Base metals such as aluminium, copper, zinc and tinrose strongly, driven by tight supply conditions, particularly in copperand aluminium markets. Copper prices reached record highs in early2026, exceeding USD 14 000 per
Since 2020, however, a combination of reduced secondary supply andrecovering demand has led to a marked tightening of market conditions.Contracts are now market-indexed, often incorporating higher floorprices and, in som
The 2026 edition of the IEA’s annual Global Critical Minerals Outlookincludes a detailed assessment of the latest market, investment andtechnology trends, along with their implications for critical mineralsecurity.The re
The Semiconductor Distribution Business, which remains the Group’s principalbusiness segment, benefited from a more favourable industry environmentduring the year under review. The global semiconductor industry experienc
The global semiconductor industry experienced one of its strongestexpansion cycles in recent years during the year under review. Accordingto industry research, worldwide semiconductor sales recorded substantialgrowth, su
The global semiconductor industry delivered record performance duringcalendar year 2025. According to the World Semiconductor Trade Statistics(“WSTS”), worldwide semiconductor sales reached approximately USD795.6billion
We continue to see durable SRAMmarket demand in high-value applications including AI infrastructure, semiconductor testing, defensesystems, and an emerging radiation-hardened memory opportunity. Our higher-density produc
We are a provider of high-performance semiconductor memory solutions for in-place associative computingapplications in high growth markets such as artificial intelligence and high-performance computing, includingnatural
If there is a significant upturn in the demand for the manufacturing and assembly of semiconductor productsas occurred in fiscal 2022, the available supply of wafers and packaging services may be limited. As a result, we
Risks, uncertainties and assumptions that could affect ourbusiness and results of operations include factors relatingto HP’s ability to execute on its strategic plans, including thepreviously announced initiatives, busin
Theseevolving requirements demand greater visibility andcontrol across the entire supply chain to ensurepackaging data is both available and accurate.
These data may differ from data reported by product transportation suppliersthat HP contracts to deliver our products, as presented in Product transportation and Supply chain environmental impact.‡HP’s global travel agen
As ahighly open economy, Malaysia remains vulnerable to external shocks, including prolonged supply disruptions,commodity prices staying high for longer and a sharper slowdown in global demand due to the evolvingconflict
Against this backdrop, Malaysia’s trade flows have been marked by volatility (Figure 1.1, Panel C), reflectingshifting global demand conditions and anticipatory behaviour ahead of trade policy changes. Afterfrontloading
On the supply side, the pace of expansion in manufacturing held up,sustained by the tech sector, but weakened in other sectors, including agriculture and construction. Domesticdemand softened, with an outsized negative c
Component cost inflation could compress hardware margins across public-safetyOEMs.Memory and other input pricing is driven by broader semiconductor supply cyclesrather than end-market demand, exposing device-heavy vendor
expected.Print and IT hardware demand is sensitive to broader economic conditions andcomponent pricing; a resolution of trade-policy uncertainty and a rollover in memory priceswould remove two overhangs at once. Vendors
networking OEMs.Key input pricing is driven by broader semiconductor supply cycles
SUSSMicroTec is structurally well-positioned in advanced semiconductorpackaging, a key long-term growth segment of the AI hardware supply chain. Thecompany holds a market-leading position in temporary bonding—a critical
Bulls tendto see Siltronic as a classic "catch-up" trade where 300mm spot pricing suggeststhat LTA-agreed pricing can be raised in future (eg in 2028), and in the context ofSiltronic's competitors sounding more optimisti
There are so many potential AI bear cases that can be seized on at any one time,whichgives bears ample material.On the demand side,these includesmonetization/ROI including from sluggish enterprise adoption, open-source m
Semiconductor availability could also be a constraint, as could other potential supply chain issues. There are alsorisks associated with potential launch incidents or regulatory restrictions. Should compute demand be mor
