重要内容提示： 本次行权股票数量：瑞芯微电子股份有限公司（以下简称"公司"）2022 年第二期股票期权与限制性股票激励计划、2024 年股票期权与限制性股票激励 计划 2025 年第四季度激励对象行权且完成股份过户登记的数量合计为 29,950 股。 其中： 1、2022 年第二期股票期权与限制性股票激励计划 首次授予股票期权第二个行权期可行权数量为 568,500 份，实际行权期为 2025 年 5 月 26 日至 2026 年 5 月 25 日，行权方式为自主行权。2025 年第四季度 激励对象行权且完成股份过户登记的数量为 15,950 股，占该期可行权股票期权 总量的 2.81%。 证券代码：603893 证券简称：瑞芯微 公告编号：2026-001 瑞芯微电子股份有限公司 关于股权激励计划 2025 年第四季度自主行权结果 暨股份变动的公告 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。 2、2024 年股票期权与限制性股票激励计划 首次授予股票期权第一个行权期可行权数量为 1,428,600 份，实际行权期为 20 ...

Core Viewpoint - The 2026 International Consumer Electronics Show (CES 2026) will take place from January 6 to 9 in Las Vegas, showcasing numerous A-share listed companies with their latest products in popular sectors such as robotics, smart hardware, and new energy vehicles [6]. Robotics - Ninebot will unveil a new multi-scenario lawn mowing robot, enhancing its product matrix [2]. - Stone Technology is expected to debut its "embodied intelligence black technology" as a representative of smart cleaning robots [7]. - Lingyi Technology will present a comprehensive robotics technology matrix, showcasing core components and application solutions [8]. - Zhaowei Electromechanical will showcase a new generation of dexterous hands with 20 degrees of freedom [9]. - Orbbec will release multiple 3D camera products suitable for humanoid robots, enhancing visual solutions for precise operations [9]. - Ecovacs will introduce a pool cleaning robot and the latest developments in embodied intelligence [9]. - Lens Technology will debut a highly dexterous bionic hand and head assembly, integrating self-developed reducers for improved performance [10]. - Megvii will collaborate with Yimai Intelligent to launch two new micro AI robot products [11]. Smart Glasses - Tianjian Co. will present its latest AI and AR glasses at CES 2026, focusing on AI glasses, AI headphones, and smart speakers [12]. - XGIMI Technology will globally launch its new AI glasses brand "MemoMind" [13]. - GoerTek will showcase multiple innovative MR/AR/smart glasses, enhancing the "AI + smart interaction" experience [13]. - Guangfeng Technology will present three LCoS AR optical products: Wax Girl G1, Dragonfly G1 mini, and Rainbow C1 [14]. Storage Solutions - Baiwei Storage will highlight consumer-grade storage solutions, including a Mini SSD that rivals flagship PCIe Gen4 SSDs, supporting Meta's AI/AR glasses [15]. - Jiangbolong will enhance its consumer market brand with a collaboration featuring a special edition storage product linked to the Argentina national football team [15]. - Rockchip will showcase audio and machine vision products, with its RK3588 chip being widely applied in various robotic forms [15]. Automotive Innovations - Great Wall Motors will return to CES with its full product line and core technology matrix, focusing on new energy and AI vehicles [17]. Display Technologies - TCL Technology will unveil its "machine king" series of televisions and the world's first printed OLED vehicle display solution [5]. - Hisense will launch a new generation of RGB-Mini LED display technology [5]. - BOE will showcase over 60 cutting-edge display technologies and IoT solutions, including the global debut of the "HERO 2.0 smart cockpit" [19].

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]

Group 1 - The semiconductor sector experienced significant gains, with companies like Zhongwei rising over 14%, Yandong Micro over 12%, and Shanghai Xinyang over 11% [1] - The semiconductor industry is benefiting from multiple favorable catalysts, including increased government support for domestic chip development and a substantial rise in the shareholding of the National Integrated Circuit Industry Investment Fund in SMIC from 4.79% to 9.25% [3] - TrendForce has revised its price expectations for memory chips, forecasting a 55-60% increase in DRAM and a 33-38% increase in NAND contract prices for Q1, which is significantly higher than previous predictions [3] Group 2 - CITIC Construction Investment reports that the semiconductor equipment sector is entering a growth cycle, with equipment orders expected to maintain high growth rates [4] - The Taikang Semiconductor Quantitative Stock Fund has achieved over 100% returns since its inception in May 2024, with a 1.28% increase in net value on the previous day [5] - Zhejiang Securities anticipates that the semiconductor equipment index will significantly outperform the market in 2025, with current valuations at the 28th percentile, indicating strong growth in front-end equipment revenue and explosive growth in back-end equipment [5]

