Core Viewpoint - Jinglin Asset has made significant adjustments to its stock holdings in the fourth quarter of 2025, increasing its positions in key technology stocks while reducing exposure to others, reflecting a strategic focus on sectors like AI and new energy [1][6][9]. Group 1: Stock Holdings and Changes - As of the end of 2025, Jinglin Asset held stocks in 28 companies in the US market, with a total market value exceeding $4 billion [1]. - The top ten holdings include Google A, Meta, Pinduoduo, NetEase, Manbang Group, Futu Holdings, NVIDIA, Alibaba, Intel, and Atour, with Chinese stocks still dominating the portfolio [1][10]. - The largest holding shifted from Meta to Google A, with Google A valued at approximately $841.97 million, reflecting an increase of 926,084 shares from the previous quarter [2][3][10]. Group 2: Investment Strategy and Focus Areas - Jinglin Asset is focusing on sectors such as AI, new energy, smart driving, and humanoid robots, believing these areas will continue to see rapid growth and investment from both China and the US [1][9]. - The firm emphasizes a balanced global investment strategy, selecting companies with strong valuations and cash flows to mitigate risks while capitalizing on growth opportunities [9]. - The CEO highlighted the importance of major AI application platforms like Google, Apple, ByteDance, Tencent, and OpenAI, predicting that 2026 could be a pivotal year for AI agents [9]. Group 3: Recent Trading Activity - In Q4 2025, Jinglin Asset increased its holdings in Intel by 694,363 shares and in Futu Holdings by 139,473 shares, while also initiating a position in Broadcom [6]. - The firm significantly reduced its holdings in NVIDIA by 1.54 million shares and in Meta by 229,056 shares, alongside partial reductions in other stocks like TSMC and UnitedHealth [6].

有媒体援引知情人士透露的消息报道称，美国总统特朗普领导下的美国联邦政府计划对亚马逊 (AMZN.US)、谷歌(GOOGL.US)以及微软(MSFT.US)等美国科技巨头们豁免于即将重磅出台的下一轮对 外芯片关税政策，主要因为这些大型科技公司正在大规模建设AI数据中心，而这一如火如荼的AI投资 进程与建设进程对于美国经济而言可谓至关重要。 知情人士强调，这些攸关芯片关税政策的特殊豁免政策将由美国商务部经过贸易调查之后进行豁免性质 的提供，并且与有着"芯片代工之王"称号的台积电(TSM.US)超过千亿美元在美国本土制造高性能AI芯 片以及其他3nm及以下制程最先进芯片制造与封装的大额投资承诺密切相关联。 不过知情人士强调，这项大规模关税豁免计划目前仍在调整中，尚未得到总统特朗普签字批准。 此前台积电在1月份的业绩电话会议中强调，这家全球最大规模的芯片代工制造商正在积极投资高达 1650亿美元，预计将在美国亚利桑那州建设多个大型芯片制造工厂，目前其中一座工厂已实现5nm芯片 美国本土产能。 AI数据中心建设进程对于美国经济有多重要? 毋庸置疑的是，AI数据中心建设已经从技术投资快速演进为宏观经济的重要驱动力。摩根大 ...

Taiwan Semiconductor Manufacturing Company's logo is seen in the background beside a printed circuit board.Taiwan has told Washington that its proposal to move 40% of the island's semiconductor supply chain to the U.S. was "impossible," Taipei's top tariff trade negotiator said in an interview. Speaking on a local television broadcast Sunday, Vice Premier Cheng Li-chiun said she had made it clear to Washington that the country's semiconductor ecosystem, built over decades, could not simply be relocated. Tai ...

