Group 1 - The company, Ruichuang Weina, is focusing on the fields of infrared, microwave, and laser technologies combined with AI [1] - The automotive sector is highlighted as a significant application area for the company [1] - The company expresses willingness to collaborate with all outstanding enterprises in the industry [1]

Key Takeaways MU reported a 69% year-over-year jump in DRAM revenues to $10.8B, led by AI-related demand.AI servers require far more memory, pushing DRAM content per server and average selling prices higher.Tight industry supply and expanding HBM customers are supporting MU's pricing power and outlook.Micron Technology, Inc.’s (MU) recent revenue surge has been driven largely by a sharp rise in DRAM demand tied to artificial intelligence (AI) workloads. In the first quarter of fiscal 2026, MU’s DRAM revenue ...

Taiwan Semiconductor Manufacturing (NYSE:TSM) shares have been unstoppable in the past year, gaining more than 52%, thanks in part to a handful of incredible quarters. ...

Mizuho Securities downgrades Qualcomm stock to Neutral from Outperform. ...

Core Viewpoint - SEALSQ Corp has established a joint venture with Kaynes SemiCon to create SEALKAYNESQ Ltd in India, focusing on developing a Sovereign Indian Post-Quantum semiconductor platform aligned with national digital sovereignty and security priorities [1][6]. Group 1: Joint Venture Details - The joint venture aims to develop a secure semiconductor design, test, and personalization center in India, moving beyond conventional OSAT models to create a high-assurance industrial platform for quantum-resistant technologies [2]. - SEALSQ will hold 51% of the joint venture's share capital, while Kaynes SemiCon will hold 49%, with governance shared through a five-member board [4]. - The joint venture will benefit from the Swiss–India Free Trade Agreement, which reduces customs duties on advanced semiconductor equipment, enhancing cost efficiency and facilitating trade [7]. Group 2: Technological Focus - The joint venture will deploy an Outsourced Semiconductor Test & Personalization (OSTP) facility, integrating advanced testing capabilities compliant with Common Criteria standards and embedding Post-Quantum Cryptography at the silicon level [3]. - SEALSQ's portfolio includes PQC-ready secure elements and Quantum Shield™ technology, aimed at future-proofing India's critical digital systems against quantum computing risks [5]. - The localized deployment of SEALSQ's Quantum Shield™ semiconductor architecture will provide long-term quantum resilience for Indian digital infrastructure [3]. Group 3: Strategic Importance - The joint venture is positioned as a strategic initiative to enhance India's semiconductor self-reliance and global competitiveness in trusted electronics manufacturing [7][8]. - The collaboration is expected to play a pivotal role in advancing India's ambition to become a global semiconductor hub, supported by government initiatives [8].

报告导读： NVIDIA 推理上下文记忆存储平台的推出将进一步加大存储供给的紧张状态， 预计 26Q1 NAND 和 DRAM 合约价将分别环比增长 33%-38% 、 55%-60% ；国内 长鑫科技的招股说明书披露也预示着公司离上市又进一步，我们认为本轮存储产业的超级 大周期将驱动半导体设备、半导体材料公司持续成长。 投资建议。 我们认为本轮由 AI 驱动的存储超级大周期的持续性很强，国内长鑫科技 IPO 招股文件的披露预示着公司离科创板成功上市又进一步，将带动国 内存储相关半导体设备、半导体材料公司同步受益。投资方向则可以从以下两方面考虑：①、考虑收入来源于存储产业链占比较高的半导体设备 / 半导体材 料公司；②、考虑未来业务有望实现从 0 到 1 的国产化替代突破的与存储产业链相关性较强的半导体设备 / 半导体材料公司。 NVIDIA 推理上下文记忆存储平台的引入进一步驱动存储容量的增长。 英伟达创始人黄仁勋在 CES 2026 发表演讲，介绍了英伟达的下一代 AI 平台 Rubin ，是首个采用极致协同设计、集成六款芯片的 AI 平台，现已全面量产。 Rubin 平台组件从数据中心向外构建，涵盖 R ...

