Core Viewpoint - The semiconductor industry is experiencing a significant upward trend, with various sectors such as equipment, materials, and wafer foundry showing strong performance, particularly on January 5th, where several stocks saw substantial gains [1][2]. Group 1: Stock Performance - Dongwei Semiconductor led the semiconductor sector with a rise of nearly 19%, while other stocks like Qiangyi and Xidian also saw increases of over 17% and 14% respectively [1][2]. - Qiangyi, which went public on December 30, 2025, at an issue price of 85.09 CNY per share, has surged to 301 CNY, representing an increase of nearly 254% [2]. Group 2: Corporate Developments - Zhongwei Company announced a plan to acquire 64.69% of Hangzhou Zhonggui Electronics through a share issuance and cash payment, and resumed trading on January 5th [3]. - Huahong Company released a draft for acquiring 97.5% of Huali Micro through share issuance, while SMIC disclosed a plan to acquire 49% of its subsidiary, SMIC North [3]. Group 3: Industry Outlook - Dongwei Semiconductor's stock performance is attributed to its involvement in brain-machine interfaces, humanoid robots, and the mass production of SiC devices [4]. - The semiconductor market is projected to reach a size of 975.46 billion USD in 2026, reflecting a year-on-year growth of 26.3% [4]. - The global semiconductor equipment manufacturing sales are expected to continue growing, with projections of 145 billion USD in 2026 and 156 billion USD in 2027 [4].

NEW YORK (AP) — Stocks gained ground on Wall Street Monday to kick off their first full week of the new year. The gains were broad, with particularly big jumps for energy companies and banks. Elsewhere, industrial companies and retailers joined in to help boost major indexes. The S&P 500 rose 43.58 points, or 0.6%, to 6,902.05. The benchmark index is just below its record set in late December. The Dow Jones Industrial Average set a record, rising 594.79 points, or 1.2%, to 48,977.18. The Nasdaq composi ...

Core Viewpoint - TianShu ZhiXin, a leading domestic general-purpose GPU company, has officially launched its IPO on the Hong Kong Stock Exchange, aiming to raise HKD 37 billion with an issue price of HKD 144.6, marking a significant milestone in the capital market for general-purpose GPU companies in China [1] Group 1: Technical Strength - The company focuses on self-research and development of core GPU technologies, achieving four architecture iterations since its establishment in 2018, and has made several industry breakthroughs [2] - Utilizing advanced 7nm technology, the company has developed the "TianYuan" training series and "ZhiKai" inference series products, with the TianYuan Gen3 supporting large models with over 10 billion parameters [2] - R&D expenditure increased from CNY 457 million in 2022 to CNY 773 million in 2024, accounting for over 140% of annual revenue, with a team of over 480 members, one-third of whom have over ten years of industry experience [2] Group 2: Product Delivery - The company has achieved large-scale production and delivery of general-purpose GPUs, with over 52,000 units delivered by June 2025, covering more than 20 industries [3] - The number of clients has grown from 22 in 2022 to over 290 by June 2025, with a compound annual growth rate of 68.8% in revenue from 2022 to 2024 [3] - The gross margin has consistently remained around 50%, indicating strong pricing power for its products [3] Group 3: Ecosystem Development - TianShu ZhiXin is recognized as the "most open domestic general-purpose GPU company," supporting major Linux distributions and achieving compatibility with leading CPU manufacturers and cloud service providers [4] - The company has established the DeepSpark open-source community, attracting numerous developers and providing a multi-dimensional evaluation system for application algorithms [4] Group 4: Capital and Market Potential - The IPO is a crucial step for the company, with 80% of the net proceeds allocated for product and solution R&D, and 10% each for sales and operational funds [5] - The domestic general-purpose GPU market is expected to reach CNY 154.6 billion in 2024 and grow to CNY 715.3 billion by 2029, with domestic manufacturers projected to capture over 50% market share [5] - The company aims to leverage its comprehensive competitive advantages to expand its market share in the trillion-yuan replacement market, transitioning from a follower to a leader in the industry [5]

Core Viewpoint - The company aims to accelerate the application of domestic GPUs across various industries, contributing to the digital transformation and efficiency enhancement in the context of the "14th Five-Year Plan" [1] Group 1: Industry Context - The "14th Five-Year Plan" outlines a grand vision for emerging and future industries, emphasizing the importance of technological advancements [1] - The company positions itself as a leading domestic full-function GPU enterprise, focusing on the design and research of full-function GPU chips [1] Group 2: Company Strategy and Achievements - The company has established a complete technology stack based on a self-developed unified architecture, covering the entire spectrum from hardware to applications [1] - The company maintains high levels of R&D investment, with the number of authorized patents ranking among the top in the domestic GPU sector [1] - The integration of solid patent achievements with comprehensive product capabilities forms a technological moat centered on continuous independent innovation [1] Group 3: Future Outlook - The company expresses its commitment to align with the times, leveraging its technological strength to contribute to China's modernization efforts [1] - The company is determined to embark on a new journey of development under the "14th Five-Year Plan" [1]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of Montage Technology Co., Ltd. 瀾起科技股份有限公司 (the "Company") (A joint stock company ...