At a fab sizeof ~50,000 wafer starts per month this would translate to ~5 dedicated semiconductor fabs solely serving SpaceX, probablycosting somewhere north of ~$160B to put in place over the next several years (Exhibit
Management believes that ownership of the entire stack - from semiconductor productionand compute clusters to AI applications and orbital deployment - will enable lower costs, greater scalability, and a sustainablecompet
•continued growth and market share gains;•variability in sales in certain product and service categories from year to year and between quarters;•expected impact of sales from certain products and services;•increasing or
In response to ongoing supply chain constraints and elevated lead times for certain components, including memory chips, wehave increased our inventory purchase commitments. As during prior periods of supply chain disrupt
Tariffs imposed by the United States, as well as any new or additional retaliatory tariffs that could be imposed by othercountries in response, could have a material adverse impact on global trade, supply chains and othe
This Annual Report on Form 10-K (“Form 10-K”) contains forward-looking statements within the meaning of the federal securitieslaws. Words such as “will,” “continue,” “may,” “expect,” “believe,” “make,” “progress,” “execu
These customers may be morecapable of resisting price increases and more likely to demand lower pricing, increased promotional programs, or specialty tailored products. Inaddition, some of these customers (e.g., larger d
As additional industry capacitycomes online, restaurant traffic declines, or market demand otherwise decreases, including as a result of inflation, we may face competitivepressures that would restrict our ability to incr
Exposure to AI/Semis Cycle without material cyclicality. With Air Liquide having won arecord of Electronics projects in €-value across 2025-2026 YTD, we believe this willstrengthen its growth contribution over the 2027-2
The division has grown at a 6% comparable growthand 8% EBIT CAGR over the last 5 years (against a strong 2022 semis backdropbut memory cycle unwind in 2023, in addition to a slower supply memory cycle in2025 and particul
Growth CAGR re-accelerates to 5%,reflecting (i) a strong backdrop inPersonal/Home Care combined with sharegains and positive pricing; (ii) a favourablecapex/demand cycle, which boosts demandfor Catalyst; and (iii) value-
•Financials:Multiple segments in the hardware chain have already validated this demand. Nvidia’s Data Center revenue for FY2027Q1 surged 92% YoY, Broadcom’s AI semiconductor revenue in FY2026 Q2 jumped 143% YoY, and Appl
Fundamentals remain supportive for segmentssuch as semiconductor equipment, AI chips and memory, but in a high-valuation phase, the market is more prone to repricing risks aroundearnings delivery, order sustainability an
Industrial Chain: The demand for AI computing power has spread from GPUs to multiple links including HBM, advancedpackaging, semiconductor equipment, power supply and heat dissipation.
Given CXMT’s expanding role in global DRAM capacity, as in past cycles, investorsare concerning about potential supply-demand disruption from Chinese players. Whilethese concerns are understandable, we believe they are l
For CXMT specifically, we believethe pursuit of a domestic WFE supply chain is becoming increasingly inevitable overtime, given existing export controls and the company’s structural constraints insourcing advanced equipm
Even so, we think CXMT’s market presence remains largely concentrated in China,based on both its filings and our observations of consumer products globally.Nevertheless, considering the global constraints on memory suppl
Industry supply conditions have reflected varying demand dynamics across end markets and component categories, includingperiods of imbalance across certain technologies, notably in the memory market. While supply conditi
This Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, andSection 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). These for
Semiconductor Capital Equipment.Sales for the three months ended June 30, 2026 increased 17% to $223.5 million from $190.4million for the three months ended June 30, 2025. Sales for the six months ended June 30, 2026 inc
Such factors may include, among other things, changes in general economic conditions,including persistent inflation (including the direct and indirect impact of tariffs and retaliatory tariffs) or deflation,geopolitical
During the second quarter of 2026, economic activity in the U.S. manufacturing sector, measured by PMI, marked itsstrongest monthly expansions since May 2022, supporting sales demand in our Industrial segment.
