Group 1 - The core viewpoint of the news is that Ruichuang Micro-Nano's stock has experienced a decline of 5.09%, with a current price of 108.44 yuan per share and a total market capitalization of 499.08 billion yuan [1] - Ruichuang Micro-Nano, established on December 11, 2009, and listed on July 22, 2019, specializes in the design and manufacturing of application-specific integrated circuits, MEMS sensors, and infrared imaging products [1] - The company's main business revenue composition includes 94.48% from infrared thermal imaging and optoelectronic business, 2.94% from microwave radio frequency business, and 2.59% from other sources [1] Group 2 - Donghai Fund has one fund heavily invested in Ruichuang Micro-Nano, specifically the Donghai Core Value Fund (006538), which reduced its holdings by 700 shares in the third quarter, now holding 1,300 shares, accounting for 3.32% of the fund's net value [2] - The Donghai Core Value Fund has a current scale of 346.25 million yuan, with a year-to-date return of 12.24%, ranking 518 out of 8,836 in its category, and a one-year return of 37.39%, ranking 3,758 out of 8,091 [2] Group 3 - The fund manager of Donghai Core Value Fund (006538) is Shao Wei, who has been in the position for 3 years and 131 days, with the fund's total asset scale at 48.244 million yuan [3] - During Shao Wei's tenure, the best fund return was 4.56%, while the worst return was -22.87% [3]

Summary of Empyrean (301269.SZ) Conference Call Company Overview - **Company**: Empyrean (301269.SZ) - **Industry**: Electronic Design Automation (EDA) tools Key Points 1. Full-flow EDA Tools Expansion - Empyrean is expanding its offerings in full-flow EDA tools, covering approximately 80% of total EDA tools including full-flow analog, panel, and memory EDA - The company is working on developing additional point tools like Design for Testability (DFT) and digital client tools, which are expected to enhance order growth from customers seeking comprehensive EDA solutions [2][4] 2. AI Chip Growth Opportunities - Management highlighted increasing demand for AI chips from local customers such as Hygon and Moore Thread, leading to larger order sizes - Empyrean plans to provide full-flow digital design EDA tools to meet the rising demand from AI chip customers, leveraging its experience in EDA tool development [3][4] 3. Partnerships with Local Leaders - The strong performance of Empyrean's EDA tools has resulted in partnerships with local IC design leaders in sectors like consumer electronics and AI chips - Management aims for higher allocation among major customers, supported by the localization trend in chip manufacturing and preference for EDA technology leaders [4][8] 4. EDA Business Model - Empyrean typically signs three-year agreements with clients for EDA tool adoption, with annual payments - The company encourages clients to trial EDA tools for free initially, reviewing licenses quarterly before charging, to foster user habits and deeper connections [8] 5. Financial Outlook and Valuation - Empyrean is rated as a "Buy" with a 12-month target price of Rmb155, representing a 36.3% upside from the current price of Rmb113.70 - Revenue projections indicate growth from Rmb1,222.4 million in 2024 to Rmb2,864.3 million by 2027, with EBITDA expected to improve from a loss of Rmb30.4 million in 2024 to Rmb801.5 million in 2027 [9][10] 6. Risks - Key risks include slower customer acquisition, increased competition, labor cost issues, and escalating US-China tech tensions [10] Additional Insights - The company is expanding into Intellectual Property (IP) and Computer-Aided Engineering (CAE) tools to capture a larger addressable Total Addressable Market (TAM) [1] - Management remains optimistic about order growth despite potential revenue impacts from major clients' near-term spending [1][3]

