Core Insights - The global technology industry is expected to experience a dual trend of differentiated end-user demand and accelerated AI innovation by 2026, driven by rapid iterations of AI large models [1][4] - The demand for computing power and the innovation cycle of edge AI products (AI smartphones, AI PCs, AI glasses) will be the main growth drivers, while low-end consumer electronics demand is anticipated to face short-term pressure due to macroeconomic uncertainties and rising storage costs [1][4] AI Computing Infrastructure - The global server market will be dominated by AI infrastructure investments, with AI server shipments expected to grow by 50% year-on-year to 2.32 million units in 2026 [2][6] - The market will exhibit a "GPU/ASIC dual-drive" pattern, with GB/VR iterations driving specification upgrades and self-developed ASICs enhancing value [2][6] - ODM leaders and core component suppliers with "mechatronics" capabilities are expected to benefit, including companies like Luxshare Precision, Hongteng Precision, and BYD Electronics [2][6] Smartphone Market - Global smartphone shipments are projected to decline by 5% year-on-year to 1.18 billion units in 2026, primarily affecting low-end models due to macro uncertainties and rising storage costs [2][6] - The high-end market remains resilient, driven by AI innovations, with Apple expected to launch significant upgrades including the iPhone 18 and the first foldable iPhone [2][6] - Opportunities in optical components, structural parts, and thermal management are highlighted, with companies like Luxshare Precision, AAC Technologies, and Xiaomi Group being key players [2][6] AR/VR Market - The global AI glasses market is expected to exceed 10 million units by 2026, marking a new era for smart glasses [2][6] - Major tech companies are accelerating their investments, with Meta focusing on social ecosystems and Google building an ecosystem through the open Android XR platform [2][6] - Companies with core optical technologies and assembly capabilities are likely to benefit from industry growth, including Sunny Optical, AAC Technologies, and Q Tech [2][6] PC and Automotive Electronics - The global PC market is projected to see a slight decline of 2% year-on-year to 275 million units, influenced by the end of the Windows 11 upgrade cycle and rising storage costs [2][6] - AI PCs are expected to penetrate the market significantly, with their share projected to exceed 50% by 2026 [2][6] - The commercialization of L4-level autonomous driving is expected to accelerate, with opportunities in high-voltage connectors, automotive optics, and smart cockpit displays, benefiting companies like Luxshare Precision, Hongteng Precision, BYD Electronics, Sunny Optical, AAC Technologies, and BOE Technology Group [2][6]

格隆汇12月11日丨瑞声科技(02018.HK)发布公告，2025年12月11日耗资1129.64万港元回购30万股，回购 价格每股37.22-37.8港元。 ...

瑞声科技(02018)发布公告，于2025年12月11日，该公司斥资1129.64万港元回购30万股股份，每股回购 价格为37.22-37.8港元。 ...

智通财经APP讯，瑞声科技(02018)发布公告，于2025年12月11日，该公司斥资1129.64万港元回购30万 股股份，每股回购价格为37.22-37.8港元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 瑞聲科技控股有限公司（於開曼群島註冊成立之有限公司） 呈交日期： 2025年12月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 確認 不適用 第一章節註釋： 若股份曾以超過一個每股價格發行/出售/購回/贖回，則須提供每股成交量加權平均價格。 若購回/贖回股份將於期終結存日期之後購回/贖回結算完成之時予以註銷，則該等購回/贖回股份仍屬A部所述期終結存當日的已發行股份的一部分。該等購回/贖回股份的詳情應在B部作 出披露。 第 2 頁 共 6 頁 v 1.3.0 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通 ...

Core Insights - The global technology industry is expected to experience a divergence in end-user demand alongside accelerated AI innovation by 2026 [2] - High-end markets are showing resilience driven by AI functionalities, while low-end consumer electronics are facing short-term pressure due to macroeconomic factors and cost challenges [2] AI Computing Infrastructure - The demand for AI computing power is expected to expand, with a focus on AI infrastructure, including VR/ASIC architecture upgrades that will drive both volume and price increases for ODM and components [2][3] - AI server shipments are projected to grow by 50% year-on-year to 2.32 million units, driven by investments in AI infrastructure [3] Smartphone Market - Global smartphone shipments are anticipated to decline by 5% year-on-year to 1.18 billion units due to macroeconomic uncertainties and rising storage costs [4] - High-end smartphones, particularly Apple's innovations, are expected to maintain resilience, with the introduction of the first foldable iPhone and AI-driven features [4] AR/VR Market - The global AI glasses market is projected to exceed 10 million units by 2026, marking a significant growth in wearable technology [5] - Major tech companies are intensifying their investments in AR/VR, with expectations for AR glasses to reach 32 million units by 2030 [5] PC and Automotive Electronics - The global PC market is expected to face a slight decline of 2% year-on-year to 275 million units, influenced by the end of the Windows 11 upgrade cycle and rising storage costs [6] - AIPC penetration is forecasted to exceed 50% by 2026, becoming a mainstream standard, while L4-level autonomous driving is expected to accelerate due to regulatory improvements and cost reductions [6]

