Core Viewpoint - The company is upgrading its 3+N+3 business strategy by the end of 2024, with a clear focus on robotics as one of its three emerging business areas [1] Group 1: Business Strategy - The company is accelerating its business layout in the robotics sector through the acquisition of Haocheng Intelligent, which will be renamed to Haoping Robotics, leveraging over a decade of technical expertise in household cleaning and companion robots [1] - A research and development team has been established to focus on cutting-edge areas such as industrial robots and humanoid robots, aiming for breakthroughs in key technologies [1] Group 2: Partnerships and Collaborations - The company has officially reached a strategic cooperation agreement with Weita Power for the manufacturing of complete robotic systems, indicating a commitment to collaboration in the consumer-grade intelligent companion robot market [1]

Core Viewpoint - The company is upgrading its 3+N+3 business strategy by the end of 2024, emphasizing robotics as one of its three emerging business sectors [1] Group 1: Business Strategy - The company is accelerating its business layout in the robotics sector through the acquisition of Haocheng Intelligent, which will be renamed Haoping Robotics, leveraging over a decade of technical expertise in household cleaning and companion robots [1] - A research and development team has been established to focus on advanced areas such as industrial robots and humanoid robots, aiming for breakthroughs in key technologies [1] Group 2: Partnerships and Collaborations - The company has officially reached a strategic cooperation agreement with Weita Power for the manufacturing of complete robotic systems, intending to collaborate extensively on consumer-grade intelligent companion robots [1]

Market Performance - Huawei mobile concept stocks declined by 1.30%, ranking among the top losers in the concept sector as of the close on December 18 [1] - Within the sector, major decliners included Honghe Technology, Jingwang Electronics, and Fangbang Co., with respective declines of 7.55%, 5.59%, and 3.47% [2] - Conversely, stocks that saw gains included Kaige Precision Machinery, Xingxing Technology, and Lingyun Optics, with increases of 1.48%, 1.23%, and 0.98% [1] Capital Flow - The Huawei mobile concept sector experienced a net outflow of 1.3 billion yuan, with 33 stocks seeing net outflows, and 8 stocks exceeding 50 million yuan in outflows [1] - Leading the outflows was Luxshare Precision, with a net outflow of 499.19 million yuan, followed by Haowei Group and International Composite Materials with outflows of 175.43 million yuan and 91.59 million yuan, respectively [1] - Notable inflows were observed in stocks such as Taigang Stainless Steel, Zhuhai Guanyu, and Kaige Precision Machinery, with net inflows of 59.93 million yuan, 17.02 million yuan, and 12.54 million yuan, respectively [1] Stock Performance Details - The top stocks with significant net outflows included: - Luxshare Precision: -2.86% with a turnover rate of 0.83% and a net outflow of 499.19 million yuan [2] - Haowei Group: -2.18% with a turnover rate of 1.13% and a net outflow of 175.44 million yuan [2] - International Composite Materials: -3.24% with a turnover rate of 7.50% and a net outflow of 91.59 million yuan [2] - Stocks with notable gains included: - Kaige Precision Machinery: +1.48% with a turnover rate of 4.61% and a net inflow of 12.54 million yuan [2] - Taigang Stainless Steel: +0.63% with a turnover rate of 3.82% and a net inflow of 59.93 million yuan [2]

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]

Group 1 - The core point of the article is that Huajin Technology executed a block trade of 72,900 shares on December 12, with a transaction value of 6.962 million yuan, at a price of 95.50 yuan per share [1][2] - The buyer of the block trade was an institutional client, while the seller was UBS Securities Co., Ltd. Shanghai Huayuan Shiqiao Road Securities Branch [1] - On the same day, Huajin Technology's closing price was 95.50 yuan, reflecting an increase of 2.19%, with a turnover rate of 2.45% and a total transaction volume of 1.324 billion yuan [1][2] Group 2 - The stock has seen a net inflow of 58.2491 million yuan in main funds for the day, while over the past five days, the stock has accumulated a rise of 4.43% but experienced a total net outflow of 12.7071 million yuan [1] - The latest margin financing balance for Huajin Technology is 1.246 billion yuan, which has decreased by 107 million yuan over the past five days, representing a decline of 7.88% [2] - Huajin Technology Co., Ltd. was established on August 29, 2005, with a registered capital of 1.015732344 billion yuan [2]

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.

Core Viewpoint - Huqin Technology has achieved large-scale mass production and delivery of mainstream XR headsets for North American clients, showcasing its advanced core technology capabilities and extensive patent portfolio [2]. Group 1: Product Development and Technology - The company has a team of experts in optical, acoustic, thermal management, and system software optimization, which enhances its product development capabilities [2]. - Huqin Technology's R&D team possesses cross-platform wearable hardware and software development capabilities, AI model application, algorithm debugging, and experience in motion health function design [2]. Group 2: Manufacturing and Market Strategy - The company has advantages in automated manufacturing and global layout, which supports its end-to-end one-stop service capability [2]. - Huqin Technology aims to actively expand its client base among various global technology companies by continuously following client terminal innovations and expanding its product lineup [2]. - The company is focused on achieving sustained growth in various AIOT products and maintaining its position as a core supplier for global technology companies [2].

Group 1 - The company, Huqin Technology, expects to exceed 15 million laptop shipments in 2024, indicating a strong growth trajectory [2] - For the first three quarters of 2025, the company's laptop business is projected to achieve over 30% revenue growth [2] - The total revenue for the company in 2025 is anticipated to surpass 30 billion yuan [2]