Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company has successfully transformed into a global leading smart product platform enterprise with a "3+N+3" multi-business line growth strategy, focusing on mature core businesses such as smartphones, PCs, and data centers, while expanding into emerging fields like automotive electronics, software, and robotics [4][11]. - The company is positioned to benefit from the domestic CSP (Cloud Service Provider) arms race, with its server business expected to become a strong growth driver due to increasing demand for customized server solutions from major internet firms [5][37]. - The smartphone market is recovering, with the company benefiting from increased ODM (Original Design Manufacturer) penetration and strong demand from major clients [46][55]. Summary by Sections I. Global Leading Smart Product Platform Enterprise - The company has established a "3+N+3" strategy, focusing on three core mature businesses and expanding into three emerging fields, which has led to a compound annual growth rate (CAGR) of 23.56% in revenue from 2018 to 2024 and 58.87% in net profit [4][11][18]. II. Server Business Growth - The company is a key supplier for major domestic CSPs, benefiting from a significant increase in capital expenditures from internet giants, with a projected capital expenditure of approximately 240 billion yuan in 2024 [5][29]. - The ODM Direct model is reshaping the market, with the company's server business expected to capture a significant share of the growing demand for customized solutions [34][37]. III. Smart Terminal Business - The company is well-positioned in the smart terminal market, with a leading share in the ODM sector, which is expected to grow as the industry shifts towards higher ODM penetration [6][55]. - The smartphone market is showing signs of recovery, with a projected growth in AI smartphone penetration, which will further drive demand for the company's products [46][49]. IV. Profit Forecast and Investment Recommendations - The company is expected to achieve total revenues of 138.93 billion yuan, 168.19 billion yuan, and 200.59 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 3.71 billion yuan, 4.53 billion yuan, and 5.70 billion yuan [7][65].

Group 1 - The A-share market saw collective gains on June 30, with the Shanghai Composite Index rising by 0.13%, driven by strong performances in aerospace, semiconductor, and power equipment sectors, while precious metals and brokerage sectors lagged [1] - The Consumer Electronics ETF (159732) increased by 0.74% as of 10:07 AM, with notable gains from component stocks such as Huakin Technology (up 5.85%), Sanhuan Group (up 3.35%), Luxshare Precision (up 2.60%), Naxin Micro (up 2.17%), and Anker Innovation (up 2.00%) [1] - Xiaomi launched its first AI glasses on June 26, branding them as "personal smart devices for the next era" and introducing the concept of "next-generation portable AI entry" [1] Group 2 - Meta, in collaboration with Oakley, is set to launch the Oakley Meta HSTN AI glasses on July 11, which are positioned for sports functionality, complementing the product matrix compared to Ray-Ban Meta [1] - Huajin Securities noted that the growing demand for smart wearable devices and the rise of generative AI models are pushing AI audio glasses into a broader market [1] - The current user profile for AR glasses remains unclear, but smart interactive glasses are expected to carve out a new audio segment by replacing headphone functions and enhancing experiences through AI integration [1] Group 3 - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, primarily investing in 50 A-share listed companies involved in the consumer electronics industry, with significant focus on electronic manufacturing, semiconductors, and optical optoelectronics [2]

Group 1: Core Insights - The report highlights five key stocks for July, each representing different industries with strong growth potential and attractive valuations [1][3][4]. Group 2: Industry Summaries - **Electronics - Huakin Technology (603296.SH)**: The company is a global leader in smart product platforms, with data center business expected to ramp up in the second half of the year [3]. - **Textiles and Apparel - Zhejiang Natural (605080.SH)**: The stock is undervalued due to tariff impacts, but is seeing a recovery in orders for old products alongside new product launches, indicating high growth potential [4]. - **Social Services - Tianli International Holdings (1773.HK)**: This company is a leader in K12 private education in China, focusing on high school education and diversifying its brand influence [4]. - **Oil and Petrochemicals - CNOOC Engineering (600583.SH)**: The company benefits from overseas orders, with rapid growth in annual and quarterly performance; projected dividend yield for 2024 is close to 4% [4]. - **New Energy - Putailai (603659.SH)**: The company is expected to see a gradual recovery in lithium battery anode performance, with small-scale production orders for CVD silicon-carbon anodes and plans for production in 2025 [4].