Summary of Key Points Core Viewpoint - Baillie Gifford's total holdings value decreased to $120.34 billion in Q4 2025, down approximately 10.8% from $135 billion in Q3 2025, primarily due to a net selling strategy and some growth stocks experiencing high-level corrections [1][2]. Group 1: Portfolio Adjustments - Nvidia remains the largest holding despite a 5.76% reduction in shares, accounting for 6.80% of the portfolio [3]. - Mercado Libre saw a 4.95% increase in holdings, raising its share to 5.83%, solidifying its position as a cornerstone of the portfolio [3]. - The top five holdings also include Amazon, Shopify, and Sea Ltd, with the top ten holdings comprising 43.4% of the total portfolio [4]. Group 2: Notable Transactions - Significant reductions were made in Amazon, Shopify, Meta, and Cloudflare, while Google saw a notable increase in holdings by 166%, reflecting a strategic shift towards AI capabilities [5][6]. - Baillie Gifford's investment in Google is valued at approximately $1.7 billion post-increase [6]. Group 3: Investment Philosophy and Trends - The investment team emphasizes the importance of adapting to the AI wave, suggesting that companies must pivot quickly to meet new market demands [9][10][12]. - The transition to AI is viewed as a new paradigm shift, with potential for significant growth opportunities as new companies emerge [14][15]. - The focus is on both "AI core" companies and those using AI as a tool to enhance existing services [21][24]. Group 4: Insights on China and Platform Companies - The sentiment in China has shifted, with a recognition of the country's potential to foster visionary entrepreneurs, particularly in the battery sector where CATL holds a significant market share [25][26]. - Platform companies are highlighted for their ability to create value through network effects and adaptability, requiring a long-term investment perspective [28]. Group 5: Non-Public Company Investments - Baillie Gifford has committed over £6 billion to non-public companies since 2012, recognizing the increasing duration of private company ownership before IPOs [31][32]. - The firm holds significant stakes in companies like SpaceX and ByteDance, which have shown substantial revenue growth compared to public market indices [33]. Group 6: Portfolio Construction Approach - The investment strategy is bottom-up, focusing on global transformations rather than specific trends or technologies [34]. - The portfolio includes a diverse range of companies across various sectors, with ongoing adjustments to capitalize on emerging growth opportunities [38].

Core Insights - Silicon photonics technology is transforming data centers, with significant changes expected in the future [1] - The market for optical devices is projected to grow significantly, driven by advancements in artificial intelligence networks [3][25] - The transition from copper cables to fiber optics is underway, with major companies like Corning and Meta making substantial investments [7][12] Market Growth - The optical device market has grown from several billion dollars in 2003 to approximately $13 billion in 2023, with expectations to reach $25 billion by 2030 [3] - CignalAI forecasts the market will reach $31 billion by 2029, indicating robust growth in the sector [3] - Coherent's investor report predicts the pluggable optical device market will grow from $6 billion in 2023 to $25 billion by 2030 [12] Technology Advancements - Silicon photonics integrates previously disparate photonic devices into improved CMOS processes, enhancing data transmission capabilities [6] - The use of single-mode fiber (SMF) is prevalent in optical communications, with various wavelength bands utilized for low signal loss [9][11] - Coherent and Lumentum are key players in the optical circuit switch (OCS) technology market, with potential market sizes being revised upwards due to increasing customer interest [15] Industry Dynamics - Companies like Nvidia and Broadcom are set to launch Ethernet switches using co-packaged optical devices (CPO) to reduce power consumption [16] - The shift towards CPO is driven by its energy efficiency, which is one-third of that of pluggable devices, making it significant for large-scale applications [18][25] - TSMC is positioned to become a leading silicon photonics foundry, with projected revenues from silicon photonics expected to exceed $1 billion by the end of the decade [21][26] Competitive Landscape - GlobalFoundries has claimed the top position in silicon photonics foundry services, with a focus on long-haul coherent applications [21] - Tower Semiconductor is also a significant player, offering an open platform for silicon photonics that caters to a growing market [23][24] - The silicon photonics industry is expected to see rapid growth, with projections indicating an eightfold increase in foundry revenues from 2026 to 2032 [25]

