12月30日，世嘉科技发布公告，披露公司拟通过增资扩股及股权受让相结合的方式，以2.75亿元总价取 得光彩芯辰（浙江）科技有限公司（以下简称"光彩芯辰"）20%股权，同时计划未来进一步推进控股收 购。 本次交易由两部分组成：一是世嘉科技以27.2987元/股的价格，出资2.75亿元认购光彩芯辰1007.37万元 新增注册资本，对应13.2066%股权，其中部分资金计入注册资本，其余作为溢价计入资本公积金；二 是光彩芯辰创始股东嘉兴和同智能科技合伙企业（有限合伙）（以下简称"嘉兴和同"）以1元总价，向 世嘉科技转让其持有的6.7934%股权（对应518.19万元注册资本）。交易完成后，世嘉科技合计持有光 彩芯辰1525.56万元注册资本，持股比例达20%，光彩芯辰注册资本将从6620.43万元增至7627.80万元， 交易后估值为20.8229亿元。 资金支付方面，世嘉科技已预付8000万元增资款，剩余1.95亿元将在相关先决条件满足后10个工作日内 支付。增资款将专项用于光彩芯辰正常经营及研发活动。 光彩芯辰成立于2020年5月，注册资本6620.43万元，注册地址位于浙江省嘉兴市嘉善县，法定代表人为 鞠勇， ...

Suspension and Resumption - WISCO Development plans to acquire equity in WISCO Mining and Luzhong Mining, leading to a stock suspension [1] Mergers and Acquisitions - Xiamen Tungsten's subsidiary, Xiamen Jinlu, intends to acquire 100% equity of German company Mimatic and increase its capital [2] - Sega Technology plans to invest 275 million yuan to increase capital in Guangcai Xincheng and acquire a 20% stake in the company, which focuses on optical communication technology [2] External Investments and Daily Operations - Tianqi Co. plans to raise no more than 977 million yuan for the construction of a robotics intelligent system R&D center aimed at the automotive industry [3] - State Power Investment Corporation's subsidiary collaborates with CATL to jointly invest in the Dadu River Danba Hydropower Station project, with a total dynamic investment of 15.273 billion yuan [3] - Jingye Intelligent plans to establish a controlling subsidiary focusing on advanced nuclear energy systems [3] - Ningbo Huaxiang's subsidiary signs a strategic cooperation agreement with Qianxing Future to enhance collaboration in embodied intelligent robotics [4] - Juneyao Airlines intends to purchase 25 Airbus A320 series aircraft for 4.1 billion USD [4] - Nongshang Environment signs a contract worth 132 million yuan for an integrated hardware and software computing power cluster [4] - International Composite plans to invest 1.693 billion yuan to build a project with an annual production capacity of 36 million meters of high-frequency high-speed electronic fiber cloth [5] - Roman Co.'s subsidiary signs a contract for a computing power service project worth approximately 156 million yuan [6] - Guiguan Electric plans to acquire 100% equity of Datang Tibet Energy Development Co., Ltd. and China Datang Group ZDN Clean Energy Development Co., Ltd. for 2.025 billion yuan [6] - China Duty Free's wholly-owned subsidiary has signed a contract for a duty-free project at Beijing Capital International Airport [7] - Haisheng Pharmaceutical participates in the innovative drug NWRD06 injection, which has completed the enrollment of the first subject in Phase II clinical trials, targeting liver cancer [7] - Hongwei Technology signs a strategic cooperation agreement with a leading domestic company in the transmission field, focusing on joint research of GaN power semiconductor devices [7]

（原标题：世嘉科技(002796.SZ)：拟取得光彩芯辰20%股权） 格隆汇12月29日丨世嘉科技(002796.SZ)公布，基于公司发展战略规划，公司看好光通信细分行业的市 场前景，认可光彩芯辰（浙江）科技有限公司（简称"标的公司""目标公司"或者"光彩芯辰"）在光通信 领域内的前期投入、技术储备以及客户资源，公司看好其未来发展空间。故，公司拟通过增资扩股及受 让创始股东嘉兴和同智能科技合伙企业（有限合伙）（简称"创始股东"或者"嘉兴和同"）部分股权方式 取得标的公司共计20%股权，并拟与标的公司及标的公司创始股东分别签署《苏州市世嘉科技股份有限 公司关于光彩芯辰（浙江）科技有限公司之投资协议》《关于光彩芯辰（浙江）科技有限公司之B5轮 股东协议》，本次交易主要内容如下： 本公司拟将按27.2987元/股的价格以275,000,000元认购标的公司10,073,739.78元新增注册资本。本次增 资完成后，本公司将持有标的公司13.2066%的股权，其中10,073,739.78元作为标的公司新增注册资本， 其余作为溢价进入标的公司的资本公积金。同时，标的公司创始股东嘉兴和同拟将其所持标的公司 6.7934 ...

