Core Viewpoint - 澜起科技 has submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on its position as the largest memory interconnect chip supplier globally, with a projected market share of 36.8% in 2024 [1][3]. Company Overview - 澜起科技 is a leading fabless integrated circuit design company focused on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [3][4]. - The product portfolio includes memory interface chips and high-performance interconnect chips, addressing interconnect bottlenecks while enhancing data transmission speed, reliability, and energy efficiency [3][4]. Product Lines - The company offers a full range of DDR2 to DDR5 memory interface chips and supporting chips, including Serial Presence Detect (SPD), temperature sensors (TS), and power management integrated circuits (PMIC) [3][4]. - The DDR5 memory interface chips serve as critical interconnect components between CPUs and DRAM modules in servers, enabling stable high-speed data transmission [3][4]. - New interconnect chips such as MRCD/MDB, CKD (clock driver), PCIe Retimer, and CXL MXC (memory expansion controller) are designed to enhance data transmission reliability and efficiency in AI servers and personal computers [3][4]. Market Potential - The memory interconnect chip market is expected to grow significantly from $1.2 billion in 2024 to $5 billion by 2030, with a compound annual growth rate (CAGR) of 27.4% [6]. - The PCIe and CXL interconnect chip market is projected to increase from $2.3 billion in 2024 to $9.5 billion by 2030, with a CAGR of 26.7% [6]. Financial Performance - For the fiscal years 2022, 2023, and projected figures for 2024 and 2025, 澜起科技 reported revenues of approximately RMB 3.67 billion, RMB 2.29 billion, RMB 3.64 billion, and RMB 1.22 billion respectively [6][7]. - The net profit for the same periods was approximately RMB 1.30 billion, RMB 0.45 billion, RMB 1.34 billion, and RMB 0.50 billion respectively [6][7].

Core Insights - The domestic GPU chip industry is experiencing significant growth, driven by rising demand for AI computing in China, with several companies expected to see substantial revenue increases in 2024 [1][2][3] - Companies like Moore Threads and Muxi Integrated Circuit are projected to have explosive revenue growth, with Moore Threads expecting a 257.02% increase to 432 million yuan and Muxi anticipating a 1354.9% surge to 742 million yuan in 2024 [2][3] - The shift towards AI computing is leading to higher profit margins, with Moore Threads' gross margin expected to rise to 72.32% in 2024 from 27.84% in 2023 [2] - The domestic GPU ecosystem is evolving, with companies focusing on self-developed ASIC chips and integrated solutions to enhance efficiency and growth [1][12] Company Performance - Moore Threads' revenue is shifting towards AI computing, which is projected to account for 77.63% of its main business income in 2024, reflecting a strategic pivot from traditional graphics acceleration [2] - Muxi Integrated Circuit's revenue is heavily reliant on its training and inference series, with GPU board sales making up 68.99% of total revenue in 2024 [3] - Both companies are experiencing rapid growth in procurement, with Muxi's purchases from top suppliers increasing from 176 million yuan to 999 million yuan in 2024 [3] Market Trends - The Chinese AI server market is expected to see a decrease in reliance on foreign chips, with local suppliers projected to capture a 40% market share by 2025 [6] - The competitive landscape is challenging, as established players like NVIDIA maintain a stronghold due to their extensive software and ecosystem development [7] - Domestic companies are focusing on building a comprehensive ecosystem, with Muxi and Moore Threads emphasizing their full-stack capabilities in GPU technology and software [8][10] Future Outlook - Companies are optimistic about achieving profitability, with Muxi estimating a break-even point by 2026 and Moore Threads projecting profitability by 2027 [9] - The integration of companies like Haiguang Information and the potential acquisition of Zhongke Shuguang could create a complete ecosystem from chips to servers [11] - The rise of DeepSeek is prompting domestic GPU manufacturers to enhance their product offerings and adapt to new AI models, strengthening the local computing ecosystem [11]

Core Viewpoint - Quad/Graphics, Inc. will release its second quarter and year-to-date 2025 financial results on July 29, 2025, followed by a conference call on July 30, 2025, to discuss the results [1][2]. Company Overview - Quad is a marketing experience company that addresses complex marketing challenges for clients through its MX Solutions Suite, which integrates creative, production, and media solutions across various channels [4]. - The company employs approximately 11,000 people across 11 countries and serves around 2,100 clients, including leading blue-chip companies in sectors such as retail, consumer packaged goods, financial services, and health [5]. Conference Call Details - The conference call will be hosted by Joel Quadracci (Chairman, President, and CEO) and Tony Staniak (CFO) [2]. - Participants can pre-register for the webcast or dial in on the day of the call, with an audio replay available shortly after the call ends [3]. Additional Information - Quad is recognized as one of the largest agency companies in the U.S. and one of the largest commercial printers in North America [5]. - The company emphasizes its commitment to responsible operations, intentional innovation, and a values-driven culture [6].

