据日经新闻：本田将投资日本先进芯片制造商Rapidus，计划在2025/26财年下半年进行快速投资。 ...

Market Overview - The Hong Kong stock market experienced a collective drop in the afternoon, with the Hang Seng Index closing down 0.08% at 24,162.87 points and a total turnover of HKD 250.34 billion [1] - The Hang Seng Tech Index fell by 0.76%, while the Hang Seng China Enterprises Index decreased by 0.15% [1] - CICC noted that despite the need for overall recovery in China, there are structural highlights in the macro and market environment, making Hong Kong stocks advantageous for stable returns and structural opportunities in new consumption, AI technology, and innovative pharmaceuticals [1] Blue Chip Performance - China Hongqiao (01378) led blue-chip stocks with a rise of 4.83% to HKD 15.2, contributing 3.15 points to the Hang Seng Index [2] - BYD (01211) increased by 3.71%, contributing 28.49 points, while Hansoh Pharmaceutical (03692) rose by 3.59% [2] - Li Auto (02015) fell by 2.75%, dragging down the index by 7.25 points, and Galaxy Entertainment (00027) dropped by 2.22%, contributing a decline of 2.57 points [2] Sector Highlights Innovative Pharmaceuticals - The innovative drug sector continued its upward trend, with notable gains from companies like Crystal Pharma (02228) up 16.7% and Lepu Biopharma (02157) up 11.5% [3] - The State Council issued opinions to improve the basic medical insurance drug catalog, which is expected to enhance the demand for innovative drugs [3] - Analysts believe that the biotech sector's valuation recovery is largely complete, with strong market liquidity and robust corporate earnings expected to drive continued interest [3] Aviation Stocks - Major Chinese airlines saw positive performance, with China Eastern Airlines (00670) up 4.08% and China Southern Airlines (01055) up 3.39% [4] - Citigroup maintained a "buy" rating on the three major Chinese airlines, citing a more balanced supply-demand outlook and stable domestic ticket prices [4] - Target prices for China Southern Airlines and China Eastern Airlines were adjusted upward, reflecting positive market sentiment [4] Shipping Sector - The shipping sector benefited from increased trade demand, with Shanghai's export container settlement price index rising by 29.5% [5] - Analysts noted that ongoing tariff uncertainties and economic expectations will influence the sustainability of shipping demand in the coming years [5] Gaming Sector - The gaming sector showed mixed results, with some stocks like Galaxy Entertainment declining while others like SJM Holdings (00880) rose by 6.25% [6] - The Macau government announced the end of operations for several satellite venues by the end of the year, impacting revenue expectations for certain companies [6] Notable Stocks - Dekang Agriculture (02419) reached a new high, closing up 8.3% with significant sales figures reported [7] - New City Development (01030) surged by 7.18% amid news of a planned USD bond issuance [8] - Longpan Technology (02465) rose by 6.47% as interest in solid-state batteries continues to grow [9] New Listings - Rongda Technology (09881) debuted strongly, closing up 42% at HKD 14.2, focusing on AIDC solutions [10] - New Qian'an (02573) also performed well, rising 21.43% with a focus on food additives [11]

台积电5月营收飙升39.6%，因人工智能需求强劲 金十数据6月10日讯，客户包括英伟达(NVDA.O)和苹果(AAPL.O)的主要芯片制造商台积电(TSM.N)公布 5月份营收增长39.6%至3205亿新台币（合107亿美元），此前，许多公司囤积芯片以应对日益加剧的贸 易不确定性。作为对比，4月份的营收增幅为48%。分析师平均预计台积电第二季度营收将增长39%。 虽然5月份的销售看起来相对健康，但较4月份下降了8.3%。台积电首席执行官魏哲家上周重申，公司 预计到2025年，以美元计算，营收将增长20%左右。他告诉股东，人工智能芯片仍供不应求。上个月， 英伟达发布了稳健的销售预测，称人工智能计算市场仍将呈指数级增长，缓解了投资者的担忧。 ...