Group 1: Market Overview - The S&P 500's total return for the previous year was 17.88%, with a three-year total return of 86.11% [1] Group 2: Stock Recommendations - Nvidia (NVDA) is highlighted as a key player in the AI revolution, with expected earnings growth of 15% to 20% going into 2026, potentially reaching a stock price of $250 by the end of 2026 [3] - Palantir (PLTR) is recognized for its leadership in AI and data within the defense sector, with a compelling narrative driving its stock despite valuation concerns [4] - Broadcom (AVGO) is viewed as misunderstood, with strengths in specialized chips and a focus on VMware, alongside a history of strong dividend yields [5]

Market Overview - The major indices showed mixed performance with the Shanghai Composite Index up by 0.09%, while the Shenzhen Component, North 50, Sci-Tech 50, and ChiNext Index decreased by 0.58%, 0.70%, 1.15%, and 1.23% respectively [1] - The TMT sector led the gains with SW Marketing Agency up by 7.84%, followed by SW Military Electronics III at 3.09% and SW Horizontal General Software at 2.18% [1] - Conversely, the TMT sector also saw declines, with SW Communication Network Equipment and Devices down by 2.35%, SW Digital Chip Design down by 2.03%, and SW Printed Circuit Board down by 1.80% [1] Domestic News - ASUS issued a price adjustment notice for certain product lines starting January 5, 2026, due to structural fluctuations in the global supply chain and rising costs of key components, particularly DRAM, NAND, and SSD [2] - Ankai Micro announced that its chips and solutions cover mainstream categories such as AI audio glasses, AI photography glasses, and AI display/projector glasses, supporting core functions like video, audio, and wireless connectivity [2] - Xitai Technology's 12-inch silicon-based OLED micro-display industrial park project has topped out, with a designed monthly capacity of 6K wafers, expected to achieve product lighting by the end of 2026 and mass production in Q2 2027 [2] - The Zhuzhou low and medium voltage power device industrialization project has officially commenced, with a total investment of 5.3 billion yuan, expected to add an annual production capacity of 360,000 silicon carbide power devices [2] Overseas News - AMS Osram announced the launch of the AS1181 LED driver chip solution, designed with human eye safety as a core principle, featuring eight independently configurable channels and programmable LED currents up to 66mA [3] - SK Hynix is discussing plans to build a 2.5D manufacturing line at its new packaging factory in Lafayette, Indiana, which will be its first production base in the U.S., aimed at becoming a cutting-edge packaging production base for AI memory by the second half of 2028 [3] - Infineon released the second generation of CoolSiC™ MOSFETs rated at 400V and 440V, targeting applications in AI server power supplies, switch-mode power supplies, motor control, renewable energy, and energy storage systems [3] - Due to limited economic recovery and conservative consumer behavior, the rising prices of memory are continuing to erode the profitability and pricing flexibility of laptop brands, leading to a downward revision of the global laptop shipment forecast for 2026 to a decrease of 5.4%, down to nearly 173 million units [3] AI News - Tencent's Mix Yuan has released an open-source model for 3D human motion generation with one billion parameters, significantly surpassing existing benchmarks in instruction-following capability and motion quality [4] - Fudan University revealed a mechanism aligning neural representations of large language models with human brain functions, predicting model performance in understanding and reasoning tasks [4] - The latest "AA Intelligence Index" ranked China's self-developed GLM-4.7 model first among open-source models with a score of 68, enhancing coding ability and long-range task planning [4] - Tencent's Mix Yuan has also released version 1.5 of its translation model, supporting direct deployment on consumer devices with only 1GB of memory required for smooth operation [4] Industry Tracking - The world's first small-sized humanoid robot with full-body force control, Qiyuan Q1, has been officially launched by Weiqi New Materials, standing at approximately 0.8 meters tall and capable of being stored in a backpack [5] - The Zhongtai Polyester Company has completed the main structure of its 250,000-ton direct-spun polyester filament project, which will significantly enhance its production capacity and market competitiveness [5] - The first domestically produced X-ray photoelectron spectrometer, the Jingwei 100 series, has been delivered, featuring an automated high-efficiency ion source for in-depth analysis [5] - The Anhui Quantum Information Engineering Technology Research Center announced the delivery of China's first superconducting quantum computing measurement and control system designed for a thousand-bit scale [5] High-Frequency Data Updates - The international DRAM spot prices as of December 31 showed various fluctuations, with DDR5 16G (2G×8) averaging $29.329, reflecting a 2.62% increase [6] - Semiconductor material prices from Baichuan Yingfu as of December 31 indicated stable pricing across various categories, with 4N zinc oxide powder priced at 1,445 yuan per kilogram [6]

31 December 2025 | 11:47AM HKT Equity Research Kematek (301611.SZ): Ceramic components ramp up on capacity expansion and local SPE clients penetration; Buy We view Kematek as one of key beneficiaries of China semis capacity expansion and growing advanced nodes by offering structural ceramic components and ceramic devices. Kematek has wide product coverage across lithography/ deposition/ etching/ Ion implantation tools, and we see the company continuing to penetrate local SPE clients through deep cooperation ...

格隆汇1月4日丨乾照光电(300102.SZ)公布，公司全资子公司江西乾照光电有限公司（简称"江西乾 照"）、江西乾照半导体科技有限公司（简称"江西半导体"）于近日分别收到江西省科学技术厅、江西 省财政厅、国家税务总局江西省税务局联合颁发的《高新技术企业证书》。 ...

天眼查工商信息显示，近日，昆仑芯（北京）科技股份有限公司发生工商变更，杨锴卸任董事长，由侯 震宇接任，注册资本由4亿人民币增至约4.12亿人民币，同时，多位高管发生变更。该公司成立于2011 年6月，法定代表人为欧阳剑，经营范围含计算机系统服务、基础软件服务、应用软件服务、产品设 计、模型设计、经济贸易咨询、企业管理咨询等。股东信息显示，该公司由百度（中国）有限公司、通 用技术高端装备产业股权投资（桐乡）合伙企业（有限合伙）、希飞泰克创业投资（湖州）合伙企业 （有限合伙）、中信证券投资有限公司、比亚迪股份有限公司等共同持股。 ...