Core Insights - The report highlights significant investments made by fund manager Xie Zhiyu in various technology sectors, particularly in overseas computing power and semiconductor equipment, indicating a strategic focus on high-growth areas for 2026 [1][2] Investment Strategy - The funds managed by Xie Zhiyu, namely Xingquan He Yi and Xingquan He Run, have newly increased their positions in companies such as Baiwei Storage, Huiliang Technology, and WuXi Biologics, while also increasing their holdings in CATL [1] - The report emphasizes the importance of tracking core competitive trends in companies over a longer cycle to identify investment opportunities arising from technological transformations and sectoral rebounds [2] Sector Performance - The overseas computing power sector, particularly in optical modules, is experiencing record highs due to increased orders from major clients and advancements in new technologies [1] - Domestic supply chain leaders are gaining more influence on the international stage, especially in the optical module and PCB sectors, while also achieving breakthroughs in liquid cooling and power supply [1] - The AI-driven capital expenditure surge is creating challenges such as power shortages and storage deficits overseas, leading to heightened demand in domestic energy storage, gas turbines, and related industries [1] Company Holdings - The report lists significant stock holdings, including: - Zhongji Xuchuang: 2,035,762 shares valued at approximately 1.24 billion yuan - CATL: 2,330,228 shares valued at approximately 855.8 million yuan - Baiwei Storage: 5,872,779 shares valued at approximately 674.1 million yuan - Huiliang Technology: 35,830,178 shares valued at approximately 494.5 million yuan - WuXi Biologics: 13,464,500 shares valued at approximately 382.4 million yuan [3]

Group 1 - Dongtong Tui (formerly Dongfang Tong) officially delisted from the stock exchange on January 22, 2026, due to financial fraud, having inflated revenue by 432 million and profit by 314 million from 2019 to 2022 [1][17] - The stock price at delisting was 1.72 yuan, a decline of over 96% from its historical high of 43 yuan, affecting approximately 46,000 shareholders [1][17] - The company may transition to the "old three boards" for trading, where liquidity is low and further price declines are expected [1][12] Group 2 - ST Asia Pacific announced an expected loss of 51.46 million yuan for 2025, marking its third consecutive year of losses, with a negative net asset value of 0.318 yuan per share [4][14] - ST Changyao's stock has been below 1 yuan for 15 consecutive trading days, with a market value of 223 million yuan, facing imminent delisting risks due to financial misconduct [4][18] - ST Aowei's stock has experienced 25 consecutive trading days of declines, with a market value currently at 281 million yuan, indicating a high likelihood of delisting [6][18] Group 3 - A significant wave of share reductions occurred on January 21, with 23 companies announcing plans to reduce holdings, including 7 companies with reductions exceeding 3% of total shares [6][12] - Notable reductions include Wentai Technology planning to reduce 3739.95 million shares (3% of total shares) for an estimated amount of 1.517 billion yuan, and Jingchen Co. planning to reduce 1310 million shares (3.11% of total shares) for approximately 1.219 billion yuan [8][10] - The market is witnessing a divergence, with some stocks reaching new highs while others, particularly those at risk of delisting, continue to decline [12][14]

Core Viewpoint - Amlogic (Hong Kong) Limited plans to transfer 13,100,000 shares of Jingchen Co., Ltd. (688099.SH), representing 3.11% of the total share capital, through a pre-IPO shareholder inquiry transfer [1] Group 1 - The total number of shares to be transferred is 13,100,000 [1] - The transfer will not involve shares held by the company's actual controller and their concerted parties [1] - The company's directors and senior management will also not participate in this share transfer [1]

人民财讯1月21日电，晶晨股份(688099)1月21日公告，股东Amlogic(Hong Kong) Limited拟询价转让1310 万股公司股份，占公司总股本的比例为3.11%。 ...

证券代码：688099 证券简称：晶晨股份 公告编号：2026-002 晶晨半导体（上海）股份有限公司 股东询价转让计划书 Amlogic (Hong Kong) Limited（以下简称"出让方"）保证向晶晨半导体（上 海）股份有限公司（以下简称"晶晨股份"）提供的信息内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其真实性、准确性和完整性依法承担法律责 任。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 一、拟参与转让的股东情况 （一）出让方的名称、持股数量、持股比例 1 拟参与晶晨股份首发前股东询价转让（以下简称"本次询价转让"） 的股东为 Amlogic (Hong Kong) Limited； 公司实际控制人及其一致行动人直接或间接持有的本公司股份不参与 本次询价转让；公司董事及高级管理人员直接或间接持有的本公司股 份不参与本次询价转让； 出让方拟转让股份的总数为 13,100,000 股，占晶晨股份总股本的比例 为 3.11%； 本次询价转让不通过集中竞价交易或大宗交易方式进行，不属于通过 二级市场减持。受让方通过询价转让受让的股份，在受让后 6 个月内 ...

中信证券股份有限公司 关于晶晨半导体(上海)股份有限公司股东 向特定机构投资者询价转让股份 相关资格的核查意见 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 1 中信证券股份有限公司（以下简称"中信证券"）受晶晨半导体(上海)股份 有限公司（以下简称"晶晨股份"）股东 Amlogic (Hong Kong) Limited（以下简 称"出让方"）委托，组织实施本次晶晨股份首发前股东向特定机构投资者询价 转让（以下简称"本次询价转让"）。 根据《关于在上海证券交易所设立科创板并试点注册制的实施意见》《科创 板上市公司持续监管办法（试行）》《上海证券交易所科创板股票上市规则（2025 年 4 月修订）》《上海证券交易所科创板上市公司自律监管指引第 4 号——询价 转让和配售（2025 年 3 月修订）》（以下简称"《询价转让和配售指引》"）等 相关规定，中信证券对参与本次询价转让股东的相关资格进行核查，并出具本核 查意见。 一、本次询价转让的委托 中信证券收到出让方关于本次询价转让的委托，委托中信证券组织实施本次 询价转让。 二、关于参与本次询价转让股东相关资格的核查情况 （一）核查过程 业人员访谈 ...

