Core Viewpoint - The brain-computer interface (BCI) concept continues to gain traction, with multiple listed companies responding positively to the trend, leading to significant stock price increases in the sector [2][3]. Group 1: Stock Performance - On January 6, several companies in the BCI sector, including Weisi Medical, Sanbo Brain Science, and Aipeng Medical, saw their stocks hit the daily limit, with many achieving consecutive gains [3]. - Weisi Medical's stock rose by 20.01% to 69.70, while Sanbo Brain Science also increased by 20.01% to 84.94, indicating strong market interest [4][5]. Group 2: Company Developments - Weisi Medical is expanding its technology layout in the neuro-rehabilitation field from a single device to a comprehensive solution covering diagnosis, treatment, and rehabilitation [4]. - Sanbo Brain Science has established a BCI laboratory and is developing a product system that includes various applications in clinical diagnosis and neuro-rehabilitation [4]. - Aipeng Medical emphasizes the role of BCI as a bridge between the brain and external devices, highlighting its potential applications [5]. Group 3: Market Trends and Projections - The rehabilitation medical device sector is a key focus area, with companies like Xiangyu Medical aiming to enter over 1,000 top-tier hospitals in China, indicating a robust commercialization strategy [11]. - The global BCI market is projected to reach approximately $12.4 billion by 2034, with a CAGR of 17% from 2025 to 2034, reflecting significant growth potential [17]. Group 4: Collaborations and Innovations - Companies are exploring collaborations to integrate BCI technology with robotics, as seen in the partnership between Yijia and Maillande to develop brain-controlled robots [13]. - Blue Si Technology has become a strategic investor in Qiangnao Technology, indicating strong interest in the BCI hardware sector [14]. - Qiangnao Technology recently completed a financing round of approximately 2 billion, making it the second-largest financing in the BCI field after Neuralink [15].

Core Viewpoint - The CMOS Image Sensor (CIS) market is experiencing structural growth, driven by the increasing penetration of L3+ autonomous driving, which is expected to increase the number of cameras per vehicle from 5-8 to 8-15 [3][4]. Market Position - The company has established a dual-layer market position as "third globally, first in segments." In 2024, the company holds a 13.7% share of the global CIS market, ranking third after Sony (approximately 40%) and Samsung (approximately 20%) [4]. - In the automotive CIS segment, the company leads with a projected market share of 32.9% in 2024, making it the global leader [5]. Business Composition - The company's core business is centered around CIS chips, which accounted for 82% of total revenue in 2023, expected to rise to 85% in 2024 and 88% by 2025. Other business segments, including display driver chips and semiconductor distribution, are gradually shrinking [5]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 21.78 billion yuan, a 15% year-on-year increase, and a net profit of 3.2 billion yuan, up 35% year-on-year. The third quarter of 2025 saw a record net profit of 1.1 billion yuan [6]. - The automotive CIS business generated 3.8 billion yuan in revenue in the first half of 2025, reflecting a 30% year-on-year growth, and is expected to maintain a growth rate of over 30% in 2026 [8]. Technological Advancements - The company has made significant strides in technology, with a total of 4,761 authorized patents as of June 2025. R&D expenses reached 2.1 billion yuan in the first nine months of 2025, accounting for over 9% of revenue, consistently above the industry average [10]. - The company is closing the gap in key technical indicators, with plans to launch a 160-megapixel sensor in 2024 and a 200-megapixel prototype in 2025, although it still trails behind Sony and Samsung in pixel count [13]. Globalization and Client Base - The company's business is highly internationalized, with overseas revenue expected to reach 21 billion yuan in 2024, accounting for 81.5% of total revenue. The top five clients include major smartphone brands and electric vehicle manufacturers, indicating a high client concentration [13]. - The company is strategically focusing on high-growth sectors such as automotive electronics and security monitoring, anticipating an increase in market share in these areas [13]. Future Plans - To strengthen its technological advantage and expand its global market presence, the company plans to issue up to 7.367 million shares, with proceeds aimed at R&D and channel development for new automotive and smartphone CIS products [14]. Market Observations - Since 2025, the company's stock price has experienced significant volatility, reflecting broader semiconductor market trends, and is currently stabilizing [15].

