Core Viewpoint - The rise of companies like Cambricon reflects the inevitable trend of domestic substitution in the semiconductor industry, focusing on hard technology enterprises that excel in niche markets [1] Group 1: Company Transformation - Weir Shares, now known as OmniVision Group, underwent a significant transformation after acquiring Beijing OmniVision in 2019, which was a pivotal moment for the company's performance [2][3] - The acquisition allowed the company to shift its business structure from relying on consumer electronics to becoming a leader in automotive visual chips, marking a critical turning point in its growth trajectory [3][4] Group 2: Financial Performance - In 2024, the automotive segment's revenue reached 5.905 billion yuan, a year-on-year increase of 29.85%, contributing over 30% to the total revenue of the image sensor solutions segment [3][4] - The company reported a projected revenue growth of 13.49% to 15.97% for the first half of 2025, with net profit expected to increase by 39.43% to 49.67%, indicating strong performance in the automotive sector [6] Group 3: Market Position and Competition - OmniVision Group holds nearly 30% market share in the domestic automotive CIS sector, benefiting from high-resolution sensors and competitive advantages in low-light performance and power consumption [5][6] - The company is positioned as a leader in the automotive CIS market, having surpassed ON Semiconductor in sales for two consecutive years [5] Group 4: Challenges and Risks - The company's high share pledge by its controlling shareholder raises concerns about financial stability and control, which could impact its IPO process in Hong Kong [10][12] - Despite achieving revenue growth, the decline in R&D expenditure and the rising compensation for executives create a paradox that may undermine market confidence in the company's long-term growth potential [12][14]

【开栏的话】 在国产替代的浪潮中，寒武纪们的崛起看似偶然，实则蕴含诸多必然。我们聚焦"国产替代浪潮中的隐 形冠军"，本质上也是在聚焦那些深耕细分赛道的硬科技企业。 它们中，有的借天时地利人和实现业绩跃迁，成为产业自主的攻坚尖兵；有的在资本市场的估值重塑 中，印证了硬科技"从研发投入到价值兑现"的逻辑，成为科技牛市的核心标的。通过研究这些典型样 本，我们既能拆解中国科技企业从技术攻坚到资本突围的破局路径与成长密码，也能为市场读懂硬科技 的长期价值提供参照。 曾经作为全球CMOS（互补金属氧化物半导体）图像传感器产业重要成员、亦是果链参与者而被外界熟 知的韦尔股份，在2025年6月更名后的称呼，已正式改为了豪威集团。 2025年2月那场大佬云集的全国民营企业座谈会，豪威集团创始人、董事长虞仁荣受邀参加，并作为6位 发言企业家之一、半导体行业代表就民营经济发展建言献策。和他一同参会的科技界企业代表，还包括 小米集团雷军、宇树科技王兴兴等。 不过当时，他的头衔还是"韦尔股份"。 而"豪威"之名，源自2019年韦尔股份的关键战略并购：当时公司拟以发行股份方式，收购北京豪威 85.53%股权。而北京豪威的核心业务经营者， ...

截至2025年8月28日 14:37，中证消费电子主题指数(931494)强势上涨4.86%，成分股中芯国际(688981)上涨15.75%，寒武纪(688256)上涨10.05%，瑞芯微 (603893)上涨10.00%，东山精密(002384)，领益智造(002600)等个股跟涨。消费电子ETF(561600)上涨4.29%， 冲击5连涨。最新价报1.14元。拉长时间看，截 至2025年8月27日，消费电子ETF近1周累计上涨9.82%，涨幅排名可比基金1/5。 流动性方面，消费电子ETF盘中换手27.64%，成交9409.17万元，市场交投活跃。 消费电子ETF紧密跟踪中证消费电子主题指数，中证消费电子主题指数选取50只业务涉及元器件生产、整机品牌设计及生产等消费电子相关的上市公司证券 作为指数样本，以反映消费电子主题上市公司证券的整体表现。 数据显示，截至2025年7月31日，中证消费电子主题指数(931494)前十大权重股分别为立讯精密(002475)、中芯国际(688981)、京东方A(000725)、寒武纪 (688256)、工业富联(601138)、豪威集团(603501)、澜起科技(6880 ...