Core Insights - The visual AI SoC market is experiencing significant growth, with global shipments expected to reach 365 million units by 2025 and 491 million units by 2026, driven primarily by security applications [1][5][10] - The industry is evolving from a focus on security to a broader range of intelligent applications across various sectors, including automotive and robotics [1][5] - The competitive landscape features both international giants and domestic players, with a high market concentration expected, indicating a few companies will dominate the market [8][9] Group 1: Industry Definition and Applications - Visual AI SoC is a specialized type of AI SoC optimized for visual tasks, integrating NPU for efficient image and video processing [2][4] - Applications include smart security, robotics, mobile imaging devices, and automotive sectors, supporting real-time image processing and object recognition [2][4] Group 2: Industry Development Status - The global AI SoC shipment is projected to grow from 949 million units in 2020 to 1.926 billion units by 2025, with further growth expected to 2.369 billion units by 2026 [4][5] - The visual AI SoC segment is a key driver of this growth, particularly in the security sector, which is expected to account for over half of the shipments [5][10] Group 3: Industry Supply Chain - The supply chain includes upstream components like IP core supply, EDA tools, and semiconductor manufacturing, while midstream focuses on chip production and system integration [6][8] - Downstream applications span various industries, including smart security, service robots, mobile imaging, and automotive sectors [6][8] Group 4: Competitive Landscape - The market is characterized by high concentration, with the top five companies expected to hold 70.3% of the market share by 2024 [8] - Key players in the domestic market include StarChip Technology, Amlogic, and several others, indicating a competitive environment [8][9] Group 5: Industry Development Trends - The industry is transitioning towards "scene intelligence" driven by advancements in 5G, AI, and big data technologies, supported by national policies promoting domestic R&D [10][11] - The increasing maturity of these technologies is expected to enhance the application of visual AI SoC across various sectors [10][11]

Core Viewpoint - The stock of Amlogic Co., Ltd. has shown a positive trend with an increase of 8.63% year-to-date and a market capitalization of 39.91 billion yuan as of January 16, 2025 [1] Financial Performance - For the period from January to September 2025, Amlogic achieved a revenue of 5.071 billion yuan, representing a year-on-year growth of 9.29% [2] - The net profit attributable to shareholders for the same period was 698 million yuan, reflecting a year-on-year increase of 17.51% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Amlogic was 21,900, a decrease of 1.08% from the previous period [2] - The average number of circulating shares per shareholder increased by 1.09% to 19,200 shares [2] Dividend Distribution - Amlogic has distributed a total of 257 million yuan in dividends since its A-share listing, with 208 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, the top ten circulating shareholders included notable funds such as Xingquan Helun Mixed A and E Fund Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF, both of which saw a reduction in their holdings [3]

Core Viewpoint - The China Securities 500 Growth ETF (Hua Xia, 159620) has shown a positive performance with a 2.30% increase, reaching a price of 1.291 yuan, and a trading volume of 582,000 yuan as of the midday close on January 14 [1] Group 1: ETF Performance - The China Securities 500 Growth ETF (Hua Xia, 159620) has a year-to-date return of 26.34% since its inception on July 19, 2022 [1] - The ETF has achieved a return of 9.61% over the past month [1] Group 2: Top Holdings Performance - Among the top holdings, Changchuan Technology increased by 6.39%, Ecovacs by 1.92%, and BeiGene by 1.20% [1] - Other notable performances include Guanghe Technology rising by 1.90%, Amlogic increasing by 3.40%, and Rockchip gaining 2.73% [1] - Hengxuan Technology saw a significant increase of 4.54%, while Ninebot Company experienced a slight decline of 0.18% [1]

Investment Rating - The industry investment rating is "Outperform the Market" [1][24]. Core Insights - The report highlights the significant breakthroughs in lightweight smart glasses and the emergence of "embodied intelligence" in robotic vacuum cleaners, showcasing the deep integration of AI with hardware at CES 2026 [2][4][5]. - AI is driving the upgrade of IoT across all scenarios, with strong support from chip manufacturers like Rockchip, Amlogic, and Tailing Micro, which are showcasing their capabilities in various fields [15][18]. - The report emphasizes the importance of AI in transforming smart hardware, suggesting that the integration of AI technology will enhance user experience and drive hardware upgrades [22]. Summary by Sections Smart Glasses and Robotic Vacuum Cleaners - The CES 2026 showcased lightweight smart glasses, with products like MoJie weighing only 25g and XGIMI at 28.9g, marking a significant reduction in weight through innovative optical technology and materials [6][10]. - The report notes that the application of smart glasses is expanding into various verticals such as professional translation, entertainment, outdoor sports, health maintenance, education, and industrial inspection, enhancing their competitive edge [8][9]. AI-Driven IoT and Chip Support - Rockchip presented a range of AI-driven IoT solutions, including consumer electronics and robotics, emphasizing the shift from passive to active service in hardware [15][18]. - Amlogic's focus on local computing and privacy-first solutions aims to enhance the performance of smart devices, with new chips like S905X5 and A311D2 set to launch in early 2026 [19][20]. - Tailing Micro's TL322X chip is designed to support high-end wireless gaming peripherals, showcasing advancements in wireless technology and low latency [21]. Investment Opportunities - The report suggests that investors should pay attention to the upgrade opportunities in smart hardware driven by AI, particularly in main control chips and semiconductor materials, as the demand for intelligent products continues to grow [22].