During the sixmonths ended June 30, 2026, tariffs continued to drive higher product costs and customer pricing, impacting our grossmargin and SG&A expenses. We continue to manage these challenges through strategic pricin
This Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 andSection 21E of the Securities Exchange Act of 1934. For example, statements included in this Report reg
The result of these seasonal patterns is that operating results and the demand for workingcapital may vary significantly by quarter. Orders placed with us are generally cancellable until the date of shipment. The combina
In addition, our business and liquidity are dependent to a significantdegree on our vendors and their financial health, as well as the ability to accurately forecast the demand for products. The loss of a keyvendor, or m
There are anumber of downside risks to our TELtargetprice:(1)Changes in UStrade restriction which areunfavorable to China'sand global semiconductor capex (2) Slowdown in global semiconductor demand including both logic a
There are a number of downside risks to our Advantest target price: (1) End demand of Al-related production such as GPUsfluctuation.
together.The Taiwan importdata for the relevant categories has relativelyhigh correlation with TEL's Taiwan revenue.But it'snot perfect as MoF doesn't report import by countryfor some categories (Exhibit 12).
What about PC demand?like-for-like pricing?.Are you seeing any signs of demand pull-forward to get in front of memory price increases?·Are there any changes in what we should expect regarding AAPL share this cycle?:Howsh
The report may also include reference(s) to published opinions by other Autonomous or Bernstein analysts covering the equitythis report and vice versa.
Reclaiming the Value of Deep Thinking——2026人文社会科学智能发展蓝皮书
TOP 核心必读
MOE Lab for National Development and Intelligent Governance&上海AI科学研究院374页2026/07/14文化传媒ID 5545894
The AI4SSH index evaluation system developed in this report contains three first-levelindicators, seven second-level indicators, and ten third-level indicators. It covers threedimensions: research core capacity, developm
•Using the China University AI4SSH Index as its analytical tool, this chapter offers apanoramic view of the overall progress and structural features of Chinese universities inthe deep integration of AI with the social sc
It is a research and decisionlanguage that decomposes complex problems into structures that can be discussed,compared, and revisited. It places multi-agent behavior, institutional constraints, andresource allocation on t
As cross-border data flows increase globally, edge computing distributesdata processing to optimise performance by addressing latency, data transfercosts, data sovereignty and security.1165Data centre capacity needs to t
Researchers have discovered that layering graphene between other materialscreates more powerful electrical conductivity, enabling memory devices thinnerthan a human hair.837T he Georgia Institute of Technology created th
with the computing industry accounting for 41%.108While publicly statednumbers vary, GlobalFoundries, Intel, Samsung, the Smart ManufacturingInnovation Centre and the Taiwan Semiconductor Manufacturing Companyare the key
Based on data from the U.S.Energy Information Administration, U.S.electricity demand is expected torise materially over the coming decades, reversing a prolonged period of relatively flat consumption.According to the Woo
Demand for Advanced Reactor fuel is directly linked to the deployment of Advanced Reactors and theirongoing refueling requirements. According to the Wood Mackenzie Report, approximately 20% of futureUnitedStates nuclear
This estimate is informed by the Wood Mackenzie Report, which projects “mid-case” cumulative TRISO fuel demand of approximately 7.0 GWe by 2035 and “high case” cumulativeTRISO fuel demand of approximately 27.5 GWe by 203
Our business depends on the availability of advanced GPUs, high-bandwidth memory, networking components, and relatedsemiconductor hardware, substantially all of which are manufactured by a limited number of suppliers. Th
The AI hardware market evolves rapidly. Newer, more powerful, or more energy-efficient GPUs or alternative computearchitectures (including ASICs, TPUs, custom accelerators and inference-optimized chips) may be introduced
The Company’s primary source of revenue is derived from compute offtake agreements, under which customers obtain accessto dedicated or shared compute capacity (including processing power, memory, and related infrastructu
Market View:AI changes the software margin profile by reintroducing marginalcost into what investors have historically underwritten as near-zero marginal-costrevenue. As AI products scale in mix, every incremental workfl
