2025年末，随着摩尔线程、沐曦股份在科创板上市后股价表现强劲，及2026年初壁仞科技成功登陆港 股，国产高端GPU领军企业集群加速对接资本市场。如今，"国产GPU四小龙"阵营的最后一块关键拼图 即将就位 —— 上海燧原科技股份有限公司的科创板IPO申请已于1月22日获证监会受理，标志着其上市 进程进入冲刺阶段，这家估值达205亿元的独角兽企业有望在二级市场再引关注。 公司的核心竞争力植根于其核心团队的深厚产业背景。创始人、董事长兼CEO赵立东毕业于清华大学无 线通信系，曾在硅谷的半导体芯片行业工作超过二十年，2007年至2014年就职于AMD(美国超威半导体 公司)，负责CPU/APU产品规划和多个相关核心IP的研发，并参与成立中国研发中心。2014年12月加入 紫光集团担任副总裁，主管半导体投资相关工作。联合创始人兼COO张亚林也曾在AMD工作11年，带 领AMD上海研发中心成功开发并量产多颗旗舰处理器。可以说，从核心团队来看，燧原科技具有纯正 的"硅谷基因"，这也为公司奠定了坚实的技术与工程基础。 在技术路径选择上，燧原科技采取了差异化竞争策略。燧原科技的最大亮点之一是其技术路线，公司避 开与英伟达通用 ...

Core Viewpoint - The article discusses the process of generating a Process Design Kit (PDK) for digital standard cell libraries, emphasizing the importance of accurate modeling and design rules in semiconductor manufacturing [1][9]. Group 1: PDK Generation Process - The first step in PDK generation is defining the Back End of Line (BEOL) stacking structure, which includes the number of metal and via layers, conductor and dielectric materials, and the geometries suitable for the technology node [1]. - After defining the BEOL structure, electrical characteristics for each layer are simulated, and results are recorded in BEOL parasitic parameter files [1]. - The next critical step in PDK development involves designing and developing N-channel and P-channel FET device models, which form the foundation of the standard cell library [1]. Group 2: Design Rules and Layout - Design rules for minimum metal lengths, spacing between metal/via, and end-to-end spacing are documented in technology files (.tf) or Layout Exchange Format (LEF) files [2][3]. - The layout design of standard cells is compact, limiting internal wiring to lower BEOL layers (typically M1-M3) and middle interconnect layers (MOL) [7]. - A layout versus schematic (LVS) check is performed after layout completion to ensure the layout matches the schematic and adheres to design rules [7]. Group 3: Device Simulation and Characterization - Device characteristics are simulated using TCAD tools, with DC and AC characteristics characterized through various models, including BSIM [5]. - As technology nodes shrink, transistor architectures have evolved, with FinFET and GAAFET structures requiring specific BSIM-CMG templates for accurate modeling [5]. - The final step involves developing a standard cell library that includes circuit schematics for each cell, which is essential for layout and simulation [5]. Group 4: Parasitic Parameter Extraction - Parasitic parameter extraction captures MOL and lower BEOL layers, represented as RC SPICE netlists, which are crucial for performance evaluation during layout simulations [8]. - The information generated from these netlists is stored in Liberty (.lib) files, aiding EDA tools in assessing design performance during module layout and routing simulations [8]. - Accurate parasitic modeling and standard cell characterization are vital for reliable timing and power analysis in digital integrated circuit design [9].

