Core Viewpoint - The company, Suzhou Naxin Microelectronics Co., Ltd., is set to hold a performance briefing for the third quarter of 2025 on December 1, 2025, to discuss its operational results and financial status with investors [2][3]. Group 1: Meeting Details - The performance briefing will take place on December 1, 2025, from 15:00 to 16:00 [4]. - The location for the meeting is the Shanghai Stock Exchange Roadshow Center, accessible online [4]. - The meeting will be conducted in an interactive online format, allowing for real-time communication with investors [3][4]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date and time [5]. - A pre-collection of questions from investors will be open from November 24 to November 28, 2025, allowing them to submit inquiries via the website or email [5]. - The company will address commonly asked questions during the briefing [5]. Group 3: Company Representatives - Key personnel attending the meeting include the Chairman and General Manager, Wang Shengyang, the Board Secretary, Jiang Chaoshan, the Chief Financial Officer, Zhu Ling, and the Independent Director, Hong Zhiliang [4].

Market Overview - The current market sentiment reflects a reality check after a prolonged bull market, with over 80% of companies reporting better-than-expected earnings [2][3] - The market is reacting to a hawkish Federal Reserve stance and potential government shutdown implications for December [2][10] Earnings and Stock Performance - Despite strong earnings reports, such as Palunteer's, stocks are experiencing sell-offs, indicating that good news may already be priced in [4][7] - The semiconductor sector shows signs of negative divergence, suggesting caution among investors [5][6] Investor Sentiment - The increase in the VIX alongside a rising S&P indicates that institutions are seeking protection, reflecting a shift in investor psychology [5][8] - Concerns are growing that if strong growth stocks continue to sell off on good news, investor confidence may wane [8][12] Economic Indicators - Upcoming labor statistics, particularly from ADP, are critical, with expectations of a potential miss that could impact market stability [10][14] - Layoffs in the tech sector, including significant cuts from companies like Amazon, are raising concerns about the labor market's health and its implications for inflation and Fed policy [15][16] Future Outlook - The AI growth narrative remains strong, but valuations are becoming a concern as returns appear to be pulled forward [12][13] - The interplay between labor market conditions and Federal Reserve policies will be pivotal in shaping market dynamics in the near term [16][17]

Market Overview - US stocks experienced a decline, with the tech-heavy Nasdaq Composite falling approximately 0.9%, the S&P 500 down about 0.6%, and the Dow Jones Industrial Average dipping 0.2% [1][3] Investor Sentiment - There is growing concern among investors regarding whether companies can sustain their high market valuations, leading to warnings from big bank CEOs about a potential market correction [2][3] - Skepticism is emerging about the durability of the tech-driven rally, despite strong earnings reports [3] Company Performance - Palantir's shares dropped over 6.8% following solid quarterly results, as analysts raised concerns about its high price-to-earnings ratio [2] - Uber reported strong results, but its shares declined, indicating that investors were expecting even better performance [4] Upcoming Earnings Reports - Attention is focused on AMD's earnings report, particularly regarding its significant AI deals, along with reports from Spotify and SuperMicro [4] External Factors - The US government shutdown has reached its 35th day, tying the record for the longest shutdown in history, which is delaying the release of key economic data important for the Federal Reserve and Wall Street [5]

Core Insights - Corporate America is experiencing significant white-collar layoffs, with over 60,000 roles eliminated this year, raising concerns about the labor market and potential AI-driven recession [4][8] - Companies like Amazon, UPS, and Target are cutting jobs to streamline operations and adapt to new business models, rather than solely due to AI advancements [4][10] Group 1: Layoff Trends - Major layoffs are occurring across various sectors, with Amazon announcing 14,000 corporate job cuts, marking its largest reduction in history [13] - UPS has eliminated 48,000 roles this year, primarily due to strategic shifts and not directly replacing jobs with AI [20][22] - Target's decision to cut 1,800 jobs, about 8% of its corporate workforce, reflects stagnant revenue and a need to reduce complexity [27][31] Group 2: Economic Context - The layoffs are occurring amid persistent inflation, rising delinquencies, and a high average effective tariff rate, contributing to a challenging economic environment [6][8] - Despite the negative news, the stock market remains buoyed by AI mega-caps, indicating a disconnect between job cuts and market performance [8] Group 3: Company-Specific Strategies - Amazon's layoffs are part of a broader strategy to reduce corporate bloat and invest in AI technology, with capital expenditures expected to reach $125 billion this year [15][17] - UPS is pivoting to higher-margin businesses and reducing its reliance on Amazon, which accounted for nearly 12% of its revenue [18][20] - Target's layoffs are aimed at addressing operational inefficiencies and a workforce that has grown faster than sales, with a focus on accelerating technology [31][32]