截至2025年8月28日 14:39，中证人工智能主题指数(930713)强势上涨5.49%，成分股奇安信(688561)上涨17.62%，新易盛(300502)上涨13.12%，寒武纪 (688256)上涨11.43%，中际旭创(300308)，瑞芯微(603893)等个股跟涨。AI人工智能ETF(512930)上涨5.31%，最新价报2.08元。拉长时间看，截至2025年8月 27日，AI人工智能ETF近1周累计上涨12.20%，涨幅排名可比基金1/4。 流动性方面，AI人工智能ETF盘中换手16.31%，成交4.52亿元，市场交投活跃。拉长时间看，截至8月27日，AI人工智能ETF近1周日均成交3.07亿元。 规模方面，AI人工智能ETF最新规模达27.02亿元，创近1年新高。 费率方面，AI人工智能ETF管理费率为0.15%，托管费率为0.05%，费率在可比基金中最低。 跟踪精度方面，截至2025年8月27日，AI人工智能ETF近1月跟踪误差为0.006%，在可比基金中跟踪精度最高。 AI人工智能ETF紧密跟踪中证人工智能主题指数，中证人工智能主题指数选取50只业务涉及为人工智能提供基础资源、技术以及 ...

截至2025年8月28日 10:51，中证消费电子主题指数(931494)强势上涨3.99%，成分股中芯国际(688981)上涨13.37%，瑞芯微(603893)上涨10.00%，东山精密 (002384)上涨10.00%，澜起科技(688008)，寒武纪(688256)等个股跟涨。消费电子ETF(561600)上涨3.28%， 冲击5连涨。最新价报1.13元。拉长时间看，截至 2025年8月27日，消费电子ETF近1周累计上涨9.82%，涨幅排名可比基金1/5。 流动性方面，消费电子ETF盘中换手16.17%，成交5478.51万元，市场交投活跃。拉长时间看，截至8月27日，消费电子ETF近1周日均成交6168.35万元，排 名可比基金前2。 规模方面，消费电子ETF最新规模达3.32亿元，创近1年新高。 消费电子ETF紧密跟踪中证消费电子主题指数，中证消费电子主题指数选取50只业务涉及元器件生产、整机品牌设计及生产等消费电子相关的上市公司证券 作为指数样本，以反映消费电子主题上市公司证券的整体表现。 数据显示，截至2025年7月31日，中证消费电子主题指数(931494)前十大权重股分别为立讯精密(00 ...

Group 1 - Meta collaborates with Ray-Ban to unveil the third generation of smart glasses, expected to be released within the year, featuring upgraded battery life and AI functionalities [1] - The new smart glasses will support real-time object recognition and scene understanding, indicating a shift in Meta's strategy towards deep interactive experiences in smart wearable devices [1] - Lens Technology Company, Lens Technology, is the exclusive supplier of core components for Meta's new AI glasses [1] Group 2 - In September, major consumer electronics events are anticipated from Apple, Samsung/Huawei, and Xiaomi, which is expected to further boost the consumer electronics sector [1] - As of August 28, 2025, the CSI Consumer Electronics Theme Index (931494) rose by 1.66%, with notable increases in stocks such as Rockchip (7.97%) and SMIC (5.95%) [1] - The Consumer Electronics ETF (561600) increased by 0.55%, marking its fifth consecutive rise, with a recent price of 1.1 yuan [1] - Over the week leading up to August 27, 2025, the Consumer Electronics ETF saw a cumulative increase of 9.82%, ranking it in the top 1/5 among comparable funds [1] Group 3 - The CSI Consumer Electronics Theme Index tracks 50 listed companies involved in component production and consumer electronics design and manufacturing [2] - As of July 31, 2025, the top ten weighted stocks in the index accounted for 51.57% of the total, including companies like Luxshare Precision and BOE Technology Group [2] - The Consumer Electronics ETF has several linked products for investors, including those from Ping An [2]

证券研究报告 Meta 重磅新品即将亮相，AI+AR 眼镜 产业链蓄势待发 华泰研究 2025 年 8 月 27 日│中国内地 动态点评 头部企业重磅新品发布在即，看好 AI+AR 眼镜产业链 Meta Connect 2025 前瞻：多款智能眼镜与元宇宙软件即将亮相 据彭博社报道，Meta 有望在今年的 Connect 大会发布多款眼镜、配套腕带 以及元宇宙软件：1）眼镜：有望发布全新带显示智能眼镜，采用 Lcos+单 目全彩阵列光波导方案，右镜片显示区能够提示时间、天气、导航翻译、通 知以及照片预览。据彭博社，该产品起售价或为 800 美元，较早期预期的 上千美元大幅下调，以刺激市场需求。此外，RayBan-Meta 第三代有望扩 充近视镜款和飞行员款，与 Oakley 合作的专业骑行眼镜也有望亮相。2） 腕带：有望发布一款神经腕带，采用肌电（EMG）技术，与 AR 配套可以 使用手势来控制眼镜。3）软件：或将推出全新开发者软件。 2026 展望：AR 产品拐点或将加速到来，全产业链蓄势待发 当前，不带显示的 AI 拍摄眼镜已跨越概念与原型机阶段，进入新品密集发 布的"产品元年"。2H25 至 2027， ...