At a high level, AI-native software exhibits structurally different unit economics thantraditional SaaS. In conventional SaaS models, high upfront development costs aretypically offset by low marginal reproduction and di
First, we believe Azure growth has been constrainedby capacity rather than demand which should drive acceleration in this business.Second, we believe the market is currently viewing MSFT's ability to monetizeAzure AI as
In July 2026, our subsidiaries entered into several agreements to support our Group's planned expansion into AI computinginfrastructure in Indonesia, as announced in our Report of Foreign Private Issuer on Form 6-K furni
Concurrently, our expansion into AI computing cloud services and infrastructure introduces exposure to enterprise technology spendingcycles and rapid market shifts. Demand for our computing resources depends on the conti
●Expand Regional Cloud Services and Monetize Infrastructure Capacity:We aim to actively monetize our infrastructurecapacity across the United States, Japan, and Southeast Asia. We plan to leverage our material five-year,
This capex cycle frames the scale of investment SpaceXAI willneed to compete in AI infrastructure.Today, SpaceXAI’s computebase is effectively all Nvidia chips, but we would expect the companyto prioritize aggregate comp
Orbital compute still depends onadvanced GPUs, ASICs, memory, packaging, and relatedsupply chains, all of which remain capacity constrained acrossAI. Chips deployed in space likely need a semi-custom modulearchitecture t
Terafab is SpaceX and Tesla’s planned semicon-ductor manufacturing initiative, with a long-term goal of producingone terawatt of compute hardware per year, far above current globalproduction capacity. The planned Advance
However, the RUKN continues to maintain highelectricity demand growth projections, justifying additional generating capacity,including fossil-based capacity, which remain embedded in the policy framework.Meanwhile, the R
New coal power capacity additionsreached one of the highest levels on record, even as coal-fired electricity generationdeclined. This gap was particularly pronounced in China and India, where wind and solarmet most or al
●Coal generation fell most sharply in China and India even as both countriesrecorded high commissioning.In China, coal capacity expanded by6%whilegeneration declined1.2%; in India, capacity grew by3.8%while generation fe
We rely on suppliers for data center capacity and several components of the equipment we use to operate our Platform. Our reliance onthese suppliers exposes us to risks, including reduced control over costs and constrain
•our expectations regarding future financial performance, including but not limited to our expectations regarding revenue, cost ofrevenue, changes in the estimated average lifetime of a paying user, operating expenses, o
The reliable delivery and stability of our Platform, referred to collectively as availability, has been, and could in thefuture be, adversely impacted by outages, disruptions, failures, or degradations in our network and
We all know Capex isgoing higher and with commentary around capacity expected to come online in 2027 and BOM pricing trends across memory,networking, and XPUs, we can land in a $225B-$250B range. We could also see this y
•2026 CapEx could move modestly higher, but 2027 remains the bigger focus.Similar to Meta, we think Googlecould raise its 2026 CapEx outlook by another $5B-$10B, potentially taking spending toward the ~$200B level, drive
To kick off July, Meta announced plans for a cloud infra business that would sell access to computingpower and models to external customers— news that caused volatility across the Neocloud and Hardware names, raisingques
因此，我们可能需要投入大量资源来提升和开发新技术，这可能包括购买或许可 advanced design tools and test equipment 先进的设计工具和测试设备、雇佣 additional highly qualified engineering and other technical personnel 额外的高素质工程和其他技术人员，以及在现有和潜在technology 技术上进行持续和扩展 research an
QQQs -75bps / SPX -55bps and Oil +5% as Trump saying Iran peacedeal is “over” as US launched new strikes on Iran.In Tech, not a ton of factor whiplashso far assemis -1.7%only mildly underperforming early asInternet/Softw
The move strengthens Samsung’s pitch as a full-stack memory supplier for AIservers, spanning HBM4, SOCAMM2 low-power DRAM modules, and enterpriseSSDs. Samsung first presented the lineup at Nvidia GTC 2026 in March, posit
Samsung/Memory: Samsung widens Nvidia Vera Rubinmemory play with PCIe 6.0 eSSD
Micron Technology, Inc., through its subsidiaries, manufactures and markets dynamic random access memory chips(DRAMs), static random access memory chips (SRAMs), flash memory, semiconductor components and memorymodules.
The closing value of Micron Technology, Inc. on July 27, 2026 was $900.20.
