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。 ...

Core Viewpoint - Baidu Group announced the submission of a listing application for Kunlun Core to the Hong Kong Stock Exchange, aiming for a spin-off that will enhance operational and financial transparency, allowing investors to better assess Kunlun Core's performance and potential [2]. Group 1: Spin-off Details - Kunlun Core, a non-wholly owned subsidiary of Baidu, plans to conduct a global offering that includes a public offering in Hong Kong and a placement to institutional and professional investors [2]. - The spin-off is expected to maintain Kunlun Core as a subsidiary of Baidu post-listing, benefiting both companies [2]. Group 2: Business and Financial Implications - The spin-off will allow for a clearer reflection of Kunlun Core's value based on its strengths, attracting investors focused on AI computing chips and related hardware and software systems [2]. - Kunlun Core's business model is distinct from Baidu's more diversified operations, which is anticipated to enhance its market image and negotiation power with clients and suppliers [2]. - The company aims to independently access equity and debt capital markets in the future, improving financial resource allocation for Baidu [2]. Group 3: Financial Performance and Projections - Kunlun Core's valuation increased by 61.5% over four years, reaching approximately 29.7 billion USD after a recent funding round [3][4]. - The company reported revenues of 2 billion RMB with a net loss of 200 million RMB for 2024, with expectations to break even in 2025 with revenues exceeding 3.5 billion RMB [4]. - Morgan Stanley forecasts that Kunlun Core's revenue will surge to 8.3 billion RMB in 2026, representing a sixfold increase [4].

2026未来产业新材料博览会 2026未来产业新材料博览会（上海） (Future Industries New Materials Expo 2026，简称" FINE 2026 ")，由 「 DT新材料 」 主办的 第十届 国际碳材料产业博 览会 (Carbontech 2026)、 热管理产业博览会 (iTherM 2026)和 新材料科技创新博览会 (AMTE 2026)三大展重磅升级而来，旨在打造一个以未来产业终端为引 领、立足国际视野的新材料领域标杆展会。 FINE 2026 ， 以 50,000平 展区 与 超过 300场 战 略与前沿科技报告，全景呈现应用于人工智能、智算/数据中心、具身智能、低空经济、航空航天、智能汽车、 AI消费电子、量子科技、6G、脑机接口、新能源、生物制造等产业的热门创新成果， 并 重点聚焦 未来智能终端 以及 未来产业五大共性需求（先进半导体、先 进电池、轻量化、低碳可持续、热管理） ， 呈现从终端、部件、材料、技术装备到前沿科技的全链条创新，打造一站式交流、合作与采购平台。 中国未来产业崛起引领全球新材料创新发展 2026年6月10-12日 上海新国际博览中心 新材 ...

Core Viewpoint - The National Integrated Circuit Industry Investment Fund has significantly increased its stake in SMIC's H-shares, raising its ownership from 4.79% to 9.25%, indicating strong governmental support for the semiconductor industry and a deepening strategic layout in this sector [1][2][4]. Group 1: Company Actions - The National Integrated Circuit Fund's stake in SMIC has increased by 4.46 percentage points, reflecting a substantial investment in the company [2]. - This move is seen as a signal of the government's commitment to supporting the integrated circuit industry, which is crucial for China's technological advancement [2][4]. Group 2: Market Reaction - Following the announcement, semiconductor stocks in Hong Kong experienced explosive growth, with Huahong Semiconductor's stock price surging over 9% and SMIC's stock rising over 5% [4]. - The market's positive response underscores the significance of the National Integrated Circuit Fund's actions and the optimistic outlook for the semiconductor sector [4]. Group 3: Industry Outlook - Analysts believe that with the global semiconductor cycle recovering and domestic policies supporting the industry, leading manufacturers like SMIC are entering a period of performance and valuation recovery [4]. - The continuous improvement of the domestic semiconductor supply chain is expected to lead to a brighter future for chip companies, particularly those led by SMIC [4].