Group 1 - The core viewpoint of the news highlights the strong performance of the digital economy theme index and its related ETFs, indicating a bullish trend in the sector [1][2] - As of August 27, 2025, the CSI Digital Economy Theme Index (931582) rose by 3.41%, with significant gains in constituent stocks such as Zhongke Chuangda (300496) up 16.86% and Wealth Trend (688318) up 12.62% [1] - The digital economy ETF (560800) also saw a half-day increase of 3.30%, with a recent price of 1 yuan, and a weekly cumulative increase of 12.01% [1][2] Group 2 - The State Council has issued opinions on the implementation of the "Artificial Intelligence +" initiative, focusing on enhancing intelligent computing power and supporting AI chip innovation [2] - The report indicates that the investment in the computing power industry is entering a heated phase, with significant capital expenditure from domestic and international CSP giants directed towards AI computing power [2] - The digital economy ETF closely tracks the CSI Digital Economy Theme Index, which includes companies involved in digital economy infrastructure and high levels of digitalization [2][3] Group 3 - As of July 31, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 50.74% of the index, with notable companies including Dongfang Caifu (300059) and Zhongxin International (688981) [3][4] - The top ten stocks showed varying performance, with Dongfang Caifu increasing by 1.15% and Zhongxin International by 5.47%, reflecting the overall positive trend in the index [4]

| 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3868.38 | 12473.17 | 1591.90 | | -15.18 -0.39% +32.11 +0.26% -12.11 -0.76% | | | | 科创50 | 创业板指 | 万得全A | | 1270.87 | 2742.13 | 6164.69 | | -16.86 -1.31% -20.86 -0.76% -5.48 -0.09% | | | | 沪深300 | 中证500 | 中证A500 | | 4452.59 | 6964.07 | 5304.51 | | -16.63 -0.37% +12.17 +0.18% | | -7.22 -0.14% | | 中证1000 | 深证100 | 中证红利 | | 7476.47 | 5420.79 | 5634.04 | | -1.26 -0.02% +10.50 +0.19% | | -6.44 -0.11% | | 万得全A涨跌分布 | | | | 跌 2469 | | 涨 2802 | | 成交额 2 ...

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 25,830, up 1.94% for the day and 28.76% year-to-date [1] - The A-share market is entering a second bullish phase, with significant increases in client margin sizes at securities firms and a notable rise in ETF investments, reaching $681 billion, surpassing Japan [3][4] Company Analysis Pinduoduo (PDD US) - Pinduoduo reported Q2 2025 revenue growth of 7% year-on-year, reaching 104 billion RMB, in line with expectations, driven by online marketing services [5] - Non-GAAP net profit decreased by 5% to 32.7 billion RMB, but exceeded market expectations by 46%, indicating strong operational performance [5] - The target price has been raised by 9% to $146.30, reflecting a positive outlook despite ongoing investments in platform ecosystem enhancement [5] Jiumaojiu (9922 HK) - Jiumaojiu's revenue for the first half of FY25 decreased by 10% to 2.75 billion RMB, slightly below market expectations [9] - The company anticipates closing 40 to 50 additional stores in the second half of FY25, leading to a total of approximately 100 closures for the year [6] - Despite challenges, there are positive signs of stabilization in same-store sales, with a potential rebound expected from store renovations [6][9] ZhongAn Online (6060 HK) - ZhongAn Online's net profit for the first half of FY25 surged by 11.04 times to 668 million RMB, significantly exceeding market expectations [10] - The property and casualty insurance segment saw a 9.3% increase in total premiums, driven by substantial growth in health and auto insurance [10] - The target price has been raised to 23 HKD, reflecting improved profitability and operational efficiency [10] Greentown Service (2869 HK) - Greentown Service reported a 22.6% increase in net profit for the first half of FY25, with total revenue growing by 6.1% [12] - The company has successfully improved operational efficiency, leading to enhanced profit margins despite industry pressures [12][13] - The target price has been adjusted to 6.61 HKD, based on a revised earnings forecast and valuation adjustments [12][15] Baker Hughes (2149 HK) - Baker Hughes achieved a revenue of 292 million RMB in the first half of FY25, a slight increase from the previous year, maintaining strong profitability with a gross margin of 51.8% [18] - The company continues to expand its product offerings and remains a core recommendation in the semiconductor sector [18][19] - The target price remains at 93 HKD, reflecting confidence in long-term growth prospects [19] Tongda Group (698 HK) - Tongda Group's net profit for the first half of FY25 increased by 394%, driven by reduced financial costs and improved operational efficiency [20] - The company is expected to benefit from upgrades in its main business and expansion in its subsidiary's product lines [20] - The target price has been raised to 0.135 HKD, reflecting improved earnings visibility [20]