Group 1 - The core theme of the 2026 CES is edge AI, with terminal manufacturers in smartphones, PCs, and smart cars launching new products equipped with AI capabilities, accelerating the migration of AI from the cloud to devices [2] - The consumption electronics ETF closely tracks the CSI Consumer Electronics Theme Index, which selects 50 listed companies involved in component production and brand design to reflect the overall performance of the sector [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index account for 54.35% of the index, including companies like Luxshare Precision, Cambricon, and BOE Technology Group [2] Group 2 - The CES event features significant presentations from industry leaders, including AMD's CEO Lisa Su and Lenovo's Chairman Yang Yuanqing, showcasing advancements in mixed AI technology [1] - NVIDIA will demonstrate its solutions driving innovation in various fields such as automotive, gaming, content creation, AI agents, physical AI, and robotics during CES [1]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report emphasizes the importance of advancements and innovations in edge AI, predicting accelerated integration into various hardware products and industrial applications by 2026 [9][10] - Key players in the edge AI sector include chip manufacturers, terminal product manufacturers, and core component manufacturers, with specific companies highlighted for investment opportunities [3][10] Summary by Sections Investment Recommendations and Targets - Focus on the upgrade and innovation breakthroughs in edge AI, with recommended stocks including: - Edge AI main control chip manufacturers: Amlogic, Aojie Technology, Hengxuan Technology, Espressif Technology, Starshine Technology, Rockchip [3][10] - Terminal product manufacturers: Lenovo Group, Xiaomi Group, Luxshare Precision, Linying Intelligent Manufacturing, BYD Electronics, Lens Technology, Ezviz, Innosilicon [3][10] - Core component manufacturers: Huanxu Electronics, Sunny Optical Technology, Orbbec, SUTENG, STMicroelectronics, OmniVision, and Pegatron [3][10]

| 证券代码：603501 | 证券简称：豪威集团 公告编号：2026-001 | | --- | --- | | 转债代码：113616 | 转债简称：韦尔转债 | 暨股份变动公告 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： 可转债转股情况：豪威集成电路（集团）股份有限公司（以下简称"公 司"）截至 2025 年 12 月 31 日，累计共有 7,602,000 元"韦尔转债"转换为公司 股票，累计因转股形成的股份数量为 35,059 股，占"韦尔转债"转股前公司已 发行股份总额的 0.004%。其中，2025 年第四季度，转股金额为 14,000 元，因转 股形成的股份数量为 85 股。截至 2025 年 12 月 31 日，尚未转股的"韦尔转债" 金额为 2,432,394,000 元，占可转债发行总额的 99.69%。 期权自主行权情况：2025 年第四季度，公司股票期权激励计划通过自主 行权方式已在中国证券登记结算有限责任公司上海分公司共计登记股份数量为 3,377,392 股。其中 2023 年 ...

Core Viewpoint - The company, OmniVision Technologies, is in the process of issuing H-shares for overseas listing on the Hong Kong Stock Exchange, with the aim to raise capital and expand its market presence [1][2][3]. Group 1: H-Share Issuance Process - The company submitted its application for H-share issuance to the Hong Kong Stock Exchange on June 27, 2025, and published the application materials on the same day [1]. - On December 9, 2025, the China Securities Regulatory Commission confirmed the company's H-share issuance filing [2]. - The listing hearing by the Hong Kong Stock Exchange took place on December 11, 2025, to review the company's application [2]. Group 2: H-Share Offering Details - The H-share prospectus was published on December 31, 2025, in compliance with applicable Hong Kong laws and regulations [3]. - The global offering consists of 45,800,000 shares, with 4,580,000 shares allocated for public offering in Hong Kong (10% of total) and 41,220,000 shares for international offering (90% of total) [4]. - The maximum offering price for the H-shares is set at HKD 104.80 per share, with the public offering expected to start on December 31, 2025, and end on January 7, 2026 [5]. Group 3: Listing Timeline - The H-shares are anticipated to be listed and commence trading on the Hong Kong Stock Exchange on January 12, 2026 [5].

