Core Viewpoint - Alibaba's shares increased by over 5% following the U.S. government's approval for H200 GPU shipments to China, which is expected to enhance Alibaba's growth potential [1] Group 1: Company Impact - The clearance for H200 GPU shipments is anticipated to provide Alibaba with access to high-performing GPUs, potentially accelerating its growth trajectory [1] Group 2: Market Reaction - The market responded positively to the news, reflected in the more than 5% rise in Alibaba's stock price [1]

Core Viewpoint - Artificial intelligence is identified as the defining investment theme of the decade, presenting a dilemma for investors regarding whether to concentrate investments in a few chip makers or diversify across numerous tech stocks, which may dilute exposure to AI opportunities [1] Group 1 - The rise of artificial intelligence has significantly influenced investment strategies, leading to a focus on technology sectors [1] - Investors are faced with a choice between a concentrated investment approach in leading chip manufacturers or a diversified strategy across a broader range of technology stocks [1]

US equities extended their bullish early-January run on Friday to notch new closing records, as bets on economic growth coalesced with expectations that the Federal Reserve remains on track to cut rates further this year.The S&P 500 Index on Friday climbed 0.7 per cent in New York to a fresh high, after a US employment report did little to alter expectations that the Fed will leave interest rates on hold for now, though a number of cuts were still priced in for later in 2026. The technology-heavy Nasdaq 100 ...

Market Overview - Stock futures are modestly higher following the December nonfarm payrolls report and ahead of a Supreme Court decision on President Trump's tariff policy [1] - Major indexes have shown resilience early in 2026 after a strong finish to 2025, but gains have faced headwinds due to cooling tech momentum and uncertainty around labor data affecting Federal Reserve policy expectations [1] Sector Performance - Defensive sectors such as energy and mining have demonstrated relative strength, while value-oriented and cyclical areas are gaining attention amid market rotation [2] - Safe-haven assets like gold have seen increased demand as risk sentiment fluctuates [2] Pre-Market Trading - In pre-market trading, S&P 500 futures rose by 0.33%, Nasdaq futures increased by 0.42%, and Dow futures were up by 0.32% [2] Company Movements - Oklo (OKLO) is up 18% after announcing an agreement with Meta Platforms (META) to develop a 1.2 GW power campus in Pike County, Ohio [5] - Vistra (VST) increased by 17% after entering into 20-year purchase power agreements to provide over 2,600 megawatts of zero-carbon energy from three nuclear plants for Meta's operations [5] - Intel (INTC) rose by 2% following President Trump's positive remarks about a meeting with CEO Lip-Bu Tan [5] - Offerpad Solutions (OPAD) surged by 48%, LoanDepot (LDI) increased by 16%, Opendoor Technologies (OPEN) rose by 11%, Rocket Companies (RKT) was up by 6%, and UWM Holdings (UWMC) also increased by 6% [5] - Conversely, Aquestive Therapeutics (AQST) fell by 37% after the FDA identified deficiencies in its Anaphylm NDA, while AXT Inc. (AXTI) dropped by 14% after cutting its Q4 revenue outlook [5]

Core Insights - The global demand for RAM is exceeding supply due to the high requirements from companies like Nvidia, AMD, and Google for their AI chips [1][2] - Major memory vendors Micron, SK Hynix, and Samsung are experiencing significant business growth due to this surge in demand [2][3] Company Performance - Micron's stock has increased by 247% over the past year, with net income nearly tripling in the latest quarter [3] - Samsung anticipates its operating profit for the December quarter to nearly triple, while SK Hynix is considering a U.S. listing due to rising stock prices [3] Price Trends - TrendForce predicts that average DRAM memory prices will rise by 50% to 55% in the current quarter compared to Q4 2025, marking an unprecedented increase [4] - The price of RAM for consumers has surged dramatically, with examples of costs rising from approximately $300 to around $3,000 within months [9] Memory Technology - HBM (high-bandwidth memory) is essential for AI chips and is produced through a complex process that limits the production of conventional memory [6][7] - The demand for HBM is prioritized over other memory types due to higher growth potential in server and AI applications [7] Industry Challenges - Micron has decided to discontinue certain consumer memory products to allocate more supply for AI chips and servers [8] - The memory shortage is expected to impact consumer electronics companies, with memory costs now accounting for about 20% of laptop hardware costs, up from 10%-18% in early 2025 [15] Future Outlook - Nvidia's CEO highlighted the need for more memory factories to meet the high demand driven by AI applications [18] - Micron is building new factories in Idaho and New York, expected to come online in 2027, 2028, and 2030, respectively, but currently, they are "sold out for 2026" [19][20]

