光波导行业迈入强整合时代 今年11月，AAC宣布全资收购芬兰波导厂商Dispelix，这在业内是一次备受关注的事件。 这既意味着AR行业发展正在加速，也揭示了光波导行业将迎来全新阶段。 近日，AAC参展全球知名光电行业盛会SPIE2026，并联合Dispelix展出了系列最新光波导解决方案，这属于双方合并后的首秀。 就此契机，VR陀螺有幸对话瑞声科技 XR&智能终端事业部总经理 陶洪焰 及 Dispelix CEO 兼联合创始人 Antti Sunnari，这场光波导行业"联姻"对于双方以 及整个行业来说意味着什么？ 在SPIE 2026 01 50°碳化硅波导首秀，坚定押注单片全彩方向 先来简单介绍AAC与Dispelix两家企业，AAC是国内果链巨头，同时也是全球知名的智能设备感知与交互技术解决方案提供商，"声光电触"等领域有很强 技术实力，XR赛道也已经深耕多年。 Dispelix是衍射光波导领域"祖师爷"级企业，于2015年创办，总部位于芬兰，在美国、中国设有办事处。官网介绍指出，Dispelix的核心技术包括单片全彩 衍射光波导设计、自主开发波导设计软件与仿真工具以及可大规模生产的光波导制造工艺。 ...

据香港交易所披露，摩根大通（JPMorgan）对瑞声科技控股有限公司的多头持仓比例于2026年1月27日 从7.26%增至7.3%。 本文源自：金融界AI电报 ...

Core Viewpoint - The automotive acoustic components market is experiencing significant growth driven by the shift in consumer preferences towards comfort and the increasing demand for noise, vibration, and harshness (NVH) performance in vehicles. The market is expected to reach a scale of 10.49 billion yuan by 2025, with a year-on-year growth of 23.0% [1][8]. Overview - Automotive acoustic components are electronic and mechanical parts used in vehicle acoustic systems to enhance safety, communication, entertainment, and noise control. They play a crucial role in improving NVH performance and meeting comfort and regulatory noise reduction requirements [2][3]. Market Policies - The Chinese government has implemented various policies to support the development of the automotive acoustic components industry, creating a favorable environment for growth. These include initiatives aimed at enhancing manufacturing reliability and promoting the development of new energy and intelligent connected vehicles [3][4]. Industry Chain - The industry chain for automotive acoustic components includes upstream suppliers of acoustic materials, midstream manufacturers of acoustic components, and downstream automotive manufacturers. The rapid growth of the new energy vehicle market is reshaping demand for acoustic components, leading to increased requirements for lightweight and high-performance products [6][7]. Development Status - The automotive acoustic components market is expanding as manufacturers enhance their product offerings to meet consumer demands for comfort. The market is projected to grow significantly, particularly with the rise of new energy vehicles, which require advanced acoustic solutions [1][8]. Competitive Landscape - Historically dominated by international giants, the market is seeing a shift as domestic companies like Suzhou Aosheng Electronics and AAC Technologies gain market share through technological advancements and cost advantages. This trend is expected to accelerate with the rise of domestic automotive brands and localization of supply chains [10]. Key Domestic Players - Suzhou Aosheng Electronics is a leading provider of automotive acoustic solutions, with a revenue of 1.367 billion yuan in the first half of 2025, primarily from speaker sales [11]. - AAC Technologies is recognized for its comprehensive capabilities in acoustic, optical, and sensor solutions, reporting a revenue of 13.32 billion yuan in the same period [12]. Development Trends - The industry is moving towards active intelligent noise reduction technologies to meet the unique demands of new energy vehicles. This includes the integration of AI algorithms for real-time noise management [13]. - Material innovation is focusing on environmentally friendly and lightweight solutions, with a shift from traditional materials to biodegradable and composite materials [14]. - The proliferation of smart cabins is driving the evolution of acoustic components towards personalized and scenario-based functionalities, enhancing user experience and creating new business models [15].

Core Viewpoint - The company announced the appointment of Mr. Zheng Shuting as an independent non-executive director, effective from January 27, 2026 [1] Group 1 - The board of directors is pleased to appoint Mr. Zheng Shuting [1]

瑞声科技(02018)发布公告，董事会欣然委任郑叔霆先生为公司独立非执行董事,于2026年1月27日起生 效。 ...

格隆汇1月27日丨瑞声科技(02018.HK)宣布，委任郑叔霆为公司独立非执行董事，于2026年1月27日起生 效。 ...

