Investment Rating - The report rates the industry as "Outperform" compared to the market [1] Core Insights - The demand for Google TPU (Tensor Processing Unit) is increasing, leading Google to expand its collaboration with MediaTek for the custom next-generation TPU v7e, which is expected to enter risk trial production by the end of Q1 2026 [5][6] - The global ASIC market is projected to grow from USD 28.3 billion in 2019 to USD 45.1 billion by 2024, with a compound annual growth rate (CAGR) of 9.77% from 2019 to 2024 [6][9] - The report highlights the significant advancements in Google TPU technology, with the latest TPU v7 achieving a processing power of 4614 TFLOPs and improved data transmission efficiency [16] Summary by Sections TPU Overview - TPU is a custom ASIC chip developed by Google specifically for machine learning, designed to accelerate the training and inference of neural networks, offering higher efficiency compared to general-purpose GPUs [6][7] Google TPU Development History - Google introduced the first TPU v1 in 2016, which set the stage for the large-scale development of dedicated AI computing chips. Subsequent versions (v2, v3, v4, v5, v6, and v7) have seen continuous improvements in processing power, memory bandwidth, and overall efficiency [12][15][16] Google Supply Chain Related Suppliers - The expansion of Google TPU production is expected to create new opportunities for supply chain companies such as Zhongji Xuchuang, Tengjing Technology, and Changxin Bochuang, which are involved in high-speed optical modules and advanced PCB technologies [17][25][31] - Zhongji Xuchuang reported a revenue of CNY 23.862 billion in 2024, with a year-on-year growth of 122.64% [20] - Tengjing Technology achieved a revenue of CNY 4.45 billion in 2024, reflecting a year-on-year increase of 30.96% [25] - Changxin Bochuang's revenue reached CNY 17.47 billion in 2024, with a year-on-year growth of 4.30% [31] Market Performance - The SW electronic industry index decreased by 3.28% in the week of December 15-19, ranking last among all sectors [2][44] - The top-performing sub-sectors within the electronic industry included brand consumer electronics, while digital chip design and semiconductor materials faced significant declines [47]

Investment Rating - The report maintains a "Recommended" investment rating for the consumer electronics industry [1]. Core Insights - The global consumer electronics market is experiencing structural differentiation, with traditional categories slowing down and new AI-driven products like AI smartphones, AI PCs, and AI glasses accelerating their market entry. The competition is shifting from individual product comparisons to ecosystem building focused on overall user experience [17]. - In Q3 2025, global smartphone shipments reached approximately 323 million units, a year-on-year increase of 2.6%. The Chinese smartphone market saw a slight decline of 0.5%, with major players like Vivo and Apple maintaining significant market shares [4][6]. - The wearable watch market is showing a clear trend towards high-end products, with global shipments stable at 54.6 million units, reflecting a 3% year-on-year growth. The average selling price increased by 9%, indicating a shift towards premium offerings [9][10]. Summary by Sections Industry Tracking: Wearable Watch High-End Trend - In Q3 2025, global smartphone shipments were approximately 323 million units, with a 2.6% year-on-year growth. Samsung and Apple remained the top two players, while Vivo held the third position. The Chinese market showed a slight decline, influenced by seasonal factors and policy changes [6][7]. - The global PC market saw a 9.4% year-on-year increase in shipments, reaching 76 million units, driven by the end of Windows 10 support and the transition to AI PCs [8]. - The global tablet market reached 40.04 million units in Q3 2025, marking a 5.1% year-on-year growth, with Apple leading the market [9]. Industry News: Exploring Technology Boundaries with Foldable Screens and AI Glasses - Major advancements in foldable screens and AI glasses were reported, including the launch of Samsung's Galaxy Z TriFold and Alibaba's Quark AI glasses S1, showcasing the industry's push towards innovative technology [13][14]. Sector Tracking: AI as the Core Engine Driving the Industry - The consumer electronics index outperformed the CSI 300 index by 0.74 percentage points over the past month, with a year-on-year performance exceeding the CSI 300 by 20.93 percentage points [16].

