Core Viewpoint - Despite volatility and a rotation out of tech stocks in 2026, semiconductors are a strong investment aligned with the AI narrative, with major semiconductor ETFs showing over 10% gains [1][2] Semiconductor Sector Overview - Short-term concerns exist regarding slowing momentum and valuation levels, but the AI revolution is expected to sustain demand in the semiconductor sector for years, making it a suitable long-term investment [2] - Four major semiconductor ETFs are available, each with distinct selection strategies that affect their performance and risk profiles [3] ETF Details - **VanEck Semiconductor ETF**: The largest ETF in the sector with over $42 billion in assets, tracking the MVIS US Listed Semiconductor 25 Index, focusing on companies generating at least 50% of revenue from semiconductors [5] - **SPDR S&P Semiconductor ETF**: Linked to the S&P Semiconductor Select Industry Index, this ETF equal-weights its portfolio, enhancing diversification and favoring smaller companies [7] - **iShares Semiconductor ETF**: Follows the NYSE Semiconductor Index, market cap-weights its portfolio, and imposes limits on individual holdings, capping the top five companies at 8% [8] - **Invesco PHLX Semiconductor ETF**: The newest ETF tracking the PHLX Semiconductor Sector Index, also market cap-weighted with similar holding limits as the iShares ETF [9] ETF Comparison - Differences in selection methodologies and weighting strategies among the ETFs can lead to varying investment outcomes, with the VanEck ETF being top-heavy due to significant weightings in Nvidia and Taiwan Semiconductor [10] - The SPDR ETF's equal weighting may lead to overexposure to non-large-cap stocks, while the iShares and Invesco ETFs offer a balance of exposure with lower expense ratios being a deciding factor [11] - The Invesco fund has the lowest expense ratio at 0.19%, while the others range from 0.34% to 0.35% [13] - The SPDR ETF primarily invests in U.S. companies, while the other ETFs have about 20% of assets in international stocks, with all ETFs holding fewer than 50 names [13]

作者丨 Lucas 编辑丨刘恒涛 图源丨 灵明光子 SPAD 芯片是激光雷达关键的光电探测器，被视为"光子捕手"，即使在极暗环境，也能敏锐捕捉到微 弱的光信号，进行环境感知。可以说， SPAD 芯片决定了激光雷达的性能，是激光雷达的核心组件 之一。 早期 SPAD 芯片依赖定制化的特殊工艺，工序繁琐、依赖人工，生产效率较低，也拉高了生产成 本。 按信号处理方式分类，半导体芯片可分为三类：处理电信号的电芯片，比如 CPU 、 GPU ；处理光 信号的光芯片，比如纯光调制器、光开关等。光电芯片做的是光电互相转换和信号处理。 SPAD 芯 片 ，就是 将光信号转换为电信号的光电芯片。 2018 年，斯坦福博士臧凯成立灵明光子，基于自己的研究成果，用标准的 CMOS 工艺生产，成功 将 SPAD 芯片的价格从当时的 5000 元降至 800 元，大幅降低了国产激光雷达的成本。 2 024 年，灵明光子迎来激光雷达的市场爆发期，其产品已进入国内头部厂商的供应链，成为多家主流客户 的芯片供应商。 作为国内最早将 SPAD 芯片生产兼容 CMOS 工艺并实现量产的公司，灵明光子自成立以来，已获得 小米科技、欧菲光、 OPP ...

以下文章来源于华尔街见闻Max ，作者张雅琦 华尔街见闻Max . 华尔街见闻姊妹号，直击全球市场风暴，助力投资者决策。 特斯拉正迈出自主掌控AI芯片供应链的关键一步。 据媒体14日报道，特斯拉首席执行官马斯克周六表示， 公司代号"Terafab"的AI芯片晶圆厂项目将在七天内正式启动。 这一表态标志着特斯拉从芯片设计向自 主量产迈进，对其自动驾驶战略的意义不容低估。 马斯克曾在去年特斯拉年度股东大会上警告称，即便以最乐观的情景推算，现有供应商的芯片产能依然无法满足公司需求，并由此断言特斯拉"可能不得不"自 建晶圆厂。Terafab的即将落地，正是这一判断的直接延伸。 对于市场而言，这意味着特斯拉的资本支出重心将进一步向硬件基础设施倾斜，同时也可能重塑AI芯片代工市场的竞争格局。 截至发稿，特斯拉未就媒体的置评请求作出回应，项目的具体规模、选址及投资额等细节尚未披露。 供应瓶颈倒逼自建产能 马斯克推动自建晶圆厂的核心逻辑，源于对外部供应商产能天花板的深切忧虑。 他去年在股东大会上明确表示： "即便我们以最乐观的情景推算供应商的芯片产量，依然远远不够。" 他将这一设想中的工厂命名为"Terafab"——"就像 ...

