Market Overview - The main board saw significant gains with notable stocks such as Jishi Media (+10.04%), China Film (+10.01%), and Langchao Software (+10.01%) leading the charge [1] - The ChiNext board also performed well, with stocks like Zhongfu Circuit (+13.22%) and Weiergao (+8.63%) showing strong increases [1] - The Sci-Tech Innovation board was led by Nanya New Materials (+9.98%) and Hongwei Technology (+6.58%) [1] - Active sub-industries included SW Film and Animation Production (+1.30%) and SW Communication Cables and Accessories (+0.98%) [1] Domestic News - The Ministry of Commerce announced the cessation of anti-dumping measures on specific single-mode optical fibers from the U.S. starting November 10, 2025 [1] - Global Crystal reported a cumulative revenue of 46.095 billion yuan for the first three quarters of 2025, a slight decrease of 0.4% year-on-year, with expectations for demand recovery in the AI sector [1] - Nanya Technology's October revenue reached 7.908 billion NTD, a month-on-month increase of 18.66% and a year-on-year surge of 262.37%, marking a four-year high [1] - ZhiYuan Robotics announced successful implementation of its reinforcement learning technology in collaboration with Longqi Technology, significantly reducing training time from weeks to minutes [1] Company Announcements - Fuchuang Precision disclosed that its major shareholder plans to increase holdings by 120 to 240 million yuan within 12 months, having already acquired 783,819 shares [2] - Xingrui Technology reported a buyback of 50,000 shares, representing 0.02% of total equity, with a total expenditure of 841,992 yuan [2] - Yingfang Micro announced a planned reduction of up to 25,184,680 shares by a major shareholder, representing 3% of total equity [2] - GoerTek announced a cash dividend distribution of 1.50 yuan per 10 shares, totaling approximately 520.81 million yuan [2] International News - Volkswagen's software company CARIAD and Horizon established a joint venture to design and develop system-level chips in China, expected to support L3 and above autonomous vehicles [2] - Samsung Electro-Mechanics signed a memorandum with Sumitomo Chemical to explore a joint venture for producing glass substrates, addressing packaging technology limitations in AI and HPC [2] - NVIDIA and Deutsche Telekom plan to invest 1 billion euros to build a large AI factory in Europe, enhancing Germany's AI computing capacity by approximately 50% [2] - The international DRAM market saw an increase in spot prices, with DDR5 16G prices rising by 4.5% to an average of $16.850 [2]

Core Viewpoint - Samsung Electro-Mechanics and Sumitomo Chemical Group have signed a memorandum of understanding to explore the establishment of a joint venture for the production of glass cores, a key material for next-generation packaging substrates, to address the limitations of current technologies driven by AI and high-performance computing [2][3]. Group 1: Joint Venture Details - The joint venture aims to combine the technologies and global networks of Samsung Electro-Mechanics, Sumitomo Chemical, and Dongwoo Fine-Chemical to ensure the production and supply of glass cores for packaging substrates [2]. - Samsung Electro-Mechanics will be the controlling shareholder of the joint venture, with negotiations ongoing regarding the equity structure, business plan, and company name, targeting a final contract by next year [2]. - The headquarters will be located at Dongwoo Fine-Chemical's factory in Pyeongtaek, which will serve as the initial production base for glass cores [2]. Group 2: Market Context and Technology - Glass cores are seen as a critical material for next-generation semiconductor packaging, offering lower thermal expansion coefficients and superior flatness compared to existing organic substrates, enabling high-density and large-area packaging [2]. - Samsung plans to adopt glass substrate intermediary layers in its advanced semiconductor products by 2028 to meet customer demands, although this has not been officially confirmed [5]. - The global glass substrate market is projected to grow from $7.2 billion in 2024 to $10.3 billion by 2034, indicating a robust demand for this technology [6]. Group 3: Competitive Landscape - Leading chip manufacturers, including Samsung, Intel, AMD, Broadcom, and NVIDIA, are actively exploring the use of glass substrates in their next-generation products due to their potential to enhance energy efficiency and performance [6]. - Absolics, a subsidiary of SKC, is expected to be the first company to commercialize glass core substrates, with prototype production already underway in Georgia, USA [7]. - Despite the advantages of glass substrates, challenges remain in terms of commercialization, particularly regarding the material's brittleness and the precision required in manufacturing [6][7].