Core Viewpoint - Inversion Semiconductor aims to develop a compact, high-performance light source based on laser wakefield acceleration (LWFA) technology, claiming its power will be 10 times higher than ASML's current EUV sources, potentially revolutionizing semiconductor manufacturing [4][24]. Group 1: Company Overview - Inversion Semiconductor, founded in 2024 by Rohan Karthik and Daniel Vega, is backed by Y Combinator and focuses on creating a new type of light source for advanced lithography [7][24]. - The company plans to utilize a "tabletop" particle accelerator that is 1,000 times smaller than traditional accelerators but can output up to 10 kW of power [4][8]. Group 2: Technology and Innovation - The proposed technology can increase chip manufacturing speed by 15 times, allowing for the powering of multiple lithography tools simultaneously, thus reducing costs [4][25]. - Inversion's light source can generate wavelengths between 20 nm and 6.7 nm, including the 13.5 nm light currently used in ASML's EUV tools [8][24]. - The LWFA method used by Inversion is distinct from traditional methods, producing coherent and monochromatic radiation that is crucial for next-generation lithography systems [12][24]. Group 3: Challenges and Considerations - The development of such a light source requires petawatt-level laser systems, which are complex, expensive, and energy-intensive, posing significant challenges for Inversion [5][21]. - Inversion must either collaborate with ASML or develop its own lithography systems, which would require creating a new ecosystem and could be time-consuming and costly [5][25]. - The company lacks experience in building high-volume, reliable wafer fabrication equipment, which is critical for the semiconductor industry [5][22][25].

英国金融监管机构联手英伟达 为银行AI实验提供安全沙盒 金十数据6月9日讯，据CNBC报道，英国金融行为监管局（FCA）周一宣布与美国芯片制造商英伟达 (NVDA.O)达成合作，将共同构建允许银行安全试验人工智能（AI）技术的监管沙盒环境。该机构表 示，自10月起，英国金融机构可通过英伟达的加速计算平台及AI企业级软件产品开展AI实验。这项名 为"超级沙盒（Supercharged Sandbox）"的创新计划，专门面向处于AI探索与实验阶段的金融机构。 FCA强调，针对更成熟的AI应用场景，当局另设有实况测试服务。"合作将帮助那些具备AI创意但缺乏 实施能力的机构，"FCA首席数据官杰西卡·鲁苏表示，"我们将助力企业驾驭AI技术，在促进经济增长 的同时保障市场与消费者权益。" ...

目的就是为了增加自己的谈判筹码，好让中国放开管制的稀土，奈何中国始终不松口。 没成想，特朗普政府不想着如何和中国改善关系，反而在6月4日全面暂停12国公民进入美国，变相将盟 友推开。 前言 关税休战至今，特朗普政府依旧小动作不断，前一秒还在指责中国违反协议内容，下一秒自己却宣布拒 绝对华出口乙烷。 为何特朗普在关键时刻不去寻找盟友，反而将他们一脚踢开？美国对中国的管制真就一点办法没有吗？ 中美关税 大多数人聊贸易，会想到钢铁、汽车、芯片，可很少有人意识到，美国真正的痛点之一，便是深埋在土 壤里的稀土。 这东西不起眼，却是现代工业和国防的骨架。2025年5月出炉的一份国防报告，估计让华盛顿不少人倒 吸一口凉气。报告说得清楚，美国七成多军用设备，从战舰到最牛的F-35，关键材料都得指望某个特定 国家的稀土供应。 这不是可有可无的小零件，隐形战机得靠它做涂层，雷达离不开它，就连飞机引擎里抵抗高温的隔热 层，也是它的功劳。卡住这口稀土供应，等于是用一把手术刀，直接捅到了美国军工产业的心脏。它不 像炸弹那样引人注目，却能带来缓慢而致命的损害。 更让人捏把汗的是，全球重稀土市场，几乎全被那个国家攥在手里，份额高达99%。 ...

Group 1: Broadcom's Financial Performance - Broadcom reported Q2 earnings per share of $1.58, exceeding the target of $1.56, with revenue of $15 billion, a 20% year-over-year increase, slightly above the analyst consensus of $14.99 billion [1] - The company's net profit for the quarter was $4.97 billion, more than double the $2.12 billion from the same period last year [1] - Broadcom expects Q3 revenue to be approximately $15.8 billion, higher than Wall Street's expectation of $15.7 billion [1] Group 2: AI Chip Business Growth - Broadcom's AI revenue reached $4.4 billion in the last quarter, a 46% increase year-over-year, driven by demand for new network chips like the Tomahawk 6 series [2] - The company is developing custom AI chips for three major cloud service providers, indicating strong ongoing investment in AI [2] - Broadcom anticipates AI revenue to grow to $5.1 billion in the upcoming quarter, supported by large-scale partners like AWS, Microsoft, and Google [3] Group 3: Marvell's Financial Performance - Marvell reported Q1 earnings per share of $0.62, slightly above the Wall Street estimate of $0.61, with revenue of $1.9 billion, a 63% year-over-year increase [6] - The company's net profit for the quarter was $177.9 million, a significant turnaround from a loss of $200.2 million in the same period last year [6] - Marvell's data center business saw a remarkable 76% revenue growth year-over-year, reaching $1.44 billion [6] Group 4: Marvell's Business Segments - Marvell's operator infrastructure segment experienced a 93% increase in sales, reaching $138.4 million, while the consumer segment grew by 50% to $63.1 million [7] - The only segment that saw a decline was the automotive and industrial business, which decreased by 2% to $75.7 million [6] - Marvell expects revenue for the upcoming quarter to be around $2 billion, slightly above Wall Street's forecast of $1.99 billion [6] Group 5: Market Sentiment and Analyst Opinions - Analysts from Melius Research labeled Broadcom as a "must-hold" AI stock due to its strong relationships with fabless chip suppliers and the expected growth in its network business [3] - Marvell's CEO praised the company's record revenue and anticipated continued strong growth driven by AI demand in data centers [7] - Despite strong performance, Marvell's stock has underperformed this year, with a 42% decline year-to-date [8]