本公司拟将按27.2987元/股的价格以275,000,000元认购标的公司10,073,739.78元新增注册资本。本次增 资完成后，本公司将持有标的公司13.2066%的股权，其中10,073,739.78元作为标的公司新增注册资本， 其余作为溢价进入标的公司的资本公积金。同时，标的公司创始股东嘉兴和同拟将其所持标的公司 6.7934%股权（对应目标公司5,181,864.29元注册资本）以总价1元的价格转让给本公司，最终达到本公 司获得标的公司共计15,255,604.07元的注册资本及持有标的公司20%的股权。本次交易对价为2.75亿 元，本次交易完成后本公司持有标的公司共计20%的股权。本次交易不构成重大资产重组，不构成关联 交易。 格隆汇12月29日丨世嘉科技(002796.SZ)公布，基于公司发展战略规划，公司看好光通信细分行业的市 场前景，认可光彩芯辰（浙江）科技有限公司（简称"标的公司""目标公司"或者"光彩芯辰"）在光通信 领域内的前期投入、技术储备以及客户资源，公司看好其未来发展空间。故，公司拟通过增资扩股及受 让创始股东嘉兴和同智能科技合伙企业（有限合伙）（简称"创始股东"或者"嘉兴和 ...

每经AI快讯，12月29日，世嘉科技（002796）(002796.SZ)公告称，公司拟通过增资扩股及受让创始股 东部分股权方式取得光彩芯辰20%股权，交易对价为2.75亿元。增资完成后，公司将持有光彩芯辰 13.2066%的股权，创始股东将转让6.7934%股权给公司。标的公司是一家专注于光通信领域传输和接入 技术的高新技术企业，专业从事以光模块、AOC、AEC等为主的光通信产品的研发、生产及销售，产 品矩阵覆盖100G至800G及1.6T系列光模块产品。 ...

证券日报网讯 12月4日，瑞可达在互动平台回答投资者提问时表示，合资公司苏州瑞创公司主要进行高 速铜缆相关产品的主导推进，包括AEC、DAC和ACC产品，现阶段主要进行产品研发和试制、样品交 付、灰度测试和批量交付准备工作，整体工作进度推进顺利，有望在2026年Q1开始400G/800G产品的批 量交付。同时泰国瑞创公司也在按计划推进，2026年Q1可开始进行海外生产交付。 （文章来源：证券日报） ...

Core Insights - Semiconductor companies are central to the AI revolution, providing essential infrastructure for AI workloads [1] - Investors are increasingly focusing on companies that support AI infrastructure, with Credo Technology Group Holding Ltd (CRDO) and Broadcom (AVGO) as key players [1][2] Group 1: CRDO Overview - CRDO employs a system-level approach, owning the entire stack of SerDes IP, Retimer ICs, and system-level design, which enhances innovation and cost efficiency [3] - The growth of CRDO is driven by its AEC business, which has seen significant adoption due to its power-efficient solutions, offering up to 1,000 times more reliability with 50% lower power consumption compared to optical solutions [4] - CRDO's optical DSP segment is expected to double its revenues in the current fiscal year, with new PCIe retimer solutions gaining traction and anticipated design wins in 2025 [5][6] Group 2: CRDO Challenges - CRDO faces a competitive landscape and macroeconomic uncertainties, with a high customer concentration risk as three hyperscalers contribute over 10% of revenues [7][8] - Management expects revenue contributions from these hyperscalers to increase, but any slowdown in spending could significantly impact performance [8][10] Group 3: AVGO Overview - AVGO's AI semiconductor revenues reached $5.2 billion, a 63% year-over-year increase, contributing to a total semiconductor revenue of $9.2 billion [11][12] - The company has secured over $10 billion in orders for AI racks based on its XPUs, expecting AI semiconductor revenues to rise 66% year-over-year for the fourth quarter [12] - AVGO's infrastructure software segment, with revenues of $6.8 billion and a 93% gross margin, is a strong growth catalyst [14] Group 4: AVGO Challenges - AVGO anticipates a contraction in gross margin due to a higher mix of XPUs and wireless revenues, despite strong revenue growth [15] - The slow recovery in non-AI semiconductor revenues poses a concern, with projected growth in this segment expected to be low double digits [16] Group 5: Comparative Analysis - Over the past three months, CRDO and AVGO have gained 22.6% and 12% respectively, with CRDO trading at a higher forward price/sales ratio of 22.53X compared to AVGO's 18.82X [17][18] - Analysts have revised earnings estimates upward for both companies, with CRDO seeing a 2% increase in estimates [19][23] - Both companies are positioned to benefit from the growing AI-driven data center market, but CRDO offers more direct exposure to high-growth segments [24]

