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MsSamKierayu876

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- MsSamKierayu876MsSamKierayu876
  ·04-07
  Nice to know
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- MsSamKierayu876MsSamKierayu876
  ·04-07
  Mark
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- MsSamKierayu876MsSamKierayu876
  ·04-05
  Wow
  AI computing power is a fatal flaw! Broadcom's director named "three major bottlenecks," suggesting the capacity shortage may persist until 2027.
  博通高管点名AI供应链三大核心瓶颈：激光器、先进制程晶圆及PCB。受制于技术门槛与产能挤压，小型PCB交货周期已暴增至六个月，激光器良率不足30%。即便台积电现大规模扩产，因设备交期达12至18个月、2026年产能实际已被大厂锁定，新订单需排队至2027年，算力缺口将趋于常态化。
  AI computing power is a fatal flaw! Broadcom's director named "three major bottlenecks," suggesting the capacity shortage may persist until 2027.
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Broadcom's director named \"three major bottlenecks,\" suggesting the capacity shortage may persist until 2027.","url":"https://stock-news.laohu8.com/highlight/detail?id=2625964592","media":"华尔街见闻","summary":"博通高管点名AI供应链三大核心瓶颈：激光器、先进制程晶圆及PCB。受制于技术门槛与产能挤压，小型PCB交货周期已暴增至六个月，激光器良率不足30%。即便台积电现大规模扩产，因设备交期达12至18个月、2026年产能实际已被大厂锁定，新订单需排队至2027年，算力缺口将趋于常态化。","content":"<p><html><head></head><body>Broadcom executives have named three core bottlenecks in the AI supply chain: lasers, advanced process wafers, and PCBs. Due to technological barriers and capacity constraints, the delivery cycle of small PCBs has skyrocketed to six months, while the laser yield is less than 30%. Even though TSMC is currently expanding its production on a large scale, the computing power shortage will become the norm because the equipment delivery time is 12 to 18 months and the production capacity for 2026 has already been locked in by major manufacturers. New orders will have to wait until 2027.</p><p>Supply-side constraints on artificial intelligence computing infrastructure are spreading from front-end chip manufacturing to optical components and advanced packaging materials.<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>For the first time, executives have named three major bottlenecks in the AI supply chain, revealing that the real obstacles in this computing power arms race are far deeper than the market generally recognizes, and are difficult to resolve in the short term.</p><p><a href=\"https://laohu8.com/S/600455\">Broadcom</a>Natarajan Ramachandran, Director of Product Marketing at the physical layer, pointed out at a media briefing in Taipei on March 24 that the AI-related supply chain currently faces three core bottlenecks:<strong>Laser production capacity, wafers (specifically<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Advanced manufacturing processes), and PCBs (Paddle Cards).</strong>The delivery cycle for small PCBs used inside high-speed optical transceivers has surged from about six weeks to about six months, and is not expected to ease until 2027.</p><p>The direct significance of the above statement for the market is that the investment boom in AI infrastructure cannot automatically resolve the structural constraints on the supply side. From the yield rate of less than 30% under rigorous laser testing, to the sluggish unit output in the early stages of TSMC's advanced packaging, and then to the PCB supplier switching certification cycle of more than six months—the combination of multiple bottlenecks means that the computing power capacity gap is very likely to continue in a structural manner, and supply chain price increases may become the norm.</p><p>Broadcom CEO Hock Tan also confirmed in the March earnings call that Broadcom has secured the supply of key components for 2026 to 2028, covering advanced process wafers, high-bandwidth memory (HBM) and substrates. This forward-looking plan itself is a direct reflection of the current level of supply shortages.</p><p><h2 id=\"id_982905332\">PCB delivery cycle increased tenfold</h2>In the 800G/1.6T advanced optical transceiver module, the PCB is used to connect external cables to internal cables.<a href=\"https://laohu8.com/S/600184\">photoelectric</a>Critical interfaces of components. Due to their extremely small space and the need to process extremely high-frequency signals, these small PCBs usually use the mSAP (Modified Semi-Additive Process) process, which has a much higher technical threshold than ordinary PCBs. They are mainly supplied by manufacturers with advanced HDI or IC substrate technology.</p><p>The root cause of PCB becoming a bottleneck lies in the overlap of processes.<strong>There is some overlap between its mSAP process and the IC substrate process required for AI servers. When the world rushed to buy HBM production capacity, the production capacity of small PCBs was squeezed.</strong>At the same time, the 1.6T module has extremely stringent requirements for signal quality, and the PCB must use ultra-low loss materials and precise impedance control, which is not something that ordinary PCB manufacturers can undertake.</p><p>More importantly, once the supplier is changed, the certification period can last for more than six months. That's exactly<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/META\">Goal</a>The reasons why hyperscale cloud vendors prefer to sign long-term contracts of three to four years rather than lock in the production capacity of existing suppliers.