论国产代工的三层逻辑 受下游汽车工控等市场拉库、原材料价格上涨及台积电逐步退出成熟代工，当前晶圆代工行业迎来全面涨价，今 日世界先进宣布将自4月起开启第二波涨价，调幅达10-15%。 此外华虹、中芯国际此前亦传出涨价。 #对一个当前利润率仅个位数的行业，涨价10%意味着净利润翻倍。 先进逻辑由点及面，上海、广东、北京、杭州全线铺开， forchina"，台积电、intel和三星16nm及以下节点总产能超 120万片，当前中国先进制程产能不到5万片，十五五的先进制程规划有望扭转这一局势，非最先进制程的节点都 或将成为中国的主战场。 受下游汽车工控等市场拉库、原材料价格上涨及台积电逐步退出成熟代工，当前晶圆代工行业迎来全面涨价，今 日世界先进宣布将自4月起开启第二波涨价，调幅达10-15%。 此外华虹、中芯国际此前亦传出涨价。 #对一个当前利润率仅个位数的行业，涨价10%意味着净利润翻倍。 先进逻辑由点及面，上海、广东、北京、杭州全线铺开， 论国产代工的三层逻辑 DRAM和3DNAND的趋势都是将逻辑晶圆外包（CBA工艺），两存远期规划的产能超过120万片，#而当前全球 20/28nm逻辑产能仅80万片左右，逻辑 ...

台积电美国工厂 台积电投资规模决定豁免 这项拟议中的退税计划规模将与近期达成的美台贸易协议挂钩。白宫已同意将对台进口商品关税削减至 15%，以换取中国台湾地区对美国芯片产业2500亿美元的投资承诺。根据协议，包括台积电在内的在美 投资台企，将按其在美计划产能的比例获得即将实施的关税豁免。 根据美国商务部公布的贸易协议概要，白宫将允许在美建设半导体工厂的台湾地区企业，在建设期间免 税进口相当于新厂规划产能2.5倍的芯片。对于已在美建厂的台湾地区企业，则允许其免税进口相当于 产能1.5倍的芯片。 台积电可根据该贸易协议获得的豁免额度分配给其美国科技巨头客户，使这些企业能够从台积电免税进 口芯片。美国超大规模云服务商可获得的退税规模与范围，将取决于台积电对其未来数年在美产能的预 估。一位知情人士透露，具体实施细则仍存在诸多不明之处。 凤凰网科技讯北京时间2月10日，据《金融时报》报道，特朗普政府计划在即将实施的芯片关税中，对 包括亚马逊、谷歌和微软在内的公司予以豁免，因为这些公司正竞相建设为AI热潮提供动力的数据中 心。 知情人士透露，美国商务部计划为超大规模云服务商提供关税豁免，此举将与台积电的投资承诺挂钩。 这 ...

Core Viewpoint - Silicon photonics technology is transforming data centers, with significant changes expected in the future, particularly in the transition from copper cables to fiber optics for both scale-out and scale-up networking [2][4]. Group 1: Market Growth and Projections - The fiber optic device market has grown from several billion dollars in 2003 to approximately $13 billion in 2023, with projections to reach $25 billion by 2030, driven primarily by the development of AI networks [4]. - Coherent's investor report predicts that the market for pluggable optical devices will grow from $6 billion in 2023 to $25 billion by 2030, with data rates primarily at 1.6T and 3.2T [16]. - The silicon photonics wafer foundry revenue is expected to grow eightfold from 2026 to 2032, with horizontal scaling currently being the main driver [35]. Group 2: Technological Advancements - Silicon photonics integrates disparate photonic devices into improved CMOS processes, enabling higher bandwidth and lower power consumption compared to traditional copper cables [10][16]. - The transition from copper to fiber optics is facilitated by pluggable optical transceivers, which connect to electrical interfaces on switches or servers, allowing for high-speed data transmission [16]. - Co-packaged optics (CPO) are emerging as a more efficient alternative to pluggable optical devices, offering higher density and lower power consumption [21]. Group 3: Key Players and Innovations - Major players in the silicon photonics foundry market include GlobalFoundries, Tower Semiconductor, and TSMC, with TSMC expected to become the leading foundry due to its extensive capabilities in AI accelerator production [28][37]. - Companies like Nvidia and Broadcom are set to launch Ethernet switches using co-packaged optical devices by 2025, indicating a shift in market dynamics [21]. - Startups such as iPronics, nEye, and Salience are developing compact silicon photonics technologies for optical circuit switching systems, which may offer more economical and reliable solutions [20]. Group 4: Challenges and Future Directions - Signal loss remains a significant challenge in silicon photonics, necessitating precise control over signal integrity during design [45]. - The integration of silicon photonics with CMOS technology is still in its early stages, but advancements are expected to bring more structure and foundational knowledge to the field [39]. - The industry is likely to see a transformation in manufacturing structures, with TSMC poised to leverage its experience in AI accelerator manufacturing to become a dominant player in silicon photonics [53].

