Core Viewpoint - 瑞声科技's stock price is currently at 38.54 HKD, showing a 1.64% increase, and is consolidating around key technical levels while being influenced by both its fundamentals and broader market sentiment [1] Group 1: Short-term Technical Analysis - The stock price is fluctuating around the 10-day moving average (approximately 38.23 HKD) and the 30-day moving average (approximately 38.33 HKD), indicating short-term pressure [2] - The 60-day moving average (approximately 39.86 HKD) remains above the current price and is trending downward, signaling a "strong sell" from multiple moving averages, suggesting a lack of mid-term trend reversal [2] - Key support is identified at 37.0 HKD, with a potential drop to a stronger support level at 36.3 HKD if breached; resistance is at 39.0 HKD, with the next level at approximately 39.9 HKD [3] Group 2: Market Sentiment and Macro Environment - Market sentiment around 瑞声科技 is mixed, with some investors cautious due to pressure at the 40 HKD level and the prevailing bearish technical pattern [6] - Others see potential for a rebound given the stock's recent pullback and technical signals indicating a possible bottoming out [6] - The company's performance is closely tied to global smartphone market demand and innovation cycles, with a focus on short-term earnings visibility [6] Group 3: Derivative Product Strategy - In uncertain market conditions, warrants and bull/bear certificates provide alternative investment tools with built-in leverage, allowing for more efficient capital use [7] - For investors expecting a rebound, high strike call options like UBS call warrants (17098 and 18352) with a strike price of 54.04 HKD offer approximately 5x leverage, but come with high premium rates [8] - For those bearish on the stock, put options like HSBC put warrant (21079) and UBS put warrant (19352) with a strike price of 40.86 HKD provide about 2x leverage and are less sensitive to market sentiment fluctuations [8]

Core Viewpoint - The report from Everbright Securities indicates that the Hong Kong stock market is expected to experience a "Davis Double Play" in 2026, driven by valuation recovery, profit growth, and a return to main themes, particularly in the TMT sector [1] Group 1: Investment Strategy - The report establishes a framework of "Four AI Main Lines" to help investors navigate opportunities in the Hong Kong tech sector during the AI era [1] - It suggests a strategic investment rhythm of "computing power foundation → application blossoming → terminal and robotics realization" to select leading companies under each main line [1] Group 2: Main Line One - Internet Giants - AI is driving internet giants to shift from traffic competition to ecosystem capability competition, with cloud business capital expenditure doubling and advertising click-through rates increasing by 15%-20% due to AI [2] - Key investment focuses include Tencent Holdings, Alibaba-W, and Kuaishou, which are positioned to leverage AI for ecosystem development [2] Group 3: Main Line Two - AI Computing Power Industry Chain - Leading companies continue to exceed earnings expectations, with strong capital expenditure from cloud vendors and tight chip supply countering "bubble theories" [3] - The report identifies three areas of certainty: communication networking benefiting from global tech upgrades, semiconductor manufacturing for domestic substitution, and key equipment and materials for computing power upgrades [3] Group 4: Main Line Three - AI Applications - AI application investments are entering a phase where performance is critical, with clear signals of commercialization acceleration in SaaS, content ecosystems, and advertising [4] - The evolution of enterprise tools into "intelligent agents" is driving ARPU growth, while programmatic advertising is beginning to release profits [4] Group 5: Main Line Four - AI Hardware and Robotics - 2026 is projected to be a pivotal year for AI-defined hardware and the mass production of robots [5] - Major hardware manufacturers like Apple and Xiaomi are enhancing AI capabilities, while global tech giants are entering hardware sectors, revealing investment opportunities across the robotics supply chain [5] Group 6: Specific Investment Targets - Sunny Optical Technology: A global leader in mobile and automotive optics, with growth driven by increased project shares and rapid growth in automotive lenses/modules [6] - Lenovo Group: Holds the largest share in AIPC, with valuation catalysts pending from server business profitability and AIPC demand [6] - AAC Technologies: A platform company in acoustics, optics, and motors, with growth linked to A customer strategies and AI edge [7] - BYD Electronics: A leader in precision manufacturing, with growth contingent on Apple business performance and new automotive products [7] - Xiaomi Group: The "people-car-home + AI" strategy opens long-term growth potential, though short-term challenges exist [7]