证券代码：603296 证券简称：华勤技术 公告编号：2025-057 华勤技术股份有限公司 关于选举职工代表董事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《中华人民共和国公司法》《上市公司章程指引》《上海证券交易所上 市公司自律监管指引第1号—规范运作》等相关法律法规的规定，华勤技术股份 有限公司（以下简称"公司"）于2025年6月26日在公司会议室召开了2025年第 一次职工代表大会，经与会职工代表审议，同意选举奚平华女士（简历详见附件） 为公司第二届董事会职工代表董事，任期至公司第二届董事会任期届满之日止。 为进一步完善公司治理结构，公司拟对现行《公司章程》中职工代表董事等 相关条款进行修订。因此，本次选举上述职工代表董事的任职生效以公司《关于 修订<公司章程>及相关议事规则、内部治理制度的议案》经股东大会审议通过 为前提。选举生效后，奚平华女士由第二届董事会非职工代表董事变更为第二届 董事会职工代表董事。 本次选举完成后，公司第二届董事会中兼任高级管理人员的董事以及由职工 代表担任的董事人数总计不超过 ...

Core Viewpoint - The 2025 New Fortune 500 Rich List reveals a significant increase in the total market value of listed entrepreneurs, reaching 13.7 trillion yuan, an 11% year-on-year growth, indicating a new wave of wealth creation driven by innovation and overseas expansion [3][14]. Group 1: Wealth Distribution and Rankings - The top ten wealthiest individuals are heavily influenced by AI, with Zhang Yiming of ByteDance topping the list with a holding value of 481.57 billion yuan, marking a 42% increase from the previous year [4][18]. - The list features a notable shift, with four individuals from Hangzhou, Zhejiang, highlighting the region's growing economic prominence [43]. - The average holding value of the 500 entrepreneurs is 273.8 million yuan, with a threshold of 66.2 million yuan to make the list [8]. Group 2: Industry Insights - The TMT (Technology, Media, and Telecommunications), pharmaceutical, and daily consumer goods sectors are the top three wealth-generating industries, contributing 110, 54, and 52 individuals respectively [51]. - The TMT sector saw a significant increase in wealth, with a total of 334.08 billion yuan, a 46% increase from the previous year [51]. - The pharmaceutical sector experienced a decline, with 54 individuals listed, down from 64, indicating ongoing valuation adjustments [51]. Group 3: AI and Technological Advancements - AI has emerged as a key driver of wealth creation, with companies like DeepSeek and ByteDance leading the charge in user engagement and valuation [4][21]. - The rise of AI has also led to a resurgence in the semiconductor industry, with China exporting 2.981 billion chips worth approximately 159.5 billion USD, marking a significant shift in the global market [56]. - The AI sector is still in its nascent stage, with notable entries like Liang Wenfeng of DeepSeek entering the top ten, reflecting the rapid growth and potential of AI applications [60]. Group 4: Regional Wealth Creation - Wealth creation is becoming more balanced across regions, with western provinces like Sichuan, Tibet, and Xinjiang seeing an increase in listed individuals, while traditional economic hubs like Zhejiang and Shanghai continue to grow [5][6]. - The shift from real estate to technology and AI reflects a broader transformation in China's economic landscape, with younger entrepreneurs increasingly dominating the wealth rankings [46][45]. Group 5: Future Outlook - The ongoing evolution of industries, particularly in AI and technology, suggests a promising future for innovation-driven wealth creation in China [60][62]. - The integration of AI into various sectors, including automotive and consumer electronics, is expected to further enhance China's competitive edge in the global market [62][63].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - AI glasses are evolving from "fashion items" to essential tools for specialized scenarios, with the potential to become the next generation of independent AI smart terminals after incorporating display functions [3][7] - The global smart glasses market is expected to ship 12.05 million units in 2025, representing a year-on-year growth of 18.3%, with non-display audio glasses and audio shooting glasses expected to see shipments more than double [7] - Meta's collaboration with Oakley on new AI glasses focuses on sports scenarios, enhancing functionality and battery life, which is expected to drive market acceptance and further application in specialized fields [7] Summary by Sections Investment Suggestions and Targets - Focus on leading companies in the supply chain of AI glasses, including: 1. Complete machine and PCBA manufacturers: GoerTek (002241, Buy), Longqi Technology (603341, Not Rated), Lens Technology (300433, Buy), Luxshare Precision (002475, Buy), and Huaqin Technology (603296, Buy) [3] 2. SoC suppliers: Hengxuan Technology (688608, Buy) and Amlogic (688099, Buy) [3] 3. Component suppliers: Camera lens glass supplier Yutong Optical (300790, Not Rated), microphone and speaker supplier AAC Technologies (02018, Not Rated), and SiP module supplier Huanxu Electronics (601231, Buy) [3] 4. Waveguide manufacturers: Lantech Optical (688127, Buy), Crystal Optoelectronics (002273, Buy), and Sunny Optical Technology (02382, Buy) [3] Market Trends - The AI glasses market is experiencing rapid growth due to improved hardware and software capabilities, leading to increased value and potential upgrades in the traditional eyewear industry [7] - Major tech companies are expected to release new AI glasses products in the second half of the year, which will catalyze industry growth [7]