"We're excited to welcome Sergio to the DIMERx team," said Nikhilesh Singh, MPharm, PhD, Chief Executive Officer. "His deep operational expertise, strategic insight, and capital markets experience come at a critical time in our evolution. With support from the NIH HEAL Initiative and strong momentum in our clinical programs, DIMERx is entering a new phase of growth. Sergio's track record guiding biopharma companies through development and fundraising will be instrumental as we advance our mission to deliver ...

Core Insights - NXP Semiconductors, one of the largest automotive chip suppliers globally, has demonstrated its commitment and achievements in the Chinese market during its 2025 Automotive Leadership Media Day event [2][3]. Group 1: Company Overview - NXP was originally part of Philips Semiconductor, established in 1953, and became an independent entity in 2006, going public in 2010 [1]. - The company is known for producing microcontroller (MCU) chips and various sensor chips, primarily used in automotive, industrial, and IoT applications [1]. Group 2: Financial Performance - In 2024, NXP's global revenue reached $12.614 billion, with the Chinese market contributing 36% of total sales, significantly higher than the Americas (14%), Europe, Middle East, and Africa (22%), and other Asian regions (28%) [3]. Group 3: Local Operations and Workforce - NXP has been operating in China since 1986, employing over 6,000 people across 14 cities, with 6 R&D centers and more than 1,600 engineers [5]. - The establishment of the China Division in January 2025 aims to integrate sales, R&D, operations, quality, and technical support to better meet the evolving needs of Chinese customers [5]. Group 4: Product Development - NXP has launched new products tailored for the Chinese market, including the S32K5 series automotive MCUs and the S32R47 radar processor, which supports L2+ to L4 level autonomous driving [5]. - The company introduced the BMx7318/7518 series IC products designed for high-voltage battery management systems in electric vehicles and industrial energy storage systems, developed in response to local customer needs [6]. Group 5: Supply Chain and Partnerships - NXP is enhancing its local supply chain by strengthening partnerships with local manufacturers, including a significant packaging and testing facility in Tianjin and collaborations with TSMC and SMIC [9]. - The company announced new collaborations with Chinese automakers such as Geely, Leap Motor, Changan Deep Blue, and Great Wall, focusing on joint innovation labs and projects in areas like ADAS and electric vehicle architecture [9][10].

上一交易日，PTA现货市场商谈氛围较昨日好转，聚酯工厂递盘增加，基差延续弱势，午后跌幅扩大。 主流供应商有报盘出货。本周及下周货主流在09+85~95有成交，个别略高，价格商谈区间在4780~4820 元/吨。主流现货基差在09+91。 7月8日，郑商所PTA期货仓单45812张，环比上个交易日增加9384张。 本周PTA工厂库存在3.95天，较上周-0.14天，较去年同期-0.29天；聚酯工厂PTA原料库存在7.1天，较上 周-0.35天，较去年同期-1.08天。 消息面 机构观点 东海期货： PTA基差继续走弱，但昨天开始成交开始有部分回升。流通性问题近期已经明显缓解，港口库存回升， 仓单注销，和工厂备货增加后，现货对盘面的抬升作用已经有限，盘面已经在测试4600-4700支撑，短 期维持稳定，后期等待原料成本支撑变动。 聚酯产业链在上游维持平稳，下游负荷继续下降的预期下，利润将进一步向下游转移，其中PXN中性偏 高，由于MX基本面偏宽松，对PX估值形成拖累。油价偏强震荡，下游减产，逢高做空PX/PTA与Brent 的比价驱动仍在，但空间相对有限，跟随原油轻仓多PX或PTA。8月下旬随着金九银十的旺季开启 ...

投资咨询业务资格：证监许可【2012】31号 【聚酯周报】 芳烃需求转弱，聚酯减产在即 国贸期货 能源化工研究中心 2025-07-07 国贸期货研究院 能源化工研究中心：陈胜 从业资格证号：F3066728 投资咨询证号：Z0017251 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议；期市有风险，投资需谨慎 01 PART ONE 主要观点及策略概述 聚酯：瓶片短纤减产，PTA &乙二醇弱势运行 本报告非期货交易咨询业务项下服务，其中的观点和信息仅供参考，不构成任何投资建议，期市有风险，投资需谨慎 ◼ 美国总统特朗普:计划对不同国家征收从60%到70%、以及从10%到 20%不等的关税。各国将于8月1日开始支付这些关税。 ◼ 7月4日，特朗普"大而美法案"结束了对太阳能和风能的长期支持， 同时为石油、天然气和煤炭生产创造了友好的环境。该法案目前已获 参众两院通过，待特朗普签署成为法律。特朗普已经明确了他在能源 生产方面的优先事项。石油、天然气和煤炭成为赢家。该法向油气钻 探开放了联邦土地和水域，规定在15年内在墨西哥湾进行30次租赁 销售，每年在9个州的土地上进行30多次租 ...