1. Report's Investment Rating for the Industry - No information provided regarding the industry's investment rating. 2. Core Views of the Report - Bullish on the equity market during the "Spring Rally". With the expected strengthening of underlying stocks and seasonal effects, there is a slight room for convertible bond valuations to increase. When selecting bonds, focus on the performance elasticity of the underlying stocks. For near - maturity convertible bonds, consider participating in the underlying stocks [27]. - In the stock market, in December 2025, the risk appetite was high. Looking ahead, the RMB appreciation expectation is strengthening, and with the end of the year - end ranking assessment of financial institutions, the "Spring Rally" is expected to gradually kick off. In January, if the market adjusts during the intensive performance forecast period, investors can buy on dips and focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - In the convertible bond market, in December 2025, the CSI Convertible Bond Index reached a new high since July 2015. Although the share of convertible bond ETFs continued to decline, the market premium rate increased. In the future, due to seasonal effects, some institutional investors may gradually increase their positions in January, and convertible bond valuations have a slight room for improvement [27]. 3. Summary of Each Section 3.1 2025 December Convertible Bond Market Review - **Stock and Bond Market Review**: In December, the equity market fluctuated upwards, and the bond market generally fluctuated. The Shanghai Composite Index rose for nearly 10 consecutive trading days in the middle and late - December, closing at 3963.68 on December 26, with a monthly increase of 1.27%. The 10 - year Treasury bond yield closed at 1.838% on December 26, up 0.10bp from the beginning of the month, and the 30 - year Treasury bond yield closed at 2.223%, up 3.32bp from the beginning of the month [4][8]. - **Convertible Bond Market Review**: The convertible bond market generally rose following the equity market. The premium rates of convertible bonds in all parity ranges increased, but convertible bond ETFs continued to face outflow pressure. Five convertible bonds announced downward revisions, one more than the previous month, and 10 convertible bonds announced forced redemptions, two less than the previous month. The CSI Convertible Bond Index closed at 493.2 on December 26, up 2.31% [5][8]. - **Industry Performance**: In the Shenwan industry classification, sectors such as national defense and military industry (+12.25%), communication (+10.55%), and non - bank finance (+8.27%) performed well, while sectors such as media (-4.77%), banks (-3.68%), and coal (-3.62%) declined [8]. 3.2 2026 January Convertible Bond Allocation Strategy - **Stock Market Outlook**: The RMB appreciation expectation is strengthening, and the "Spring Rally" is expected to start. In January, if the market adjusts during the performance forecast period, investors can buy on dips. Focus on resources, AI computing power, batteries, polyester industry chain, AI edge devices, and securities [27]. - **Convertible Bond Outlook**: Due to seasonal effects, some institutions may increase their positions in January. Convertible bond valuations have a slight room for improvement. When selecting bonds, relative - return funds should focus on high - probability sectors with a high - beta underlying stocks, and absolute - return funds should focus on high - odds sectors [27][28]. - **Bond Selection Suggestions**: For relative - return funds, focus on sectors such as lithium - battery materials, semiconductor equipment and materials, power semiconductors, high - quality auto parts, anti - involution industries, and securities. For absolute - return funds, focus on industry leaders with low valuations, sectors such as pig farming, power, and water supply, and convertible bond debt - to - equity conversion [28]. 3.3 2026 January "Top Ten Convertible Bonds" Portfolio | Convertible Bond Code | Convertible Bond Name | Underlying Stock Name | Industry | Balance (Billion Yuan) | Convertible Bond Price (Yuan) | Convertible Bond Parity (Yuan) | Conversion Premium Rate (%) | Rating | Recommendation Reason | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 113043.SH | Caitong Convertible Bond | Caitong Securities | Securities II | 37.99 | 133.52 | 109.71 | 21.70 | AAA | The securities sector will see a double - hit of valuation and profit in a bull market [30]. | | 123254.SZ | EVE Convertible Bond | EVE Energy | Battery | 49.98 | 167.64 | 134.65 | 24.51 | AA+ | The demand for energy storage is strong, and the shipment volume in the third quarter increased significantly year - on - year and quarter - on - quarter [30]. | | 113695.SH | Huachen Convertible Bond | Jiangsu Huachen | Power Grid Equipment | 4.60 | 160.16 | 122.10 | 31.17 | A+ | The company's new production capacity is put into operation just as the demand for energy storage is growing rapidly [30]. | | 113634.SH | Proya Convertible Bond | Proya | Cosmetics | 7.51 | 125.13 | 70.36 | 77.83 | AA | As a domestic beauty leader, its brand and product strength are outstanding, and its valuation at a historical low is expected to be restored [30]. | | 113616.SH | Will Semiconductor Convertible Bond | Will Semiconductor | Semiconductor | 24.32 | 124.07 | 78.35 | 58.36 | AA+ | The company is accelerating its introduction into intelligent driving and emerging markets and has launched new mobile phone products with strong competitiveness [30]. | | 118040.SH | Hongwei Convertible Bond | Hongwei Technology | Semiconductor | 4.30 | 149.72 | 116.17 | 28.88 | A | Power semiconductors benefit from the growth of power supply and energy storage demand [30]. | | 113674.SH | Huashe Convertible Bond | Huashe Group | Engineering Consulting Service II | 4.00 | 129.29 | 89.47 | 44.51 | AA | As a leader in infrastructure design, its main business is stabilizing, and intelligent design and low - altitude economy provide growth points [30]. | | 123222.SZ | Bojun Convertible Bond | Bojun Technology | Auto Parts | 2.44 | 224.63 | 194.72 | 15.36 | A+ | The growth of customer sales and the increase in ASP per vehicle drive up revenue and profit [30]. | | 113666.SH | Aima Convertible Bond | Aima Technology | Motorcycle and Others | 19.99 | 125.11 | 79.63 | 57.12 | AA | The new national standard may promote the market share of the two - wheeled vehicle leader [30]. | | 123247.SZ | Wankai Convertible Bond | Wankai New Materials | Plastics | 19.64 | 172.30 | 150.18 | 14.73 | AA | Under the "anti - involution" of bottle chips, the processing fee is expected to stabilize, and the company is entering the rPET blue - ocean market [30]. |