Core Insights - The Schwab Emerging Markets Equity ETF (SCHE) offers lower costs and higher yields compared to the iShares MSCI Emerging Markets ETF (EEM), which has a longer history and greater tech exposure [1][4][10] Cost and Size Comparison - SCHE has an expense ratio of 0.07%, significantly lower than EEM's 0.72%, which could lead to compounded savings over time [3][4] - As of January 22, 2026, SCHE's one-year return is 28.4%, while EEM's is 37.9% [3] - SCHE has a dividend yield of 2.9%, higher than EEM's 2.2% [3][9] - SCHE has assets under management (AUM) of $12.0 billion, compared to EEM's $25.1 billion [3] Performance and Risk Comparison - Over the past five years, SCHE's maximum drawdown is -35.70%, while EEM's is -39.82% [5] - The growth of $1,000 invested over five years is $1,036 for SCHE and $1,044 for EEM [5] Holdings and Diversification - EEM tracks large- and mid-cap companies with a 30% tilt towards technology, while SCHE has a 22% tech exposure and holds over 2,100 stocks, making it more diversified by company count [6][7] - EEM's top holdings include Taiwan Semiconductor Manufacturing, Tencent Holdings, and Samsung Electronics, which make up 21.5% of its assets [6] - SCHE's top holdings also feature Taiwan Semiconductor, Tencent, and Alibaba Group, comprising nearly 22% of its assets [7] Investment Implications - Both SCHE and EEM provide passive investment opportunities in emerging markets, holding over 1,000 stocks each [8] - The significant difference in expense ratios suggests that SCHE may be a more cost-effective option for investors seeking exposure to emerging markets [10]

2025年以来，IPO市场进入适应和转缓阶段。 与此同时，在资本市场集中支持科技创新的政策背景下，多家科创板申报企业上市进程可谓"光速"推 进，18家企业从申报受理到提交注册平均间隔天数仅为1天，其中半数过会当天即提交注册。如"国产 GPU第一股"摩尔线程，从IPO获受理到成功过会仅间隔84天，且公司于过会当天提交注册，34天后注 册生效。 此外，主板申报企业从获受理到提交注册环节的平均用时也缩短至12天，其中红板科技过会当天提交注 册，20天后注册生效。 那么，其它板块及其它审核环节节奏如何？本篇中，汉鼎咨询结合iFind梳理了2023年至2025年A股各板 块IPO企业过会、提交注册及注册生效各环节之间的用时情况。 （注：考虑到2023年初全面注册制实施，主板存在部分核准制企业平移至注册制审核，本篇剔除相关数 据。） 一、各板块IPO过会用时变化 据iFind数据，剔除主板核准制平移至注册制企业后，2023年至2025年347家IPO企业过会。板块分布方 面，北交所138家、创业板124家、科创板58家、主板27家。 按年度划分，2023年197家企业过会、2024年45家企业过会，2025年105家企业 ...

Core Insights - The article highlights the top-performing analysts in the U.S. for the year 2025, as ranked by TipRanks based on their success rates and average returns [1][2]. Analyst Rankings - **Sam Slutsky – LifeSci Capital**: Achieved the highest ranking with a success rate of 67.74% and an average return of 62.4%. His notable recommendation on Abivax SA (ABVX) yielded a return of 894.81% [3]. - **Richard Shannon – Craig-Hallum**: Ranked second with a success rate of 61.87% and an average return of 36.9%. His top call on Aeva Technologies (AEVA) generated a return of 822.14% [4]. - **Joseph Stringer – Needham**: Secured the third position with a success rate of 79.17% and an average return of 38.2%. His best recommendation was for Inozyme Pharma (INZY), which returned 361.9% [5]. - **Myles Minter – William Blair**: Fourth place with a success rate of 66.93% and an average return of 28.8%. His top recommendation on Ovid Therapeutics (OVID) yielded a profit of 350% [6]. - **Ruben Roy – Stifel Nicolaus**: Fifth on the list with a success rate of 75.68% and an average return of 35.3%. His best call on CoreWeave (CRWV) generated a return of 293.2% [7]. - **Seamus Fernandez – Guggenheim**: Ranked sixth with a success rate of 78.57% and an average return of 40.6%. His best recommendation was for Cidara Therapeutics (CDTX), which returned 244.7% [8]. - **Thomas Smith – Leerink Partners**: Seventh place with an average return of 30.7% and a success rate of 65.22%. His best recommendation on Abivax yielded a return of 880.34% [9]. - **Mark Miller – Benchmark Co.**: Eighth with a success rate of 59.8% and an average return of 11.1%. His top call on SanDisk (SNDK) generated a return of 470.6% [11]. - **Allison Bratzel – Piper Sandler**: Ninth position with a success rate of 63.64% and an average return of 58.2%. His recommendation for Abivax also yielded a return of 894.81% [12]. - **Julian Harrison – BTIG**: Tenth with a success rate of 59.38% and an average return of 37%. His top recommendation on Abivax generated a return of 1,057.12% [13].