（於開曼群島註冊成立之有限公司） （股份代號：2018） 瑞聲科技控股有限公司董事會（「董事會」）成員載列如下： 執行董事： 潘政民先生 （行政總裁） 莫祖權先生 （常務董事） 非執行董事： 吳春媛女士 獨立非執行董事： 張宏江先生 （董事會主席） 郭琳廣先生 彭志遠先生 鄭光廷先生 鄭叔霆先生 董事名單與其角色和職能 董事會設有四個委員會。下表提供相關董事會成員在這些委員會中所擔任的職位： | | 委員會 | | | | | --- | --- | --- | --- | --- | | | 審核及 | | | 可持續發展 | | 董事 | 風險委員會 薪酬委員會 | | 提名委員會 | 委員會 | | 張宏江先生 | M | M | C | | | 郭琳廣先生 | C | M | | M | | 彭志遠先生 | M | C | M | M | | 吳春媛女士 | | | M | M | | 莫祖權先生 | | | | C | 附註： C 有關委員會主席 M 有關委員會成員 香港，2026年1月27日 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：2018） 委任獨立非執行董事 鄭先生曾在2010年1月至2014年1月期間擔任弗吉尼亞州商業與貿易部部長。此前， 鄭先生曾擔任資訊技術服務公司Computer & Hi-tech Management Inc.的始創人及 首席執行官，是一位從資訊技術承辦行業屢獲殊榮的科技企業家。 鄭先生持有老道明大學電腦科學學士學位、弗吉尼亞大學達頓商學院工商管理碩 士學位，以及喬治城大學法律中心法學博士學位。彼為弗吉尼亞律師協會和哥倫 比亞特區律師協會的會員。 1 鄭先生已與本公司簽署委任函，任期自2026年1月27日起直至本公司2028年股東週 年大會結束。一如委任獨立非執行董事的條款，雙方均可提前一週以書面通知對 方終止該委任函。鄭先生須於本公司下屆2026年股東週年大會上告退及膺選連任， 其後須本公司按章程細則最少每三年輪席退任及重選連任一次。鄭先生將享有年 度董事 ...

本文源自：金融界AI电报 据香港交易所披露，摩根大通对瑞声科技控股有限公司的多头持仓比例于2026年1月21日从7.21%增至 7.28%。 ...

Core Viewpoint - AAC Technologies is transitioning from being perceived as a mature consumer electronics supply chain company to a key player in the AI hardware ecosystem, having strategically positioned itself in multiple high-growth areas over the past three to five years [1][8]. Group 1: AI Edge and Hardware - The explosion of edge AI is fundamentally changing user interaction methods, with AAC's core capabilities in microphones, motors, and acoustic modules becoming essential components in AI devices [1][3]. - AAC's components are already integrated into major AI smartphones and devices from companies like Google and OpenAI, with a reported value contribution of approximately $40 per device [3]. - The company is also focusing on XR/AI glasses, where its optical waveguide technology is crucial, contributing around $270 in value per pair of glasses, representing over 70% of the core hardware cost [4]. Group 2: Strategic Acquisitions and Collaborations - AAC has signed an agreement to acquire Dispelix Oy, a company specializing in AR diffraction waveguide technology, expected to enhance its optical and precision manufacturing capabilities [4]. - The company is not only focusing on waveguide technology but is also developing a comprehensive AI smart glasses solution, integrating various components for high-end AR and AI glasses [4]. Group 3: Robotics and AI Cooling Solutions - AAC is targeting the humanoid robot market, focusing on high-value components and integrated services, with plans to reach the technical level of a $120,000 dexterous hand by late 2026 or early 2027 [5][6]. - The company is a core supplier for the iPhone 17 Pro/Pro Max's VC heat spreader, with projected revenue from cooling solutions expected to reach approximately 1.5 billion yuan in 2025, potentially doubling by 2026 [7]. Group 4: Share Buybacks and Incentives - AAC has repurchased approximately 27.27 million shares for about 1.06 billion HKD, demonstrating commitment to shareholder value amidst market volatility [8]. - The company has implemented a new share incentive plan for 2023, allowing for the issuance of up to 45 million shares, significantly larger than the previous plan, aligning the interests of the core team with shareholders [9]. Group 5: Financial Projections and Market Positioning - According to forecasts, AAC's revenue is expected to reach approximately 31.48 billion yuan in 2025, with long-term goals of 50-60 billion yuan by 2028/2029 [9]. - Despite positive fundamentals and growth potential, AAC's current valuation remains misaligned with its growth trajectory, often being undervalued as merely a smartphone supply chain stock [10].