Core Insights - The article highlights the significant market success of Credo, a lesser-known chip company that has emerged as a major player in the AI era, with stock prices soaring over 1200% since its IPO in January 2022 [1][3] - Credo's revenue for the first quarter of the 2026 fiscal year saw a year-on-year increase of 274% and a quarter-on-quarter increase of 31%, with a GAAP gross margin of 67.4% [3] Group 1: Company Overview - Credo was founded 17 years ago with a vision to redefine high-speed connectivity, emphasizing not just high bandwidth but also performance, low power consumption, reliability, and flexibility [6] - The company has developed a range of products, including Active Electrical Cables (AEC), PCI Express & CXL, optical solutions, SerDes IP/Chiplets, and Line Cards, with AEC being a proprietary product launched in 2018 [8][10] Group 2: Product Innovations - Credo's AEC cables address interconnectivity issues between servers and switches, supporting 100G, 200G, 400G, and 800G connections, with a maximum length of 7 meters while maintaining signal integrity [10] - The introduction of PCIe/CXL Retimer aims to solve interconnect issues at the Scale Up level, addressing challenges related to signal integrity as the industry transitions from PCIe Gen 5 to Gen 6 [11] Group 3: Optical Solutions - Credo's optical product line is built on advanced SerDes technology, which is crucial for high-speed interconnects, with a focus on developing a diverse range of DSP products [15][16] - The newly launched Bluebird 1.6T DSP product, based on a 3nm process, offers significant power efficiency and supports high-density 800G or high-capacity 1.6T optical transceivers [17][19] Group 4: Market Trends and Future Outlook - The demand for optical transceivers in AI networks is expected to be significantly higher than in traditional computing networks, driving growth in Credo's optical solutions [16] - Credo is also exploring opportunities in Co-packaged optics (CPO) technology, which could disrupt the market, while maintaining its focus on its current product lines and next-generation developments [20]

Core Insights - The article compares two semiconductor companies, Credo Technology Group Holding Ltd. (CRDO) and Marvell Technology, Inc. (MRVL), both of which are integral to the infrastructure supporting AI-driven data centers [1][2]. Group 1: Company Overview - CRDO specializes in high-speed connectivity solutions, particularly in its AEC product line, which has seen significant growth due to its reliability and lower power consumption compared to optical solutions [4][5]. - Marvell has a diversified product portfolio, focusing on custom ASICs, data center switches, and 5G chips, with a strategic pivot towards the data center market [9][10]. Group 2: Financial Performance - CRDO reported a strong fiscal first quarter, with three hyperscalers contributing over 10% of revenues, and anticipates continued revenue growth from these clients [5][8]. - MRVL's data center revenues surged 69% year over year, with a significant contribution from custom silicon and electro-optics, making data center the largest segment for the company [9][11]. Group 3: Growth Drivers - CRDO's growth is driven by its AEC business, optical solutions, and PCIe retimer products, with expectations of substantial revenue growth in fiscal 2026 [6][7][8]. - MRVL's growth is supported by its custom XPU products and a robust design pipeline, with management targeting a significant increase in market share in the data center space [11][12]. Group 4: Market Position and Valuation - CRDO's stock has increased by 76% over the past three months, while MRVL's stock has declined by 1.7% during the same period [9][16]. - In terms of valuation, CRDO has a forward price/sales ratio of 26.94X, which is higher than MRVL's 7.17X, indicating differing market perceptions [18]. Group 5: Analyst Estimates - Analysts have significantly revised earnings estimates for CRDO upwards, while MRVL has seen only minor revisions [20][21]. - CRDO holds a Zacks Rank of 1 (Strong Buy), while MRVL has a Zacks Rank of 3 (Hold), suggesting a more favorable outlook for CRDO at this time [23].

Group 1 - The core viewpoint of the report is that Shanxi Securities has given a "buy" rating for Xinyi Technology (300502.SZ) based on its strong performance and growth prospects [1] - The company has significantly increased its production capacity in the first half of the year, maintaining excellent delivery capabilities, resulting in both revenue and profit growth [1] - New product outlook includes rapid volume increase of 1.6T products, gradual rise in silicon photonics proportion, and layouts in AEC and CPO [1] Group 2 - The North American ASIC custom chip market is expected to continue growing by 2026, with the company positioned as a core supplier benefiting from major clients [1] - Potential risks include changes in tariff policies or US-China trade tensions leading to lower-than-expected capital expenditures in North America, introduction of new suppliers by downstream major clients affecting shipment volumes, and rising upstream material costs impacting gross margins [1] - The company may face technological risks if it falls behind in the research and development of next-generation optical communications such as CPO and OIO [1]