【 iPhone Air 三个月暴跌近 3000 元】 1 月 23 日晚，苹果官方旗舰店开启了 iPhone Air 优惠活 动，官方立减 2000 元，叠加国补到手价 5499 元起。而在第三方电商平台上， iPhone Air 的价格 也进一步走低，在增加以旧换新补贴后，到手价为 5099 元左右。 iPhone Air 国行版于 2025 年 10 月 22 日开售，如今刚刚上市三个月整，其官方价格为 7999 元起，这也意味着其全新机的价格 三个月下跌了 2900 元。 iPhone Air 是去年 9 月份苹果秋季发布会上全新推出的机型，走的超轻薄 路线。采用内置 eSIM 技术，没有实体 SIM 卡槽，重量仅 165 克，厚度仅 5.6 毫米，是苹果迄今最 薄 iPhone 。（新浪财经） 完整早报音频，请点击标题下方小耳机收听 【黄仁勋 2026 年首度来华参加英伟达新年晚会，现身上海陆家嘴锦德菜市场】 1 月 23 日消息， 多位知情人士透露，黄仁勋再度来华，首站到访了英伟达位于上海的新办公室，与员工见面并回答了 诸多员工关注的问题，同时回顾公司 2025 年主要事件。"好几个问题质量不高， ...

In this piece, we discuss the 10 Best AI Energy Stocks to Buy Now.As the artificial intelligence (AI) spending narrative evolves in 2026, investors are shifting their focus to the energy backbone supporting the AI economy. According to a January 13, 2026, Reuters report, BlackRock stated that investors favoring AI momentum in 2026 remain more bullish on energy and infrastructure providers than U.S. megacap technology stocks.With AI and big tech dominating equity returns in 2025, BlackRock’s Investment Direc ...

So, which group is the better buy. Let's ask Victoria Green, G Squared Private Wealth CIO and a CNBC contributor. Victoria, let's start with Apple, which wasn't part of that conversation, but has been down for eight weeks in a row.Some of these high memory prices and others could hurt them down the road this year as consumers bulk. What do you do with the shares here. >> I actually still like Apple a ton.I think it's a great tech and AI play without getting into the hyperscalers and massive debt load. And I ...

Core Insights - Advanced Micro Devices, Inc. (AMD) is recognized as one of the best quantum computing stocks to buy for 2026, particularly due to its strategic collaborations and investments in AI technology [1] Group 1: Strategic Collaborations - Tata Consultancy Services (TCS) has announced a strategic collaboration with AMD to enhance AI adoption, modernize legacy systems, and create secure digital workplaces [1][2] - Both companies plan to invest in talent to develop a pool of experts for co-innovating next-generation AI solutions [2] - Industry-specific GenAI frameworks are expected to be created for sectors such as life sciences, manufacturing, and banking, financial services, and insurance (BFSI) [2] Group 2: AI Performance Enhancements - The collaboration aims to deliver tailored accelerators, frameworks, and best practices to improve AI performance across training and inference workloads [3] - This initiative is designed to help companies fully leverage the capabilities of AI technology [3] Group 3: Data Center Lease - Riot has entered into a Data Center Lease with AMD to provide 25 MW of critical IT load capacity at the Rockdale Site, with an initial term of 10 years [3]

Welcome to Morning Brief. I'm Julie Hyman. Let's get to three things you need to know today.First up, Intel shares are plunging as its outlook falls short of expectations. The stock is also under pressure as it says it is struggling with manufacturing issues. We'll dig into the latest results and where Intel's turnaround stands.Plus, in the broader market, stocks are under pressure to close out a volatile week. The S&P 500 now headed for back-toback weekly losses for the first time since June. We'll break d ...