The graph below shows the closing value of Micron Technology, Inc. for each day such value was available from January4, 2016 to July 27, 2026. We obtained the closing values from Bloomberg L.P., without independent verif
We believe that litigation and negative publicity surrounding companies with operations in China that are listed in the U.S. have negatively impacted stock prices for such companies. Various equity-based research organiz
As of the date of this report, we have signed written employment contracts with allof our employees and paid all the benefits packages as required by law. In addition, the PRC Individual Income Tax Law requires companies
., an independent registered public accounting firm that is headquartered in the United States, as an auditor of companies that are traded publicly in the United States and a firmregistered with the PCAOB, is subject to
We see growing consumer adoption of AI to shop for products, albeit below other AI use cases and diverging by market.In ourrecurring AlphaWise surveys across the US (here, conducted May '26), China (here, conducted Mar '
Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, including market making, providing liquidity, fund management,commercial banking, extension of credi
For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Websiteat www.morganstanley.com/eqr/dis
UBS does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firmmay have a conflict of interest that could affect the objectivity of this report. Inve
to drive elevated DRAM pricing, particularly across HBM and server-related memory,which tightens the supply available for automotive use. Our semis team expects contractprice inflation to continue through 2H26; however,
Commodities and memory inflation remain key watch items.While commodity inflationis broadly incorporated into OEM guidance for 2026, companies report varying degrees ofpressure from raw materials and DRAM costs. For exam
companies provided their updated 2026 outlooks, commodityprice inflation haseased. However, memory prices continue to increase, though current industryfeedback suggests that supply remains sufficient to support auto prod
●“17 Uno BVI” refers to 17 Uno Limited, a company incorporated under the laws of British Virgin Islands;●“AE” refers to an account executive, being licensed representative accredited toI Win Securities to carry out regul
J&S Associate PLT (“J&S”), the independent registered public accounting firm that issues the audit report for the fiscal year endedMarch 31, 2026, 2025 and 2024 included in this annual report, is currently subject to PCA
Nasdaq has implemented, and may continue to introduce, enhanced listing requirements for foreign private issuers, particularly thosewith substantial operations in China and Hong Kong. These changes may include heightened
New forms of consumption, which are enabled by such technologies asinternet, big data and artificial intelligence (AI) and conducted with the“Online-Merge-Offline” business model, allow businesses to efficientlymatch sup
Businesses, especially those of physical retail, are expediting their digitaltransformation by adopting various types of Software as a Service (SaaS).SaaS is a cloud computing service model in which a provider deliversap
Specifically, as part of the evolution of e-commerce,the development of SaaS platforms and cloud communication service wasexpected to boost small and medium-sized enterprises’ demand for SMS in2025 (Source: a research re
This model documents teachers' professional growth through granular, verifiable competencycredentials, mapping naturally onto the four-dimensional structure described above. Its value lies inconverting "attended training
Even LearnLM—pedagogically optimizedand human-supervised—still produced factual errors in 0.1% of its messages [8]; Jill Watson'saccuracy on a synthetic test set ranged from75% to 97%depending on the content source [7].
Text, image, speech, video, and code now flow through a single unified model, so AI-enabledsupport is no longer confined to text-based Q&A. Voice interaction for younger learners,accessibility support for students with s
Related Work: Several notable related efforts that drive transparency and accountability within the industrycontinue to inspire and complement the AI Safety Index. The most comprehensive of these efforts includeSaferAI’s