Core Viewpoint - The data center industry is a key growth driver for the power equipment sector, with capital expenditure trends directly influencing demand for power distribution equipment [2] Demand Side - Capital expenditure from major cloud providers is expected to continue growing, with overseas capital expenditure projected to reach $113.86 billion by Q4 2025, representing a year-on-year increase of 59.42% and a quarter-on-quarter increase of 14.30% [3] - In China, Alibaba's capital expenditure for Q3 2025 is expected to be 31.5 billion yuan, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55%. Tencent's capital expenditure is projected at 13 billion yuan, showing a year-on-year decrease of 24.05% and a quarter-on-quarter decrease of 32.05% [3] Supply Chain - Nvidia reported total revenue of $57.01 billion for Q3 2025, with data center product revenue reaching $51.22 billion, marking a historical peak with a quarter-on-quarter growth of 24.62% and a year-on-year growth of 66.44% [4] - TSMC's revenue for December 2025 was 335 billion new Taiwan dollars, a year-on-year increase of 20.4% and a quarter-on-quarter decline of 2.5%, with full-year revenue expected to reach 3.8 trillion new Taiwan dollars, a year-on-year increase of 31.6% [4] Application Side - The number of AI models is steadily increasing, with application deployment becoming more frequent. The token call volume from January 27 to February 2, 2026, reached 9.81 trillion, reflecting a quarter-on-quarter growth of 26.91% [4] - The price of tokens for models scoring over 40 on the Artificial Analysis index has decreased by over 50% following the release of new models [4] Investment Recommendations - The construction of data centers is expected to drive demand for HVDC and SST technologies, with an anticipated global increase of approximately 14 GW in data center installations in 2024. Major cloud providers are expected to continue increasing capital expenditures, with TSMC's capital expenditure projected to reach $52-56 billion in 2026, a year-on-year increase of about 30% [5] - Recommended companies include Zhongheng Electric (002364.SZ), Oulu Tong (300870.SZ), Weiteng Electric (688226.SH), and Sunshine Power (300274.SZ). Companies to watch include Kehua Data (002335.SZ), Kelun Electronics (002121.SZ), Magmi Tech (002851.SZ), Jinpan Technology (688676.SH), and Sifang Co. (601126.SH) [5]

Group 1 - Tesla's Elon Musk announced that SpaceX is shifting focus to building a "self-sustaining city" on the Moon, with plans to initiate a Mars colonization project within the next 5-7 years [2] - Alphabet raised $20 billion through a bond issuance, exceeding the initial target of $15 billion, with over $100 billion in subscription orders [2] - TSMC plans to increase its investment in the Kumamoto plant in Japan to $17 billion for mass production of 3nm technology, marking a significant step in the semiconductor supply chain and geopolitical landscape [2] Group 2 - OpenAI's CEO Sam Altman reported strong growth, with ChatGPT's monthly growth rate surpassing 10%, and the launch of the new Codex model GPT-5.3-Codex [2][3] - Alibaba revealed its new model Qwen3.5, which features a novel mixed attention mechanism and is likely to be a vision-language model [3] Group 3 - Pop Mart aims to sell over 400 million products globally by 2025, with the THE MONSTERS product line expected to exceed 100 million units [5] - Zhongke Shuguang plans to raise up to 800 million RMB through convertible bonds for AI-related projects, including advanced computing systems and next-generation AI training machines [5] - 16 companies, including Meituan and JD, are receiving guidance from government departments to improve labor management and protect workers' rights [6] Group 4 - Nvidia's CEO Jensen Huang stated that AI infrastructure capital expenditures could exceed $600 billion by 2026 due to strong demand for computing power [8] - Apple's CEO Tim Cook emphasized that AI will be a core pillar for the future, acknowledging user feedback issues with Apple Intelligence [8] - Amazon's Q4 results showed increased capital expenditures impacting short-term profits, but AWS continues to grow strongly [9]