Core Viewpoint - The first investor reception day for listed companies in Wuxi highlighted the growth potential of companies like Zhaosheng Microelectronics, particularly in the L-PAMiD module product line, which is expected to contribute to revenue despite being in the early delivery stage [1] Company Summary - Zhaosheng Microelectronics (300782) reported that as of the end of Q3, the L-PAMiD module products have been introduced and delivered to multiple brand clients, generating initial revenue contributions [1] - The company anticipates that the revenue contribution from L-PAMiD products will remain relatively small for the year due to the early stage of delivery [1] - The performance and characteristics of the L-PAMiD products are closely related to the filter technology, and the company aims to enhance its filter technology capabilities to seize more market opportunities in the future [1]

Core Viewpoint - The report from Minsheng Securities indicates that due to limited allocation of advanced process capacity to high-end server DRAM and HBM, the overall DRAM prices are expected to continue rising in Q4. Trendforce forecasts a 8-13% quarter-on-quarter increase in general DRAM prices by Q4 2025. Additionally, the shortage of HDD supply and extended lead times are driving CSPs to rapidly shift storage demand towards QLC eSSD, leading to significant market fluctuations and an anticipated 5-10% increase in NAND Flash contract prices across all product categories by Q4 2025 [1]. Demand Side - The transition from HDD to SSD/DRAM is accelerated by the AI era, where data volume is rapidly expanding from MB to EB/ZB levels. Applications like Sora 2 are further driving this growth. AI is transforming "cold data" into frequently accessed "warm/hot data," which enhances storage needs. The core of inference is shifting towards "storage-based computing," optimizing throughput and energy efficiency through a layered storage system involving HBM/DRAM+CXL+SSD [1]. Supply Side - The introduction of CBA and HBF technologies aims to overcome the limitations imposed by the "memory wall" on computing power. CBA technology significantly increases storage density per unit area and optimizes internal interconnect paths, being applied in next-generation DRAM and NAND technologies. Domestic leaders like Hefei Changxin and Yangtze Memory Technologies are also accelerating their advancements. HBF technology, inspired by HBM packaging design, offers 8-16 times the storage capacity and non-volatile storage advantages, alleviating heat management and energy cost pressures in AI data centers [2]. Equipment - The storage industry is expected to face a tight supply-demand situation, benefiting from increased capital expenditure (Capex) driven by AI demand and ongoing storage price increases. According to SEMI, the global NAND equipment market is projected to reach $13.7 billion and $15 billion in 2025 and 2026, respectively, representing year-on-year growth of 42.5% and 9.7%. Innovations in storage architectures like 4F2 DRAM and 3D NAND are creating new opportunities for etching, deposition, and bonding equipment [3]. Investment Targets - Suggested companies to focus on include: 1) Demand side: Demingli (001309.SZ), Jiangbolong (301308.SZ), Shannon Semiconductor (300475.SZ), and Zhaoyi Innovation (603986.SH) 2) Logic die foundry driven by CBA: Jinghe Integration (688249.SH) and Huahong (688347.SH) 3) Storage manufacturers benefiting from increased Capex: Tuojing Technology (688072.SH), Northern Huachuang (002371.SZ), Zhongwei Company (688012.SH), Huahai Qingke (688120.SH), Jingzhida (688627.SH), Huafeng Measurement and Control (688200.SH), and Changchuan Technology (300604.SH) [4].

Summary of Kematek (301611.SZ) Conference Call Company Overview - **Company**: Kematek (301611.SZ) - **Industry**: Semiconductor equipment and materials, specifically focusing on high-end ceramic devices Key Points Revenue Performance - **3Q25 Revenue**: Flattish quarter-over-quarter (QoQ) at Rmb 274 million, with an 18% year-over-year (YoY) increase [3][8] - **4Q25 Revenue Outlook**: Expected to remain at a similar level as 3Q25, with management optimistic about growth in 2026 following production site integration [1][3] Product Mix and Growth Strategy - **Product Upgrade**: Transitioning from ceramic structure parts to high-end ceramic devices (ceramic heaters, electrostatic chucks, ultra-high-purity SiC components) [1][2] - **Market Demand**: Anticipated growth driven by increased spending in China’s wafer fabrication equipment (WFE) and low localization rates for SPE components [1][2] Capacity Expansion - **Funding**: Plans to raise Rmb 750 million (approximately US$105 million) via convertible bonds to expand capacity for high-end ceramic devices [2] - **High Entry Barriers**: The technology requirements for these devices create significant entry barriers, fostering healthier competition [2] Financial Metrics - **Gross Margin (GM)**: Decreased to 51.1% in 3Q25 from 53.9% in 2Q25, attributed to higher operating expenses (opex) and lower production efficiency [3][8] - **Operating Expenses**: Opex ratio increased to 21.3% in 3Q25, reflecting higher R&D and G&A spending during capacity expansion [3][8] - **Net Income**: Declined by 14% QoQ to Rmb 73 million in 3Q25 [8] Earnings Revision - **Net Income Estimates**: Revised down by 14% for 2025E due to lower revenue and GM, with 2026E-2030E estimates largely unchanged [10] - **Target Price**: Updated target price set at Rmb 77.1, based on a target P/E multiple of 56.5x for 2026E earnings [10][18] Risks and Challenges - **Market Risks**: Potential slower-than-expected semiconductor capital expenditure expansion in China and delays in product line expansion [10][18] Analyst Recommendation - **Rating**: Maintain "Buy" rating with a target price indicating a 45.3% upside from the current price [18] Additional Insights - **Long-term Growth**: Management remains positive about long-term growth prospects post-integration of production sites, which is expected to enhance delivery capabilities for ceramic heaters [1][3] - **Competitive Landscape**: The high-end ceramic devices market is characterized by stringent technology requirements, which may limit competition and support Kematek's market position [2] This summary encapsulates the essential insights from the conference call regarding Kematek's current performance, strategic direction, and market outlook.

