以下文章来源于电子开发学习 ，作者小马哥 电子开发学习 . 每日定期推送电子设计相关的学习例程，包括原理图设计、Layout、软件设计等相关内容，也会不定期推送各种电子、单片 机相关软件的教程。 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资源链接等， 我会分享在 朋友圈 。 扫码加我本人微信 前几天看到闲鱼有卖 RTX5090 显卡裸板，价格竟然只有 30 元。于是我赶紧下单买了回来。 整个板子只有 GPU 和 DDR 颗粒被搬走了。其他的 DC-DC 芯片、电容、电感都在。 虽然没有 GPU 了，但是直观看焊盘，也能看出来 RTX5090 芯片有多大。 被搬走的 GPU 和 DDR 颗粒之间是密密麻麻的走线。 820uF2.5V 的输出电容。 270Uf16V 的固态输入电容。 连接器特写。 GPU 旁边有一颗 MXIC 的 Flash 。 板子上最核心的供电控制器是 MPS 的 MP29816-A ，几乎所有的 50X0 显卡都用的是这颗 DC-DC 。 两边全是整齐排布的 MOS 队伍。布局也很直观，从外往内依次是输入电容， MOS ，电感， ...

记者丨刘雪莹 李益文 编辑丨曾静娇 美东时间周二，美股存储概念股集体大涨，闪迪飙升超27%，股价创盘中历史新高，最近5个交易日累 计涨幅高达43%；美光科技上涨10%，再创历史新高，总市值突破3800亿美元。 A股存储器指数连续三个交易日大幅走高，1月7日，普冉股份、聚辰股份、上海新阳等多股涨超9%。 据智通财经报道，三星联席首席执行官日前表示，内存芯片短缺"前所未有"且"极其严重"，并警告这将 对智能手机等终端产品的价格产生"不可避免"的影响。 展望未来，中信建投证券电子首席分析师刘双锋认为，在数据中心需求爆发、存储芯片供应持续趋紧， 价格大幅上涨的背景下，预计存储芯片供应短缺将在2026年持续并维持更久，美光为代表的存储IDM厂 商将大为受益。 视频丨杨浩凯 1月6日晚间，话题"一盒内存条堪比上海一套房"登上热搜。 过去一年，在人工智能（AI）热潮的强力驱动下，存储芯片价格已上演"史诗级"上涨。据国金证券数 据，2025年，DDR4 16Gb规格内存价格涨幅高达1800%，DDR5 16Gb涨幅高达500%，512Gb NAND闪 存涨幅高达300%。 有行业人士表示，"内存几乎一天一个价"。以256G的 ...

Core Viewpoint - The A-share market is experiencing an upward trend, particularly in the semiconductor sector, driven by rising prices and strong demand across various segments [1] Semiconductor Industry Summary - The semiconductor equipment, analog chips, and semiconductor materials sectors are all seeing price increases due to tight supply and demand dynamics [1] - The storage sector is on an upward cycle, with strong demand from cloud infrastructure and an opening for domestic production [1] - In the wafer foundry segment, BCD process prices are rising, and there is an increase in demand for analog chips alongside accelerated domestic substitution [1] - The validation of domestic photolithography machines is promoting the expansion of wafer fabs, reinforcing the logic of domestic material substitution [1] - AI computing power demand is continuously driving growth in the storage industry chain, with an upward cycle for analog chips and development opportunities in core chip areas like GPUs [1] - Several semiconductor companies are accelerating product iteration and commercialization, creating a complete product matrix from chips to solutions, with significant resonance between technological innovation and market demand [1] - The semiconductor probe card industry is characterized by high prosperity and dual drivers of domestic substitution, with a projected global market size of approximately 18.6 billion RMB in 2024, and a domestic market share of nearly 15% but a domestic substitution rate of less than 5%, indicating significant replacement potential [1] - High technical barriers exist in the industry, with leading companies gaining technological advantages through binding with IDM/foundry firms, while domestic semiconductor manufacturing capacity expansion provides development opportunities for local firms [1] Investment Opportunities - The Southern Semiconductor ETF (159325.SZ) and Southern Sci-Tech Chip ETF (588890.SH) cover the semiconductor industry chain, including storage, analog chips, wafer foundry, and equipment materials, benefiting from the upward industry cycle and accelerated domestic substitution, presenting long-term investment value [1]