Market Overview - A-shares experienced a collective decline on the 15th, with major indices such as the ChiNext and Sci-Tech 50 Index falling sharply. The Shanghai Composite Index closed down 0.55% at 3867.92 points, while the Shenzhen Component Index fell 1.1%, and the ChiNext Index dropped 1.77% [1] - The total trading volume in the Shanghai and Shenzhen markets was 17,945 billion yuan, a decrease of over 3,200 billion yuan compared to the previous day [1] Sector Performance Insurance Sector - The insurance sector showed strong performance, with China Ping An rising approximately 5%, reaching a new high not seen in over four years. Other companies like China Pacific Insurance and China Life Insurance also saw gains of around 3% [4][5] - Analysts suggest that the insurance sector is entering a recovery phase, supported by regulatory policies that alleviate pressure on profit margins and improve asset performance. The sector is expected to see a positive growth cycle in new policies and profitability [5] Retail Sector - The retail sector was notably active, with several companies such as Hongqi Chain and Dongbai Group hitting the daily limit up. Dongbai Group achieved six consecutive limit-up days [7][9] - The retail sales total for January to November showed a year-on-year growth of 4%, indicating a faster pace than the previous year [9] - The Ministry of Commerce plans to enhance support for the retail industry, focusing on quality-driven and service-driven development during the 14th Five-Year Plan period [10] Dairy Industry - The dairy sector also performed well, with companies like Huanlejia and Huangshi Group reaching their daily limit up. The overall dairy industry is expected to benefit from policy stimuli aimed at improving population issues and increasing demand [11][12] AI Industry - The AI industry saw a significant pullback, with companies like Tengjing Technology and Shijia Photon dropping over 10%. The overall sentiment in the AI sector remains cautious despite ongoing demand for computing power [13][14] - Analysts from CITIC Securities remain optimistic about the AI computing power sector, highlighting the potential for domestic companies to enhance their capabilities and infrastructure [16]

证券之星消息，12月15日光学光电子板块较上一交易日下跌1.33%，腾景科技领跌。当日上证指数报收 于3867.92，下跌0.55%。深证成指报收于13112.09，下跌1.1%。光学光电子板块个股涨跌见下表： 从资金流向上来看，当日光学光电子板块主力资金净流出10.54亿元，游资资金净流出2.9亿元，散户资 金净流入13.44亿元。光学光电子板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 ...

从资金流向上来看，当日光学光电子板块主力资金净流出4.67亿元，游资资金净流出3.0亿元，散户资金 净流入7.67亿元。光学光电子板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月12日光学光电子板块较上一交易日上涨0.59%，腾景科技领涨。当日上证指数报收 于3889.35，上涨0.41%。深证成指报收于13258.33，上涨0.84%。光学光电子板块个股涨跌见下表： ...

Group 1: Market Performance - The three major indices strengthened, with the Shanghai Composite Index rising by 0.41%, the Shenzhen Component Index by 0.84%, and the ChiNext Index by 0.97%, while the Sci-Tech Innovation 50 Index increased by 1.74% [2] - Over 2,500 stocks in the two markets saw gains, with a total trading volume reaching approximately 2.09 trillion yuan [2] Group 2: Precious Metals Sector - The precious metals sector was notably strong, with stocks like Zhaojin Mining (000506.SZ) rising by 7.8%, and other companies such as Xiaocheng Technology (300139.SZ), Western Gold (601069.SH), Shandong Gold (600547.SH), and Hunan Silver (002716.SZ) also experiencing increases [2] - The Federal Reserve's decision to cut interest rates by 25 basis points on December 11, 2025, cumulatively lowering rates by 75 basis points, has boosted precious metal prices, alongside heightened expectations for future rate cuts and rising inflation [2] Group 3: Electric Grid Equipment Sector - Electric grid equipment stocks also performed well, with Tongguang Cable (300265.SZ) and Zhongneng Electric (300062.SZ) both rising by 20%, while companies like Xinte Electric (301120.SZ), Jiusheng Electric (301082.SZ), and China Western Power (601179.SH) saw significant gains [2] - The global energy transition and AI computing power growth are driving the evolution of electric grid systems towards smarter and more resilient designs, creating historic opportunities for domestic power equipment leaders with technological advantages and export capabilities [3] Group 4: Commercial Aerospace Sector - The commercial aerospace sector remained active, with stocks such as Superjet Co. (301005.SZ) rising by 20%, Srey New Materials (688102.SH) by 17.58%, and Aerospace Power (600343.SH) by 10% [3] - A successful launch of the Long March 12 rocket on December 12, 2025, which placed 16 low-orbit satellite internet satellites into orbit, highlights the growth potential of China's commercial aerospace industry, projected to reach a scale of 2.8 trillion yuan by 2025 [3] Group 5: Computing Hardware Sector - The computing hardware sector showed repeated activity, with stocks like Lian Te Technology (301205.SZ) increasing by 15.87%, and others such as Changxin Bochuang (300548.SZ), Dongtianwei (301183.SZ), and Tengjing Technology (688195.SH) also performing well [4] - According to TrendForce, the global market for optical transceiver modules over 800G is expected to grow significantly, with projections of 24 million units by 2025 and nearly 63 million by 2026, indicating a growth rate of 2.6 times [4]