以下文章来源于答案如下 ，作者答案如下 答案如下 . 复杂的世界，总有一个答案。 室外温度36度，刚出门两分钟你就已经浑身是汗，更难受的是湿透的纯棉短袖紧紧贴在身上，又闷又黏，腋下、后背明显的汗渍更是让你尴尬万分。 打开购物软件，你准备购入一件夏季战衣，发现首页有很多速干衣推荐，商家们把自己的产品描述得天花乱坠。 这些速干衣真的有如此奇效吗？ 无论是优衣库39块钱的纯棉T恤、Muji标价248元的汉麻衬衫还有网购热门的美利奴羊毛短袖，这些衣服的材质都是天然纤维，它们的吸湿性很好 [1] 。 但缺点在于，吸湿后天然纤维会迅速膨胀，挤走了原来存在于织物间隙中的空气，也进一步影响了汗液的散失，无法迅速扩散蒸发的汗液留存在衣服上，就 会给你带来又黏又湿的感觉 [2] 。 一般而言，衣物吸收的汗液会沿纱线间或单纤维间的毛细管向四周扩散。液体会在细管状物体内侧由于自身内聚力与管壁间附着力的差异克服地心引力而上 升 [3] ，就像纸巾一角碰到水，水就会自己往上爬一样。 纯棉短袖， 你真是让我汗流浃背了。 文 ｜ 小羊 章鱼 编辑 ｜ 懒羊羊 来源｜ 答案如下 （ID：theanswer63） 封面来源 ｜ unsplas ...

Group 1: Core Concept - The article discusses the emergence of Pseudo Static Random Access Memory (PSRAM) as a new choice in embedded memory, addressing the limitations of traditional storage technologies like SRAM and DRAM [1][2]. Group 2: PSRAM Overview - PSRAM is designed for embedded systems, consumer electronics, IoT, wearable devices, and edge AI products, simulating SRAM characteristics while utilizing DRAM's structure [2]. - PSRAM combines the advantages of SRAM's simple interface and DRAM's storage density, featuring a storage structure of one transistor and one capacitor [3]. Group 3: Technical Comparison - PSRAM's internal structure allows for a storage density that can reach 4-8 times that of SRAM, while maintaining a compatible interface with SRAM [3]. - Compared to DRAM and SRAM, PSRAM offers a balanced cost, speed, and integration level, making it a competitive option in the embedded memory market [3]. Group 4: Market Positioning - PSRAM is positioned as a complementary technology to SRAM, DRAM, and NAND Flash, with various types like OPI PSRAM, QPI PSRAM, and SPI PSRAM catering to different application needs [5][6]. - OPI PSRAM, for instance, achieves a theoretical bandwidth of 2.128Gbps at 133MHz, making it suitable for IoT and wearable devices [5]. Group 5: Application Scenarios - PSRAM is rapidly replacing DDR in mobile communications, real-time control systems, and edge computing, with applications in smartphones and industrial robotics [7]. - Despite not matching the absolute bandwidth of high-end DDR4/DDR5, PSRAM's efficiency in pin usage is redefining embedded storage design paradigms [7]. Group 6: Limitations - PSRAM is volatile and loses data upon power loss, necessitating a combination with non-volatile storage like NAND Flash for data persistence [8]. - The current capacity of PSRAM products ranges from 32-512Mb, which is significantly lower than that of LPDDR5 DRAM products, limiting its use in high-capacity applications [8]. Group 7: Domestic Breakthroughs - China's semiconductor industry is seizing opportunities for PSRAM localization, with companies like Unisoc making significant advancements in this field [9]. - Unisoc's PSRAM products support speeds up to 400MHz and bandwidths of 17.06Gb/s, catering to IoT and wearable applications [9][10]. Group 8: Future Outlook - The demand for MCU storage capacity is expected to grow with the proliferation of IoT and AI applications, positioning PSRAM as a key solution [11]. - The integration of PSRAM into MCUs is seen as a significant trend, enhancing performance, cost-effectiveness, and system design simplicity [11].

同 时 ， 为 了 保 持 摩 尔 定 律 的 进 展 ， 创 新 的 重 点 已 从 尺 寸 缩 放 转 向 功 能 性 缩 放 。 在 从 FinFET 到 Nanosheet，乃至未来CFET等晶体管架构的艰难跋涉中，业界深刻意识到： 仅依赖硅基材料的三 维堆叠技术，已难以支撑可持续的微缩与能效提升。寻求根本性的材料革新，成为突破瓶颈、开辟 新增长曲线的关键所在。 在这一背景下，从传统硅基三维材料向二维半导体材料的战略过渡，迅速跃升为全球半导体研发与 产业布局的核心焦点，吸引了全球科研人员与产业界的目光。 二维半导体，来势汹汹 IMEC 预测至 2039 年的路线图 如果您希望可以时常见面，欢迎标星收藏哦~ 近日，在 《芯片，最新路线图》 一文中，笔者分享了IMEC对未来14年半导体路线图的预测。 能看到，随着先进制程节点的演进和晶体管架构的革新，二维半导体材料或将成为未来业界关注的 焦点。 实际上，当前摩尔定律日益放缓，随着制程节点向物理极限不断逼近，硅基三维晶体管的制造结构 日趋复杂，所需投入的成本呈现指数级攀升，而技术演进带来的边际效益却显著递减。 众所周知，随着半导体制程向亚-纳米级逼近，硅基器 ...