（原标题：瑞声科技(02018.HK)入选"港交所科技100指数"） 12月9日，香港交易及结算所有限公司宣布推出香港交易所科技100指数。该指数在编制规则中明确设置 流动性硬指标与研发成长性软门槛：成分股需满足过去六个月日均成交额不低于2000万港元，且过去两 年研发投入占比超3%或营收年增超5%。 消息面上，瑞声科技(2018.HK)近期迎来多项重要业务进展。近期全资收购芬兰光波导企业Dispelix，携 手全球头部移动终端生态系统构建者，参与开发下一代XR参考设计硬件平台；并正在与多家全球头部 厂商，开发下一代AR设备。同时，瑞声科技拿下"豆包 AI 手机"与夸克 AI 眼镜的合作，在X轴线性马 达、声学系统及创新拾音方案等领域提供关键支持，强化"AI + 感知"布局。 高盛近日发布报告，看好公司端侧AI设备在其零部件(如声学器件、微机电系统麦克风、触觉反馈器 件、等)终端市场的应用不断拓展，认为未来几年 AR 眼镜中摄像头数量的增加以及光学合束器(如光波 导)的应用，将为瑞声科技带来新的增长机遇。预计未来几年瑞声科技将充分受益于端侧AI设备的发展 浪潮，维持买入评级，12个月目标价为68.6港元；中邮 ...

Group 1 - Hong Kong Exchanges and Clearing Limited launched the Hong Kong Stock Exchange Technology 100 Index, which includes stocks that meet specific liquidity and R&D growth criteria [1] - Selected stocks include AAC Technologies (2018.HK), Tencent Holdings (00700), CATL (03750), and SMIC (00981) [1] - AAC Technologies reported a revenue of HKD 13.32 billion for the first half of 2025, a year-on-year increase of 18.4%, and a net profit of HKD 876 million, up 63.1% year-on-year [1] Group 2 - AAC Technologies has made significant business advancements, including the acquisition of Finnish waveguide company Dispelix and collaborations on next-generation AR devices [1] - The company is also involved in partnerships for "Doubao AI Phone" and Quark AI glasses, enhancing its "AI + perception" strategy [1] - Goldman Sachs expressed optimism about the growth opportunities for AAC Technologies in the end-side AI device market, particularly in AR glasses and optical combiners [2] - The firm maintains a "buy" rating with a 12-month target price of HKD 68.6 [2] - Zhongyou Securities also supports the company's "AI + perception" strategy, maintaining a "buy" rating [2]

| 股票名称 | 回购数 | 回购额 | 年累计回购数量 | 年累计回购数量/总 | | --- | --- | --- | --- | --- | | | | | (股) | 股本 | | 腾讯控股(00700) | 106.00 万 | 6.36 亿 | 8831.30 万 | 0.961% | | 小米集团-W(01810) | 240.00 万 | 1.01 亿 | 1.03 亿 | 0.400% | | 中远海控(01919) | 300.00 万 | 4085.81 万 | 7854.30 万 | 2.727% | | 碧桂园服务(06098) | 468.40 万 | 2921.95 万 | 3691.40 万 | 1.105% | | 吉利汽车(00175) | 153.70 万 | 2713.61 万 | 470.50 万 | 0.047% | | 中国飞鹤(06186) | 547.00 万 | 2293.91 万 | 2.29 亿 | 2.521% | | 巨子生物(02367) | 40.00 万 | 1438.24 万 | 80.00 万 | 0.075% | | 金山软件(0388 ...

证券时报·数据宝统计，瑞声科技在港交所公告显示，12月10日以每股37.980港元至38.500港元的价格回 购15.00万股，回购金额达576.23万港元。该股当日收盘价38.500港元，上涨0.84%，全天成交额1.06亿 港元。 自12月3日以来公司已连续6日进行回购，合计回购85.00万股，累计回购金额3281.93万港元。 其间该股 累计下跌2.43%。 今年以来该股累计进行92次回购，合计回购2696.85万股，累计回购金额10.45亿港元。（数据宝） 瑞声科技回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.10 | 15.00 | 38.500 | 37.980 | 576.23 | | 2025.12.09 | 15.00 | 38.520 | 37.740 | 571.86 | | 2025.12.08 | 10.00 | 39.400 | 39.080 | 392.61 | | 2025.12.05 | 15.00 | 39.220 | ...