Federal Reserve and Economic Indicators - The Federal Open Market Committee (FOMC) is expected to maintain the federal funds rate in the range of 3.5% to 3.75% during its upcoming meeting, with investors anticipating no changes [3] - Fed Chair Jerome Powell's remarks post-meeting will be crucial, particularly regarding the impact of the Middle East conflict on the U.S. economy and internal divisions within the FOMC regarding rate cuts and inflation concerns [4] Micron Technology and AI Demand - Micron Technology's stock has more than quadrupled over the past year, driven by the AI boom, and the company reported a 60% year-over-year sales increase in the previous quarter, exceeding analyst expectations [6] - Investors are keen to assess Micron's earnings report for insights into the resilience of AI demand amid recent concerns over the economic impacts of technology [2][6] Other Key Earnings Reports - FedEx is set to report quarterly earnings, with its stock rising nearly 25% this year, and its results will provide insights into the global shipping business and overall economic health [7] - Dollar Tree's earnings will reflect U.S. consumer strength, especially after previous reports indicated that shoppers were financially "stretched" [8] - Additional earnings reports from various retailers and food industry companies, including Five Below, General Mills, and Macy's, will contribute to the consumer spending narrative [8] Upcoming Economic Data - The Producer Price Index (PPI) will be released, providing insights into wholesale inflation trends, with January's report indicating higher-than-expected wholesale price increases [5] - Reports on new and pending home sales are anticipated, as economists look for signs of recovery in a stalled housing market [5]

寒武纪-U（688256.SH）2025 年年报点评 国产算力龙头迎来重要业绩拐点 glmszqdatemark 事件概述：2026 年 3 月 12 日，寒武纪发布 2025 年年报，2025 年公司实现营 业收入 64.97 亿元，同比增长 453.21%；归母净利润 20.59 亿元，同比扭亏为 盈。 大比例分红凸显龙头价值，业绩高增体现自身实力。根据 2025 年报，公司拟向 全体股东每 10 股派发现金红利 15.00 元（含税），以资本公积金向全体股东每 10 股转增 4.9 股。根据 2025 年年报数据，公司总股本 4.2 亿股，以此计算，此次合 计拟派发现金红利 6.32 亿元（含税），占归母净利润比例超过 30%。 第一，存货方面，2025 年底账面价值为 49 亿元，较 2025Q3 末增加约 12 亿元； 预付款项约 7.5 亿元，较 2025Q3 末继续增加。根据年报，2025 年智能芯片及 板卡库存量为 85.7 万片。 第二，市场销售方面，2025 年智能芯片及板卡生产量及销售量分别达到 12.8/11.7 万片，均实现大幅增长。公司在运营商、金融、互联网等多个重点行业规模化部 ...

Core Viewpoint - The article highlights Taiwan Semiconductor Manufacturing Company (TSMC) as a key player poised to join the $2 trillion market cap club, benefiting from the increasing demand for artificial intelligence and advanced chip manufacturing [1][2][3]. Group 1: Market Position and Growth - TSMC is the largest contract chip manufacturer globally, accounting for nearly 70% of spending by major companies like Nvidia and Apple, with Samsung trailing at only 7% [5]. - TSMC's market share is expected to grow further due to its technological lead, with its 2nm process entering mass production by the end of 2025 [6]. - The company has raised prices on its advanced chipmaking processes by 3% to 10% starting in 2026, indicating strong pricing power and demand visibility through 2029 [9][10]. Group 2: Financial Performance and Projections - TSMC's stock reached a market cap of $1.8 trillion, up 97% over the past year, with expectations to surpass the $2 trillion mark soon [3]. - Management projects a 30% revenue growth in 2026, with a compound annual growth rate of 25% from 2025 to 2029, suggesting robust financial performance [11][12]. - The company anticipates earnings growth to outpace revenue growth due to strong demand for its 3nm and 2nm processes [13]. Group 3: Strategic Investments - TSMC plans to invest between $52 billion and $56 billion in capital expenditures this year, up from $40.9 billion last year, focusing on new facilities in Arizona to mitigate geopolitical risks [10]. - The company’s conservative outlook historically suggests potential for further upside in its financial projections [12]. - TSMC's ability to maintain high gross margins while ramping up next-generation processes positions it favorably for future growth [13].