Core Viewpoint - Company is officially launching its Hong Kong IPO, aiming to enhance its international strategy and overseas business development while increasing its overseas financing capabilities [1] Group 1: IPO Details - The company plans to issue 45.8 million H-shares with an upper limit of HKD 104.80 per share, targeting a maximum fundraising amount of nearly HKD 4.8 billion before the green shoe option [1] - The IPO is set to start on December 31, 2025, and end on January 7, 2026, with the listing on the Hong Kong Stock Exchange scheduled for January 12, 2026 [1] - A cornerstone investor group, including international long-term funds and top private equity funds, has committed a total of HKD 2.174 billion, accounting for 45.28% of the offering [1] Group 2: Company Overview - The company is a global fabless semiconductor design firm, primarily focusing on CMOS image sensors (CIS) as its main product [1] - It operates three main business lines: image sensor solutions, display solutions, and analog solutions, providing a diverse range of image sensors, display products, analog ICs, and other semiconductor components [1] Group 3: Use of Proceeds - The funds raised from the IPO will be allocated towards research and development, global market penetration, and supporting the company's expansion in high-growth sectors and global layout [1]

Core Viewpoint - The company, OmniVision Technologies, is launching its IPO on the Hong Kong Stock Exchange to enhance its international strategy and funding capabilities, aiming to raise nearly HKD 4.8 billion for R&D and global market expansion [1][3]. Group 1: IPO Details - OmniVision plans to issue 45.8 million H-shares, with 10% allocated for Hong Kong public offering and 90% for international placement, at a maximum price of HKD 104.80 per share [1]. - The IPO will run from December 31, 2025, to January 7, 2026, with the listing date set for January 12, 2026, under the stock code "0501.HK" [1]. - The cornerstone investors include 10 entities from various sectors, with a total subscription amount of HKD 2.174 billion, accounting for 45.28% of the offering [1]. Group 2: Company Overview - OmniVision is a global fabless semiconductor design company, primarily focused on CMOS image sensors (CIS), and operates in three main business lines: image sensor solutions, display solutions, and analog solutions [2]. - The company is the third-largest digital image sensor supplier globally, with a market share of 13.7% as of 2024 [2]. - In the first three quarters of 2025, OmniVision reported revenue of CNY 21.783 billion, a year-on-year increase of 15.20%, and a net profit of CNY 3.210 billion, up 35.15% [2]. Group 3: Strategic Goals - The funds raised from the IPO will be directed towards R&D investments and global market penetration, supporting the company's expansion in high-growth sectors [3].

Core Viewpoint - The article discusses the IPO of two leading semiconductor companies from the A-share market, namely Zhaoyi Innovation and OmniVision Technologies, on the Hong Kong Stock Exchange, highlighting their fundraising plans and market positioning. Group 1: IPO Details - OmniVision Technologies plans to issue approximately 45.8 million H-shares globally, with 458,000 shares (about 10%) allocated for public offering in Hong Kong and 41.22 million shares (about 90%) for international offering, along with a 15% over-allotment option [2][3] - The maximum offer price is set at HKD 104.80 per share, potentially raising a net amount of approximately HKD 4.693 billion if the over-allotment option is not exercised [2][3] - The IPO subscription period is from December 31 to January 7, 2026, with shares expected to be listed on January 12, 2026, and the entry fee for one board lot of 100 shares is HKD 10,585.69 [3] Group 2: Fund Allocation - Approximately 70% of the raised funds will be allocated for investment in key technology research and development over the next 5 to 10 years [2][3] - About 10% will be used to enhance global market penetration and business expansion, while another 10% is earmarked for strategic investments and/or acquisitions that can create synergies with existing operations [2][3] - The remaining 10% will be allocated to working capital and general corporate purposes [2][3] Group 3: Company Overview - OmniVision Technologies is a global fabless semiconductor design company providing image sensor solutions, display solutions, and analog solutions for high-growth industries such as smartphones, automotive, medical, security, and emerging markets [4] - The company is the third-largest digital image sensor supplier globally, with a market share of 13.7% as of 2024, and is recognized as the largest supplier of CMOS image sensors (CIS) in China and the largest automotive CIS supplier worldwide [5] Group 4: Financial Performance - The company's revenue for the years 2022 to 2024 and the first half of 2025 is reported as RMB 20.04 billion, RMB 20.98 billion, RMB 25.71 billion, and RMB 13.94 billion respectively, with profits of RMB 0.951 billion, RMB 0.544 billion, RMB 3.279 billion, and RMB 2.020 billion during the same periods [6]