With investors fearing additional rate cuts in December and in 2026, business development companies (BDCs) have not exactly been at the top of shopping lists for investors lately. This, for you, could be a buying opportunity. The BDC market has seenI’m a retail investor based in Sydney with three years of experience focusing on achieving financial independence through strategic investments in AI-driven companies. Although I don’t come from a traditional finance background, I’ve developed a strong passion fo ...

We we heard about pharmaceuticals and the a recent one and you're going to find other sectors uh not just tech tech. And I also want to say this Liz, you have a great memory of stuff like this. Do you remember the cover of Baron uh that show it scale JDS unifhold names on the other side. >> Yeah. Yeah, >> you do. Right. So that kind of if this is a 2025 Baron cover, it could be Nvidia on one side and like 30 different US companies you're going to have for the same 4.3% trillion valuation. >> Well, what I th ...

（责任编辑：张晓波 ） 促消费实施方案正式发布，人工智能融合赋能被重点提及，盘中消费电子、芯片、通信等科技细分 涨幅靠前。截至发稿，科创芯片ETF富国（588810）盘中涨幅达3.33%，消费电子ETF富国（561100） 盘中涨幅达3.27%，芯片龙头ETF（516640）盘中涨幅达3.2%。其中，科创芯片ETF富国成分股海光信 息、中科蓝讯涨超8%，寒武纪涨超4%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 科创芯片ETF富国（588810）紧密跟踪科创芯片指数，该指数的选股范围聚焦于科创板芯片企业， 实行 20CM 涨跌幅限制。没有场内账户的投资者可以关注该产品的联接基金（A 类023651； C 类 023652）。 每日经济新闻 消息面上，工信部等六部门联合印发《关于增强消费品供需适配性进一步促进消费的实施方案》， 强化人工智能融合赋能，推广生成式AI、3D数字化设计等工具，开展AI赋能消 ...

大同证券表示，中国芯片产业正通过持续技术迭代与生产效率提升稳步进阶，有望在先进制程领域实现 突破，从而进一步扩大全球市场份额，在行业竞争中占据更有利地位。 相关ETF：公开信息显示， 科创半导体ETF（588170）及其联接基金（A类：024417；C类：024418） 跟踪上证科创板半导体材料设备主题指数，囊括科创板中半导体设备（61%）和半导体材料（23%）细 分领域的硬科技公司。 半导体设备和材料行业是重要的国产替代领域，具备国产化率较低、国产替代 天花板较高属性，受益于人工智能革命下的半导体需求，扩张、科技重组并购浪潮、光刻机技术进展。 半导体材料ETF（562590）及其联接基金（A类：020356、C类：020357），指数中半导体设备 （61%）、半导体材料（21%）占比靠前，充分聚焦半导体上游。 （文章来源：每日经济新闻） 截至13:50，上证科创板100指数强势上涨1.15%，成分股东芯股份上涨15.74%，中科蓝讯上涨7.55%， 莱斯信息上涨7.28%，芯动联科，荣昌生物等个股跟涨。科创100ETF华夏（588800）上涨1.04%，最新 报价1.26元。 截至13:55，上证科创板半导 ...

格隆汇11月27日｜长城证券研报指出，兆易创新25Q3扣非净利润环比+55%，存储周期上行带动业绩持 续向好。存储作为公司的主要营收板块，DRAM 量价齐升贡献主要增量。公司是国内领先的存储器、 微控制器和传感器芯片设计公司。公司在NORFlash、SLC NAND Flash、利基型DRAM及MCU领域均位 居全球前列，随着AI技术发展推动存储行业进入上行周期，公司成长空间广阔。预计公司2025~2027年 归母净利润分别为17.27/24.52/33.50亿元， 对应PE为74/52/38倍，给予"增持"评级。 ...