Group 1: Market Reactions and Economic Indicators - Stock futures are muted as traders await a Supreme Court ruling on Trump's tariffs and December payrolls data, with S&P 500 futures up 0.1% and Nasdaq 100 contracts up 0.2% [1] - Mortgage stocks surged after President Trump announced a directive for the purchase of $200 billion in mortgage bonds, with LoanDepot (LDI) rising 16% and Rocket Companies (RKT) increasing by 5% [1][4] - The December jobs report and other economic indicators are scheduled for release, including October housing starts and University of Michigan sentiment [1][19] Group 2: Corporate News - Rio Tinto is in discussions to acquire Glencore, potentially creating the world's largest mining company with a combined market value exceeding $200 billion [2] - TSMC reported quarterly sales that surpassed estimates, raising expectations for sustained global AI spending in 2026 [2] - General Motors shares fell after announcing an additional $6 billion in charges related to cutbacks in electric vehicle and battery operations [2] Group 3: Stock Movements and Company Performance - Mag 7 stocks showed mixed performance in premarket trading, with Alphabet up 0.8% and Meta down 0.2% [3] - AXT Inc. saw a 14% decline after disappointing fourth-quarter revenue forecasts due to fewer export control permits from China [4] - Revolution Medicines gained 13% following reports of Merck's interest in acquiring the cancer drugmaker [4] Group 4: Economic Outlook and Market Sentiment - The S&P 500's early-year rally has slowed, with a shift away from AI stocks towards a broader range of tech players and sectors [5] - Traders are preparing for significant risk events, including the payrolls data and the Supreme Court ruling, which may impact global equities [6] - The market is anticipating a mixed reaction to the jobs data, with expectations for nonfarm payrolls to be around 70,000, in line with consensus [8][34]

Financial Performance - The company expects to achieve an annual revenue of approximately 1,140 million yuan in 2025, representing an increase of about 175.4 million yuan or a year-on-year growth of around 18% [1] - The projected net profit attributable to the parent company for 2025 is around 185 million yuan, which is an increase of approximately 73.67 million yuan or a year-on-year growth of about 66% [1] - The expected net profit attributable to the parent company after deducting non-recurring gains and losses is around 55 million yuan, indicating a decrease of approximately 18.12 million yuan or a year-on-year decline of about 25% [1] Market and Product Development - The company has seen significant growth in emerging markets, with revenue increasing by approximately 50% year-on-year in sectors such as servers, communications, industrial motors, optical storage, and new energy vehicles [2] - The company has achieved technological sharing and scenario complementarity in new fields such as servers and new energy, with major innovative products entering mass production, including high-integration analog-digital mixed chips for communication and various integrated driver chips for new energy [2] - In 2025, the company plans to launch 12 core new products targeting the AI computing energy sector, completing a full-link layout from primary to tertiary power supplies for servers, including high-performance power products that meet the requirements for power conversion efficiency, stability, and miniaturization in high-performance servers [2]

1月9日，中国证监会发布《境外发行上市备案补充材料要求(2026年1月5日—2026年1月9日)》。中国证 监会国际司共对10家企业出具补充材料要求，其中，要求富瀚微（300613）补充说明历次股权变动是否 合规等事项。据港交所10月28日披露，富瀚微(300613.SZ)递表港交所主板，华泰国际为其独家保荐 人。 三、请说明备案材料及招股说明书关于发行上市方案内容不一致的原因。 四、请按照《监管规则适用指引——境外发行上市类第2号》要求，(1)说明发起人的基本情况；(2)说明 发行人主要业务、主要产品或服务情况，比如特许经营权、主营业务收入的主要构成以及境外经营总体 情况等。 招股书显示，富瀚微是一家无晶圆厂芯片设计公司和提供商，专注于智能视觉技术。公司主要从事视 频、IoT(物联网)及出行领域的安防摄像头、录像机及其他视觉设备的视觉处理IC设计。 证监会请富瀚微补充说明以下事项，请律师核查并出具明确的法律意见： 一、请就发行人设立及历次股权变动是否合法合规出具结论性意见。 二、请按照《监管规则适用指引——境外发行上市类第2号》要求，(1)对持股5%以上股东杰智控股有限 公司进行穿透核查；(2)说明发行人股 ...

Core Viewpoint - The trade war with China has significantly impacted Nvidia Corp. (NASDAQ: NVDA) investors, leading to increased volatility and uncertainty in the company's stock performance [1] Company Summary - Nvidia has faced challenges due to tariffs and trade restrictions imposed during the trade war, affecting its supply chain and market access [1] - The company's stock has experienced fluctuations as a result of these geopolitical tensions, influencing investor sentiment and market valuation [1] Industry Summary - The semiconductor industry, of which Nvidia is a key player, has been adversely affected by the ongoing trade war, leading to broader implications for technology companies reliant on global supply chains [1] - Trade policies and tariffs have created an environment of uncertainty, prompting companies within the industry to reassess their strategies and operations in response to changing market conditions [1]