本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，云英谷科技股份有限公司（以下简称"云英谷"）日前更新招股书，继续推进港交 所主板上市进程，中金公司和中信证券担任联席保荐人。 成立于2012年的云英谷作为一家专注于显示驱动芯片设计的高科技企业，致力于赋能世界智能终端 显示体验升级。 根据弗若斯特沙利文的报告，按2024年销量统计，云英谷是全球智能手机AMOLED显示 驱动芯片 市 场的第五大供应商，也是中国大陆最大的供应商。同时，云英谷是全球Micro-OLED显示背板/ 驱动市场最大的设于中国的独立供应商：2024年市场份额达40.7%，位居全球第二。 经过多年技术积累与产品迭代，云英谷已稳居显示驱动芯片行业核心位置，其不仅是 中国大陆首家 通过品牌客户认证的 AMOLED 显示驱动芯片企业，也是唯一一家对品牌公司累计出货量超过千万 颗的大陆厂商。 截至2024年12月31日，云英谷AMOLED显示驱动芯片已向全球多家头部智能手机品牌厂商量产出 货，并成功应用于超10个产品系列。目前，云英谷合作品牌合计占据全球智能手机四分之一以上的 市场份额，充分 ...

格隆汇1月21日丨雷电微力(301050.SZ)在互动平台表示，公司核心产品T/R组件、阵列天线已规模化生 产并应用于雷达、通信等专用市场领域，该领域也是公司营业收入的主要来源。公司自研芯片已批量内 配于自有微系统产品。 ...

We recently published 10 Stocks Breaking Records While Wall Street Bleeds. United Microelectronics Corp. (NYSE:UMC) was one of the top performers on Tuesday. United Microelectronics jumped to a new three-year high on Tuesday, as investors took heart from the successful development of a superflash memory capable of working reliably in extreme conditions. At intra-day trading, the stock surged to its highest price of $10.93 before trimming gains to finish the session just up by 15.91 percent at $10.78 apie ...

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Design Theme Index (950162) surged by 5.48%, with the E Fund Chip Design ETF (589030) rising over 6% at one point, indicating active market trading [1] - The State Council held a press conference discussing the achievements in industrial and information technology development by 2025, emphasizing the focus on technological innovation and key technology breakthroughs in areas like training chips and heterogeneous computing [1] - AI computing power demand is continuously surging, driving the acceleration of advanced process technology iterations, with TSMC projecting record high revenue in Q4 2025, where advanced processes (7nm and below) will account for 77% of revenue, with 3nm process shipments reaching 28% [1] Group 2 - TSMC has raised its compound annual growth rate (CAGR) forecast for AI accelerator revenue to nearly mid-high 50% for 2024-2029, significantly above the company's overall long-term revenue growth target of 25% [2] - The substantial increase in capital expenditure to $52-56 billion in 2026 reflects the strong global demand for AI computing power, indicating a sustained positive outlook for the data center industry chain [2] - The E Fund Chip Design ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Design Theme Index, which selects listed companies in the chip design sector to reflect the overall performance of this field [2]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) is focusing on the high-quality development of the artificial intelligence (AI) industry through the implementation of the "AI + Manufacturing" initiative, which includes guidelines for industry transformation and enterprise application [1] Group 1: Policy Implementation - MIIT, in collaboration with seven departments, has introduced the "AI + Manufacturing" special action implementation opinions [1] - The next steps involve accelerating the implementation of these opinions to promote high-quality development in the AI industry [1] Group 2: Key Focus Areas - Emphasis on technological innovation, particularly breakthroughs in training chips and heterogeneous computing power [1] - Focus on integrated applications in sectors such as software programming, new materials research, pharmaceutical development, and information communication [1] - Systematic promotion of breakthroughs in large and small models, as well as intelligent agents [1] Group 3: Enterprise and Ecosystem Development - Encouragement for the cultivation of enterprises to stimulate the emergence of more empowering application service providers [1] - Accelerated development of urgently needed industry standards and the establishment of an open-source mechanism for AI [1] Group 4: Safety and Governance - Strengthening of algorithm security protection and training data protection to enhance the ethical risk prevention capabilities of enterprises [1]

Summary of Conference Call Notes Industry Overview - The conference call discusses the Capital Goods sector in Europe, highlighting early results from Automation, semiconductor equipment, and Construction exposed peers, indicating a mixed outlook for the sector [2][4]. Key Companies Mentioned - **Siemens**: Concerns about risk/reward based on Yaskawa's results, with expectations of underwhelming guidance for Digital Industries margins in 2Q26 [4][10]. - **Yaskawa**: Reported a 34% YoY increase in motion control orders, but profitability remains challenged due to restructuring and competition [9][10]. - **Atlas Copco**: Positive outlook with expectations to beat on Vacuum orders in 4Q25 and potential for higher QoQ demand in 1Q26 [4][18]. - **Assa Abloy**: Risks noted for the Americas division, with elevated organic growth estimates for 2026 at 4.4% [4][8]. - **Sika**: Reported a -1% organic growth in 4Q25, with negative impacts from the US government shutdown affecting commercial construction [22][23]. - **Geberit**: Organic sales growth of 6.4% in 4Q25, but driven by wholesaler restocking; management expects slight market growth in European new buildings [21][20]. Core Insights and Arguments - The Capital Goods sector shows signs of life, primarily linked to semiconductor and AI-related growth, while traditional industries like Construction remain subdued [1][2]. - Investors are diversifying away from Electrification towards themes like AI, Mining Equipment, and Factory Automation [2]. - A 'quality bias' is maintained across coverage, favoring companies with lower risks of margin execution issues [2]. - The barbell strategy is emphasized, focusing on end-market dynamics and idiosyncratic stories [3]. Additional Important Points - The government shutdown in the US has negatively impacted commercial construction activity, contributing to a deceleration in growth for companies like Assa Abloy and Sika [8][22]. - VAT Group reported a 30% QoQ organic order growth, but this was partially due to order pull-forwards ahead of price increases [17]. - The overall sentiment in the Construction sector remains cautious, with expectations of only slight improvements in demand [21][22]. Conclusion - The Capital Goods sector is experiencing a bifurcated recovery, with strong performance in semiconductors and automation contrasted by challenges in construction and traditional industries. Companies like Atlas Copco and Siemens Energy are positioned favorably, while others like Assa Abloy and Sika face headwinds. The outlook remains cautious but with potential for selective opportunities in the sector [1][4][3].

