Core Viewpoint - Company is currently in the internal development stage of its Wi-Fi 7 chip, with no specific details disclosed yet [1] Group 1 - Company will regularly disclose the use of raised funds and project progress in accordance with regulatory requirements [1]

南方财经1月29日电，乐鑫科技1月29日在互动平台表示，Wi-Fi7芯片仍处于内部研发阶段，相关细节暂 未公开。后续将按照监管要求，定期披露募集资金使用及项目进展情况。 ...

January 28, 2026 09:59 AM GMT Greater China Technology Semiconductors | Asia Pacific | M January 28, 2026 09:59 AM GMT Greater China Technology Semiconductors Asia | Morgan Stanley Taiwan Limited+ Daniel Yen, CFA | Update | | --- | --- | --- | | Pacific | Equity Analyst | | | | Daniel.Yen@morganstanley.com | +886 2 2730-2863 | | Quick comment on MCU price | Charlie Chan Equity Analyst | | | | Charlie.Chan@morganstanley.com | +886 2 2730-1725 | | hike | Morgan Stanley Asia Limited+ | | | | Daisy Dai, CFA | | ...

Investment Rating - The report does not provide specific investment ratings for the industry sectors mentioned [2]. Core Insights - The overall industry strategy focuses on the simultaneous rise in energy storage volume and price, with ongoing themes in space and AI [3]. - The new energy vehicle supply chain is entering an upward cycle, benefiting companies like CATL and EVE Energy due to the electrification upgrade and optimization of energy storage patterns [3]. - By the end of December 2025, China's electric vehicle charging infrastructure is expected to reach 20.092 million units, a year-on-year increase of 49.7% [3]. - Global energy storage battery shipments are projected to reach 640 GWh in 2025, a year-on-year increase of 82.9%, with CATL maintaining a leading position [3][25]. - The solid-state battery sector is entering a critical phase of engineering and industrialization, with companies like Xiamen Tungsten and Peking University Technology benefiting [4]. Summary by Sections Energy Storage and New Energy - The energy storage trend continues to improve, with companies like Sungrow Power and Huaneng Power benefiting from a significant increase in domestic procurement, which exceeded 100 GWh for the first time [5]. - The average price of lithium battery storage systems has rebounded by 6.39% to 0.5226 yuan/Wh [5]. - AI expansion and global grid upgrades are driving demand for power equipment, benefiting companies like TBEA and Sanyuan Electric [5]. Lithium Carbonate and Battery Materials - The supply and demand for lithium carbonate are exceeding expectations, with companies like Salt Lake Potash and Hunan Youneng benefiting from favorable market conditions [4]. - The cost of phosphoric iron lithium cathode materials has increased, with processing fees rising by 318.7 yuan/ton compared to November averages [4][27]. AI and Robotics in New Energy - The integration of AI and humanoid robots in the new energy sector is gaining traction, with companies like Zhejiang Rongtai and Keda Li benefiting from advancements in robotics [7]. - Tesla's shift towards becoming a robotics company is expected to create new growth cycles, with significant implications for the automotive industry [7][26]. Market Trends and Projections - The report highlights that the global energy storage battery shipment is expected to reach 1,090 GWh in 2026, a year-on-year increase of 70% [25]. - The market for commercial energy storage products is evolving, with larger capacity batteries becoming mainstream and driving innovation in the sector [29].

Core Viewpoint - Lattice Semiconductor has officially launched the ESP32-E22, marking its entry into the high-performance wireless connectivity sector with the first Wi-Fi 6E SoC, which initiates a new generation of product matrix [2][8] Group 1: Product Features - The ESP32-E22 is a Radio Co-Processor (RCP) that integrates tri-band Wi-Fi 6E and dual-mode Bluetooth, allowing it to fully support the wireless network protocol stack, thereby simplifying system design for developers [2][8] - It is built on Lattice's self-developed RISC-V processor architecture and Wi-Fi 6E protocol stack, providing excellent system flexibility and reliable supply chain assurance, tailored for applications with stringent wireless performance and reliability requirements [2][8] - The chip supports 2.4 GHz, 5 GHz, and 6 GHz tri-band Wi-Fi 6E, featuring 160 MHz bandwidth, 2×2 MU-MIMO, Beamforming, and advanced link layer scheduling mechanisms, ensuring high throughput and low latency even in high-density and interference-prone environments [2][8] Group 2: Bluetooth Integration - In addition to advanced Wi-Fi capabilities, the ESP32-E22 includes a Bluetooth controller that supports both classic Bluetooth (BR/EDR) and low-energy Bluetooth (Bluetooth LE 5.4), enabling seamless interoperability with both traditional and next-generation Bluetooth devices [3][9] - The system incorporates a built-in wireless coexistence algorithm to ensure reliable operation when Wi-Fi and Bluetooth are functioning simultaneously [3][9] Group 3: Technical Specifications - The ESP32-E22 runs a complete Wi-Fi and Bluetooth protocol stack internally, covering key modules such as security, authentication, scanning, roaming, and Bluetooth host functionality, allowing designers to flexibly integrate it with Lattice's own SoC or third-party main processors via high-speed interfaces like PCIe 2.1 and SDIO 3.0 [6][13] - It features a dual-core 500 MHz RISC-V processor, providing sufficient computing power for complex protocol processing and supporting advanced modulation schemes like 1024-QAM, achieving a maximum data rate of 2.4 Gbps under 5 GHz and 160 MHz bandwidth conditions [6][13] Group 4: Application Scenarios - The ESP32-E22 is a highly flexible wireless platform suitable for various applications requiring high bandwidth and low latency, including high-speed streaming, wireless video links, next-generation smart home hubs, smart appliances, industrial automation, network bridging solutions, and AR/VR accessories with strict low-latency communication requirements [7][14] - By integrating tri-band Wi-Fi 6E, classic Bluetooth, and Bluetooth LE 5.4 into a single SoC, the ESP32-E22 demonstrates Lattice's ongoing investment in high performance and flexible integration, providing developers with a secure and scalable wireless connectivity foundation to accelerate the deployment of next-generation consumer and industrial products [7][14]