</p><p><h2 id=\"id_2649859146\">Lasers: Yield less than 30%, indium phosphide production capacity a key bottleneck</h2>Laser elements have become another major bottleneck in the CPO (Co-Packaged Optics) era. To support 1.6T or higher bandwidth, lasers must maintain wavelength stability in the high-temperature environment of data centers, which places stringent demands on \"ultra-high power\" and \"extremely low noise\" continuous wave (CW) lasers.<strong>Even if a supplier is able to produce laser dies, the yield rate that meets the high CPO standards may be less than 30% after rigorous reliability testing.</strong></p><p>The constraints on production capacity are equally severe. High-power lasers rely on indium phosphide (InP) technology, and there are very few manufacturers in the world with the capability to mass-produce 6-inch InP. If upstream InP epitaxial wafer manufacturers or manufacturers with their own production capacity such as Coherent and Lumentum are fully booked, no matter how many downstream packaging manufacturers there are, there will be no laser dies available.</p><p>Deeper structural pressures come from the amplifying effect of the CPO architecture itself on laser demand. In traditional optical modules, one module is configured with one laser; In CPO solutions, in order to reduce the thermal impact, the industry has turned to the ELSFP (External Laser Source Module) architecture, which has resulted in a no longer linear relationship between the demand for laser dies and the number of switches, but has increased exponentially, directly impacting the already tight InP epitaxial capacity.</p><p><h2 id=\"id_1927327658\">Wafers and Advanced Packaging: The Real \"Super Big Traffic Jam\" in the Back Lane</h2>Regarding wafer supply, Natarajan Ramachandran directly stated that \"TSMC's production capacity has reached its limit\" and expects TSMC's advanced process production lines to reach a bottleneck in 2026, although TSMC plans to continue expanding production until 2027.</p><p><strong>However, the real \"super traffic jam\" occurs in the back-end advanced packaging process.</strong>Entering the CPO era, TSMC must introduce COUPE (Compact Universal Photonic Engine) technology, which uses Hybrid Bonding to three-dimensionally stack optical chips and silicon chips. This new packaging technology is extremely difficult and has an extremely long testing cycle, making it difficult to rapidly improve the initial unit output (UPH) of the equipment.</p><p>The competitive landscape has further exacerbated production capacity pressure. In 2026, Broadcom's production capacity competitors will no longer be just traditional network communication vendors, but...<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>And those currently investing heavily in self-developed ASIC chips<a href=\"https://laohu8.com/S/GOOGL\">Google</a>, Meta, OpenAI. When the most advanced AI computing chips and the highest-end 1.6T network switches simultaneously flood into the same TSMC production line, production capacity has essentially entered a \"rationing system\".</p><p>Even if TSMC now decides to expand production on a large scale, factory construction, cleanroom completion, and the introduction of...<a href=\"https://laohu8.com/S/ASML\">ASML</a>The delivery cycle of extreme ultraviolet (EUV) lithography equipment and various high-end testing equipment often takes twelve to eighteen months.<strong>This means that the production capacity for 2026 has actually been locked in by major manufacturers between 2024 and 2025—customers who are only placing additional orders now will have to wait until the new production capacity is released in 2027.</strong></p><p><h2 id=\"id_3949521928\">Spillover across the entire supply chain: Second-tier suppliers lag behind in expanding production, and bottlenecks spread.</h2>Production capacity pressure is spilling over into the entire supply chain. Advanced packaging is not just a matter for packaging manufacturers; the steps that truly create bottlenecks include:<strong>CoWoS must be equipped with ABF substrates, Underfill essential for advanced packaging, heat dissipation requirements brought about by AI power consumption explosion, KGD testing and aging testing (Burn-in), CPO and optical modules, as well as cutting and drilling of TSV and interposer layers.</strong></p><p>TSMC Chairman Wei Zhejia once said that \"CoWoS production capacity is still insufficient\"—what he lacks is not funds, but the production capacity of supporting suppliers: substrate manufacturers, probe card manufacturers, underfill suppliers, etc. TSMC can invest heavily in building factories, but it cannot force these small and medium-sized suppliers to double their production capacity in the short term. Expanding ABF substrate production often takes two to three years, the aging testing time is extremely long, and the alignment tolerance of the fiber array is at the sub-micron level, making it difficult to fully automate—every step slows down the overall pace.</p><p>As Nvidia continues to advance the hardware iteration of its GPU architecture, supply chain bottlenecks and price increases may become structural norms rather than cyclical disruptions. For investors, the bottleneck in production capacity is precisely where pricing power is concentrated.</p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AI computing power is a fatal flaw! Broadcom's director named \"three major bottlenecks,\" suggesting the capacity shortage may persist until 2027.