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].

Core Viewpoint - The stock of Amlogic Co., Ltd. has experienced fluctuations, with a recent decline of 2.10% and a current price of 91.22 CNY per share, reflecting a total market capitalization of 38.42 billion CNY [1] Financial Performance - For the period from January to September 2025, Amlogic achieved a revenue of 5.071 billion CNY, representing a year-on-year growth of 9.29% [2] - The net profit attributable to shareholders for the same period was 698 million CNY, showing 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 CNY in dividends since its A-share listing, with 208 million CNY distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, notable institutional shareholders include: - Xingquan Helun Mixed A, holding 18.234 million shares, decreased by 1.3083 million shares [3] - E Fund Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF, holding 12.177 million shares, decreased by 1.7725 million shares [3] - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 Component ETF, holding 11.920 million shares, decreased by 6.5153 million shares [3]

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 core point of the news is that 晶晨股份 (Amlogic) experienced a stock price increase of 5.07%, reaching 91.65 yuan per share, with a trading volume of 9.21 billion yuan and a turnover rate of 2.42%, resulting in a total market capitalization of 386 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, 永赢基金 has one fund heavily invested in 晶晨股份, specifically the 永赢上证科创板人工智能指数发起A (024774), which holds 150,400 shares, accounting for 6.04% of the fund's net value, making it the sixth-largest holding [2] - The fund has a total size of 63.09 million yuan and has achieved a return of 14.01% since its inception [2] - The fund manager, 张璐, has been in the position for 6 years and 159 days, overseeing assets totaling 22.921 billion yuan, with the best fund return during the tenure being 150.95% and the worst being -60.31% [2]

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].

Group 1 - The company, Jingchen Co., Ltd. (688099.SH), announced a share buyback program, having repurchased a total of 1.073489 million shares, which represents 0.2549% of its total share capital [1] - The highest price paid for the repurchased shares was 96.00 CNY per share, while the lowest price was 65.82 CNY per share [1] - The total amount spent on the share buyback was approximately 79.9357 million CNY, excluding commissions and transfer fees [1]

证券代码：688099 证券简称：晶晨股份 公告编号：2026-001 晶晨半导体（上海）股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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、准确性和完整性依法承担法律责任。 截至 2025 年 12 月 31 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购公司股份 107.3489 万股，占公司总股本的比例为 0.2549%，回购成 交的最高价为 96.00 元/股，最低价为 65.82 元/股，支付的资金总额约为人民币 7,993.57 万元（不含佣金、过户费等交易费用）。 本次回购股份符合法律法规、规范性文件的规定及公司回购股份方案。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况择机做出 回购决策并予以实施，同时根据回购股份事项进展情况及时履行信息披露义务， 敬请广大投资者注意投资风险。 特此公告。 重要内容提示： | 回购方案首次披露日 | 2025/4/11，由董事长暨实 ...

Core Viewpoint - The stock of Amlogic Co., Ltd. experienced a decline of 2.01% on December 26, with a trading price of 87.30 CNY per share and a market capitalization of 36.768 billion CNY. The company has seen a year-to-date stock price increase of 27.11% but has faced a decline over the past 60 days of 16.06% [1]. Financial Performance - For the period from January to September 2025, Amlogic reported a revenue of 5.071 billion CNY, representing a year-on-year growth of 9.29%. The net profit attributable to shareholders was 698 million CNY, 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. 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 CNY in dividends since its A-share listing, with 208 million CNY distributed over the past three years [3]. Institutional Holdings - Among the top ten circulating shareholders as of September 30, 2025, notable changes include a decrease in holdings by major funds such as Xingquan Helun Mixed A and E Fund Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF, while Xingquan Commercial Model Mixed A saw an increase in holdings [3].

Group 1 - The overall high-end AI chip market in China is expected to grow by over 60% by 2026, with local AI chip manufacturers aiming for a market share of around 50% [1] - Nvidia's H200 chip, which has significantly improved performance compared to the H20, is anticipated to attract terminal customers, potentially maintaining a market share of about 30% if successfully sold in China [1] - Nvidia plans to deliver between 5,000 to 10,000 H200 chip modules to Chinese customers by mid-February next year, translating to approximately 40,000 to 80,000 H200 chips [1] Group 2 - Guosen Securities believes that the development of domestic AI chips and the easing of overseas restrictions will benefit the construction of domestic computing infrastructure, with related companies expected to gain significantly [2] - Companies to watch include Industrial Fulian (601138.SH), Huqin Technology (603296.SH), Hushan Electronics (002463.SZ), Loongson Technology (688047.SH), Lenovo Group (00992), Luxshare Precision (002475.SZ), and Amlogic (688099.SH) [2]

Group 1 - The overall high-end AI chip market in China is expected to grow by over 60% by 2026, with local AI chip manufacturers aiming for a market share of around 50% [1] - Nvidia's H200 chip, which significantly outperforms the H20, is expected to attract terminal customers, potentially maintaining a market share of about 30% if successfully sold in China [1] Group 2 - Nvidia plans to deliver its second-ranking AI chip, the H200, to Chinese customers by mid-February next year, with an estimated shipment of 5,000 to 10,000 chip modules, equivalent to approximately 40,000 to 80,000 H200 chips [2] - The U.S. government has initiated a review process for export licenses related to the H200 chip to China, fulfilling its commitment to allow sales of this type of chip [2] - Guosen Securities believes that the development of domestic AI chips and the easing of overseas restrictions will benefit the domestic computing infrastructure, with companies such as Industrial Fulian, Huqin Technology, and Lenovo Group expected to gain from this trend [2]