证券日报网讯12月19日，华勤技术（603296）在互动平台回答投资者提问时表示，公司与维他动力已正 式达成机器人整机制造战略合作，双方将围绕消费级智能伴随机器人充分合作。 ...

证券日报网讯12月19日，华勤技术（603296）在互动平台回答投资者提问时表示，公司持续聚焦智能硬 件行业，在汽车电子领域积极布局座舱、显示屏、智驾三大产品方向，其中，在智能座舱方面，公司已 实现座舱产品全栈研发、制造及量产交付，并通过软件方面的创新和突破，自主设计出多平台、自适应 的座舱软件系统，已得到主流的主机厂高度认可，进一步完善了客户队列。同时，为满足客户全新产品 需求，在车规级智能硬件产品方面，公司积极布局智能网联产品，致力于实现车辆与外部环境的高效交 互，通过不断地研发和创新，为用户提供更加智能、安全、舒适的汽车电子产品，推动汽车产业的智能 化升级。 ...

格隆汇12月19日丨华勤技术(603296.SH)在互动平台表示，公司在2024年底升级3+N+3业务战略，明确 将机器人业务作为公司三大新兴业务之一，目前持续推进并加速其业务布局。一方面通过收购豪成智能 （后更名为昊勤机器人）快速切入机器人赛道，该团队在家庭清洁、陪护机器人领域拥有十余年技术积 累；另一方面，针对更加前沿的工业机器人、人形机器人等方向组建了研发团队，聚焦该领域关键技术 的研发与突破。未来，公司将以持续且稳健的投入夯实机器人产品的技术和应用研究，希望未来能有节 奏地实现机器人业务的落地。 近日，公司与维他动力已正式达成机器人整机制造战略合作，双方将围 绕消费级智能伴随机器人充分合作。 ...

格隆汇12月19日丨华勤技术(603296.SH)在互动平台表示，公司在2024年底升级3+N+3业务战略，明确 将机器人业务作为公司三大新兴业务之一，目前持续推进并加速其业务布局。一方面通过收购豪成智能 （后更名为昊勤机器人）快速切入机器人赛道，该团队在家庭清洁、陪护机器人领域拥有十余年技术积 累；另一方面，针对更加前沿的工业机器人、人形机器人等方向组建了研发团队，聚焦该领域关键技术 的研发与突破。未来，公司将以持续且稳健的投入夯实机器人产品的技术和应用研究，希望未来能有节 奏地实现机器人业务的落地。 近日，公司与维他动力已正式达成机器人整机制造战略合作，双方将围 绕消费级智能伴随机器人充分合作。 ...

