2026年1月4日 ，据广东省珠海市中级人民法院最新公告，专注于闪型存储器芯片研发的广东博观科技有限公司破产程序已正式终结。 这家扎根在珠海高 新区的高科技企业，早在2025年12月29日就把破产财产分配完毕，结束了所有司法流程。 从当初被看好的"潜力股"到如今黯然离场，这段经历不仅让人惋惜，更道出了国产半导体存储行业"烧钱多、周期长"的残酷现实。 回到2012年4月，广东博观科技刚成立，注册资金1000万元，专门做闪型存储器芯片研发，一亮相就带着"国产替代希望"的光环。为了搞出技术突破，企 业布局很广：在上海设了研发工作站做本土创新，还在美国硅谷搭了专家协作团队对接全球前沿技术，核心研发团队更是由海归博士带队——团队里不少 人都在美国顶尖高校研究所待过，也在跨国芯片企业干过多年，手里握着国际领先的存储器芯片核心技术，能自己搞定从研发、测试到量产的一整套流 程。 合作洽谈，进入公众号：服务—>商务合作 靠着扎实的技术积累，博观科技的发展曾经一路顺风顺水。它主打的高速、低功耗闪型存储器项目，因为符合产业升级的需求，被纳入了国家重点扶持的 产业名单，市场前景当时被很多人看好。"博观约取，厚积薄发"的企业理念，再加 ...

证券日报网12月24日讯 ，埃科光电在接受投资者提问时表示，机器人、军工、航空航天等领域均有对 高速、高分辨率工业相机等传感器的需求。目前公司相机产品已应用于工业机器人的引导定位，同时与 航空航天等领域相关客户不断探讨需求方案，未来将结合行业发展等因素进行产品定义及开发，积极推 动在相关领域的布局。 （文章来源：证券日报） ...

Core Viewpoint - The partnership between Yuanxin Satellite and Airbus aims to enhance in-flight passenger experience through the integration of high-speed, low-latency satellite services from Yuanxin Satellite into Airbus's aircraft [1] Group 1: Partnership Details - Yuanxin Satellite signed a market cooperation agreement with Airbus at the 2025 Satellite Internet Industry Ecosystem Conference [1] - Airbus will incorporate the "Qianfan Constellation" into its airborne high-speed connectivity system [1] Group 2: Benefits and Objectives - The collaboration is expected to improve passenger experience on Airbus flights [1] - It will also promote continuous optimization of Airbus's fleet operational efficiency [1]

Core Viewpoint - Momenta, a Chinese autonomous driving technology developer, has reportedly submitted a confidential IPO application to the Hong Kong Stock Exchange, with a current valuation of $6 billion (approximately 42.54 billion RMB) [2] Group 1: Company Background - Momenta has a financing history spanning 9 years, attracting significant capital from various investors, including major industry players like SAIC Motor, Toyota, and Bosch, as well as well-known investment firms such as Temasek, Yunfeng Capital, Tencent, and others [2] - The company was founded in 2016 and focuses on providing autonomous driving features such as high-speed and urban NOA (Navigation on Autopilot) and memory parking to major automotive manufacturers, including SAIC's Zhiji, BYD, Mercedes-Benz, BMW, Chery, and Audi [3] Group 2: IPO Considerations - There have been rumors about Momenta changing its IPO listing location from New York to Hong Kong, influenced by ongoing tensions in US-China trade relations and threats from US lawmakers regarding the delisting of Chinese companies from US exchanges [2] - Momenta received regulatory approval for a US listing in mid-2024, but this approval will expire in June 2025, which is considered a direct reason for the company's consideration of changing its listing location [3] - In response to the rumors, Momenta has stated that the information is not accurate and that no final decisions have been made regarding the IPO, including details about the listing location, timing, fundraising scale, and valuation [3]