Core Insights - The global AI server shipments are expected to grow by over 20% year-on-year in 2026, driven by increased capital expenditure from North American CSPs and the rise of sovereign cloud initiatives [1][2] - The competition in the AI chip market is intensifying, with companies like AMD and various Chinese firms enhancing their self-developed ASIC capabilities, challenging NVIDIA's dominance [1][2] Group 1: AI Chip and Cooling Technologies - The thermal design power (TDP) of AI chips is projected to rise from 700W for NVIDIA's H100 and H200 to over 1,000W for upcoming models, necessitating liquid cooling systems in server cabinets, with a forecasted penetration rate of 47% for liquid cooling in AI chips by 2026 [2] - Microsoft is introducing new microfluidic cooling technologies for next-generation chip packaging, while the market is expected to transition from liquid-to-air (L2A) to liquid-to-liquid (L2L) cooling designs [2] Group 2: Memory and Data Transfer Innovations - HBM and optical communication technologies are becoming critical for overcoming bandwidth limitations in AI computing, with HBM4 expected to enhance I/O bandwidth and local bandwidth for AI chips [3][4] - The introduction of 800G/1.6T pluggable optical modules is underway, with expectations for higher bandwidth SiPh/CPO platforms to be integrated into AI switches starting in 2026 [4] Group 3: NAND Flash and Storage Solutions - NAND Flash suppliers are accelerating the development of specialized solutions to address the performance gap in AI training and inference workloads, including storage-class memory (SCM) SSDs and Nearline QLC SSDs [5][6] - QLC technology is anticipated to achieve a 30% market penetration in enterprise SSDs by 2026, significantly reducing the cost of storing large AI datasets [6] Group 4: Energy Storage Systems - AI data centers are evolving towards large-scale clusters, with energy storage systems transitioning from emergency backup to core energy solutions, expected to grow from 15.7 GWh in 2024 to 216.8 GWh by 2030, reflecting a CAGR of 46.1% [7] - North America is projected to become the largest market for AI data center energy storage, driven by major cloud providers [7] Group 5: Power Infrastructure and Semiconductor Demand - Data centers are shifting to 800V HVDC architectures to enhance efficiency and reliability, with third-generation semiconductors (SiC/GaN) expected to penetrate 17% of data center power supply by 2026 [8] Group 6: Advanced Semiconductor Technologies - The transition to 2nm GAAFET technology is underway, emphasizing higher transistor density and heterogeneous integration to meet the demands of AI applications [9] Group 7: Humanoid Robots and Market Growth - The global shipment of humanoid robots is projected to increase by over 700% in 2026, focusing on AI adaptability and application-specific designs [10][11] Group 8: Display Technology Advancements - OLED technology is set to accelerate in laptops, with Apple expected to introduce OLED panels in MacBook Pro by 2026, leading to a significant increase in OLED penetration in the laptop market [12][13] Group 9: Autonomous Driving and Robotaxi Expansion - The penetration rate of L2 and above advanced driver-assistance systems is expected to exceed 40% by 2026, with Robotaxi services expanding globally beyond just China and the US [15]

11月25日，台积电已经正式向中国台湾智慧财产及商业法院提了对罗唯仁的诉讼。台积电此次诉讼主要是依据台 积电与罗唯仁签署的聘用合约书，以及罗唯仁任职期间签署承诺竞业禁止同意书及营业秘密法等规定。 台积电强调，罗唯仁任职期间即签有保密条款及离职后的竞业禁止条款，承诺离职后不为竞争对手服务的同意 书，但离职后就很快加入了英特尔。台积电认为，罗唯仁违反了竞业禁止协议，同时高度可能使用或泄露、告 知、交付或移转台积电公司营业秘密及机密信息予英特尔公司，因此有采取法律行动（包含违约赔偿）的必要。 编辑：芯智讯-林子 此前，陈立武就针对罗唯仁窃取台积电2nm及更先进制程机密可能转交英特尔的质疑表示，"这只是谣言和猜测。 没什么难的。我们尊重知识产权。" 英特尔也强调，公司制定严格的政策与管控措施，严禁使用或转让任何第三方的机密信息或知识产权。 外媒猜测，陈立武的说法可能暗示这次罗唯仁加盟已大致确定。陈立武也否认台积电的说法，强调英特尔无意违 反任何知识产权法律。 11月27日消息，据外媒WCCFtech报道，针对台积电宣布起诉前资深副总经理罗唯仁携带台积电2nm及更先进制程 机密跳槽英特尔担任执行副总裁一事，英特尔CEO ...