Core Viewpoint - The Zhongzheng 500 Enhanced ETF (159678) has shown a positive performance since its inception, with a return of 40.53% since February 13, 2023, and a recent one-month return of 7.00% [1] Group 1: ETF Performance - The Zhongzheng 500 Enhanced ETF opened at 1.416 yuan, with an increase of 0.93% [1] - The ETF's performance benchmark is the Zhongzheng 500 Index return rate [1] - The fund is managed by Bosera Asset Management, with fund managers Liu Zhao and Yang Zhenjian [1] Group 2: Top Holdings - Key stocks in the ETF include: - Shenghong Technology up 1.47% - Huagong Technology up 0.28% - Goldwind Technology up 10.00% - Giant Network down 0.42% - Perfect World up 0.98% - Ninebot Company up 0.27% - Jincheng Trust up 0.11% - Gaode Infrared up 1.91% - Rockchip up 0.46% - Shennong Development unchanged [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **2026 Electronic Industry Predictions**, particularly in the **cloud computing** and **AI** sectors, highlighting significant trends and developments expected in the coming years [2][3][4]. Key Insights and Arguments Cloud Computing Sector - The **domestic cloud computing** sector, especially **domestic computing power**, is anticipated to experience substantial growth by the end of 2026, with major wafer fabs expected to release ample capacity, alleviating previous supply constraints [2][3]. - **ByteDance's** data consumption has shown remarkable growth, increasing from approximately **15-16 trillion** in May 2025 to over **50 trillion** by December 2025, indicating strong demand for domestic computing power [2]. - The **demand for domestic computing power** is projected to exceed **100 trillion** by mid-2026, setting a solid foundation for the performance of domestic computing companies [2][3]. - Leading companies like **Cambricon** and **Hygon** are expected to dominate in capacity supply and local government bidding, benefiting from the rising demand for inference chips, with **ASIC chips** likely to become as significant as **GPU** chips [2][3]. - The **domestic CS market** is under increasing pressure for localization, with local suppliers like **Shenghe Jingwei** expected to capture more market share in supercomputing nodes [2][3]. Edge Computing Sector - The **edge computing (SOC)** sector is set to benefit from the AI innovation wave, with smart hardware products such as glasses and robots expected to see significant development opportunities [4]. - The emergence of **multi-modal applications** (e.g., smart assistants) is anticipated to drive adjustments in app developers' permission management, leading to a diverse market landscape in 2026 [4]. 3D DRAM Technology - Despite slower-than-expected progress in the **3D DRAM** supply chain in 2025, optimism remains for 2026, with collaborations between **Zhaoyi Innovation** and leading companies indicating potential breakthroughs and new application scenarios [5]. Upcoming Trends and Technologies - Several key technology and product trends are expected in the second half of 2025, including the launch of specialized 3D hardware for mobile and automotive applications, which will enhance edge computing and storage capabilities [6][7]. - The **AI terminal devices** market is projected to gain traction, with major North American clients like **OpenAI** planning to introduce smart terminal products, potentially driving hardware sales and a replacement wave [7]. - The **domestic wafer foundry industry** is also highlighted, with leading companies like **SMIC** and **Huahong** expanding capacity, ensuring that the N2 process will no longer be a bottleneck for computing power development by 2026 [7]. Power Supply and Infrastructure - The **power density** in data centers is rapidly increasing, with **HVDC** (High Voltage Direct Current) expected to become a core focus in 2026, facilitating electrification upgrades and creating new growth opportunities [8][9]. - Upgrades in server power supply technology are anticipated to enhance the value of embedded modules and advanced cooling technologies, with companies like **Oulutong** and **Weiergao** positioned to benefit [9]. New Infrastructure and Advanced Packaging - The **new infrastructure** sector is expected to see significant growth in 2026, particularly in the **PCB** segment, with new products like **CO2 laser drilling** and advanced packaging set to achieve full-scale production [10][11]. - Advanced packaging products are expected to gradually achieve mass production among leading packaging and testing manufacturers, indicating a shift from demo machines to essential products in the next two years [11]. Additional Important Insights - The conference call emphasizes the importance of monitoring developments in the electronic industry, particularly in cloud computing, edge computing, and new infrastructure, as these areas are poised for significant growth and investment opportunities in the near future [2][3][4][5][6][7][8][9][10][11].

东亚前海证券：给予 瑞芯微 电子股份有限公司买进的初始评级。 ...

东亚前海证券：给予瑞芯微电子股份有限公司买进的初始评级。 ...

证券代码：603893 证券简称：瑞芯微 公告编号：2025-083 瑞芯微电子股份有限公司 关于股东无偿捐赠部分公司股份的公告 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。 重要内容提示： 股东基本情况：截至本公告披露日，瑞芯微电子股份有限公司（以下简 称"公司"或"瑞芯微"）股东励民先生持有公司股份 157,679,892 股，占公司 目前总股本的 37.46%。 本次捐赠的主要内容：为回馈母校，支持福州一中教育事业发展，励民 先生拟向福州一中教育发展基金会无偿捐赠其持有的 175,000 股瑞芯微无限售条 件流通股。以《捐赠协议书》签署前 10 个交易日瑞芯微均价 179.76 元计算，标 的股票价值约为 3,146 万元。 | 股东名称 | 捐赠前 | | 捐赠后 | | | --- | --- | --- | --- | --- | | | 持股数量（股） | 持股比例 | 持股数量（股） | 持股比例 | | 励民 | 157,679,892 | 37.46% | 157,504,892 | 37.42% | 四 ...

（文章来源：证券日报） 证券日报网讯 12月24日，瑞芯微发布公告称，公司2025年第二次临时股东大会审议通过《关于变更公 司注册资本的议案》等多项议案。 ...