The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Post Hearing Information Pack. Post Hearing Information Pack of GigaDevice Semiconductor Inc. 兆易創新科技集團股份有限公司 (the "Company") (A joint stock com ...

China Analog: Cycle and competition update, "stabilization" is the theme Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Stacy A. Rasgon, Ph.D. +1 213 559 5917 stacy.rasgon@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com 1 December 2025 Global Semiconductors Francis Ma +852 2123 2626 francis.ma@bernsteinsg.com Alrick Shaw +1 917 344 8454 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 917 344 8461 arpad.vonnemes@bernsteinsg.com In our previous reports (links), we analyzed C ...

WSTS分析称，2025年全球半导体营收的增长主要受益于人工智能应用及数据中心基础设施的强劲需 求，推动了对于逻辑芯片和存储芯片需求的增长。 随着下半年市场的持续火热，对比WSTS今年年中的预测数据，最新的营收预测数据已被再度调高。今 年6月，WSTS预计2025年全球半导体市场规模将达到7009亿美元，同比增长11.2%；并预测市场到2026 年将增长8.5%，达到7607亿美元。 从三季度情况来看，美国半导体行业协会(SIA)在11月公布的数据显示，2025年第三季度全球半导体销 售额达2084亿美元，较第二季度环比增长15.8%。 "今年第三季度全球芯片销售额持续增长，增速显著超过第二季度，"SIA总裁兼首席执行官John Neuffer 此前表示，"市场增长主要得益于包括存储器和逻辑芯片在内的各类半导体产品需求的增加。而亚太地 区和美洲地区的销售额则推动了同比增速。" 12月2日，世界半导体贸易统计组织(WSTS)发布全球半导体市场最新预测，该机构预期2025年全球半导 体营收有望同比增长22.5%至7720亿美元，2026年将再增长26.3%，达9750亿美元，逼近1万亿美元关 卡，成长幅度预计在2 ...

Analog chipmaker SiTime Corp., which specializes in chips that keep circuits in sync inside data centers, is in talks to acquire Renesas Electronics Corp.’s timing unit, according to people familiar with the matter. Most Read from Bloomberg Santa Clara, California-based SiTime is discussing the terms of a potential deal for the Renesas division, which manufactures the clocks that synchronize the signals in wireless infrastructure, networking and data centers, the people said. If a deal is struck, it cou ...

Core Viewpoint - Texas Instruments Incorporated (TXN) is a significant player in the semiconductor industry, with a market cap of $146.5 billion, focusing on analog and embedded semiconductor solutions across various sectors [1][2]. Company Overview - TXN is classified as a large-cap stock, with its market cap exceeding $10 billion, highlighting its size and influence in the semiconductor market [2]. - The company excels in analog chips, has long product life cycles that ensure stable revenue, and possesses strong in-house manufacturing capabilities [2]. Stock Performance - TXN's stock has decreased by 27% from its 52-week high of $221.69, reached on July 11, and has fallen 21.5% over the past three months, underperforming the Nasdaq Composite's 7.4% return during the same period [3]. - Year-to-date, TXN shares are down 13.7%, while the Nasdaq has gained 19.2%. Over the past 52 weeks, TXN has declined by 20.3%, compared to a 20.8% increase in the Nasdaq [4]. - The stock has been trading below its 200-day moving average since early September and below its 50-day moving average since late August, confirming a bearish trend [4]. Financial Performance - In Q3, TXN reported a revenue increase of 14.2% year-over-year to $4.7 billion, surpassing consensus estimates by 1.9%. The EPS of $1.48 also exceeded analyst expectations [5]. - Despite the positive revenue and EPS results, TXN shares fell 5.6% in the following trading session due to a disappointing Q4 outlook, raising concerns about the recovery timeline in the analog chip market amid semiconductor-related tariff uncertainties [5]. Competitive Position - TXN has underperformed compared to its rival, Analog Devices, Inc. (ADI), which gained 12.7% over the past 52 weeks and 18.6% year-to-date [6].