Group 1 - The core viewpoint of the article is that the technology market is evolving rapidly, particularly in AI, storage, and semiconductor sectors, with significant growth expected in various applications and technologies by 2026 [2][3][4]. Group 2 - AI chip competition is intensifying, with major players like NVIDIA facing challenges from AMD and various Chinese companies enhancing their AI chip development. The demand for AI data centers is expected to grow significantly, with global AI server shipments projected to increase by over 20% annually [3][4]. - Liquid cooling systems are anticipated to penetrate 47% of AI chip applications by 2026, driven by the rising thermal design power (TDP) of chips [3]. Group 3 - HBM and optical communication technologies are becoming critical for overcoming bandwidth limitations in AI computing, with HBM4 expected to support ultra-large-scale computations [4][5]. - The transition to optical communication technologies is seen as essential for improving data transfer efficiency across chips and modules, with a focus on high bandwidth and low power consumption [5]. Group 4 - NAND Flash suppliers are accelerating the development of specialized solutions for AI workloads, including storage-class memory (SCM) and Nearline QLC SSDs, which are expected to capture a 30% market penetration in enterprise SSDs by 2026 [6][7]. Group 5 - Energy storage systems are evolving to become the core energy source for AI data centers, with a projected increase in global AI data center storage capacity from 15.7 GWh in 2024 to 216.8 GWh by 2030, reflecting a compound annual growth rate of 46.1% [8]. Group 6 - The shift to 800V HVDC architecture in data centers is expected to drive demand for third-generation semiconductors (SiC/GaN), with penetration rates projected to rise from 17% in 2026 to over 30% by 2030 [9]. Group 7 - The introduction of 2nm GAAFET technology and advancements in 2.5D/3D packaging are set to enhance transistor density and performance, crucial for high-performance computing and AI applications [10][11]. Group 8 - The humanoid robot market is projected to grow over 700% by 2026, focusing on AI adaptability and application-specific designs, marking a significant shift towards commercial viability [12]. Group 9 - The adoption of OLED displays in laptops is accelerating, with Apple expected to introduce OLED panels in MacBook Pro by 2026, leading to a projected penetration rate of 5% in laptops by 2025 and 9-12% by 2027-2028 [13][14]. Group 10 - The penetration rate of advanced driver assistance systems (L2 and above) is expected to exceed 40% by 2026, with Robotaxi services expanding globally, driven by regulatory changes and advancements in AI models [16].

大成中证360互联网+指数A（002236）成立日期2016年2月3日，最新规模7.88亿。今年以来收益 38.85%，同类排名818/4206；近一年收益41.6%，同类排名741/4006；成立以来收益227.48%。 11月27日，敏芯股份涨5.11%，截至发稿，报79.88元/股，成交1.24亿元，换手率2.84%，总市值44.77亿 元。 资料显示，苏州敏芯微电子技术股份有限公司位于中国(江苏)自由贸易试验区苏州片区苏州工业园区旺 家浜巷8号，成立日期2007年9月25日，上市日期2020年8月10日，公司主营业务涉及MEMS传感器产品 的研发与销售。主营业务收入构成为：MEMS压力传感器43.83%，MEMS声学传感器37.09%，封装技 术解决方案12.43%，MEMS惯性传感器6.50%，其他0.15%。 从基金十大重仓股角度 数据显示，大成基金旗下1只基金重仓敏芯股份。大成中证360互联网+指数A（002236）三季度持有股 数16.38万股，占基金净值比例为1.02%，位居第十大重仓股。根据测算，今日浮盈赚取约63.54万元。 大成中证360互联网+指数A（002236）基金经理为夏高。 ...

J P M O R G A N Global Markets Strategy 26 November 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Asia ex-Japan 2026 Outlook Equity Macro Research Rajiv Batra AC (65) 6882-8151 rajiv.j.batra@jpmorgan.com J.P. Morgan Securities Singapore Private Limite ...