Core Viewpoint - The article discusses the significant shift in the medical aesthetics industry, highlighting the transition from conflict to collaboration between companies like Jinjing Biological and platforms like New Oxygen, reflecting changes in market dynamics and pricing power [1][3][5]. Group 1: Industry Dynamics - In 2024, Jinjing Biological publicly criticized New Oxygen for low-price promotions of its core product, Wei Yimei, indicating a struggle to maintain pricing power [1][4]. - New Oxygen has transformed from a platform to a physical clinic model, establishing 50 stores across 16 cities, which enhances its bargaining power with upstream manufacturers [3][11]. - The monopoly of Jinjing Biological in the collagen product market has been disrupted by competitors like Juzhi Biological and Chuangjian Biological, leading to a loss of pricing authority for upstream manufacturers [3][10]. Group 2: Strategic Alliances - The formation of the "Youth Selection Alliance" by New Oxygen and 14 upstream manufacturers, including Jinjing Biological, marks a shift towards collaboration in areas like pricing and product traceability [2][5]. - Jinjing Biological's previous confrontations with platforms like Meituan have also turned into strategic partnerships, indicating a broader trend of upstream manufacturers adapting to market realities [7][10]. Group 3: Evolving Business Models - The article outlines three emerging strategies for upstream manufacturers in response to shifting market dynamics: 1. The rise of the ODM model, where companies like Xihong Biological provide products without interfering with downstream pricing [14]. 2. Maintaining product scarcity through innovation or acquisitions to capture market share during competitive gaps [15]. 3. Expanding internationally to seek new growth opportunities, as seen with companies like Aimeike and Binhai Medical [15][16]. Group 4: Market Trends - The medical aesthetics market is experiencing a significant increase in product offerings, with over 50 new medical device approvals in 2025, leading to intensified competition [11]. - The shift in pricing power from manufacturers to distribution channels reflects a broader trend of market "demystification" and value reassessment in the medical aesthetics sector [16].

Group 1 - The core point of the news is that 晶晨股份 (Amlogic) experienced a 5.03% drop in stock price, closing at 88.55 yuan per share, with a trading volume of 975 million yuan and a turnover rate of 2.53%, resulting in a total market capitalization of 37.294 billion yuan [1] - 晶晨股份 is primarily engaged in the research, design, and sales of system-level SoC chips and peripheral chips, with 99.98% of its revenue coming from product sales and 0.02% from leasing services [1] Group 2 - From the perspective of major fund holdings,宏利基金 has one fund heavily invested in 晶晨股份, specifically the宏利半导体产业混合发起A (021510), which reduced its holdings by 5,479 shares in the fourth quarter, now holding 43,700 shares, accounting for 5.02% of the fund's net value, ranking as the eighth largest holding [2] - The宏利半导体产业混合发起A fund has a current size of 23.4324 million yuan, with a year-to-date return of 17.58%, ranking 578 out of 8,866 in its category, and a one-year return of 85.12%, ranking 476 out of 8,126 [2]

证券日报网讯1月28日，晶晨股份在互动平台回答投资者提问时表示，公司已布局端侧光通信芯片相关 领域，拥有自主IP设计的FTTR(光纤到房间)芯片，可满足智慧家庭等场景的端到端高速连接需求。同 时，公司通过收购芯迈微100%股权，整合其技术与团队，构建"蜂窝通信+光通信+Wi-Fi"多维通信技术 栈与产品矩阵。结合公司自身"端侧智能+算力"的核心优势，公司将进一步完善端侧通信整体解决方 案，端侧光通信芯片的布局也将与现有Wi-Fi芯片、端侧AI芯片等形成技术与商业协同，为端侧智能设 备提供高速率、低延迟的网络支撑，助力实现"端-云"高速互联，持续拓展端侧AI应用场景。 ...

证券日报网讯 1月28日，晶晨股份在互动平台回答投资者提问时表示，公司与台积电保持着长期稳定的 合作关系，台积电为公司多款芯片产品提供晶圆代工服务，具体的业务情况详见公司定期报告。 ...

（编辑 楚丽君） 证券日报网讯 1月28日，晶晨股份在互动平台回答投资者提问时表示，芯迈微聚焦无线通信芯片设计， 其产品可适配消费电子相关应用场景。截至2025年9月16日公司公告披露，芯迈微已有6个型号的芯片完 成流片，其中一款芯片可应用于智能学生卡、移动智能终端等消费电子场景，且已在客户端产生收入， 该芯片也可用于物联网模组，为消费电子终端提供通信技术支撑。芯迈微的通信芯片技术将与公司端侧 智能、算力技术形成协同，助力公司进一步拓展消费电子应用场景，相关业务进展敬请关注公司后续公 告。 ...

