智通财经获悉，光大证券发布2026年港股TMT投资策略，研报称，2026年，港股市场将在估值修复、 盈利增长、主线回归三重驱动下，迎来"戴维斯双击"。建立的"四大AI主线"分析框架，旨在帮助投资者 穿越迷雾，系统性把握港股科技在AI时代的结构性机遇。建议遵循"算力筑基→应用开花→终端与机器 人兑现"的产业节奏，精选各主线下的领军者进行配置。 具体观点认为，恒生指数有望重拾升势，恒生科技指数的向上弹性有望超越大盘。科技板块作为汇聚中 国新经济核心资产的领域，有望成为驱动市场反弹的最强主线。本报告的核心价值在于，首次将纷繁的 60家港股科技公司，系统性地纳入"大厂生态→ AI算力→ AI应用→ AI终端"四大核心主线构成的完整投 资图谱，为捕捉AI浪潮下的港股机遇提供清晰导航。 主线一：互联网大厂——生态价值重估，决胜AI时代 AI正驱动互联网巨头从流量竞争升维至生态能力竞争。云业务因AI需求而加速（资本开支翻倍，利润 率稳健）；广告因AI提效而即时变现（点击率提升15%-20%）；生态入口因AIAgent而面临重构。投资 应关注有能力将技术、数据与场景闭环的巨头，如稳固基本盘并开拓AI入口的腾讯控股、云业务弹性 ...

丘钛科技 20251217 摘要 秋泰科技摄像头模组业务增长显著，尤其 3,200 万像素以下模组受益于 韩系客户合作，成为其最大供应商，虽目前集中于低端项目，但未来有 望拓展至中高端，越南工厂奠基进一步加强合作紧密度。 指纹识别模组出货量同比增长 31.3%至 1.84 亿颗，超声波指纹识别模 组占比提升至 30%以上，月均出货超 500 万颗，产品规格和数量提升 有助于提高产能利用率和盈利能力。 非手机摄像头模组业务增长迅猛，月均出货超 300 万颗，11 月创 370 万颗新高，1-11 月同比增长 111%，远超预期，上半年收入占比已达 23.9%，有望实现五年战略目标，IoT 领域核心大客户销售强劲，垂直 整合供应商地位稳固。 车载业务下半年表现突出，单月出货达七位数，改善盈利能力，与关键 客户合作紧密并获交付奖项，拓展至激光雷达产品，预计 2026 年贡献 车载业务。 垂直整合方面，新巨科技在 IoT 业务上取得突破，获北美核心客户项目 认证。实控人收购 TDK 全球马达业务预计 2026 年一季度完成，关联交 易采购金额提升，反映高端产品需求增长及终端客户认证。 Q&A 秋泰科技在手机摄像头模组 ...

投资要点 研究员：吴文吉 机构：中邮证券 投资建议 我们预计公司2025/2026/2027 年分别实现收入206/235/267 亿元，归母净利润7.68/10.51/12.30 亿元，维 持"买入"评级。 风险提示 需求不及预期风险；市场竞争加剧风险；新产品推出不及预期风险。 无人机光学模组持续升级，激光雷达前景广阔。针对不同级别无人机，其配套的相机模组(拍摄功能)数 量有差异，旗舰无人机通常配备约3 颗相机模组，中端约2 颗，入门级约1 颗。视觉模组(机器视觉)方 面，旗舰无人机通常配备约9 颗视觉模组，中端约5 颗，入门级约3 颗。除光学模组外，公司还为无人 机提供激光雷达，为无人机提供感知、避障等功能，无人机单台配置1-2 颗激光雷达。根据Valuates Report 数据，2023 年全球航拍无人机市场规模约为71 亿美元，预计2030 年将达到122 亿美元。根据 Global Market InsightsInc.于2024 年8 月发布的报告显示，无人机越来越多地用于农业、建筑、能源和物 流等不同领域，用于执行作物监测、现场检查、送货服务和资产管理等任务，预计2024 年至2032 年的 ...