华为手机概念资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002475 | 立讯精密 | -2.86 | 0.83 | -49919.20 | | 603501 | 豪威集团 | -2.18 | 1.13 | -17543.67 | | 301526 | 国际复材 | -3.24 | 7.50 | -9159.40 | | 002273 | 水晶光电 | -2.05 | 1.34 | -7763.15 | | 603228 | 景旺电子 | -5.59 | 2.96 | -6899.35 | | 603296 | 华勤技术 | -3.37 | 1.31 | -5865.63 | | 000969 | 安泰科技 | -2.43 | 6.14 | -5462.54 | | 300657 | 弘信电子 | -2.82 | 2.75 | -5008.33 | | 000536 | 华映科技 | -1.75 | 4.84 | -4676.22 | | 002217 | 合力泰 | -1.61 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The consumer electronics ETF (159732.SZ) managed by China Asset Management tracks the Guozheng Consumer Electronics Theme Index (980030). From September 11, 2025, to December 12, 2025, the best convergent stock of the consumer electronics ETF was Huaqin Technology (603296.SH). The choice of the convergent stock considered the trend deviation of the constituent stocks from the consumer electronics index and research coverage [3][10]. - Regarding the valuation of Huaqin Technology's stock price stabilization position in September 2024, it should be based on the 2023 fundamental data (EPS), and the calculated bottom - end valuation is close to 17 times PE. Since the stock price rebound in September 2024, most of the stock price fluctuations have been within the value range defined by the fundamental value of T - 1 year and the expected fundamental value of T+2 years. Based on the data of December 12, 2025, the expected per - share fundamental values of Huaqin Technology from 2025 to 2027 are 67.97, 84.68, and 102.63 yuan respectively, and the closing price of 95.5 yuan per share is still lower than the per - share fundamental value in 2027 [3][10]. - According to the position of Huaqin Technology's closing price in the expected per - share fundamental value range from 2025 to 2027, the closing position on December 12, 2025, was 51.2%. From October 9, 2025, to December 12, 2025, the Sharpe ratio and return - drawdown ratio of the consumer electronics ETF based on the dynamic position allocation of Huaqin Technology were better than those of the buy - and - hold strategy. The allocation strategy achieved a 4.5% terminal return with a maximum drawdown of 4.5%, while the buy - and - hold strategy of the consumer electronics ETF achieved a - 7.02% terminal return with a maximum drawdown of 18.03% [4][11] Summary by Directory 1 Consumer Electronics ETF Configuration Value Analysis - The consumer electronics ETF (159732.SZ) is managed by China Asset Management and tracks the Guozheng Consumer Electronics Theme Index (980030). The best convergent stock from September 11, 2025, to December 12, 2025, was Huaqin Technology (603296.SH) [3][10]. - The bottom - end valuation of Huaqin Technology in September 2024 is close to 17 times PE, and the stock price fluctuations since then are mostly within the defined value range. The expected per - share fundamental values from 2025 to 2027 are 67.97, 84.68, and 102.63 yuan respectively, with a closing price lower than the 2027 value [3][10]. - The closing position on December 12, 2025, was 51.2%. The dynamic position allocation strategy based on Huaqin Technology outperformed the buy - and - hold strategy in terms of Sharpe ratio, return - drawdown ratio, terminal return, and maximum drawdown [4][11]

据天眼查APP显示，华勤技术股份有限公司成立于2005年08月29日，注册资本101573.2344万人民币。 （数据宝） （原标题：华勤技术大宗交易成交7.29万股 成交额696.20万元） 华勤技术12月12日大宗交易平台出现一笔成交，成交量7.29万股，成交金额696.20万元，大宗交易成交 价为95.50元。该笔交易的买方营业部为机构专用，卖方营业部为瑞银证券有限责任公司上海花园石桥 路证券营业部。 证券时报•数据宝统计显示，华勤技术今日收盘价为95.50元，上涨2.19%，日换手率为2.45%，成交额为 13.24亿元，全天主力资金净流入5824.91万元，近5日该股累计上涨4.43%，近5日资金合计净流出 1270.71万元。 两融数据显示，该股最新融资余额为12.46亿元，近5日减少1.07亿元，降幅为7.88%。 12月12日华勤技术大宗交易一览 | 成交量 | 成交金 额 | 成交价 | 相对当日 收盘折溢 | 买方营业 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万 股） | （万 | 格 （元） | 价 | 部 | | | | 元 ...