Core Insights - NVIDIA Corporation is gaining attention as a leading AI stock, with UBS reiterating a "Buy" rating ahead of the Consumer Electronics Show (CES) [1] - The company is expected to provide more information about its new technologies during its keynote at CES, including the Rubin and QuantumX/SpectrumX silicon photonics switches [2] - Analysts believe that the semiconductor sector has further upside potential, particularly in light of positive news from CES [3] Company Developments - CEO Jensen Huang announced new details about NVIDIA's next-generation chips, including the Vera Rubin platform, which features a six-chip AI architecture and is set to launch later this year [4] - NVIDIA introduced Alpamayo, a new open reasoning model aimed at enhancing autonomous vehicle development, and highlighted new partnerships and software updates that strengthen its ecosystem [5] - The company specializes in AI-driven solutions across various sectors, including data centers, self-driving cars, robotics, and cloud services [5]

Group 1 - The core viewpoint of the news is that Chip Origin Microelectronics (Shanghai) Co., Ltd. has seen a significant increase in its stock price, rising by 5.07% to 156.34 yuan per share, with a total market capitalization of 82.213 billion yuan [1] - The company was established on August 21, 2001, and went public on August 18, 2020, focusing on providing platform-based, comprehensive, and one-stop chip customization services and semiconductor IP licensing services [1] - The revenue composition of the company includes 41.85% from chip volume production, 28.81% from intellectual property licensing fees, 23.83% from chip design services, 5.21% from royalties, and 0.29% from other sources [1] Group 2 - From the perspective of fund holdings, Guojin Fund has a significant position in Chip Origin, with its fund "Guojin Xinyue Economic New Momentum A" holding 13,800 shares, accounting for 4.42% of the fund's net value, ranking as the ninth largest holding [2] - The fund was established on November 18, 2020, with a latest scale of 34.2203 million yuan, and has achieved a year-to-date return of 6.55%, ranking 304 out of 8,823 in its category [2] - The fund has a one-year return of 30.47%, ranking 4,133 out of 8,083, and a cumulative return since inception of 2.86% [2]

Summary of Anji Micro (688019.SS) Conference Call Company Overview - **Company**: Anji Micro (688019.SS) - **Market Cap**: Rmb39.2 billion / $5.6 billion [6] - **Target Price**: Rmb290.00, current price Rmb234.22, indicating an upside of 23.8% [1] Key Industry Insights - **CMP Slurry Market**: The global CMP market is projected to reach $5 billion by 2029, driven by the demand for advanced node manufacturing in edge and cloud AI products [2] - **Wet Chemical and ECP Market**: Anji is expanding into wet chemicals, targeting a market of approximately $1 billion, with a global addressable market of $6 billion [2][33] Core Arguments and Financial Projections - **Revenue Growth**: - 2025E Revenue: Rmb2,534.2 million, up from Rmb2,524 million (0% change) [35] - 2026E Revenue: Rmb3,536.9 million, up from Rmb3,280 million (8% increase) [35] - 2027E Revenue: Rmb4,490 million, up from Rmb4,071 million (10% increase) [35] - **Earnings Growth**: - Net income for 2026E revised up by 11% to Rmb1,206 million [34] - EPS for 2026E revised to Rmb7.21 from Rmb6.48 [35] - **Gross Margin Improvement**: Expected to rise to 59.0% by 2027E, reflecting a product mix upgrade towards higher-margin advanced node products [34][35] Competitive Positioning - **Market Leadership**: Anji Micro is positioned as a local leader in CMP slurry, benefiting from the capacity expansion of logic and memory clients [29] - **Product Portfolio**: The company has a comprehensive product portfolio to meet client demands and is involved in the R&D validation process from early stages [29] Financial Ratios and Valuation - **P/E Ratio**: Target P/E of 29.5x for 2027E, reflecting a positive outlook based on earnings growth [39] - **EBITDA Growth**: Projected to grow from Rmb641.5 million in 2024 to Rmb1,978.7 million by 2027 [6] - **Dividend Payout**: Expected dividend payout ratio remains stable at 10.9% [16] Additional Insights - **Advanced Node Expansion**: The demand for CMP slurry is driven by the increasing complexity of semiconductor manufacturing processes, requiring more CMP steps for advanced nodes [28] - **Synergies from New Markets**: The expansion into wet chemicals and ECP is expected to enhance revenue contributions, particularly from new production lines [33] Conclusion - **Investment Recommendation**: Upgrade to Buy from Neutral, with a revised target price of Rmb290 based on strong growth prospects in CMP slurry and wet chemical markets, alongside improved financial metrics [1][39]