Core Insights - Furiosa, a company led by June Paik, rejected a takeover offer from Meta Platforms last year, indicating its strategic independence and confidence in its growth potential [1] - The company is set to begin mass production of its AI chip, which could position it favorably in the competitive semiconductor market [1] Company Summary - Furiosa is focused on developing AI chips, which are critical for various applications in artificial intelligence and machine learning [1] - The decision to decline Meta's acquisition offer suggests that Furiosa aims to maintain control over its technology and future direction [1] Industry Context - The semiconductor industry is experiencing significant growth, driven by increasing demand for AI technologies and applications [1] - Companies in this sector are actively seeking innovative solutions to meet the rising needs of AI, making Furiosa's entry into mass production timely and potentially lucrative [1]

Core Viewpoint - Wallan Technology has successfully listed on the Hong Kong Stock Exchange, becoming the first domestic GPU stock in Hong Kong and the first stock to be listed in 2026 [1][3] Group 1: Company Overview - Wallan Technology is a provider of general intelligent computing solutions in China, focusing on its self-developed Walli series GPU products to provide computing infrastructure across various industries [3] - The company issued 285 million shares, raising a total of HKD 5.583 billion, which will be primarily used for the development of intelligent computing solutions, including hardware and software upgrades [3] Group 2: Financial Performance - The company's revenue for the years 2022 to 2024 and the first half of 2025 is reported as follows: HKD 499,000, HKD 62.03 million, HKD 337 million, and HKD 59 million respectively [3] - The annual losses for the same periods are reported as HKD 1.474 billion, HKD 1.744 billion, HKD 1.538 billion, and HKD 1.601 billion respectively [3] Group 3: Market Performance - The stock opened at HKD 35.7 per share, representing an increase of 82.14% from the issue price of HKD 19.6 per share, with an intraday high of HKD 42.88 per share, exceeding 100% increase, before closing with a gain of 75.82% [1][3]

Group 1 - Black Sesame Intelligent officially announced a strategic acquisition of Yizhi Electronics, aiming to integrate Yizhi's low-power, cost-effective AI SoC chip technology and products to enhance its overall layout in automotive-grade computing and edge intelligence solutions [1] - The acquisition involves equity transfer and capital increase, resulting in Black Sesame indirectly holding 60% of Yizhi Electronics. Yizhi's core team has committed to achieving a cumulative revenue of no less than 1.2 billion yuan and a net profit of no less than 90 million yuan over three years starting from 2026, with corresponding incentive and constraint mechanisms in place [1] - The collaboration will focus on three main areas: expanding the automotive product matrix and customer base, implementing robotics and AI+ innovative business, and coordinating R&D and supply chain mass production [1] Group 2 - The acquisition is a significant step towards Black Sesame's strategic goal of achieving a "full range of AI chips + full scene solutions," enhancing its comprehensive competitiveness in the AI chip sector and accelerating sustainable growth [2] - Black Sesame has been active recently, announcing a strategic partnership with Lenovo Research Institute's Robotics Laboratory to integrate technological advantages and enhance innovation capabilities in robotics and software application algorithms [2] - The SesameX multidimensional embodied intelligent computing platform is a comprehensive system developed by Black Sesame, designed for commercial deployment in robotics, integrating hardware, software, toolchains, and model ecosystems [3]

Core Insights - Micron Technology, Inc. is recognized as one of the 20 Best Performing Dividend Stocks in 2025 [1] - The company's outlook for 2026 has strengthened due to improved memory pricing and tightening demand for memory chips [2][3] Financial Performance - Micron's shares have increased approximately 238% in 2026, indicating a significant rally driven by improved demand and pricing for memory products [3] - The latest earnings report for fiscal Q1 2026, ending November 27, shows a strong start to the year, suggesting that the current cycle has potential for sustained growth [4] Capital Expenditure Plans - Micron has raised its fiscal 2026 capital expenditure forecast to $20 billion, up from $18 billion, reflecting confidence in sustained demand [5] - This increase in capital expenditure is notable compared to the $13.8 billion spent in the previous fiscal year, indicating a long-term positive outlook for the memory market [5] Industry Context - Micron operates in the memory and storage products sector, primarily focusing on DRAM and NAND flash, which are essential for various applications including computers, smartphones, and data centers [6]