Core Viewpoint - AAC Technologies (02018) has seen a nearly 3% increase in stock price, currently at 38.8 HKD, with a trading volume of 35.08 million HKD, indicating positive market sentiment towards the company [1] Group 1: Company Developments - AAC Technologies has successfully transitioned its AR device for core customers in the North American market from the conceptual phase to mass production, marking a significant milestone in its product development [1] - The AR device meets key market demands for high-quality display and lightweight design, positioning it well within the AR smart glasses market [1] Group 2: Industry Insights - The XR industry is shifting from a conceptual exploration phase to a structural growth phase, with North America identified as a major consumer region for XR technology [1] - According to CounterPoint Research, sales of AR smart glasses in North America have increased by 68% year-on-year as of Q2 2025, highlighting the growing demand in this sector [1] - AAC Technologies' entry into the core supply chain for AR in North America signifies its strengthened position in the rapidly expanding XR market [1]

Core Viewpoint - AAC Technologies (02018) has seen a nearly 3% increase in stock price, currently at 38.8 HKD, with a trading volume of 35.08 million HKD, indicating positive market sentiment towards the company due to its advancements in the XR industry [1] Group 1: Company Developments - AAC Technologies has successfully transitioned its AR device for core customers in the North American market from the conceptual phase to mass production, marking a significant milestone in its operational capabilities [1] - The AR device meets key market demands for high-quality display and lightweight design, enhancing its compatibility in the AR smart glasses segment [1] Group 2: Industry Insights - The XR industry is shifting from a conceptual exploration phase to a structural growth phase, with North America identified as a major consumer region for XR technology [1] - According to CounterPoint Research, AR smart glasses sales in North America have increased by 68% year-on-year as of Q2 2025, highlighting a robust market for AAC Technologies' products [1] - The successful mass production and delivery of AAC Technologies' AR device signifies its entry into the core supply chain of North America's AR market [1]

天眼查资料显示，瑞声光电科技（常州）有限公司，成立于2006年，位于常州市，是一家以从事其他制 造业为主的企业。企业注册资本43780万美元。通过天眼查大数据分析，瑞声光电科技（常州）有限公 司共对外投资了1家企业，参与招投标项目39次，财产线索方面有商标信息4条，专利信息1541条，此外 企业还拥有行政许可33个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：情报员 国家知识产权局信息显示，瑞声光电科技（常州）有限公司取得一项名为"电路及发声器件"的专利，授 权公告号CN115396791B，申请日期为2022年8月。 ...

证券时报·数据宝统计，瑞声科技在港交所公告显示，12月23日以每股37.500港元至38.020港元的价格回 购15.00万股，回购金额达567.72万港元。该股当日收盘价37.920港元，下跌0.47%，全天成交额7920.06 万港元。 | 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） | | --- | --- | --- | --- | --- | | 2025.12.23 | 15.00 | 38.020 | 37.500 | 567.72 | | 2025.12.18 | 15.00 | 37.920 | 37.460 | 565.28 | | 2025.12.17 | 15.00 | 38.360 | 37.560 | 570.18 | | 2025.12.16 | 11.45 | 38.500 | 37.800 | 437.30 | | 2025.12.15 | 10.00 | 38.980 | 38.240 | 386.27 | | 2025.12.11 | 30.00 | 37.800 | 37.220 | 1129.64 | | 20 ...

瑞声科技(02018)发布公告，于2025年12月23日该公司斥资567.72万港元回购15万股，回购价格为每股 37.50-38.02港元。 ...

智通财经APP讯，瑞声科技(02018)发布公告，于2025年12月23日该公司斥资567.72万港元回购15万股， 回购价格为每股37.50-38.02港元。 ...

格隆汇12月23日丨瑞声科技(02018.HK)发布公告，2025年12月23日耗资567.72万港元回购15万股，回购 价格每股37.5-38.02港元。 ...

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 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02018 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年12月18日 | 1,168,586,500 | | 2 ...