今年的 CES 真可谓是八仙过海，黄仁勋、苏姿丰、陈力武等"经典面孔"齐亮相； 不过台上谈的已不只限于显卡、算力和制程，还在于 AI 接下来要被带 去哪里。 在 AMD 的专场演讲中，苏妈甩出一个大胆判断： "未来五年内，将有 50 亿人每天使用 AI，超过世界人口的一半。" ——什么概念？就是这个增长速度将远超互联网早期阶段，自 ChatGPT 在 2022 年底发布以来，AI 活跃用户已从 100 万暴涨至 10 亿 +。 值得一提的是，这场演讲还请来了"AI 教母"李飞飞。 李飞飞并不是来站台新品的，她和苏妈主要探讨空间智能和世界模型，这也是她已耕深 20 余年的领域。 对于云端，基于下一代 MI455 GPU 的 Helios 机架级平台成为全场焦点：单机架集成 72 块 AI GPU，算力高达 2.9 ExaFLOPS，可通过成千上万个机架拼接 成超大训练集群，直指千亿参数大模型的核心战场。 谈到云端算力的未来，苏姿丰毫不掩饰 AMD 的野心： "全球人工智能运行在云端，而云端运行在 AMD 平台上。" 另外，她还指出，下一代 Instinct 数据中心 AI 加速器平台 MI500 系列，将在 2 ...

Core Viewpoint - Analysts are increasingly optimistic about TSMC, raising their stock price targets following a historic surge, indicating strong market sentiment towards the company [1] Group 1: Stock Price Target Adjustments - At least six brokerages have raised their forecasts for TSMC's stock since the beginning of the year [1] - JPMorgan increased its target price by 24% to NT$2100, citing expectations of strong revenue growth and improved profitability [1] Group 2: Stock Performance - TSMC's stock has risen by 8% in 2026, following a more than twofold increase over the past three years due to sustained investor interest [1] - The strong performance of TSMC has contributed to record highs in the benchmark stock index, with TSMC accounting for nearly 45% of the index [1] Group 3: Growth Expectations - The demand for TSMC's advanced process technologies and pricing increases are expected to drive another strong growth year in 2026, with anticipated improvements in gross margins [1]

Core Insights - AMD introduced two new product lines at CES: the Ryzen AI Embedded P100 series and the Ryzen AI Embedded X100 series, targeting the edge AI market across various sectors including AI, automotive, healthcare, and robotics [1][5] Product Specifications - The Ryzen AI Embedded P100 series features a 4nm process technology, offering 4-6 CPU cores with 1MB L2 and 8MB L3 cache, supporting AVX-512 instruction set and VNN1/BF16 for AI computations, with a power consumption of 15-54W [1][6] - The CPU architecture is based on Zen 5, achieving over 2x performance improvement in single-threaded and multi-threaded tasks compared to the previous generation, suitable for automotive, industrial, and client applications [6][5] GPU and NPU Features - The GPU in the P100 series utilizes RDNA 3.5 architecture, providing a 35% increase in rendering performance, supporting 4K-8K high-fidelity displays and low-latency streaming [2][6] - The series includes an NPU core based on XDNA2 architecture, delivering 30-50 TOPS of dedicated AI computing power, compatible with applications like visual converters, CNN, and speech-to-text, and supports the open-source TensorFlow framework [2][6] Production Timeline - Mass production of the Ryzen AI Embedded P100 series is scheduled to begin in Q2 2026, with reference board production following in the second half of 2026 [5][8] Software Ecosystem - AMD's software ecosystem is built on open-source principles, supporting Yocto, Ubuntu, and other operating systems, while providing AI optimization libraries and tools to reduce customization costs for clients [4][7] Application Cases - In the automotive sector, AMD's embedded products will manage control logic with Zen 5 CPU cores, support dual 4K displays with GPU, and enable real-time voice and gesture interaction through the NPU [4][7] - For industrial applications, the Zen 5 CPU ensures deterministic performance, while the GPU supports 4K-8K visualization and the NPU provides device fault prediction and health status summaries [4][7]

Group 1 - The article emphasizes the investment value of significant events, industry chain companies, and key policy interpretations, providing timely information for market impact analysis [1] - The company is engaged in commercial aerospace and AI chips, offering comprehensive satellite payload products and has conducted multiple NTN technology trials with breakthroughs, including self-developed DPU and CPU chips [1] - The company is also focused on solid-state batteries, with a production line expected to be completed in the second half of the year, projecting a year-on-year net profit increase of over 127% for 2025, and its lithium battery products include electrolyte, lithium hexafluorophosphate, and LiFSI [1]