<section data-mpa-md-root="t" data-mpa-md-template="1"><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memil41p19b8" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å导ä½è¡ä¸2025å¹´8æ16æ¥æ¥åæ»ç»ï¼</span></span></span></span></section><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">NVIDIAï¼NVDAï¼Rubinæ¶æè¿å±</span></span></strong></span></span></section></li></ol><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">Rubinæ计åæ¨è¿</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼é对Fubonæ¥å称NVDAå éå±å±æ¹å¨å¯è½å»¶è¿çä¼ é»ï¼Jeff</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">eries认为Rubiné产æ¶é´ä»ç¬¦åå计åï¼2026å¹´Q2ç产ï¼Q3æå¡å¨æ¾éï¼ãNVDAå®æ¹ç¡®è®¤è¿åº¦æ£å¸¸ï¼ä¸å¦è®¤æ¹å¨æ¯ä¸ºäºåºå¯¹AMDçMI450ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ææ¯é¢å æ§</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼NVDA路线å¾é¢å AMDï¼éè¿å¯¹æ¯VR200 Oberonä¸MI</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">450xçæºæ¶æ§è½ï¼å¼ºè°NVDAä¼å¿ã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memil41tbw7" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2. ADIï¼Analog Devicesï¼ä¸ç»©é¢è§</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å·¥ä¸é¢åç²è½¯</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å·¥ä¸éæ±ï¼å è¥æ¶46%ï¼6-7æèµ°å¼±ï¼æ±½è½¦ï¼29%ï¼å¢é¿ä¹åï¼ä» </span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¸å½å±é¨å¤èï¼ã管çå±å·²ä¸è°2025å¹´ä¸åå¹´é¢æï¼ä½å¸åºä»é¢æ9æå·¥ä¸æ¶å ¥å¢é¿10%ãæ»è¥æ¶å¢4%ï¼å¯è½è¿é«ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é¿æç好</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å½é²èªç©ºï¼A&Dï¼ä¸å¡é§æ§è¾å¼ºï¼ä½çæå 模æè¯çæ¿åé¾æä¸è¡ç©ºé´</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memil41w1ala" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3. è±ç¹å°ï¼INTCï¼ä¸ç¾å½æ¿åºåä½ä¼ é»</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ½å¨æ¿åºæ³¨èµ</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼8æ14æ¥æ¥é称ç¾å½æ¿åºèèæè¡INTCï¼ç±»ä¼¼æ¤åä¸AMD/NV</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">DAçåè®®ï¼å 许对åéå®è¯ç以æ¢åæ¶å ¥åæï¼ãä½Jefferies认为èµéæ æ³è§£å³INTCçæ ¹æ¬é®é¢ï¼å¦ä»£å·¥ä¸å¡å°å¢åæç¥æ¹åä¸æã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memil41y24f7" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">4. å éä¿¡é¢åï¼COHRä¸LITE对æ¯</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">Coherentï¼COHRï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">Q2/Q3æ¯å©çè¶ é¢æï¼38.1%/38.5%ï¼ï¼ä½è¥æ¶æå¼å¹³æ·¡ï¼</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">$15.3亿ï¼ï¼å A&Dä¸å¡åºå®å½±åã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">800Géæ±å¼ºå²ï¼1.6Tåå 路交æ¢ï¼OCSï¼å°äº2026å¹´æ¾éï¼</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">è¹æåä½é¢è®¡2026å¹´ä¸åå¹´è´¡ç®æ¶å ¥ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">Lumentumï¼LITEï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¸ç»©è¶ é¢æï¼äºä¸ç½ç»éæ±æ¨å¨æ¶å ¥ç®æ æåè³2026å¹´3æï¼å$6亿</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">è·NVDA 200G EML订åï¼12æ交ä»ï¼ï¼OCSä¸å¡å·²å两家</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">è¶ å¤§è§æ¨¡å®¢æ·ä¾è´§ã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memil4271sbv" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">5. å导ä½è®¾å¤ï¼åºç¨ææï¼AMATï¼ä¸å½éæ±ç²è½¯</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><section style="" data-mpa-md-content="t" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸å½äº§è½æ¶å</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼9æè¥æ¶/EPSæå¼(67亿/2.11)å¤§å¹ ä½äºé¢æ(73.3亿/2.39)ï¼å ä¸å½å沿å¶ç¨éæ±é线æ§ä¸æ»ã</span></span></span></span></section></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¸å½è®¾å¤å©ç¨çä½ï¼é¢è®¡æç»å¤å£åº¦ï¼æç´¯2026å¹´å ¨çWFEå¢é¿ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">GAAç¸å ³æ¯åºæ¨è¿ï¼$5亿延è³2026/2027å¹´ï¼ï¼ä½DRAMï¼</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å«HBMï¼åNANDéæ±ç¨³å¥ã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memil42dsb3" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">6. 西é¨æ°æ®ï¼SNDKï¼åå¨ä¸å¡</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ASPå¢éæ¾ç¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ä¸åå¹´ASPå¢é¿é¢æä»HSD/LDDä¸è°è³MSD/USDï¼ä½æ¯å©</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">çæ©å¼ è¶å¿ä¸åã </span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">BiCS8èç¹è½¬åæ¨è¿ï¼è®¡ç®åSSDï¼TLCï¼è·ç¬¬äºå®¶è¶ 大è§æ¨¡å®¢æ·</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">认è¯ï¼åå¨åSSDï¼QLCï¼é¢è®¡2026å¹´ä¸åå¹´é产ã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memil42f1cd1" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">7. Marvellï¼MRVLï¼å®æ汽车以太ç½ä¸å¡åºå®</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">交æç»è</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼</span><span leaf="">以 25亿ç°éåºå®ç»è±é£å(IFX)ï¼8æ15æ¥èµ·ä¸å并表(åé¢è®¡2026å¹´è´¡ç®2.25-2.5亿æ¶</span><span leaf=""> ï¼</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">èç¦æ°æ®ä¸å¿ç½ç»/ASICæ ¸å¿ä¸å¡ï¼äº¤æ对éGAAP EPSæ é大</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å½±åã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memil42l1b0z" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">8. å°æ¹¾æå¡å¨ODM 7æéå®</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ´ä½ä¸æ»</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å大ODMï¼çº¬é¢/纬å/广达/è±ä¸è¾¾ï¼7æè¥æ¶ç¯æ¯é11%ï¼é¦æ¬¡</span></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">è´å¢é¿ï¼ï¼åæ¯å¢65%ã </span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">纬é¢ï¼AWS ASIC主åï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ç¯æ¯æå¹³ï¼åæ¯+172%ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span 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