical utilization rate of GPU/NPU from 30%-40% to 70%, embodying the concept of "software compensating for hardware" [4]. Group 2: Technical Innovations - Flex:ai deeply integrates Huawei's self-developed Ascend AI processors, optimizing performance and power consumption through collaborative design [4]. - In large model training scenarios, Flex:ai innovatively manages and schedules various heterogeneous computing resources, including NVIDIA GPUs and Ascend NPUs, effectively addressing the efficiency bottleneck in current large model training [4]. Group 3: Community Engagement - Flex:ai will be open-sourced in the Magic Engine community to promote technology sharing and ecosystem development [3].

新华财经北京11月21日电（胡晨曦）科创50指数11月21日早间低开，指数全天震荡调整，最终大幅收 跌。至收盘时，科创50指数报1285.83点，跌幅3.19%，指数振幅为2.17%，总成交额约560.3亿元。 11月21日，科创综指全日收跌3.75%，收于1503.36点，总成交额约1726亿元。 个股表现方面，禾信仪器、品高股份涨停，涨幅靠前；普冉股份跌12.96%，跌幅居首。 成交额方面，寒武纪成交额91.8亿元，位居首位；ST观典成交额1414万元，位居末位。 换手率方面，恒坤新材换手率为46.22%，位居首位；龙腾光电换手率为0.28%，位居末位。 （文章来源：新华财经） 从盘面来看，科创板593只个股普遍下跌，高价股、低价股均多数下跌。细分领域来看，除少数电气设 备股、专用机械股以及个别通信设备股、生物制药股等有所上涨，其余细分领域个股均呈普跌态势。 经新华财经统计，11月21日，科创板593只个股平均跌幅3.98%，平均换手率2.77%，合计成交额1726亿 元，平均振幅为5.61%。 ...

Core Viewpoint - The stock price of Lian Micro has experienced a decline of 7.32% over the past three days, closing at 29.58 CNY per share with a market capitalization of 19.859 billion CNY [1]. Company Overview - Lian Micro Electronics Co., Ltd. is located in Hangzhou Economic and Technological Development Zone, Zhejiang Province, and was established on March 19, 2002. The company went public on September 11, 2020 [1]. - The main business areas include semiconductor wafers, semiconductor power devices, and compound semiconductor RF chips. The revenue composition is as follows: semiconductor wafers 66.96%, semiconductor power device chips 25.09%, compound semiconductor RF and optoelectronic chips 7.12%, and others 0.83% [1]. Shareholder Information - The Guotai Fund's ETF, Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF (159516), has entered the top ten circulating shareholders of Lian Micro, holding 5.6803 million shares, which is 0.85% of the circulating shares. The estimated floating loss today is approximately 8.8612 million CNY, with a total floating loss of 13.9734 million CNY over the three-day decline [2]. - The Guotai Zhongzheng Semiconductor Materials and Equipment Theme ETF was established on July 19, 2023, with a latest scale of 8.299 billion CNY. Year-to-date returns are 41.2%, ranking 730 out of 4208 in its category, while the one-year return is 24.11%, ranking 1564 out of 3972 [2]. - The fund manager, Ai Xiaojun, has a tenure of 11 years and 316 days, managing total assets of 169.029 billion CNY, with the best fund return during his tenure being 259.2% and the worst being -46.54% [2].

天眼查App显示，近日，安徽金鑫智显科技有限公司成立，法定代表人为范校，注册资本2000万人民 币，经营范围为一般项目：半导体照明器件制造；半导体照明器件销售；显示器件制造；显示器件销 售；电子专用设备制造；电子专用设备销售；电子元器件批发；电子元器件零售；工程塑料及合成树脂 销售；塑料制品销售；模具销售；电力电子元器件制造；光电子器件制造；技术服务、技术开发、技术 咨询、技术交流、技术转让、技术推广；其他电子器件制造（除许可业务外，可自主依法经营法律法规 非禁止或限制的项目）。 ...

