格隆汇2月25日丨康希通信(688653.SH)在投资者互动平台表示，光模块由光电子器件、功能电路和光接 口等组成，光电子器件包括发射和接收两部分；光模块是光纤通信的核心器件，负责光电转换和电光转 换，数据中心的正常运转离不开它。公司是模拟端的射频前端芯片设计企业，目前未涉足光模块领域的 研究。 ...

Core Insights - Amazon's custom chips, Graviton and Trainium, are experiencing rapid growth, achieving a run rate of over $10 billion in annual revenue, doubling year-over-year, and potentially worth $100 billion as a standalone business [2] - The success of Graviton is beneficial not only for Amazon but also for Arm Holdings, which designs the CPUs used in Graviton, generating over $1 billion in revenue per quarter [3][6] - Graviton offers over 40% better price performance per instance compared to x86 processors, which may lead to increased spending on Arm CPUs for cloud services [5][7] Amazon's Growth and Strategy - Amazon is significantly increasing its EC2 core computing capacity daily, with a majority utilizing Graviton chips [5] - The company's plans to invest $200 billion in capital expenditures have raised concerns among investors, impacting stock performance [1] Arm Holdings' Position - Arm's data center royalty revenue has doubled in the most recent quarter, with expectations that it could surpass smartphone revenue in the next three years [7] - The growth of AI agents is expected to drive demand for more CPUs, benefiting Arm's royalty collections [9] - New versions of Graviton, such as Graviton 5, are utilizing advanced Arm designs, which command higher royalty rates [9] Market Implications - As demand for Graviton and related cloud AI chips increases, Arm is positioned to be a significant beneficiary in the ongoing AI boom [10]

截至2026年2月25日 13:29，上证科创板半导体材料设备主题指数(950125)强势上涨5.99%，成分股有研 硅上涨20.00%，和林微纳上涨20.00%，富创精密上涨15.19%，中船特气，拓荆科技等个股跟涨。科创 半导体设备ETF鹏华(589020)上涨5.75%， 冲击4连涨。最新价报1.53元。 科创半导体设备ETF鹏华紧密跟踪上证科创板半导体材料设备主题指数，上证科创板半导体材料设备主 题指数选取科创板内业务涉及半导体材料和半导体设备等领域的上市公司证券作为指数样本，以反映科 创板半导体材料和设备上市公司证券的整体表现。 数据显示，截至2026年1月30日，上证科创板半导体材料设备主题指数(950125)前十大权重股分别为华 海清科、中微公司、拓荆科技、中科飞测、沪硅产业、芯源微、安集科技、华峰测控、天岳先进、盛美 上海，前十大权重股合计占比73.89%。 午后半导体设备涨幅扩大，消息面上，2月24日，上交所官网显示，盛合晶微科创板IPO已成功通过上 交所上市审核委员会审议。若最终成功发行，盛合晶微将成为A股市场首家以晶圆级先进封装为核心业 务的上市公司。此外，春节期间，多家云厂商积极推进数 ...

24 February 2026 | 5:36PM JST Equity Research Kioxia Holdings (285A.T): Conference call: Price uptrend to continue, but stay Neutral on valuation multiple We held a conference call with Kioxia Holdings' IR team on the morning of February 20. We summarize the key points below (on 3Q results, 4Q guidance, and the outlook for FY3/27 earnings). We believe the price uptrend, unprecedented in recent years, and accompanying earnings expansion are likely to continue. However, given that Kioxia's P/E multiple at the ...

Group 1 - The core viewpoint is that the domestic AI industry is experiencing significant investment interest, as evidenced by the recent performance of the Science and Technology Innovation Artificial Intelligence ETF (589520), which has seen a decline of 1.76% over two days while attracting 30.99 million yuan in inflows, indicating confidence in the future of domestic AI [1][8] - The ETF's composition includes leading domestic companies in the AI sector, such as Cambricon Technologies and Chipone Technology, with a strong focus on semiconductor and software industries, which are expected to benefit from the AI application surge [4][11] - Recent reports highlight a surge in demand for domestic AI models, with predictions of explosive growth in token usage by 2026, reflecting an exponential increase in AI inference demand and the potential for domestic computing power to dominate the infrastructure layer [10][11] Group 2 - The ETF is designed as an efficient tool for investors to gain exposure to the domestic computing power sector, with a significant portion of its holdings in semiconductor stocks, which account for nearly half of the ETF's weight [4][11] - The report from Huaxi Securities indicates that the current phase of AI development is critical, with advancements in industrial-grade video generation and programming tools, suggesting a shift from general chat tools to specialized productivity applications [10] - The fee structure for the ETF and its linked funds is outlined, with no sales service fees and specific commission rates for subscription and redemption, making it accessible for investors [6][13]