Investment Rating - The report maintains a "Buy" rating for Shengyi Technology (600183 CH) with a target price of 90 CNY, highlighting its leadership in the PCB and copper-clad laminate market [1]. Core Insights - The global PCB and copper-clad laminate industry is in the early stages of a structural upcycle driven by AI infrastructure investments, with a notable divergence in performance between high-performance products and standard products [1][2]. - The PCB market is expected to rebound strongly in 2025 with a growth rate of 12.8%, while the copper-clad laminate sector has already seen an 18% growth in 2024, indicating stronger pricing power [1][3]. - The demand for high-layer and HDI boards is surging due to AI server deployments, leading to a "super growth cycle" for these high-performance circuit boards [2][8]. Summary by Sections PCB Market Overview - The global PCB market is projected to recover in 2024 with a 5.8% increase in sales to 74 billion USD, following a 15% decline in 2023 due to inventory destocking and weak end-demand [3]. - The recovery is primarily driven by normalizing inventory levels and early investments in AI-related infrastructure [3][4]. - The market is expected to show a strong rebound in 2025, with a projected sales area growth of 10.3% and a sales revenue growth of 12.8% [4]. Copper-Clad Laminate Market Overview - The global copper-clad laminate market is anticipated to grow by 18% in 2024, driven by a 14% increase in sales volume and a 4% rise in average selling prices [13]. - The market's performance is significantly better than that of the PCB market, showcasing superior pricing power and value-added effects from product structure optimization [13][14]. Competitive Landscape - The copper-clad laminate market is characterized by an oligopolistic structure, with the top ten suppliers holding 77% of the market share, ensuring stronger market pricing power [2][29]. - In contrast, the PCB market is more fragmented, with the top forty suppliers accounting for approximately 50% of the market share, necessitating a strategic focus on high-value segments to maintain pricing power [2][29]. Material Cost Dynamics - Copper constitutes 60%-70% of the raw material costs for PCBs, and the structural increase in copper prices, driven by supply shortages and emerging demands from AI and clean energy sectors, is reshaping the cost structure of the PCB and copper-clad laminate supply chains [16][22]. - The London Metal Exchange copper prices have risen approximately 24% this year, impacting suppliers differently based on their product focus and pricing power [16][22].

Group 1 - Hunan Kairuisi Microelectronics Materials Technology Co., Ltd. has completed a first round of financing exceeding 100 million RMB, with investments from Guotai Junan Innovation Investment, Zhongqi Capital, and Dicer Capital, aimed at expanding production capacity and increasing R&D investment to meet market demand [2][3] - The project leader from Guotai Junan Innovation Investment highlighted the complex material system for AI high-end servers, with significant market growth and demand gaps, particularly in advanced packaging processes like stacked packaging, where many high-end liquid adhesives and tape materials remain in a state of domestic production void, dominated by overseas suppliers [3] - Kairuisi has diversified its product offerings in copper-clad laminates and various advanced packaging materials, with notable advantages in upstream material development and downstream process technology, and has established strategic partnerships with leading global clients [3][5] Group 2 - Kairuisi, established in 2021 and located in Zhuzhou, Hunan Province, specializes in multiple semiconductor advanced packaging materials and high-speed, high-frequency copper-clad laminate materials, focusing on the least domestically produced stacked packaging materials [5] - The core team of Kairuisi has decades of experience in high-end electronic materials, possessing capabilities in resin synthesis and formulation development, and has extensive production experience in high-speed copper-clad laminates, closely tied to leading PCB and IC clients [5] - The company integrates R&D, production, and sales to provide systematic advanced material solutions, aiming to become a global leader in electronic information new materials [5]

Core Viewpoint - The PCB industry is experiencing significant growth, with companies like Shengyi Electronics reporting substantial increases in net profit due to a focus on high-value products and market demand for advanced PCB technologies [2][5]. Group 1: Company Performance - Shengyi Electronics expects a net profit of 1.074 billion to 1.154 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 476% to 519% [2]. - Other companies in the PCB supply chain have also reported growth, with seven companies achieving increases in both revenue and net profit for the same period [5]. - Notable performers include China National Materials, Dazhu CNC, and Defu Technology, all of which reported over 130% growth in net profit [5][6]. Group 2: Market Trends - The demand for AI-related products is driving growth in the PCB sector, with companies like Dazhu CNC noting increased revenue from AI server high-layer boards and innovative equipment sales [5][8]. - The expansion trend in the PCB industry is evident, with companies like Defu Technology and Feilihua announcing significant investment plans for production capacity [7]. - The ongoing AI wave is expected to sustain growth in demand for PCBs, particularly in high-end applications such as AI servers and automotive electronics [8][9]. Group 3: Technological Advancements - The PCB industry is undergoing a technological upgrade driven by the demand for high-speed communication and AI applications, necessitating advancements in materials and manufacturing processes [9]. - Key materials for achieving high-speed transmission include M9/PTFE resins and low-loss quartz fabrics, which are critical for the next generation of PCBs [9]. - The complexity of PCB production processes is increasing, particularly in exposure, drilling, and electroplating, which may enhance the value of related equipment manufacturers [9].