Core Viewpoint - Wall Street is optimistic about Taiwan Semiconductor Manufacturing Company (TSMC), viewing it as a key player in the AI revolution and a strong investment opportunity due to its significant role in the semiconductor industry [1][4][16] Industry Overview - The semiconductor industry is crucial for the development of generative AI models, serving as the foundational hardware for technologies like ChatGPT [2] - TSMC is positioned at the intersection of technology and infrastructure, making it a vital component in the ongoing AI supercycle [4][10] Company Performance - TSMC is the largest chip manufacturer by revenue, surpassing competitors like Samsung and Intel, and is integral to the supply chains of major chip designers [9][10] - In Q4 2025, TSMC reported revenue of $33.7 billion, a 25% year-over-year increase, with a gross margin of 62%, up from 59% earlier in the year [12][13] - The company is experiencing increased demand driven by larger capital expenditures from hyperscalers, which enhances its pricing power and profit margins [13] Future Growth Potential - TSMC's CEO indicated plans for geographic expansion, suggesting that new facilities could contribute to growth by the end of the decade, aligning with the long-term AI megatrend [14] - Analysts are overwhelmingly bullish on TSMC, with 17 out of 18 rating the stock as a buy, and an average price target of $408, indicating a potential 19% upside [15] Investment Outlook - TSMC is seen as a compelling long-term investment due to its ability to grow revenue and profitability amid the ongoing AI infrastructure supercycle [16]

Core Viewpoint - The Direxion Daily Semiconductor Bull 3X Shares ETF (SOXL) is a leveraged investment that aims to provide three times the daily return of the Semiconductor Index (SOX), indicating a high-risk profile, especially in current market conditions [1]. Group 1 - The ETF is designed for investors looking to capitalize on short-term movements in the semiconductor sector, but it carries significant risk due to its leveraged nature [1]. - The current market environment is highlighted as particularly risky for such leveraged investments, suggesting that investors should be cautious [1]. - The author emphasizes a long-term investment strategy focused on macro ideas through low-risk ETFs and closed-end funds (CEFs), contrasting with the high-risk nature of SOXL [1].

此次合作基于双方显著的技术互补性：睿戈智能深耕全自主无人机导航技术，具备从感知、定位到路径 规划的核心算法与硬件集成能力；邦粹科技则依托自主工业无线通信协议技术，提供低时延、高吞吐量 的可靠通信解决方案。根据协议，双方将整合导航与通信模块，致力于在自主飞行、实时交互与复杂环 境适应性等方面实现突破。 协议明确了清晰的研发分工与资源投入机制。睿戈智能将主导导航算法集成与无人机适配测试，邦粹科 技则专注通信协议实现与环境验证。双方将组建联合技术团队，共享测试平台与研发工具，并共同构建 从技术到产品的全链路合作模式。 此次签约不仅是企业间的技术协作，更是沈阳市以党建为纽带、推动产业链上下游协同攻关的生动体 现。在沈阳市集成电路产业集群党建工作协调委员会搭建的"党委统筹、多方联动、协同攻坚"机制下， 链上企业得以更高效地整合创新资源，围绕国家战略需求与产业关键环节开展联合研发，共同提升沈阳 集成电路产业的整体竞争力与安全性。 （来源：沈阳日报） 转自：沈阳日报 本报讯（沈阳日报、沈报全媒体记者黄超、黄书满）日前，在沈阳市集成电路产业集群党建工作协调委 员会成立大会上，沈阳邦粹科技有限公司与睿戈智能科技（沈阳）有限公司 ...

Core Viewpoint - Microchip Technology Incorporated is recognized as a significant player in the AI sector, with analysts projecting positive growth driven by various factors, particularly in the industrial and automotive sectors [1][2]. Group 1: Analyst Insights - Piper Sandler analyst Harsh Kumar raised the price target for Microchip to $85.00 from $80.00, maintaining an Overweight rating, indicating strong growth potential [1]. - Kumar identifies Microchip as his "top mid-cap pick," anticipating a positive outlook for the company in calendar 2026 due to strengthening order momentum observed in recent months [1]. Group 2: Revenue Catalysts - The company is expected to benefit from new AI data center parts and components, with potential revenue growth beginning in the September 2026 quarter, which could significantly outpace industry growth [3]. - Microchip Technology develops and sells embedded control solutions across various markets, including industrial, automotive, consumer, aerospace and defense, communications, and computing [3]. Group 3: Market Trends - The recovery in the market appears to be broad-based, primarily driven by the industrial sector, with signs of stabilization in the automotive sector as well [2]. - Similar positive commentary regarding market conditions has been noted from other companies in the sector, such as ON and ADI [2].