Core Insights - The partnership between ERI and ReElement Technologies aims to establish a domestic supply chain for refined rare earth oxides from recycled magnet waste, enhancing U.S. capabilities in the rare earth sector [1][2][3] Group 1: Partnership Details - ERI will utilize its international collection network and eight U.S.-based recycling centers to process end-of-life magnet materials, which ReElement will refine into high-purity rare earth oxides [2][3] - This collaboration is expected to create a circular and secure supply chain for rare earth elements, addressing the growing strategic demand for these materials [3][4] Group 2: Production and Technology - ReElement has begun trial shipments of 99.99%+ pure rare earth oxides to commercial and defense partners, with production currently taking place at its Noblesville, Indiana facility [5] - Large-scale commercial output is set to transition to ReElement's 400,000-square-foot facility in Marion, Indiana, starting in early 2026 [5] Group 3: Company Profiles - ReElement Technologies focuses on refining recycled materials from rare earth permanent magnets and lithium-ion batteries, aiming to create an environmentally safe circular supply chain [8] - American Resources Corporation, the parent company of ReElement, is involved in the extraction and processing of critical minerals, including rare earth elements, to support the electrification market [9] - ERI is recognized as a leading material resource recovery company, certified for environmentally responsible recycling and capable of processing over a billion pounds of electronic waste annually [10]

Core Viewpoint - Moore Threads announced a public offering of 70 million shares at a price of 114.28 yuan per share, aiming to raise approximately 8 billion yuan for various AI chip development projects and working capital [1]. Group 1: Offering Details - The public offering will take place on November 24, 2025, through the Shanghai Stock Exchange trading system and internet trading platform [1]. - The total expected fundraising amount is approximately 79.996 billion yuan, with a net amount of around 75.76 billion yuan after deducting issuance costs [1]. Group 2: Use of Proceeds - The raised funds will be allocated to the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [1]. Group 3: Company Background - Moore Threads was established in 2020 and focuses on providing accelerated computing infrastructure and one-stop solutions to support digital transformation across various industries [1].

自2023年ChatGPT引爆生成式AI革命以来，智算需求呈爆炸式增长。进入2025年，随着大量AI应用上 线，高端GPU"一卡难求"，算力愈发成为核心生产资料。 "除非量子计算、光子计算能够大规模替代硅基计算，否则后摩尔时代一定是体系结构的天下。"11月14 日，容芯致远联合创始人、CTO石旭在21世纪卓越董事会（苏州站）活动上表示。 但当前，多卡协同工作依然存在不少通信瓶颈。 石旭告诉21世纪经济报道记者，传统铜互连的高速互联方式，只能提供几十厘米级的低延迟互联能力。 这不仅使得在设备内部构建8卡甚至更多GPU设备变得愈发困难，而且也对高功耗的散热设计提出了挑 战。 在石旭看来，单纯依靠提升芯片制程来提高芯片性能、进而优化计算机系统性能的路径已走到尽头，只 有算力芯片、交换芯片、软件生态协同更新，才能实现计算机系统的性能迭代。"因此英伟达不仅做算 力芯片（GPU），还做网络芯片（收购Mellanox）、交换芯片（NVSwitch）以及软件生态 （CUDA）。" 从通算到智算 据统计，2023年中国通算服务器销量为470万台，智算服务器销量为15万台。而到了2025年上半年，通 算服务器销量萎缩到100多万 ...

Core Insights - SkyWater Technology and Silicon Quantum Computing (SQC) have announced a collaboration to advance hybrid quantum-classical computing, aiming to commercialize this technology by integrating quantum and classical components [1][2][3] Company Overview - SkyWater Technology is the largest exclusively U.S.-based, pure-play semiconductor foundry, focusing on secure manufacturing and packaging capabilities for high-performance computing [1][4] - SQC is a leading company in quantum computing, utilizing atomically engineered quantum processors to achieve high fidelities in quantum algorithms [6] Collaboration Details - The partnership will leverage SQC's precision in quantum device engineering and SkyWater's manufacturing capabilities to create a "future compute stack" where quantum processors work alongside classical processors [1][3] - SkyWater's Technology-as-a-Service model will facilitate the integration of quantum and classical components, reinforcing its role as a trusted enabler of next-generation technologies [2][3] Technological Advancements - The collaboration aims to develop hybrid systems that require precise manufacturing, secure packaging, and high-bandwidth connections to effectively integrate quantum and classical components [3] - SQC will provide its atomically-engineered quantum processing units (QPUs), while SkyWater will supply superconducting resonators and tailored silicon wafers [3]