12 January 2026 | 10:28PM GMT Portfolio Strategy Research GLOBAL MACROSCOPE Global Strategy Conference: Results of our 2026 'PM Question Time' We held our 34th annual Global Strategy Conference in London, which was attended by more than 400 clients in person, and more on-line. During the sessions, we surveyed our audience members on their views and outlook. We present the results here, along with our comments and the GS view in each case. When we asked a similar question in last year's conference, we compar ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、设立全资子公司概述 根据强一半导体（苏州）股份有限公司（以下简称"公司"）战略发展需要，为开拓华中市场、优化供应 链布局，公司分别于2025年9月16日召开第二届董事会第一次会议、2025年10月9日召开2025年第二次临 时股东会，审议通过了《关于投资设立武汉子公司的议案》，同意公司使用不超过人民币3亿元设立全 资子公司强一半导体（武汉）有限公司（以下简称"武汉子公司"）。武汉子公司将紧贴核心客户，打造 贴身服务、快速响应的先进探针卡生产基地，全力保障其供应链安全与稳定。 二、设立全资子公司进展 近日，武汉子公司工商登记手续已完成，并取得了武汉东湖新技术开发区政务服务和大数据管理局颁发 的《营业执照》，具体登记信息如下： 名称：强一半导体（武汉）有限公司 统一社会信用代码：91420100MAK44KXW58 类型：有限责任公司（外商投资企业法人独资） 法定代表人：周明 武汉子公司在经营过程中可能面临国家政策风险、市场风险及一般企业经营风险等，对此，公司将严格 按照公司 ...

Summary of Merck KGaA Conference Call Company Overview - **Company**: Merck KGaA, Darmstadt, Germany - **Industry**: Healthcare, Life Science, Electronics - **Key Growth Pillars**: Process Solutions, Rare Diseases, Semiconductor Solutions [4][5] Core Insights and Arguments - **Growth Strategy**: Merck is positioned in innovation-driven markets, focusing on three key growth pillars which are expected to drive significant shareholder value [4][5] - **M&A Activity**: The company has a strong history of mergers and acquisitions, which will continue to be a part of their strategy for growth and portfolio management [5][9] - **Global Presence**: Merck operates in over seven countries with a balanced sales distribution across major economic regions, enhancing resilience against geopolitical changes [7][5] Financial Performance - **Sales Growth**: Consistent sales growth has been achieved over the past 15 years, with the exception of 2023 due to the COVID-19 pandemic [8] - **2025 Guidance**: The company confirmed its 2025 guidance and indicated a gradual improvement in end markets for both life science and electronics [10][21] - **Midterm Growth Outlook**: Expected mid-single-digit growth for the group, with key growth drivers projected to achieve low double-digit growth [11][21] Sector-Specific Insights Life Science - **New Organizational Structure**: A new customer-centric organizational design was implemented to enhance service delivery and customer interaction [12][13][34] - **Market Growth**: Process Solutions is expected to grow at 9%-10%, driven by demand for monoclonal antibodies and novel modalities [13][14] - **Challenges**: Short-term headwinds include muted performance in China and cautious behavior in the U.S. academic market [32][33] Healthcare - **Rare Diseases**: The acquisition of SpringWorks has strengthened Merck's position in rare diseases, with products like Ogsiveo and pimicotinib showing strong market potential [16][18][19] - **Fertility Business**: The fertility segment, particularly Pergoveris, is expected to contribute to growth, with a five-year CAGR of 20% outside the U.S., Japan, and China [25][26] - **Competition**: The company remains confident in its product offerings despite competition, particularly in the rare disease segment [27][30] Electronics - **Semiconductor Solutions**: This segment is crucial for AI advancements, representing 80% of electronic sales, with significant growth expected in advanced packaging [19][20] - **Market Trends**: The demand for advanced nodes and new materials is driving growth in the semiconductor market [20] Additional Important Points - **Investment Focus**: Merck aims to concentrate resources on growth pillars while maintaining cash generation for further investments [22][21] - **M&A Strategy**: The company is focused on external innovation, particularly in healthcare, to drive future growth [37][38] - **Customer-Centric Approach**: The new organizational model aims to simplify customer interactions and improve service levels, which has received positive feedback [34][35] Conclusion Merck KGaA is strategically positioned for growth across its key sectors, with a focus on innovation, customer-centricity, and disciplined portfolio management. The company is optimistic about its future prospects, particularly in rare diseases and semiconductor solutions, while navigating short-term challenges in certain markets.

The company operates a business model focused on supplying critical photomask technology and services that enable the transfer of circuit patterns onto semiconductor wafers and display substrates.Photronics manufactures and sells photomask products used in the production of integrated circuits and flat panel displays, generating revenue primarily from semiconductor and display manufacturers.How does the timing of the sale relate to recent market performance for Photronics? The transaction occurred as shares ...

