Core Insights - New Kai Lai's subsidiary Wanliyan has developed a 90GHz bandwidth ultra-high-speed real-time oscilloscope, positioning itself as a leader in high-end electronic measurement instruments in China, overcoming Western technology restrictions [1][7][9] - The company has also launched two EDA software products with complete independent intellectual property rights, filling a gap in the domestic high-end electronic design software market [2][6][11] - New Kai Lai's emergence is reshaping the semiconductor industry and investment logic in China, moving from reliance on foreign equipment to establishing domestic standards [9][11] Company Overview - New Kai Lai was established in August 2021, headquartered in Longgang District, Shenzhen, with plans for global expansion including R&D branches in major Chinese cities and future technical service centers in Germany and Singapore [3] - The company is backed by Shenzhen's state-owned assets, indicating strong governmental support for semiconductor equipment localization [3][5] Product Launches - At the Bay Chip Expo, Wanliyan showcased its 90GHz oscilloscope, which is crucial for testing advanced semiconductor technologies, while its subsidiary Qiyunfang introduced two EDA software products [1][2][6] - The oscilloscope's development is significant as it breaks through the limitations imposed by the Wassenaar Arrangement, which previously restricted access to high-bandwidth oscilloscopes in China [7][9] Market Impact - New Kai Lai's innovations have triggered significant interest in the capital markets, with related stocks experiencing strong performance following the product announcements [10][11] - The introduction of domestic EDA tools is expected to enhance the efficiency and success rate of chip design in China, reducing dependency on foreign tools [11] Industry Significance - The advancements made by New Kai Lai represent a shift in the Chinese semiconductor industry from merely filling gaps to establishing foundational capabilities [11] - The company's growth reflects a broader trend of increasing investment in core technologies such as semiconductors and artificial intelligence, indicating a shift in capital market focus [11]

Core Insights - New Kai Lai's subsidiary Wanliyan has developed a 90GHz bandwidth real-time oscilloscope, positioning itself as a leader in high-end electronic measurement instruments in China, overcoming Western technology restrictions [1][11][14] - The company has also launched two EDA software products with complete independent intellectual property rights, filling a gap in the domestic high-end electronic design software market [2][10][17] - New Kai Lai is seen as a key player in China's semiconductor self-sufficiency movement, with its innovations expected to reshape the industry and investment landscape [7][14][17] Company Overview - New Kai Lai was established in August 2021 and is headquartered in Longgang District, Shenzhen, covering approximately 200,000 square meters with multiple R&D branches across China and plans for international expansion [4][5] - The company operates eight subsidiaries, each focused on achieving breakthroughs in semiconductor manufacturing technologies [6] Product Innovations - Wanliyan's oscilloscope is the first of its kind in China to exceed 60GHz bandwidth, addressing significant supply challenges in high-end electronic measurement instruments [11][16] - The EDA software from Qiyunfang is designed to support seamless switching between domestic and foreign software, reducing development cycles by 40% and enhancing design capabilities [10][17] Market Impact - New Kai Lai's advancements are expected to disrupt the reliance on foreign equipment in the semiconductor industry, with significant purchases from institutions like Shanghai Jiao Tong University indicating growing acceptance of domestic products [15][16] - The launch of these products has led to a positive response in the capital markets, with related stocks experiencing significant gains [17] Strategic Importance - The emergence of New Kai Lai is viewed as a critical signal for the enhancement of China's semiconductor supply chain capabilities, moving from merely filling gaps to establishing foundational technologies [17] - The company's growth trajectory reflects a broader shift in the investment landscape, directing funds towards core technology sectors such as semiconductors and artificial intelligence [17]

Core Viewpoint - The "Bay Chip Expo" in Shenzhen showcased significant advancements in domestic semiconductor equipment, particularly highlighting the achievements of the company Xinkailai and its subsidiaries in both software and hardware sectors [1][3]. Group 1: Software Innovations - Xinkailai's subsidiary, Qiyunfang, introduced two domestically developed electronic engineering EDA software products, filling a gap in high-end electronic design software technology in China [3]. - The EDA software offers capabilities for seamless switching between foreign and domestic software, reducing development cycles by 40% and outperforming foreign competitors in high-frequency operations [3]. - The software includes intelligent review capabilities, allowing early identification of manufacturing issues during the design phase, thus enhancing service quality for various enterprises [3]. Group 2: Hardware Innovations - Another subsidiary, Wanliyan, unveiled China's first 90GHz ultra-high-speed real-time oscilloscope, establishing a new standard for the semiconductor industry [5]. - The oscilloscope's bandwidth of 90GHz positions it as the leading product in China and second globally, with applications in semiconductor, 6G communication, optical communication, and intelligent driving sectors [5]. Group 3: Product Range and Ecosystem - Xinkailai showcased a series of products named after famous Chinese mountains, symbolizing the company's commitment to overcoming technological challenges and reshaping China's semiconductor ecosystem [6][7]. - The company aims to create a comprehensive ecosystem by integrating core equipment and high-end instruments, extending its reach across critical areas of the semiconductor industry [8]. Group 4: Industry Growth and Support - Shenzhen's semiconductor and integrated circuit industry reached a scale of 256.4 billion yuan in 2024, marking a 26.8% year-on-year growth, with continued growth into 2025 [8]. - The city has transitioned from supporting individual design firms to fostering a collaborative ecosystem encompassing design, manufacturing, testing, and equipment, reflecting a strategic shift towards systemic development [9].