Sharon Li is an Associate Professor inthe Department of Computer Sciencesat the University of Wisconsin-Madison.Her research focuses on algorithmicand theoretical foundations of safeand reliable AI, addressing challenges
We designed indicators around these transparency constraints,focusing where meaningful differences between companies were identifiable. For example, we cannot assesscritical practices such as cybersecurity investments to
We expectInfrastructure & Geospatial (previously Geosystems) to post 2.0% y/y organicgrowth with weakness in China likely to persist which could be partially offset bystrength in North American while the Middle East situ
We equally weight two valuation approaches. Our fundamental valuation, derivedfrom a standard three-stage DCF model, uses a WACC of 6.7%, based on a risk-freeinterest rate of 3.0%, a risk premium of 6%, a beta of 1.16, a
For 2026, we model revenue of ~E40.2b (~11% y/y cc), in-line with cons. at~E40.2b, driven by continued growth in Cloud. Cloud is expected to grow at ~23%y/y cc, in-line with the lower end of SAP's target range of 23-25%
Our use of AI technologies introduces additional open source licensing risk. AI model training and output generation mayinvolve open source components, and AI-generated outputs may inadvertently reproduce or be derived f
If we fail to comply with open source licenses, we may be subject to certain requirements, including requirements that weoffer our services that incorporate the open source software for no cost, that we make available so
In particular, there is significant uncertainty surrounding the applications of intellectual property and privacy laws to AI.Intellectual property ownership and license rights, including copyright, surrounding AI technol
By2026,the Government Work Report included computing-electricity synergy in newinfrastructure projects for the first time. Beyond its public utility attribute, electricity may inour view gradually transform into a high-v
In 1974, the US and Saudi Arabia reached the "US-SaudiArabia Economic and Military FrameworkAgreement," and subsequently established a bilateralpractice wherebythe US sells military weapons and provides homeland security
Thepower source mix of China's power grid has long been dominated by coal-fired power resulting in arelatively high average carbon emission factor for the grid. When end-market industrial usersreplace fossil fuels with e
We use open source software in our products and services and may continue to use open source software in the future. Some opensource licenses contain requirements that we make available source code for modifications or d
property rights with respect to source code which we have made publicly available may be limited. The terms of many open sourcelicenses have not been interpreted by U.S. or foreign courts, and there is a risk that these
We rely primarily on a combination ofcopyright, trademark, patent, and trade secret laws, as well as internal security controls, confidentiality procedures, invention assignmentand license agreements, and contractual pro
So, um, I think for the longest time we've beenusing westernson technologies without knowing, right, whether you're looking at MicrosoftOffice, whether looking at a cloud, a lot of us been using westernson technology for
In a relatively short period of time and how China's you know, AI landscape have beenevolving so quickly, ah, in my view China is entering into a new phase of innovation. Thetechnology innovation as ah, as you mentioned,
Worry too much about you know which language model they are using at the backboneOkay Thank you, you very good Mr ta okay ah talking about uh technology from East Asiancountries. Uh I think we can uh, we can collaborate
WEF《Future of Jobs Report 2025》预计，2025-2030年结构性劳动力转型将创造约1.7亿个岗位、替代约9200万个岗位，净增加约7800万个岗位；其中，AI、大数据、网络安全等技术岗位增速最快，护理、教育、销售、配送和建筑等服务与前线岗位则贡献更多绝对增量。
资料来源：Microsoft(AI Diffusion Report,2025年)，华泰研究
围绕AI对生产率的拉动，市场乐观派与审慎派的预测差异较大。乐观派方面，IMF、Aghion and Bunel (2024)、McKinsey、OECD等机构或学者预计未来10年左右，劳动生产率或TFP年均提升约0.7–1.8个百分点；Baily et al. (2025)、Tamkin andMcCrory (2025)的预测上限达到1.7–1.8个百分点。Acemoglu (2025)、CBO等则较为谨慎：Acemoglu预计未来1
Ltd.collaborated with its strategic partners to build a benchmark solutionintegrating Artificial Intelligence (AI) into gold and non-ferrous metalmining, aiming to create a standardised AI mining training frameworkand fu
The English text of this report shall prevail over the Chinese text incase of inconsistencies.