Core Viewpoint - The article highlights the increasing interest of institutions in the TMT (Technology, Media, and Telecommunications) industry chain, particularly in the context of the accelerating application of artificial intelligence (AI) and the evolving competitive landscape in AI technology [1][4]. Group 1: Institutional Research Focus - As the fourth quarter begins, there is a noticeable increase in institutional research activity, particularly in the electronic, semiconductor, and smart terminal sectors [1]. - Companies such as Luxshare Precision, GigaDevice, Huaqin Technology, and Lens Technology have held meetings that attracted significant participation from public funds, insurance asset management, and foreign institutions [2][3]. - Luxshare Precision's meeting on November 20 attracted 396 institutions, making it one of the most attended electronic companies in the fourth quarter [2]. - GigaDevice's online meeting on October 28 drew 276 institutions, indicating strong interest from major public funds [2]. Group 2: Global Technology Evolution - The rapid evolution of AI technology and competition in overseas markets is providing new dimensions for market sentiment in the fourth quarter [4]. - Google's recent launch of the AI model Gemini 3 reflects its commitment to accelerating AI technology commercialization [4][5]. - The competitive landscape is becoming more complex for companies like NVIDIA, which may lead to lower computing costs and accelerated technological innovation across the AI industry [5]. Group 3: Market Outlook and Opportunities - The diversified competitive landscape in the AI computing market is expected to drive demand growth and technological upgrades across the entire industry chain, including specialized chip design and advanced packaging [5]. - Despite recent volatility in the computing sector, there is optimism regarding the sustained demand driven by AI applications, suggesting that current adjustments may present investment opportunities [5].

Group 1 - The liquid cooling server concept is experiencing a significant rise, with companies like Ice Wheel Environment and Dongyangguang seeing increases of over 8% [1] - Other companies such as Oulutong, Huqin Technology, and Yidong Electronics are also following the upward trend [1]

Summary of DeepSeek V3.2 Conference Call Industry Overview - The conference call discusses the **Chinese Internet Industry**, specifically focusing on the **AI market** and the impact of the **DeepSeek V3.2** release on the ecosystem [1][20]. Key Points and Arguments 1. **DeepSeek V3.2 Release**: - The launch of DeepSeek V3.2 marks the beginning of the second wave of "DeepSeek impact" in the domestic AI market, providing near-state-of-the-art open-source inference capabilities at moderate domestic prices [1][20]. - The model API prices have been reduced by **30-70%**, and long-context inference may save **6-10 times** the workload [1][3]. 2. **Technical Enhancements**: - DeepSeek V3.2 retains the mixed expert (MoE) architecture of V3.1 but introduces the DeepSeek Sparse Attention mechanism (DSA), which reduces long-context computation complexity and maintains performance in public benchmarks [2][24]. - The model is designed for "agent" construction, integrating "thinking + tool invocation" in a single trajectory, trained on approximately **1,800 synthetic agent environments** and **85,000 complex instructions** [2][24]. 3. **Economic Impact**: - The DSA mechanism improves inference speed by **2-3 times** and reduces GPU memory usage by **30-40%** when processing **128k tokens** compared to V3.1 [3][24]. - The input/output pricing for V3.2 is set at **$0.28** and **$0.42** per million tokens, respectively, significantly lower than previous models [3][19]. 4. **Beneficiaries in the AI Ecosystem**: - Key beneficiaries identified include **cloud operators** (e.g., Alibaba Cloud, Tencent Cloud, Baidu Smart Cloud) and **domestic chip manufacturers** (e.g., Cambricon, Hygon) [13][14]. - The release is expected to drive demand for domestic chips and AI servers, reducing execution risks for Chinese AI buyers [14][16]. 5. **Competitive Positioning**: - DeepSeek V3.2 is positioned as a price disruptor in the large language model API market, with pricing significantly lower than similar models globally, while maintaining high intelligence levels comparable to **GPT-5** and others [26][27]. - The Chinese models are noted for their attractive value proposition, with higher intelligence scores and lower costs compared to U.S. counterparts [27][29]. Additional Important Content - The report emphasizes the shift towards domestic hardware support, with V3.2 optimized for non-CUDA ecosystems, including Huawei's CANN stack and Ascend hardware [14][24]. - The model's capabilities are expected to enhance the efficiency and economic viability of AI SaaS developers and vertical industry applications, such as coding and legal assistance [16][24]. - The analysis indicates a significant evolution from V3.1 to V3.2, with a **22% increase** in the Artificial Analysis intelligence index and over **50% reduction** in effective token pricing [17][19]. This summary encapsulates the critical insights from the conference call regarding the implications of DeepSeek V3.2 on the Chinese AI landscape and its competitive positioning within the global market.