Group 1 - The establishment of the German SME headquarters cluster in Wuhu focuses on automotive parts and high-end intelligent manufacturing, reflecting China's commitment to high-level opening-up [1] - Foreign enterprises are transitioning from "entering China" to "rooting in China," while Chinese companies are moving from "product export" to "brand export," showcasing active bilateral trade and investment [1] - The number of newly established foreign-invested enterprises in China increased by 14.8% year-on-year from January to August, with a total of 42,435 new enterprises [2] Group 2 - Amphenol's new high-end connector project in Haining, Zhejiang, represents a significant investment of 300 million yuan, with an expected annual output value of 1 billion yuan upon reaching full production [2] - 92% of German companies are willing to continue deepening their investment in China, with over half planning to increase their investments in the next two years [3] - Nearly half of the member companies of the American Chamber of Commerce still consider China one of the top three global investment destinations [3] Group 3 - Lan Jian Intelligent is expanding its overseas market presence, with a focus on promoting Chinese smart warehousing technology [4] - The overseas revenue of more than 830 manufacturing companies listed on the Shanghai Stock Exchange reached 1.1 trillion yuan in the first half of the year, reflecting a 5% year-on-year growth [4][5] - Non-listed companies are also accelerating their overseas expansion, with Orange Group's overseas business expected to grow over 400% year-on-year in 2024 [5] Group 4 - More open policies are anticipated to be introduced in the fourth quarter to support both inbound and outbound investments [6] - The National Development and Reform Commission is studying a new version of the "Encouraging Foreign Investment Industry Catalog" to guide foreign investment towards advanced manufacturing and high-tech sectors [6] - The State Council is enhancing support for outbound enterprises by improving the overseas comprehensive service system and establishing service platforms [6][7] Group 5 - Recommendations for optimizing financial and tax support policies for outbound enterprises include expanding export credit insurance coverage and improving risk analysis related to exchange rate fluctuations [7] - Suggestions for policy support include simplifying customs processes and enhancing local market access guidance for emerging markets [7]

Group 1: Foreign Investment in China - The establishment of the German SME cluster in Wuhu focuses on automotive parts and high-end intelligent manufacturing, reflecting China's commitment to high-level opening-up [1] - China's foreign investment environment is improving, with the nationwide negative list for foreign investment reduced to 29 items, and the manufacturing sector's restrictions eliminated [1] - From January to August, 42,435 new foreign-invested enterprises were established in China, representing a year-on-year increase of 14.8% [1] Group 2: Foreign Companies' Confidence - Amphenol's new high-end connector project in Haining, Zhejiang, has a total planned investment of 300 million yuan, with an expected annual output value of 1 billion yuan upon reaching full capacity [2] - 92% of German companies are willing to continue deepening their investment in China, with over half planning to increase investments in the next two years [2] - Nearly half of the member companies of the American Chamber of Commerce still consider China one of the top three investment destinations globally [2] Group 3: Growth in Overseas Markets - Lan Jian Intelligent is expanding its overseas market presence, with a focus on promoting Chinese smart warehousing technology [3] - In the first half of the year, over 830 manufacturing companies listed on the Shanghai Stock Exchange achieved overseas revenue of 1.1 trillion yuan, a year-on-year increase of 5% [3] - A-share listed companies reported overseas income of 4.90 trillion yuan in the first half of the year, reflecting a growth of 4.5% [3] Group 4: Non-Listed Companies and Policy Expectations - Non-listed companies are also accelerating their overseas expansion, with Orange Group's overseas business expected to grow over 400% in 2024 [4] - The Chinese government is expected to introduce more policies to facilitate foreign investment and support companies going abroad [5] - The State Council is enhancing support for companies participating in international cooperation and competition, focusing on improving overseas service systems [5] Group 5: Recommendations for Policy Support - Companies are seeking policy support for customs facilitation, including optimizing clearance processes and simplifying certification procedures [6] - There is a call for more international certification support and precise market information to assist companies in their overseas ventures [6]

Core Points - Sichuan has initiated a significant move by making the Chengmian Expressway and Chengbei Exit Expressway toll-free, marking a notable shift towards free highways in the western region of China [1][5][12] - The decision to eliminate tolls is attributed to the expiration of the toll collection period, as highways in China have a maximum operational toll period of 30 years for commercial roads and 20 years for government-funded roads [5][8] - The move has been positively received by local drivers, with many expressing their excitement over the newfound savings on tolls [3][10] Summary by Sections - **Importance of the Highways**: Chengmian Expressway serves as a vital route connecting Chengdu to Mianyang, heavily utilized by both commercial and personal vehicles, while the Chengbei Exit Expressway is crucial for residents commuting to the city or traveling towards Shaanxi [3][5] - **Financial Implications**: The financial sustainability of toll-free highways varies across regions; while some expressways in economically prosperous areas generate substantial revenue, many in the central and western regions operate at a loss and rely on government subsidies [7][8] - **Future of Highway Tolling**: The trend towards free highways is seen as a necessary evolution, with the expectation that more cities will follow Sichuan's lead. However, the transition will require careful financial planning to ensure that maintenance and operational costs are covered [10][12]