Core Insights - Zhejiang Saisi is a leading player in the time-frequency and communication chip sector in China, showcasing its advanced solutions at MWC2026 [1][4] - The company has independently developed high-end chips, including SLIC chips and time-frequency synchronization solutions, addressing industry bottlenecks and enhancing performance [2][3] Company Overview - Founded in 2013, Zhejiang Saisi specializes in time & frequency synchronization and communication integrated circuits, with capabilities ranging from core chips to system solutions [9] - The company is recognized as a key player in China's time-frequency industry and domestic SLIC chip sector, with products sold in over 30 countries [4][9] Product Highlights - Saisi's voice communication solutions include full FXS single/dual-channel solutions and SLIC chips (AS1630, AS2630 series) for 10G PON/FTTR devices, providing cost-effective subscriber line interface solutions [2] - The company offers end-to-end time-frequency synchronization solutions, featuring ultra-low jitter differential oscillators (25MHz~625MHz, 44fs @156.25MHz) for high-performance AI devices and 5G-A/6G base stations [3][10] Market Position and Expansion - Saisi's participation in MWC2026 signifies an important step in its global expansion strategy, inviting global partners to explore collaboration opportunities [4][6] - The company is committed to independent R&D, holding extensive intellectual property rights and engaging in industrial standard development [11]

此外，A股、港股储芯片概念走低 ，A股普冉股份一度跌近10%，恒烁股份、兆易创新（603986）、江 波龙（301308）、佰维存储、香农芯创（300475）等跌幅靠前。港股中澜起科技跌超4%、兆易创新跌 超3%。消息方面，做空机构香橼资本周二发帖称，已经对存储牛股闪迪建立空头头寸。 | 名称 | 现价 | 涨跌幅 | | --- | --- | --- | | 普典股份 | 248.71 | -8.56% | | 恒৮股份 | 94.41 | -7.50% | | 兆易创新 | 306.98 | -4.97% | | 澜起科技 | 166.54 | -4.62% | | 江波龙 | 294.65 | -4.49% | | 佰维存储 | 166.94 | -4.06% | | 朗科科技 | 34.69 | -3.72% | | 德明利 | 246.60 | -3.67% | | 聚辰股份 | 142.83 | -3.61% | | 深科技 | 32.73 | -3.08% | 2月25日，港股AI应用概念短线跳水，截至发稿，MINIMAX-WP跌超14%、智谱、海致科技集团跌约 6%。 瑞士百达资产管理首席策 ...

2月24日，上交所官网显示，盛合晶微半导体有限公司（以下简称"盛合晶微"）科创板IPO已成功通过上 交所上市审核委员会审议。 现场问询中，上交所上市委要求盛合晶微结合其2.5D业务的技术来源，三种技术路线的应用领域、发展 趋势、市场空间，以及新客户开拓情况，说明与主要客户的业务稳定性及业绩可持续性。 21世纪经济报道记者 孙燕 招股书显示，盛合晶微目前的客户集中度较高：2022年、2023年、2024年、2025年上半年，该公司对前 五大客户的合计销售收入占比分别为72.83%、87.97%、89.48%和90.87%，其中，对第一大客户的销售 收入占比分别为40.56%、68.91%、73.45%和74.40%。 此次登陆科创板，盛合晶微拟募资48亿元，将投资于三维多芯片集成封装项目、超高密度互联三维多芯 片集成封装项目。财通证券研究指出，项目达产后将形成多个芯粒多芯片集成封装技术平台的规模产 能，并配套凸块制造及3DIC技术平台产能，进一步匹配中国大陆芯粒多芯片集成封装领域的高增长需 求。 根据Gartner的统计，2024年度，盛合晶微是全球第十大、境内第四大封测企业，且2022年度至2024年 度营业 ...

盛合晶微前身为中芯长电半导体（江阴）有限公司，由中芯国际（688981.SH）与长电科技（600584.SH）合资创立。自成立之 初，盛合晶微即将芯粒多芯片集成封装作为该公司发展方向和目标，并聚焦在更加前沿的晶圆级技术方案领域。 在摩尔定律逐步逼近极限的情况下，通过芯粒多芯片集成封装技术持续优化芯片系统的性能已经成为行业共识。在这一领域， 台积电、英特尔、三星电子等全球领先半导体制造企业已经布局多年且正在持续扩充产能，日月光、安靠科技等全球领先封测 企业，以及长电科技、通富微电（002156.SZ）、华天科技（002185.SZ）等中国大陆领先封测企业也正在持续布局中。 从价值量上看，芯粒多芯片集成封装及配套的测试环节也已进入高算力芯片制造产业的价值链高端，一定程度上重构了集成电 路制造产业链的价值分布。目前最主流的高算力芯片的成本结构中，CoWoS及配套测试环节的合计价值量已经接近先进制程芯 片制造环节。 此次登陆科创板，盛合晶微拟募资48亿元，将投资于三维多芯片集成封装项目、超高密度互联三维多芯片集成封装项目。财通 证券研究指出，项目达产后将形成多个芯粒多芯片集成封装技术平台的规模产能，并配套凸块制造及3 ...

Navitas Semiconductor (NasdaqGM:NVTS) Q4 2025 Earnings call February 24, 2026 05:00 PM ET Speaker6Good afternoon, and welcome to Navitas Semiconductor's fourth quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. At the conclusion of today's conference call, instructions will be given for the question and answer session. If anyone needs assistance at any time during the conference call, please press the star key followed by the 0 on your touchtone phone. ...