., co-developed abenchmark AI solution for the gold and non-ferrous mining sectors.This initiative establishes a standardized training framework andoperational models to unify fragmented industry data and optimizeknowled
This makes Boost Run Holdings’ platform an ideal solution for organizations seeking to run sophisticated artificial intelligence(“AI”) models, including Large Language Models (“LLMs”), generative models, and other high-p
This makes the Company’s platform an ideal solution for organizations seeking to run sophisticated artificial intelligence(“AI”) models, including Large Language Models (“LLMs”), generative models, and other high-perform
Training modern large language models canrequire thousands of petaflop/s-days. If training compute continues to increase 4x per year, the industry would encounter significant dataconstraints within five years. The relati
Intensifying competitionamongfrontierlabs,includingfrom Chinese entrants,materiallylowers cost structures,whileabroaderindustryshift awayfromtoken-heavyarchitectures drives downward pressure on inference pricing.However,
This modulararchitecturefavoursflexibility,scalability,resilienceand cost optimisation.It also creates rolesfor small language models and open-source models in cost-orlatency-sensitiveparts of the stack,as wellas determi
ThePlatformLayeris where the core intelligence of Alsystems is designed,developed,and refined,andis often what is colloquially referred to as“Al"PlatformcompanieslikeOpenAlandAnthropicareresponsibleforbuilding,training,a
Notice to UK and European Union investors:This research report is distributed by Haitong International Securities Company Limited. This research is directed at persons having professionalexperience in matters relating to
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I, Jiahui Li, certifythat (i) the views expressed in this research report accurately reflect my personal views about any orall of the subject companies or issuers referred to in this research and (ii) no part of my compe
The core findings of our collaborative work: 1) The value of Intelligence, andcompute, will continue to rise rapidly as Al capabilities increase at a non-linear rate;2) Enterprise Al use cases are deeply in the money-the
global thematic and sector teams addressed key debates and concerns (Chinesemodels, tokenmaxxing, political pushback, "model lockdowns,' physical bottlenecks)in Global Thematics:Playing the Al Infrastructure Dip:Whereto
Indicators and trackers referenced in Morgan Stanley Research may not be used as, or treated as, a benchmark under Regulation EU 2016/lo, or any other similar framework.
Notice to UK and European Union investors:This research report is distributed by Haitong International Securities Company Limited. This research is directed at persons having professionalexperience in matters relating to
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I, Kehan Meng, certify that (i) the views expressed in thisresearch report accurately reflect my personal views aboutany or all of the subject companies or issuers referred to in this research and (ii) no part of my comp
Notice to UK and European Union investors:This research report is distributed by Haitong International Securities Company Limited. This research is directed at persons having professionalexperience in matters relating to
This research report is distributed by Haitong International, a global brand name for the equity research teams of HaitongInternational Research Limited (“HTIRL”), Haitong Securities India PrivateLimited (“HSIPL”), Haito
I, Xiaoyue Hu, certify that (i) the views expressed in this research report accurately reflect my personal views about anyor all of the subject companies or issuers referred to in this research and (ii) no part of my com
achieve SoTAmodelperformance,an open-weightapproachchargingtakerates/revenue sharing on neoclouds/hyperscalers that house suchmodelsandselltocustomersmaytransform itsbusiness modelstoa highgross marginbusiness(without ne
(withtheexceptionof Alibaba's Qwen-Maxmodeland ByteDance'sDoubaomodels),weseeanopen-weight(withCommunityLicense)approachaspotentialpathfor ChineseAlmodels to realizefullerrevenue/profit potentialunderconstrainedinference
with consumer Aldata sets,enterprise Aihas auniquepositiveflywheel of codingdata(withclearlydefined success/failure scenariosthatcanthenfeed backforconsistentmodel iterations/reinforcementlearningpost-training).Webelieve
Notice to UK and European Union investors:This research report is distributed by Haitong International Securities Company Limited. This research is directed at personshaving professionalexperience in matters relating to
Event:Haitong International recently organized a corporate research trip to Central Asia, focusing on visits to major local financialinfrastructure institutions, including the Kazakhstan Stock Exchange (KASE), Astana Int
In the first half of 2026, total market turnover increased 57% year on year toUS$539.2 billion, while securities-market turnover rose 23% to US$17.3 billion. The local exchange imposes no additionalrestrictions on foreig
Moreover, any subsidiary of such SPV in China is required tourge the PRC resident shareholders to update their registration with the local branch of SAFE to reflect any material change. If anyPRC resident shareholder of
The Circular Regarding Further Optimizing the Cross-border RMB Policy toSupport the Stabilization of Foreign Trade and Foreign Investment jointly promulgated by the PBOC, NDRC, the Ministry ofCommerce, the State-owned As