工业企业数字化转化、智能化改造有了核心利器。日前，在沈阳中国工业博物馆，两款我国完全自主研发的新一代工业无线通信芯片揭开面纱，标志着 我国在工业无线通信技术领域取得了从标准引领、技术领先到芯片首发的关键性突破。 "相当于用手机替代座机。"中国科学院沈阳自动化研究所副所长、辽宁辽河实验室副主任曾鹏表示，以往工厂里的网络传输只能用物理线缆方式，此次 发布的芯片在诸多方面实现技术突破，可实现全面无线化，进行无处不在的通信和大面积的数据采集和感知，进行更加优化的决策和控制，将真正做到透明 工厂、数字工厂、智能工厂。 此次两款新一代芯片的发布，意味着我国自主工业无线技术体系实现完美闭环。该芯片的WIA-FA技术，是我国自主提出的工业无线网络标准，并于 2017年成为工业高速无线控制领域唯一的IEC国际标准。如今，基于我国自主标准成功研发出核心通信芯片，标志着我国在该领域实现了从核心技术、国际 标准到核心芯片的全面自主可控。 以自主芯片为基石，没有线缆束缚的柔性产线、自由穿梭的同步机器人、无线互联的精密仪器和黑灯工厂等全新应用场景将加速走进现实，并有望形成 强大的市场牵引力，为工业升级提供强有力支撑。 图为我国完全自主研 ...

Core Insights - Lattice Semiconductor Corporation reported record revenue in the Communications and Computing segment for Q3 2025, with total revenue of $133.3 million, reflecting a 7.6% increase quarter-over-quarter and a 4.9% increase year-over-year [2][3][4] - The company anticipates a revenue growth of 22% year-over-year for Q4 2025, with expected revenue between $138 million and $148 million [12][4] - Non-GAAP net income for Q3 2025 was $38.2 million, translating to $0.28 per diluted share, marking a 17.1% increase from the previous quarter [3][4][5] Financial Performance - Q3 2025 GAAP gross margin was 67.9%, while non-GAAP gross margin was 69.5% [3][5] - Total operating expenses for Q3 2025 were $92.1 million, up 15% from Q2 2025 [5][4] - Adjusted EBITDA for Q3 2025 was $47.4 million, representing a 35.6% adjusted EBITDA margin [3][4] Business Outlook - The company expects total operating expenses for Q4 2025 to be between $54.5 million and $56.5 million on a non-GAAP basis [12][4] - The anticipated non-GAAP gross margin for Q4 2025 is projected to be 69.5% plus or minus 1% [12][4] - The expected non-GAAP income tax rate for Q4 2025 is between 3% and 5% [12][4] Recent Developments - Lattice launched the industry's first PQC-Ready FPGA, the MachXO5-NX TDQ family, enhancing security and reliability for various applications [6] - The company repurchased common stock valued at $85 million in the first nine months of 2025 [6] - Lattice was recognized as a 2025 Top Workplace in Oregon and Southwest Washington, highlighting its commitment to employee appreciation and wellbeing [6]

Group 1 - The storage supply-demand gap has reached 200%, driven by AI inference demand for high bandwidth memory (HBM), NAND Flash, and HDD, with expectations of continued shortages into 2026 and uncertain conditions for 2027 [1] - Wisdom Technology is the largest supplier of NAND Flash controller chips globally and a market leader in SSD controller chips, holding the most controller chip solutions and related technology patents [1] - Controller chips are considered the "brain" of storage devices, with core functions including data scheduling, error correction mechanisms, and interface protocol control, significantly impacting product performance and market competition [1] Group 2 - Samsung Electronics has suspended DDR5 DRAM contract pricing, prompting other manufacturers like SK Hynix and Micron to follow suit, leading to supply chain disruptions with price increases observed in the market [2] - Recent reports indicate that the price of DDR series memory modules has doubled in the past two weeks, with significant price fluctuations occurring within a single day [2] - Companies like Tianshan Electronics and Lianyun Technology are actively involved in the development of storage products, with Tianshan holding a 45% stake in Lianxin, which focuses on ASIC chips and enterprise storage products [2]