金吾财讯 | 中邮证券发研报指，丘钛科技(01478)无人机光学模组持续升级，激光雷达前景广阔。针对不 同级别无人机，其配套的相机模组(拍摄功能)数量有差异，旗舰无人机通常配备约3颗相机模组，中端 约2颗，入门级约1颗。视觉模组(机器视觉)方面，旗舰无人机通常配备约9颗视觉模组，中端约5颗，入 门级约3颗。除光学模组外，公司还为无人机提供激光雷达，为无人机提供感知、避障等功能，无人机 单台配置1-2颗激光雷达。根据Valuates Report数据，2023年全球航拍无人机市场规模约为71亿美元，预 计2030年将达到122亿美元。根据Global Market Insights Inc.于2024年8月发布的报告显示，无人机越来 越多地用于农业、建筑、能源和物流等不同领域，用于执行作物监测、现场检查、送货服务和资产管理 等任务，预计2024年至2032年的CAGR将超过10%，2032年的市场规模将达到785亿美元。 金吾财讯 | 中邮证券发研报指，丘钛科技(01478)无人机光学模组持续升级，激光雷达前景广阔。针对不 同级别无人机，其配套的相机模组(拍摄功能)数量有差异，旗舰无人机通常配备约3颗相机模组， ...

手持影像设备普及度节节攀升，带来新增量 根据沙利文《全球手持智能影像设备市场发展白皮书》的数据，2023年全球运动相机市场规模为314.4 亿元，预计2027年将达到513.5亿元，CAGR为13.0%;2023年全球全景相机市场规模为50.3亿元，预计 2027年将达到78.5亿元，CAGR为11.8%。手持影像设备的摄像头由单摄向双摄转变，提升长焦拍摄效 果，由传统超广角模组向全景模组发展，从而有利于实现"一次拍摄、无限构图、AI一键成片"。根据公 司官网，全球手持设备/运动相机出货量有望从2024年的4,998万台增长至2029年8,587万台，公司作为全 球最领先的消费无人机和运动相机品牌的摄像头模组核心供应商，有望充分受益于手持影像设备出货量 的快速增长。 联合地瓜机器人与芯视界创新开发具身机器人RGBD感知定位模块，推动具身智能产业化 在AI大模型驱动机器人产业向"具身智能"时代迈进的背景下，公司联合南京芯视界、地瓜机器人共同推 出双目RGB-dToF融合感知方案，为具身机器人打造感知能力升级的行业标准解决方案。由于具身机器 人需应对复杂多变的工作环境，单一传感器存在明显局限性，比如双目RGB在低 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is positioned to benefit from the rapid growth in emerging fields such as drones and handheld imaging devices, with significant market potential projected for the coming years [3][4] - The global aerial drone market is expected to grow from approximately $7.1 billion in 2023 to $12.2 billion by 2030, with a compound annual growth rate (CAGR) exceeding 10% from 2024 to 2032 [3] - The handheld imaging device market is also on the rise, with the global action camera market projected to grow from 31.44 billion yuan in 2023 to 51.35 billion yuan by 2027, reflecting a CAGR of 13% [4] Financial Projections - Revenue forecasts for the company are as follows: 20.55 billion yuan in 2025, 23.49 billion yuan in 2026, and 26.67 billion yuan in 2027, with corresponding net profits of 768 million yuan, 1.05 billion yuan, and 1.23 billion yuan respectively [9][11] - The earnings per share (EPS) is projected to increase from 0.65 yuan in 2025 to 1.03 yuan in 2027, indicating strong growth potential [11][12] Market Trends - The company is actively involved in the development of advanced perception technologies for robotics, collaborating with partners to create innovative solutions that enhance the capabilities of embodied intelligence in robots [5][8] - The global market for embodied intelligent robots is expected to exceed $60 billion by 2025, highlighting the significant growth opportunities in this sector [8]

Group 1 - The stock of Q Technology (01478.HK) has dropped over 3%, currently down 3.43% at HKD 8.73 [1] - The trading volume reached HKD 22.76 million [1]

Core Viewpoint - Chlitina Technology (01478) experienced a decline of over 3%, currently trading at 8.73 HKD with a transaction volume of 22.76 million HKD [1] Sales Performance - In November, the sales volume of mobile camera modules was 38.05 million units, a month-on-month decrease of 13.6% and a year-on-year decrease of 5.6% [1] - The total sales volume of camera modules was 41.75 million units, reflecting a month-on-month decrease of 11.9% but a year-on-year increase of 0.4% [1] - The sales volume of fingerprint recognition modules totaled 17.79 million units, showing a month-on-month decrease of 3.4% and a year-on-year decrease of 8.8% [1] Factors Influencing Sales - The decrease in camera module sales volume is primarily attributed to customer project cycles and seasonal factors [1] - There was a significant year-on-year increase in sales volume for camera modules in other sectors, driven by the growing consumer preference for handheld imaging devices and the increasing number of camera modules used in smart driving solutions [1] - The sales volume of camera modules applied in the Internet of Things (IoT) and smart automotive sectors saw substantial year-on-year growth [1]