Group 1 - The Long Triangle capital market has initiated a high-tech "first stock" competition in 2026, focusing on sectors like artificial intelligence, integrated circuits, and biomedicine, highlighting a comprehensive contest of innovation ecology, industrial resilience, and institutional precision [1] - Suzhou's Kunshan Ruibo Biotech became Jiangsu's and Suzhou's first stock of 2026, raising over 1.8 billion HKD for clinical research and technology upgrades, with its core pipeline targeting chronic diseases [2][3] - In 2025, over 90% of newly listed companies in Suzhou were high-tech enterprises, indicating a deepening integration of technology, industry, and finance [3] Group 2 - Shanghai experienced a surge in AI-related IPOs, with five companies listed in a month, showcasing its strength as a source of technological innovation [4][5] - The AI industry in Shanghai is characterized by a complete vertical integration from computing power to application, with companies like Nebula and Wallen Technology leading the charge [5] - Shanghai's integrated circuit industry is robust, with over 1,200 companies and a projected revenue of over 460 billion CNY in 2025, supporting the growth of AI enterprises [5][6] Group 3 - Zhejiang's IPO landscape is developing, with companies like Zhoushan Morning Light Motor poised for listing, focusing on micro-motor technology [7][8] - Anhui is targeting the semiconductor sector, with Hefei Changxin Technology's IPO application aiming to raise 29.5 billion CNY for memory technology upgrades, marking a significant entry into the market [9][10] - The semiconductor industry in Anhui is expanding, with companies like Fuda Semiconductor also initiating IPO processes, indicating a growing ecosystem [10]

9 January 2026 | 6:32PM HKT Equity Research Anji Micro (688019.SS) Accelerated advanced nodes expansion to support CMP Slurry growth; Rising demand from AI memory; Buy 688019.SS 12m Price Target: Rmb331.00 Price: Rmb263.66 Upside: 25.5% We are constructive on Anji Micro as CMP slurry local leader, riding on accelerated advanced node (memory, advanced logic) capacity expansion and Gen-AI trend to drive memory demand. We expect to see rising capex spending from local memory suppliers to expand new capacity, a ...

来源：EETOP 这是一份非常经典的模拟集成电路讲义，由网友分享在EETOP论坛。 链接：https://bbs.eetop.cn/thread-161995-1-1.html 包括BJT和MOS，从最基本的器件知识到基本模块电路，直到包括PLL, PA, Filter, ADC, DAC等在内的系 统，几乎所有的模拟电路都可以从中找到拓扑结构。一共1008页ppt。 讲义部分目录截屏： VDD lB1 lB2 Vos VDD l M1 (+ 1) ll EP M3 o M11 + V1 lo Vo ] P M4 RL o M2 EN M12 Vi -1 Vi -- VSS M5 M6 Vos VSS 10-26 Output Stages Analog ICs, Jieh-1 soma War Parallel Common-Source Configuration EP1 VDD VDD Vos - V3 V2 EP2 o M11 M1 क + lo Vi Vo RL M2 M12 EN2 Vos VSS EN1 VSS VDD VDD lB2 o V2+ - 0 ] P lB2 o M22 M5 M6 ...

2020-2025年1-11月中国集成电路产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：纳思达（002180）,韦尔股份（603501）,江波龙（301308）,士兰微（600460）,华润微 （688396）,佰维存储（688525）,兆易创新（603986）,航锦科技（000818）,海光信息（688041）,晶晨 股份（688099） 相关报告：智研咨询发布的《2026-2032年中国半导体集成电路产业竞争现状及发展前景规划报告》 根据国家统计局数据显示：2025年11月中国集成电路产量为439亿块，同比增长15.6%；2025年1-11月中 国集成电路累计产量为4318.4亿块，累计增长10.6%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

证券代码：688508 证券简称：芯朋微 公告编号：2026-001 无锡芯朋微电子股份有限公司 2025年年度业绩预增公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年12月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年年度实现营业收入为114,000万元左右，与上年同期相比，将增加 17,540万元左右，同比增长18%左右。 2、预计2025年年度实现归属于母公司所有者的净利润为18,500万元左右，与上年同期相比，将增加 7,367万元左右，同比增长66%左右。 3、预计2025年年度实现归属于母公司所有者的扣除非经常性损益的净利润为5,500万元左右，与上年同 期相比，将减少1,812万元左右，同比下降25%左右。 二、上年同期业绩情况 （一）营业收入：96,459.57万元。 （二）利润总额：10,183.80万元。归属于母公司所有者的净利润：11,133.01万元。归属于母公司所有者 的扣除非经常 ...