1、报告期内半导体行业景气度持续攀升，电动车、新能源、AI及高性能计算驱动半导体产业链加速技 术迭代与市场扩容，半导体测试设备市场需求增长，公司积极把握行业趋势，加大产品研发和市场拓展 力度，强化销售团队的技术化和精细化管理，深化客户的长期合作关系，报告期内经营业绩稳健增长。 2、报告期内公司非经常性损益约为950万元，主要系现金管理收益。 格隆汇1月23日丨联动科技(301369.SZ)公布，预计2025年归属于上市公司股东的净利润3,100万元–3,800 万元，比上年同期增长52.68%–87.16%，扣除非经常性损益后的净利润2,150万元–2,850万元，比上年同 期增长46.99%–94.85%。 ...

FormFactor in Baldwin Park. (Google Maps) Semiconductor testing equipment company FormFactor is laying off more than 200 workers and closing manufacturing facilities as it seeks to cut costs after being hit by higher import taxes. The Livermore, Calif.,-based company plans to shutter its Baldwin Park facility and cut 113 jobs there on Jan. 30, according to a layoff notice sent to the California Employment Development Department this week. Its facility in Carlsbad is scheduled to close in mid-December lat ...

Market Overview - The S&P 600 Small Cap Index has increased by 2.0% year-to-date, with a notable return of 5.8% since July, indicating a positive trend for small-cap stocks [1] - Global economic indicators are currently favorable for small-cap stocks, contributing to their upward trajectory [1] Currency and International Dynamics - The weakening U.S. dollar and rising global yields are driving gains in international equities, leading investors to favor international small caps due to a wide valuation gap [2] - Small caps are seen as offering significant upside potential in both valuation and diversification [2] Federal Reserve Influence - The Federal Reserve's plan to cut interest rates is viewed positively for small-cap stocks, as historically, falling interest rates have benefited these stocks more than large-cap stocks [4] - From 1966 to 2023, the S&P 500 returned 16.4% during periods of rate cuts compared to only 6.2% during rate hikes, highlighting the favorable conditions for small-cap stocks in a declining rate environment [4] Small-Cap Stock Recommendations - **Aehr Test Systems**: Year-to-date performance of 55.7%, positioned well in the semiconductor sector with strong momentum in AI and semiconductor testing [6] - **Travelzoo**: Year-to-date performance of -49.7%, seen as undervalued with healthy cash flow and potential for recovery as consumer travel increases [8][9] - **Jazz Pharmaceuticals**: Year-to-date performance of -9.8%, recently received FDA approval for a new cancer treatment and has a promising pipeline with strong analyst support [10][11][12] Investment Strategy - First-time investors in small-cap stocks should exercise caution, using limit orders and diversifying their portfolios to mitigate risks [13] - A long-term investment horizon of at least three years is recommended, as small caps can experience significant annual drawdowns [13] - Maintaining discipline in investment strategies, such as rebalancing and avoiding chasing momentum, is crucial for success in small-cap investing [14]