Core Viewpoint - The article discusses the acquisition plan of Guoke Microelectronics (国科微) to purchase 94.37% of the shares of Zhongxin Integrated Circuit (Ningbo) Co., Ltd. (中芯宁波), which is expected to enhance its capabilities in high-end filter and MEMS manufacturing, thereby creating a dual-driven system of "digital chip design + analog chip manufacturing" [1][2]. Group 1: Acquisition Details - The acquisition is anticipated to constitute a significant asset restructuring, with Guoke Micro expected to resume trading on June 6, 2025 [2]. - Zhongxin Ningbo is one of the few domestic wafer manufacturing companies capable of producing filters covering the SUB6G frequency band and has advanced BAW filter chip manufacturing technology [2][3]. - The filters produced by Zhongxin Ningbo have already been applied in flagship models of leading domestic mobile communication terminal companies, indicating a breakthrough in the filter manufacturing sector [3]. Group 2: Market Impact and Financials - The acquisition is expected to enhance Guoke Micro's market competitiveness by integrating resources and providing comprehensive solutions to shared customer bases in the communication chip sector [4]. - Financially, Zhongxin Ningbo has reported significant losses, with projected revenues of 213 million yuan and 454 million yuan for 2023 and 2024, respectively, and net losses of 843 million yuan and 813 million yuan [4]. - The industry expert notes that losses during the capacity ramp-up phase are normal for chip manufacturing companies, and improvements in financial metrics are expected as production stabilizes [4]. Group 3: Investor Protection Measures - The acquisition plan includes strict restrictions on share reduction for the transaction counterparties, ensuring the protection of minority investors' interests [5][6]. - The transaction counterparties are prohibited from reducing their holdings for three years, with specific conditions for potential reductions thereafter based on Zhongxin Ningbo's profitability [5]. - The voting process for the shareholders' meeting will exclude major shareholders, allowing minority investors to have a significant say in the decision-making process [6]. Group 4: Broader Market Context - The article highlights a trend of increasing acquisitions of unprofitable assets in the semiconductor sector, supported by recent regulatory changes aimed at promoting technological innovation and industrial upgrades [7][8]. - Examples of similar acquisitions include companies like Sireus and Jingrui Electric, which have also pursued unprofitable targets to enhance their technological capabilities and market positions [7][8].

美国商务部长卢特尼克：我们将为芯片工厂培训500万美国工人。 ...

Group 1 - The article argues that the idea of re-industrialization in the U.S. is unrealistic due to high costs and challenges in the American market, as highlighted by TSMC's chairman, who stated that "the U.S. is expensive and not good to eat" [1] - It emphasizes that a successful industry requires a complete ecosystem, including government efficiency, infrastructure, supply chain, and talent support, which the U.S. currently lacks [1][2] - The article claims that the U.S. manufacturing sector is not strong enough to support a return to industrialization, as it lacks a continuous economic policy and suffers from bureaucratic inefficiencies at the local government level [3][4] Group 2 - The article points out that the U.S. does not have the necessary infrastructure to support manufacturing, as even minor disruptions can halt production for extended periods [3][4] - It highlights the shortage of trained manufacturing talent in the U.S., suggesting that the focus on academic research over practical skills has led to a decline in manufacturing capabilities [4] - The article warns that TSMC's investment in U.S. manufacturing may not yield returns due to the competitive pressure from mainland China's chip industry and the inefficiencies in the U.S. market [4]