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAI computing power is a fatal flaw! Broadcom's director named \"three major bottlenecks,\" suggesting the capacity shortage may persist until 2027.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time smaller\">2026-04-05 15:15</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Broadcom executives have named three core bottlenecks in the AI supply chain: lasers, advanced process wafers, and PCBs. Due to technological barriers and capacity constraints, the delivery cycle of small PCBs has skyrocketed to six months, while the laser yield is less than 30%. Even though TSMC is currently expanding its production on a large scale, the computing power shortage will become the norm because the equipment delivery time is 12 to 18 months and the production capacity for 2026 has already been locked in by major manufacturers. New orders will have to wait until 2027.</p><p>Supply-side constraints on artificial intelligence computing infrastructure are spreading from front-end chip manufacturing to optical components and advanced packaging materials.<a href=\"https://laohu8.com/S/AVGO\">Broadcom</a>For the first time, executives have named three major bottlenecks in the AI supply chain, revealing that the real obstacles in this computing power arms race are far deeper than the market generally recognizes, and are difficult to resolve in the short term.</p><p><a href=\"https://laohu8.com/S/600455\">Broadcom</a>Natarajan Ramachandran, Director of Product Marketing at the physical layer, pointed out at a media briefing in Taipei on March 24 that the AI-related supply chain currently faces three core bottlenecks:<strong>Laser production capacity, wafers (specifically<a href=\"https://laohu8.com/S/TSM\">TSMC</a>Advanced manufacturing processes), and PCBs (Paddle Cards).</strong>The delivery cycle for small PCBs used inside high-speed optical transceivers has surged from about six weeks to about six months, and is not expected to ease until 2027.</p><p>The direct significance of the above statement for the market is that the investment boom in AI infrastructure cannot automatically resolve the structural constraints on the supply side. From the yield rate of less than 30% under rigorous laser testing, to the sluggish unit output in the early stages of TSMC's advanced packaging, and then to the PCB supplier switching certification cycle of more than six months—the combination of multiple bottlenecks means that the computing power capacity gap is very likely to continue in a structural manner, and supply chain price increases may become the norm.</p><p>Broadcom CEO Hock Tan also confirmed in the March earnings call that Broadcom has secured the supply of key components for 2026 to 2028, covering advanced process wafers, high-bandwidth memory (HBM) and substrates. This forward-looking plan itself is a direct reflection of the current level of supply shortages.</p><p><h2 id=\"id_982905332\">PCB delivery cycle increased tenfold</h2>In the 800G/1.6T advanced optical transceiver module, the PCB is used to connect external cables to internal cables.<a href=\"https://laohu8.com/S/600184\">photoelectric</a>Critical interfaces of components. Due to their extremely small space and the need to process extremely high-frequency signals, these small PCBs usually use the mSAP (Modified Semi-Additive Process) process, which has a much higher technical threshold than ordinary PCBs. They are mainly supplied by manufacturers with advanced HDI or IC substrate technology.</p><p>The root cause of PCB becoming a bottleneck lies in the overlap of processes.<strong>There is some overlap between its mSAP process and the IC substrate process required for AI servers. When the world rushed to buy HBM production capacity, the production capacity of small PCBs was squeezed.</strong>At the same time, the 1.6T module has extremely stringent requirements for signal quality, and the PCB must use ultra-low loss materials and precise impedance control, which is not something that ordinary PCB manufacturers can undertake.</p><p>More importantly, once the supplier is changed, the certification period can last for more than six months. That's exactly<a href=\"https://laohu8.com/S/GOOG\">Google</a>、<a href=\"https://laohu8.com/S/META\">Goal</a>The reasons why hyperscale cloud vendors prefer to sign long-term contracts of three to four years rather than lock in the production capacity of existing suppliers.</p><p><h2 id=\"id_2649859146\">Lasers: Yield less than 30%, indium phosphide production capacity a key bottleneck</h2>Laser elements have become another major bottleneck in the CPO (Co-Packaged Optics) era. To support 1.6T or higher bandwidth, lasers must maintain wavelength stability in the high-temperature environment of data centers, which places stringent demands on \"ultra-high power\" and \"extremely low noise\" continuous wave (CW) lasers.<strong>Even if a supplier is able to produce laser dies, the yield rate that meets the high CPO standards may be less than 30% after rigorous reliability testing.</strong></p><p>The constraints on production capacity are equally severe. High-power lasers rely on indium phosphide (InP) technology, and there are very few manufacturers in the world with the capability to mass-produce 6-inch InP. If upstream InP epitaxial wafer manufacturers or manufacturers with their own production capacity such as Coherent and Lumentum are fully booked, no matter how many downstream packaging manufacturers there are, there will be no laser dies available.