On February3, 2015, the SAT issued the Announcement of the State Administration of Taxation on Several Issues Relating toEnterprise Income Tax of Transfers of Assets between Non-resident Enterprises, or SAT Bulletin 7, a
Roles Included: AI/ML Developer, AI/ML Engineer, Data Scientist
This includescalling REST or GraphQL APIs, invoking cloud services, publishing or consumingmessages from queues or event streams, and performing operations such as codepushes, data updates, or system integrations across
Moreover, fintech and insuretech players are looking to disrupt traditional modes of distribution by offeringtechnology-enabled customer journeys, further intensifying competition. Although fintechs could be subject to e
Competition for management and other skilled personnel in our industry isintense, and we may not be able to attract and retain the personnel we need in the future. While the Bank has instituted a succession planning poli
•evaluating the Company’s collective ACL methodology and key assumptions for compliance with U.S. generally accepted accounting principles;•determining whether the loan portfolio is pooled by similar risk characteristics
22We have a limited operating history across some of our new business initiatives, including focusing our platform onthe provision of fashion content in media formats, the use of live video broadcasts and other engaging
•our mission, goals and strategies;•our future business development, financial conditions and results of operations;•the expected growth of the online retail and fashion industries in China;•our expectations regarding de
SAFE promulgated Circular on the Reforming of the Management Method of the Settlement of Foreign CurrencyCapital of Foreign-invested Enterprises, or SAFE Circular 19, effective June 2015, in replacement of the Circular o
Policy and regulatory developments have supported this shift towards higher-qualityand innovation-oriented foreign investment. China has introduced measures to expandmarket access, improve the business environment and en
Source:UNCTAD, based on information from the Ministry of Commerce, People’s Republic of China.a.Xinyi Li, An open China will continue to provide important opportunities for the world,People’s Daily, 5 January2026, p. 3,
FDI in semiconductors is even moreconcentrated than FDI in AI infrastructure.A limited number of investor–host links,involving Japan, the Republic of Korea,Taiwan Province of China and the UnitedStates, account for most
The globalization process of the pan home furnishing industry is transitioningfromsingular product export to a three-dimensional deployment of brands,systems,and ecosystems.At the brand level,leading enterprises adhere t
Surveying the ten major innovation trends of the pan home furnishing industryin2026,a clear evolutionary thread runs throughout.Green and low-carbonstandardsestablish the entry threshold for industrial upgrading;material
again jointly compiled the2026Innovation Trend Research Report of Pan HomeFurnishings.The report solicited innovation achievements from across theindustry along six dimensions-materials and technology,components and whol
South Africa’s Special Economic Zones (SEZ) program — the flagship industrial policy instrument of thedtic, has reached a critical juncture, prompting this comprehensive, evidence-driven assessment.At therequest of the D
We extend our gratitude to the Department of Trade, Industry and Competition (dtic) for its steadfast leadershipand invaluable support in the development of this study on South Africa’s Special Economic Zone (SEZ) policy
The South Africa SEZ program aims to transform the economy by boosting priority sectors, skills, innovation,and industrial clusters.The SEZ program is intentionally structured to extend beyond isolated investment sites.T
Our global platform reaches 36 countries andconnects the industry’s largest and most active ecosystem of partners across our sites, including access to a leading share ofcloud on-ramps and an increasingly diverse ecosyst
•our results of operations or forecasts;•new issuances of equity, debt or convertible debt by us, including issuances through any existing ATM program;•increases in market interest rates and changes in other general mark
•the costs of customizing IBX data centers for foreign countries;•protectionist laws and business practices favoring local competition or in reaction to an anti-American sentiment;•greater difficulty or delay in accounts
We make statements in this Quarterly Report on Form10-Q that are forward-looking statementswithin the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section27A of theSecurities Act of 1933,
Despite advances in income, according to “The State of Food Security and Nutrition in the World2026,” a report by the United Nations Food and Agriculture Organization, 2.1 billion people were facingmoderate to severe foo
Repurchases may be made in open market or privately negotiatedtransactions in compliance with Rule 10b-18 under the Exchange Act, subject to market conditions,applicable legal requirements, trading restrictions under our
The author(s) of this report hold a futures investment consulting qualification granted by the China Futures Association or possesses equivalent professional competence. The author(s) strive to ensure that the report is
【GAC：China's Rubber Imports Down 3.4% YoY in H1 2026】
According to data released by the General Administration of Customs（GAC）of China on July 14, China imported a combined 0.592million tonnes of natural and synthetic rubber (including latex) in June 2026, down 3.4% from 0.