Group 1 - The core viewpoint of the article is that Lexin Technology has confirmed its sales activities in the EU region, indicating a significant international presence [1] - The company has not disclosed the specific revenue contribution from EU sales, but overseas sales account for approximately 30% of total revenue [1] - Sales are conducted both through direct exports by domestic companies and through overseas agents [1]

Core Viewpoint - Lexin Technology's stock has shown a positive trend with an increase of 8.03% year-to-date and significant growth in revenue and net profit for the first nine months of 2025, indicating strong operational performance and investor interest [1][2]. Group 1: Stock Performance - On January 15, Lexin Technology's stock rose by 2.02%, reaching 183.65 CNY per share, with a trading volume of 675 million CNY and a turnover rate of 2.39%, resulting in a total market capitalization of 30.696 billion CNY [1]. - The stock has increased by 5.95% over the last five trading days, 16.74% over the last twenty days, and 2.27% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Lexin Technology reported a revenue of 1.912 billion CNY, reflecting a year-on-year growth of 30.97%, and a net profit attributable to shareholders of 377 million CNY, which is a 50.04% increase compared to the previous year [2]. - Since its A-share listing, Lexin Technology has distributed a total of 384 million CNY in dividends, with 145 million CNY distributed over the last three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Lexin Technology reached 20,100, an increase of 25.14% from the previous period, while the average number of circulating shares per shareholder decreased by 20.09% to 7,777 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.4023 million shares, an increase of 2.2202 million shares from the previous period [3].

Market Overview - A-shares experienced a collective pullback on January 13, with the Shanghai Composite Index ending a 17-day winning streak, closing down 0.64% [1] - The total trading volume in the Shanghai and Shenzhen markets reached a historical high of 3.7 trillion [1] Sector Performance - Significant declines were observed in various sectors, including commercial aerospace, satellite internet, and military industries, with many stocks dropping over 8% [3] - The large aircraft and military sectors also faced downturns, with several stocks hitting the daily limit down [3] - The commercial aerospace index fell by 6.15%, with a net outflow of 230.78 billion [4] Individual Stock Movements - Over 1,600 stocks rose, with more than 70 stocks hitting the daily limit up, while the commercial aerospace sector saw over 60 stocks limit down or drop more than 10% [3] - Specific stocks such as Aerospace Electronics and Beidou Star Communication experienced significant declines, with many stocks in the sector down by nearly 10% [7] Investment Insights - Analysts suggest that the current market sentiment may indicate a nearing peak, with potential for further structural upward trends despite short-term volatility [12] - Key investment strategies include avoiding speculative risks in popular sectors, focusing on policy-driven industries, and maintaining diversified portfolios to balance risk and return [14] - The emphasis is on sectors with strong earnings growth and valuation alignment, particularly in technology manufacturing and innovative healthcare [14]

Group 1 - The A-share market saw a rapid decline in AI application concept stocks, with notable drops in several companies [1] - Hengxuan Technology experienced a decline of over 9%, while Guanghetong and Lexin Technology fell by over 8% and 6% respectively [1] - Other companies such as Mango Super Media, Tuo Wei Information, and Ruixin Micro also reported declines exceeding 5% [1] Group 2 - Hengxuan Technology's market capitalization is 39 billion, with a year-to-date increase of 1.74% [2] - Guanghetong has a market capitalization of 29.7 billion and a year-to-date increase of 11.54% [2] - Lexin Technology's market capitalization is also 29.7 billion, with a year-to-date increase of 4.39% [2] - Mango Super Media has a market capitalization of 52.2 billion and a year-to-date increase of 14.21% [2] - Tuo Wei Information's market capitalization is 43.8 billion, with a year-to-date increase of 4.92% [2] - Ruixin Micro has a market capitalization of 78.3 billion, with a year-to-date increase of 4.32% [2] - Yuncong Technology has a market capitalization of 17.4 billion, with a year-to-date increase of 16.77% [2] - Hongsoft Technology's market capitalization is 22.5 billion, with a year-to-date increase of 13.54% [2] - Runhe Software has a market capitalization of 44.1 billion, with a year-to-date increase of 11.82% [2]

Core Viewpoint - The A-share market experienced a rapid decline in AI application concept stocks, indicating a potential shift in investor sentiment towards these companies [1] Group 1: Company Performance - Hengxuan Technology saw a decline of over 9% [1] - Guanghetong dropped by more than 8% [1] - Lexin Technology fell by over 6% [1] - Mango Super Media, Tuo Wei Information, Ruixin Micro, CloudWalk Technology, Hongsoft Technology, and Runhe Software all experienced declines of over 5% [1]