北京市中伦律师事务所 关于华勤技术股份有限公司 第一个解除限售期解除限售条件成就、回购注销 部分限制性股票及调整回购价格的 | | | | | 法律意见书 二〇二五年六月 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 北京 • 上海 | • 深圳 | • 广州 | • 武汉 | • 成都 | • 重庆 | • 青岛 | • 杭 | | 州 | • 南京 • 海口 • 东京 | | • 香港 | • 伦敦 | • 纽约 | • 洛杉矶 | • 旧金 | | 山 | • 阿拉木图 | | | | | | | 致：华勤技术股份有限公司 根据华勤技术股份有限公司（以下简称"华勤技术"或"公司"）与北京市 中伦律师事务所（以下简称"本所"）签订的《专项法律服务合同》的约定及受 本所指派，本所律师作为公司 2023 年限制性股票激励计划（以下简称"激励计 划"或"本次激励计划"）相关事宜的专项法律顾问，就本次激励计划的首次授 予部分第一个解除限售期解除限售条件成就（以下简称"本次解除限售"）、回购 注销部分限制性股票（以下简称"本次回购注销"）及调 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2025年4月23日，公司董事会薪酬与考核委员会2025年第三次会议、第二届董事会第十五次会议、第二 届监事会第十二次会议审议通过了《关于回购注销部分限制性股票及调整回购价格的议案》。详见公司 同日于上海证券交易所网站（http://www.sse.com.cn）披露的《华勤技术关于回购注销部分限制性股票 及调整回购价格的公告》（公告编号：2025-042）。 重要内容提示： ● 回购注销原因：华勤技术股份有限公司（以下简称"公司"）2023年限制性股票激励计划（"本次激励 计划"）中，2名激励对象因个人原因已离职，不再具备激励资格，19名激励对象2024年个人绩效考核结 果部分达标/不达标或降职。根据《上市公司股权激励管理办法》、公司《2023年限制性股票激励计划 （草案）》（以下简称《激励计划（草案）》）的相关规定，公司决定将前述激励对象已获授但尚未解 除限售的136,040股限制性股票进行回购注销（"本次回购注销"）。 ● ...

Core Viewpoint - Multiple listed companies, including Huitong Energy, Hai Xin Co., and Huaqin Technology, have collectively invested in the Anhui High-tech Yuanhe Puhua private equity fund, indicating a strategic move towards enhancing their investment in the semiconductor and intelligent manufacturing sectors [2][4][6]. Group 1: Company Investments - Huitong Energy announced that its subsidiary, Shanghai Huidexinyuan Enterprise Management Co., will invest 30 million yuan in the Anhui High-tech Yuanhe Puhua fund, aiming to leverage professional investment resources and management capabilities [2][4]. - Hai Xin Co. also stated that it, along with its wholly-owned subsidiary, will invest 30 million yuan in the same fund, acting as a limited partner [4]. - Huaqin Technology's wholly-owned subsidiary plans to invest 25 million yuan in the second phase of the fund, representing 1.61% of the total contributions after this investment [6]. Group 2: Fund Details - The Anhui High-tech Yuanhe Puhua fund was established on August 22, 2024, and completed its private fund registration on September 27, 2024, with a total target subscription amount of 2.5 billion yuan and an initial subscription of 1.239 billion yuan [8][10]. - The fund focuses on emerging industries in the Yangtze River Delta, particularly in the hard technology sectors such as semiconductors and intelligent manufacturing, supporting key technologies and projects [11]. - The fund's partners include notable private equity firms and companies, with significant contributions from Suzhou Yuanhe Holdings (500 million yuan) and Anhui High-tech Investment (463 million yuan) [11].

证券代码：603296 证券简称：华勤技术 公告编号：2025-056 华勤技术股份有限公司 股权激励限制性股票回购注销实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 回购注销原因：华勤技术股份有限公司（以下简称"公司"）2023年限制 性股票激励计划（"本次激励计划"）中，2名激励对象因个人原因已离职，不 再具备激励资格，19名激励对象2024年个人绩效考核结果部分达标/不达标或降 职。根据《上市公司股权激励管理办法》、公司《2023年限制性股票激励计划（草 案）》（以下简称《激励计划（草案）》）的相关规定，公司决定将前述激励对 象已获授但尚未解除限售的136,040股限制性股票进行回购注销（"本次回购注 销"）。 ● 本次回购注销股份的有关情况 | 回购股份数量（股） | 注销股份数量（股） | 注销日期 | | | --- | --- | --- | --- | | 136,040 | 136,040 | 年 月 2025 6 | 日 24 | 一、本次限制性股票回购注销的决策与信息披露 2 ...