证券研究报告·公司点评报告·半导体 海光信息（688041） 中科曙光 scaleFabric 国产原生 RDMA 高速 网络首发，智算基础设施自主化加速 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,012 | 9,162 | 14,376 | 20,566 | 28,840 | | 同比（%） | 17.30 | 52.40 | 56.91 | 43.06 | 40.23 | | 归母净利润（百万元） | 1,263 | 1,931 | 2,542 | 4,122 | 6,506 | | 同比（%） | 57.17 | 52.87 | 31.64 | 62.15 | 57.84 | | EPS-最新摊薄（元/股） | 0.54 | 0.83 | 1.09 | 1.77 | 2.80 | | P/E（现价&最新摊薄） | 433.78 | 283.76 | 215.55 | 132.93 | 84.22 ...

There are currently 11 companies worth $1 trillion or more (as I write this), but only four are members of the vaunted $3 trillion club: Nvidia at $4.4 trillion, Apple at $3.7 trillion, Alphabet at $3.6 trillion, and Microsoft at $3 trillion.Mounting evidence suggests that Broadcom (AVGO 4.11%) will join these tech titans in the years to come. The company's products play a crucial role in data centers -- where most artificial intelligence (AI) processing occurs -- and unprecedented demand is fueling robust ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 3月16日至19日（下周一至周四），英伟达GTC 2026大会将在美国加州圣何塞盛大召开。 作为全球 AI算力领域的年度风向标，本届大会有望再 次点燃市场对算力板块的关注热度 。（ 点此领取概念股名单 ） 英伟达创始人兼CEO黄仁勋预告，将在会上展示"前所未见"的全新芯片架构。 业界普遍预期，本次大会将正式揭晓 Rubin及下一代Feynman架 构GPU的核心技术细节，并有望推出集成LPU技术的专用推理芯片 ，为AI计算带来架构级革新。 0 1 Rubin平台步入量产 兑现 二是 电源架构向 800V高压（HVDC）、模块化供电或垂直供电等方案升级。 芯片功耗从2000W迈向5000W以上，传统分立式供电方案已逼近极限。在 电 压 等 级 相 对 稳 定 的 前 提 下 ， 功 率 翻 倍 意 味 着 电 流 同 步 倍 增 ， 供 电 架 构 迎 来 系 统 性 升 级 。 国 盛 证 券 指 出 ， 一 次 电 源 的 确 定 性 方 向 是 向 800V 高 压 （HVDC）切换；三次电源的模块化/垂直供电更具预期差，模块化方案将电感、电 ...

Group 1 - The S&P 500 Index has recently declined to its lowest level since November 2025, dropping to $6,632 from a year-to-date high of $7,700 [1][1][1] - The Federal Reserve is expected to maintain interest rates between 3.50% and 3.75%, signaling a cautious approach amid signs of stagflation [1][1][1] - The labor market showed weakness in February, with over 92,000 jobs lost and the unemployment rate rising from 4.3% to 4.4% [1][1][1] Group 2 - The average earnings growth for S&P 500 companies rose over 13% in Q4 2025, with notable performances from companies like Nvidia and Apple [1][1][1] - Upcoming earnings reports from companies such as Dollar Tree, Lululemon, and Micron are anticipated, though their impact on the S&P 500 Index may be limited [1][1][1] - The ongoing Iran war has driven crude oil prices to around $100, affecting energy prices and potentially leading to further downside for the S&P 500 Index [1][1][1] Group 3 - Technical analysis indicates that the S&P 500 Index has formed a bearish continuation pattern, with a potential target at the 38.2% Fibonacci Retracement level of $6,178 [1][1][1] - The index has fallen below the 50-day and 25-day Exponential Moving Averages, indicating continued downward pressure [1][1][1] - Oscillators such as the Relative Strength Index (RSI) and Percentage Price Oscillator (PPO) have been declining, suggesting further potential declines for the index [1][1][1]