Core Insights - The VanEck Semiconductor ETF (NASDAQ: SMH) experienced a significant rally of 48.7% in 2025, highlighting the strong performance of the semiconductor sector [1] - The semiconductor sector's unique characteristics, particularly its connection to artificial intelligence, have contributed to its outperformance compared to traditional ETFs [2] Performance Analysis - Nvidia (NASDAQ: NVDA), the largest component of the ETF at over 20%, underperformed the ETF with a gain of 38.9%, indicating that other stocks contributed more significantly to the ETF's performance [3] - Micron (NASDAQ: MU) was a major contributor to the ETF's outperformance, surging 240.2% due to increased demand for DRAM and NAND driven by AI developments [4] - Other significant performers in the ETF included Taiwan Semiconductor Manufacturing (NYSE: TSM), Broadcom (NASDAQ: AVGO), and Advanced Micro Devices (NASDAQ: AMD), which saw gains of 55.9%, 50.7%, and 77.3% respectively [6] Market Trends - The semiconductor sector is expected to continue its upward trajectory, with DRAM prices projected to increase by 50% or more in the upcoming quarter and NAND flash prices expected to rise by 30% to 40% [5] - The ETF's performance nearly tripled that of the S&P 500, indicating strong long-term growth potential in the semiconductor sector amid the ongoing AI boom [7]

Group 1 - The company held its 30th meeting of the sixth board of directors on January 12, 2026, where all 7 directors were present and the meeting complied with relevant laws and regulations [2] - The board approved a proposal to increase capital for its wholly-owned subsidiary, Shenzhen Dawi Chuangxin Microelectronics Technology Co., Ltd. (Dawi Chuangxin), by 140 million RMB, and subsequently, Dawi Chuangxin will increase capital for its wholly-owned subsidiary, Chip Exchange Technology Hong Kong Limited (Chip Exchange Hong Kong), by 2 million USD [3][7] - After the capital increase, Dawi Chuangxin's registered capital will rise from 30 million RMB to 170 million RMB, and Chip Exchange Hong Kong's registered capital will increase from 1 million USD to 2.1 million USD [3][7] Group 2 - The capital increase is aimed at enhancing the company's competitiveness in the semiconductor storage market, which is experiencing growth due to rising demand driven by advancements in big data, AI, IoT, and 5G technology [12] - The company has established an efficient global delivery network leveraging Hong Kong's logistics advantages, which supports both domestic and international customer needs [12] - The capital increase will strengthen the subsidiary's financial capacity and support its business expansion, aligning with the company's long-term strategic goals [12]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7] Investment Opportunity - Wall Street is investing hundreds of billions into AI, but there is a pressing concern regarding the energy supply needed to sustain this growth [2] - The company in focus is positioned to benefit from the surge in demand for electricity driven by AI data centers, making it a potentially lucrative investment [3][8] Company Profile - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend due to tariffs [5][6] - It owns significant nuclear energy infrastructure, which is crucial for America's future power strategy, and is capable of executing large-scale engineering projects across various energy sectors [7][8] Financial Position - The company is noted for being debt-free and having a substantial cash reserve, amounting to nearly one-third of its market capitalization, which positions it favorably compared to other energy firms burdened by debt [8][10] - It also holds a significant equity stake in another AI-related company, providing investors with indirect exposure to multiple growth opportunities without the associated premium costs [9][10] Market Trends - The article discusses the broader trends of AI, energy, tariffs, and onshoring, indicating that this company is strategically aligned with these developments [6][14] - The influx of talent into the AI sector is expected to drive continuous innovation, further solidifying the importance of energy infrastructure in supporting this growth [12] Conclusion - The time to invest in AI and the associated energy infrastructure is emphasized as being critical, with potential for significant returns within the next 12 to 24 months [13][15]

The publication of this Application Proof is required by The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the Securities and Futures Commission (the "Commission") solely for the purpose of providing information to the public in Hong Kong. Application Proof of JOULWATT TECHNOLOGY CO., LTD. 杰華特微電子股份有限公司 (the "Company") (A joint stock company incorporated in the People's Republic of China with limited liability) WARNING The Stock Exchange of Hong Kong Limited and the Securities and Futures Co ...