Market Overview - The Hong Kong stock market opened high but experienced fluctuations, with the Hang Seng Index up 0.09% at 25,563.05 points, while the Tech Index fell 0.65% to 5,544.57 points [1] - Major tech stocks showed mixed performance, with Alibaba down 0.78%, Tencent down 0.08%, and JD.com down 0.44%, while Xiaomi rose 0.81% and Meituan increased by 0.8% [1] - Lithium battery stocks performed well, with CATL rising over 2%, while chip stocks weakened, with ZTE down over 9% [1] Company News - Sunny Optical Technology (02382.HK) reported November mobile lens shipments of approximately 119 million units, a month-on-month decrease of 2.3% but a year-on-year increase of 7.5% [2] - Q Technology (01478.HK) saw November mobile camera module sales of 38.05 million units, down 13.6% month-on-month and down 5.6% year-on-year [2] - Yuanyuan Group (00551.HK) reported a net operating income of approximately $660 million in November, a year-on-year decrease of 3.1% [2] - Baoshan International (03813.HK) reported a net operating income of 1.172 billion yuan in November, down 5.1% year-on-year [3] - Morning News Technology (02000.HK) reported unaudited revenue of 44.3 million HKD in November, up 48.4% month-on-month and 19.73% year-on-year [4] - Ocean Group (03377.HK) reported a cumulative contract sales amount of approximately 23.79 billion yuan for the first 11 months [5] - Jianye Real Estate (00832.HK) reported a total property contract sales amount of 7.168 billion yuan for the first 11 months, a year-on-year decrease of 16.3% [6] - Yuzhou Group (01628.HK) reported a cumulative sales amount of 6.196 billion yuan for the first 11 months [7] - COFCO Joycome (01610.HK) reported a pig slaughtering volume of 559,000 heads in November, a month-on-month decrease of 4.44% [8] - CSPC Pharmaceutical Group (01093.HK) received clinical trial approval in the U.S. for its fully human anti-ACTRIIA/IIB monoclonal antibody (JMT206) [9] - China Digital Technology (01796.HK) entered into a strategic cooperation agreement with Xinhua Pharmaceutical [10] - China Hongqiao (01378.HK) announced that the acquisition of Hongtu Industrial by Hongchuang Holdings was approved by the Shenzhen Stock Exchange's M&A Review Committee [11] - CICC (03908.HK) plans to issue perpetual subordinated bonds of no more than 3 billion yuan [12] Institutional Insights - Everbright Securities noted that compared to previous bull markets, the current index has significant upside potential, but the duration of the bull market may be more important than the magnitude of the increase [13] - Guosen Securities indicated that the recent adjustments in the Hong Kong market could open up space for a market rise in 2026, with over 110 billion yuan of net inflow from southbound funds in November [13] - CITIC Securities predicted a second round of valuation recovery for the Hong Kong market in 2026, emphasizing the need to focus on "earnings certainty + valuation elasticity" in sectors like technology, pharmaceuticals, resources, and essential consumption [13]

Major Events - JD Industrial (07618) received a subscription rate of 60.52 times for its public offering in Hong Kong, with a share price set at HKD 14.10 [1] - Shanghai Pharmaceuticals (02607) obtained approval for the listing application of Succinic Acid Sultamicillin Tablets (SPH3127) [1] - Fosun Pharma (02196) received approval from the National Medical Products Administration for the drug registration application of Sodium Phosphonate Injection [1] - Lingbao Gold (03330) subsidiary plans to invest AUD 370 million to acquire a 50%+1 share stake in St Barbara Mining Pty Ltd [1] - Jiangsu Ninghu Expressway (00177) intends to increase capital by CNY 3.26964 billion to Longtan Bridge Company [1] - Yunfeng Financial (00376) had Fitch maintain the "A-" (Strong) financial strength rating for Wantong Insurance [1] Operating Performance - Sunny Optical Technology (02382) reported a shipment volume of 12.634 million vehicle-mounted lenses in November, a year-on-year increase of 69.4% [1] - Q Technology (01478) saw mobile camera module sales of 38.053 million units in November, a month-on-month decrease of 13.6% and a year-on-year decrease of 5.6% [1] - Yue Yuen Industrial (00551) reported a cumulative operating profit of approximately USD 7.382 billion for the first 11 months, a year-on-year decrease of 1.6% [1] - Baoshan International (03813) reported a cumulative operating profit of CNY 15.784 billion for the first 11 months, a year-on-year decline of 6.8% [1] - COFCO Joycome (01610) reported a pig slaughter volume of 559,000 heads in November, a month-on-month decrease of 4.44% [1]