</p><p>Deeper structural pressures come from the amplifying effect of the CPO architecture itself on laser demand. In traditional optical modules, one module is configured with one laser; In CPO solutions, in order to reduce the thermal impact, the industry has turned to the ELSFP (External Laser Source Module) architecture, which has resulted in a no longer linear relationship between the demand for laser dies and the number of switches, but has increased exponentially, directly impacting the already tight InP epitaxial capacity.</p><p><h2 id=\"id_1927327658\">Wafers and Advanced Packaging: The Real \"Super Big Traffic Jam\" in the Back Lane</h2>Regarding wafer supply, Natarajan Ramachandran directly stated that \"TSMC's production capacity has reached its limit\" and expects TSMC's advanced process production lines to reach a bottleneck in 2026, although TSMC plans to continue expanding production until 2027.</p><p><strong>However, the real \"super traffic jam\" occurs in the back-end advanced packaging process.</strong>Entering the CPO era, TSMC must introduce COUPE (Compact Universal Photonic Engine) technology, which uses Hybrid Bonding to three-dimensionally stack optical chips and silicon chips. This new packaging technology is extremely difficult and has an extremely long testing cycle, making it difficult to rapidly improve the initial unit output (UPH) of the equipment.</p><p>The competitive landscape has further exacerbated production capacity pressure. In 2026, Broadcom's production capacity competitors will no longer be just traditional network communication vendors, but...<a href=\"https://laohu8.com/S/NVDA\">NVIDIA</a>、<a href=\"https://laohu8.com/S/AAPL\">Apple</a>、<a href=\"https://laohu8.com/S/AMD\">AMD</a>、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>And those currently investing heavily in self-developed ASIC chips<a href=\"https://laohu8.com/S/GOOGL\">Google</a>, Meta, OpenAI. When the most advanced AI computing chips and the highest-end 1.6T network switches simultaneously flood into the same TSMC production line, production capacity has essentially entered a \"rationing system\".</p><p>Even if TSMC now decides to expand production on a large scale, factory construction, cleanroom completion, and the introduction of...<a href=\"https://laohu8.com/S/ASML\">ASML</a>The delivery cycle of extreme ultraviolet (EUV) lithography equipment and various high-end testing equipment often takes twelve to eighteen months.<strong>This means that the production capacity for 2026 has actually been locked in by major manufacturers between 2024 and 2025—customers who are only placing additional orders now will have to wait until the new production capacity is released in 2027.</strong></p><p><h2 id=\"id_3949521928\">Spillover across the entire supply chain: Second-tier suppliers lag behind in expanding production, and bottlenecks spread.</h2>Production capacity pressure is spilling over into the entire supply chain. Advanced packaging is not just a matter for packaging manufacturers; the steps that truly create bottlenecks include:<strong>CoWoS must be equipped with ABF substrates, Underfill essential for advanced packaging, heat dissipation requirements brought about by AI power consumption explosion, KGD testing and aging testing (Burn-in), CPO and optical modules, as well as cutting and drilling of TSV and interposer layers.</strong></p><p>TSMC Chairman Wei Zhejia once said that \"CoWoS production capacity is still insufficient\"—what he lacks is not funds, but the production capacity of supporting suppliers: substrate manufacturers, probe card manufacturers, underfill suppliers, etc. TSMC can invest heavily in building factories, but it cannot force these small and medium-sized suppliers to double their production capacity in the short term. Expanding ABF substrate production often takes two to three years, the aging testing time is extremely long, and the alignment tolerance of the fiber array is at the sub-micron level, making it difficult to fully automate—every step slows down the overall pace.</p><p>As Nvidia continues to advance the hardware iteration of its GPU architecture, supply chain bottlenecks and price increases may become structural norms rather than cyclical disruptions. For investors, the bottleneck in production capacity is precisely where pricing power is concentrated.</p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"IE00BVYPNW00.USD":"GUINNESS GLOBAL EQUITY INCOME \"C\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1917777945.USD":"安联专题基金Cl AT Acc","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","IE00B19Z9P08.USD":"LEGG MASON CLEARBRIDGE US AGGRESSIVE GROWTH \"A\" (USD) INC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","BK4543":"AI","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU0861579265.USD":"联博低波幅策略股票基金A","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU2298321311.HKD":"BGF CIRCULAR ECONOMY \"A\" (HKDHDG) ACC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU2092937221.SGD":"Blackrock Circular Economy A2 SGD-H","IE00BDGV0183.EUR":"GUINNESS GLOBAL EQUITY INCOME \"C\" (EUR) INC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","SG9999001424.SGD":"United E-Commerce Fund SGD","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","BK4554":"元宇宙及AR概念","IE00BGHQDM52.EUR":"GUINNESS ASIAN EQUITY INCOME \"C\" (EUR) ACC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. 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