Core Insights - Microchip Technology's shares fell 9.8% after the company issued a weak financial forecast for the upcoming fourth quarter, overshadowing better-than-expected third-quarter results [1][2] - The projected fourth-quarter revenue is approximately $1.13 billion, below Wall Street's consensus estimate of $1.18 billion, indicating weakening demand in the automotive and industrial sectors [2] Financial Performance - Third-quarter results showed adjusted earnings per share of $0.35, beating estimates by two cents, with revenue of $1.14 billion [2] - The stock has declined 4.1% since the beginning of the year and is trading 27.5% below its 52-week high of $75.26 [6] Market Reaction - At least six brokerages, including Truist and Stifel, cut their price targets on Microchip Technology's stock following the weak forecast [2] - The stock has experienced significant volatility, with 23 moves greater than 5% over the last year, indicating that the market views the recent news as meaningful but not fundamentally altering its perception of the business [4] Broader Market Context - The recent decline in Microchip's stock is part of a broader trend where investors are reassessing valuations, leading to sell-offs in the tech sector, including a 1.6% drop in the Nasdaq [5] - Concerns about extreme valuations and potential market corrections have been highlighted by leadership at Goldman Sachs and Morgan Stanley, suggesting a cooling-off period is necessary for a healthy long-term bull market [5]

Core Insights - Microchip Technology Incorporated (NASDAQ:MCHP) is recognized among the 15 Dividend Growth Stocks with the highest growth rates [1] - The company has a strong cash flow and consistent dividends, making it attractive to investors [2] Financial Performance - In fiscal 2026, Microchip reported a revenue increase of 10.8% sequentially, reaching approximately $1.08 billion, exceeding its revised guidance [3] - The company achieved a significant reduction in inventory, decreasing total inventory by $124.4 million during the June quarter [3] - Operating cash flow was reported at $275.6 million, with free cash flow at $257.7 million [4] Shareholder Returns - Microchip aims to return all adjusted free cash flow to shareholders, emphasizing long-term value creation [5] - The company has maintained a dividend program since December 6, 2002, with dividends paid for 92 consecutive quarters and 83 increases during this period [5] - The current quarterly dividend is $0.455 per share, yielding 2.94% as of October 30 [5] Market Exposure - The largest market exposure for Microchip is in industrial machinery, accounting for about 43% of revenue, followed by the automotive sector at 18%, totaling approximately 61% [2]

Core Insights - The analog chip company's latest results indicate a more subdued path to recovery, suggesting challenges ahead for growth and profitability [1] Financial Performance - The company's recent financial results reflect a slower-than-expected recovery trajectory, impacting investor sentiment [1] Market Outlook - The outlook for the analog chip industry appears cautious, with potential headwinds affecting demand and pricing strategies [1]

Corporate Earnings - Tesla (TSLA) is the first of the Magnificent Seven companies to report earnings, with significant attention from investors [1][4] - S&P 500 companies are expected to see an average quarterly earnings increase of +7.2% for Q3 compared to the previous year, marking the smallest rise in two years [1] Market Performance - Wall Street's major indexes ended mixed, with General Motors (GM) gaining over +14% after better-than-expected Q3 results and raised full-year adjusted EPS guidance [3] - Warner Bros. Discovery (WBD) climbed more than +10% after announcing a review of strategic alternatives [3] - Halliburton (HAL) surged over +11% following stronger-than-expected Q3 results [3] - Netflix (NFLX) slumped over -6% in pre-market trading due to weaker-than-expected Q3 EPS [5][15] - Texas Instruments (TXN) plunged more than -8% in pre-market trading after posting weaker-than-expected Q3 EPS and underwhelming Q4 guidance [5][15] Economic Indicators - Investors are awaiting the EIA's weekly crude oil inventories report, with expectations of 2.2 million barrels compared to last week's 3.5 million barrels [6] - U.S. rate futures indicate a 96.7% chance of a 25 basis point rate cut at the next FOMC meeting [7] International Market Trends - The Euro Stoxx 50 Index is down -0.44% as investors react to mixed corporate earnings reports and uncertainty in U.S. negotiations with other nations [10] - Japan's Nikkei 225 Stock Index closed just below the flatline, with automobile stocks outperforming due to a weaker yen and hopes for lower gasoline taxes [13] - Japan's September exports rose +4.2% year-on-year, although this was weaker than expectations [14]

By Akriti Shah and Jaspreet Singh (Reuters) -Shares of Texas Instruments fell 6% on Wednesday, after the chipmaker's downbeat fourth-quarter profit and revenue outlook deepened worries over a drawn-out recovery in the analog chip market as tariff uncertainty plagues the wider industry. The overall rebound has been dampened by an uncertain economy and customer caution, especially due to a "wait-and-see" approach on new factory and capital expenditure investments in the industrial sector. Unresolved regul ...