Core Viewpoint - The market experienced increased volatility in Q4 2025, with A-shares and Hong Kong stocks showing mixed performance, while sectors like AI computing and semiconductors thrived, contrasting with weaker performances in real estate and pharmaceuticals [1] Group 1: Market Performance - The Shanghai Composite Index rose by 2.22% in Q4 2025, while the Hang Seng Index fell by 4.56% [1] - The technology growth sector, particularly AI computing and semiconductors, showed significant gains, while industries such as real estate and pharmaceuticals faced challenges [1] Group 2: Fund Manager Performance - Star fund managers like Fu Pengbo and Li Xiaoxing achieved over 60% returns in 2025, focusing on AI computing and semiconductors [2] - Balanced allocation funds, such as Zhu Shaoxing's, demonstrated stability with a 20% annual return, benefiting from diversified investments across various sectors [3][14] Group 3: Investment Strategies - Fu Pengbo's fund increased its allocation to data center cooling and computing-related companies, with a top ten stock concentration of 70.38% [5] - Li Xiaoxing emphasized AI hardware innovation and semiconductor investments, with a focus on domestic advancements in the semiconductor industry [6] Group 4: Traditional Value Investments - Fund managers like Zhang Kun and Liu Yanhun maintained positions in traditional sectors like consumer goods and pharmaceuticals, despite facing net value pressures [8][12] - Liu Yanhun's fund experienced a 5.85% decline in Q4, reflecting the challenges faced by traditional value sectors [12] Group 5: Policy and Market Outlook - Fund managers noted the impact of "anti-involution" policies on corporate fundamentals, suggesting a shift towards supply-side optimization [17] - Despite market rebounds, equity assets are still viewed as attractive, with a focus on high-quality listed companies as scarce income-generating assets [18]

（编辑 王雪儿） 证券日报网讯 1月28日，晶晨股份在互动平台回答投资者提问时表示，公司与谷歌拥有十余年的深度合 作基础，是谷歌新一代端侧AI硬件（整合Gemini AI）相关产品的核心芯片供应商。双方在人工智能领 域协同聚焦于谷歌端侧大模型Gemini的硬件生态落地，相关合作成果已在2025年第三季度报告中披露。 公司推出了适配Gemini的智能音箱、智能可视化门铃、室内及室外智能摄像头等多款新产品，助力谷歌 的智能家居产品整体向内嵌端侧大模型能力的新一代产品升级，进一步激活存量市场需求。当前端侧智 能技术渗透率持续提升，正不断催生新的应用形态与场景，公司也将持续挖掘端侧智能的应用潜力。 ...

（编辑 任世碧） 证券日报网讯 1月28日，晶晨股份在互动平台回答投资者提问时表示，公司尚未披露2025年全年业绩情 况，相关业绩数据请以公司后续公开披露的信息为准。从公司已披露的2025年三季度报告来看，截至 2025年第三季度末，公司业绩保持增长态势，前三季度实现营收50.71亿元，同比增长9.29%；实现归属 于母公司所有者的净利润6.98亿元，同比增长17.51%，营收创下历史同期新高。 ...

证券日报网讯1月28日，晶晨股份在互动平台回答投资者提问时表示，公司收购芯迈微后进一步丰富了 产品品类，对于将芯迈微芯片产品及应用场景介绍同步至公司官网的建议，公司将持续优化官网信息与 内容建设，及时更新相关产品与业务信息，相关进展敬请关注公司官方渠道发布内容。 ...

Core Viewpoint - The article discusses the focus of fund managers on semiconductor equipment and technology sectors, highlighting the performance of key fund managers and their investment strategies in these areas [4][20]. Fund Manager Performance - Fund managers Xie Zhiyu and Qiao Qian have significant management scales of 38.6 billion and 24 billion respectively, with annualized returns of 18% and 13.52% since their tenure began [4]. - Xie Zhiyu's fund, Xingquan Helun Mixed A, achieved a return of 35.7% in 2025, outperforming the CSI 300 index by 18 percentage points [4][5]. - Qiao Qian's fund, Xingquan Business Model Mixed A, recorded a return of 38.05% in 2025, with a net value growth exceeding 10% in early 2026 [5][6]. Investment Focus - Both fund managers are concentrating on technology sectors, particularly overseas computing power and semiconductor equipment [8][9]. - Xie Zhiyu maintains a high equity position, with 92.5% of the fund's net value in stocks by the end of the fourth quarter [11]. - Qiao Qian's fund also operates with a high equity position of 94.4% at the end of the fourth quarter [16]. Portfolio Adjustments - Xie Zhiyu's fund saw significant changes in its top holdings, with the introduction of storage testing and module leader Baiwei Storage, which is expected to see a net profit growth of 427%-520% in 2025 [12]. - New entries in the top ten holdings for Xie Zhiyu include semiconductor equipment stocks Tuo Jing Technology and Huahai Qingke, while North China Innovation, Lens Technology, and Focus Media exited the list [13]. - Qiao Qian's fund also adjusted its top holdings significantly, with six new entries, including Baiwei Storage and Huahai Qingke, while North China Innovation and Lens Technology were removed [17]. Overall Market Outlook - The two fund managers agree on the positive outlook for technology sectors, particularly semiconductor equipment, storage, and overseas computing power [20].