Group 1 - The CPO concept has become active again, with notable stock performance in the sector [1] - Fuxin Technology reached the daily limit increase, indicating strong investor interest [1] - Saiwei Electronics and Xinyisheng both hit historical highs during the trading session [1] Group 2 - Other companies such as Shijia Photon, Guangku Technology, Changfei Optical Fiber, and Tengjing Technology also showed significant gains [1]

Core Viewpoint - The OCS (Optical Circuit Switch) industry chain concept stocks have shown significant strength, driven by advancements in technology and market expectations, particularly due to Google's seventh-generation TPU and Gemini 3 model, which are expected to enhance the market scale of OCS significantly [1][2][3]. Industry Overview - The OCS technology allows for direct optical signal switching without electro-optical conversion, improving network performance and efficiency in data centers [3][4]. - The market for OCS is projected to grow rapidly, with a forecasted compound annual growth rate (CAGR) of 15% from 2025 to 2030, and shipments expected to exceed 50,000 units by 2029 [2][3]. Company Insights - A-share listed companies in the OCS industry chain are expected to benefit from the growing demand, with key players already positioning themselves in the market [4][5]. - Companies like Ying Tang Zhi Kong are developing MEMS micro-mirrors, which are crucial for OCS technology, and have plans for acquisitions to enhance their product offerings [4][5]. - Tengjing Technology focuses on precision optical components and has established partnerships with major manufacturers in the optical communication sector [5][6]. - Guokai Technology and Guangxun Technology are also actively developing OCS products, with Guokai planning acquisitions to expand its capabilities [6][7]. Market Dynamics - The OCS market is characterized by various technological solutions, with MEMS being the most cost-effective option, and companies are expected to continue innovating to meet the demands of AI data centers [4][8]. - The future of OCS technology is anticipated to focus on higher performance, smarter adaptability, lower costs, and broader compatibility, with MEMS likely to maintain a dominant market position [8].

Core Viewpoint - Tengjing Technology conducted a significant block trade on December 9, with a total transaction volume of 2.5403 million shares and a transaction amount of 353 million yuan, reflecting a discount of 27.63% compared to the closing price of the day [1] Group 1: Block Trade Details - The block trade consisted of 7 transactions, all executed at a price of 138.88 yuan per share [1] - Institutional proprietary seats were involved in all 7 transactions, with a total transaction amount of 353 million yuan and a net purchase of 353 million yuan [1] - In the last three months, the stock has seen a total of 8 block trades, amounting to 358 million yuan [1] Group 2: Stock Performance - On the same day, Tengjing Technology's closing price was 191.90 yuan, marking an increase of 10.54% [1] - The stock had a turnover rate of 15.46%, with a total transaction amount of 3.644 billion yuan and a net inflow of main funds amounting to 355 million yuan [1] - Over the past five days, the stock has increased by 10.92%, with a total net inflow of funds amounting to 182 million yuan [1] Group 3: Margin Trading Data - The latest margin financing balance for the stock is 827 million yuan, which has decreased by 201 million yuan over the past five days, representing a decline of 19.55% [1]

证券代码：688195 证券简称：腾景科技 公告编号：2025-061 腾景科技股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 股东持有的基本情况 本次减持计划实施前，股东福建华兴创业投资有限公司直接持有腾景科技股 份有限公司（以下简称"公司""腾景科技"）股份 2,540,349 股，占公司总股本 比例为 1.9639%。上述股份来源于公司首次公开发行前持有的股份。 1 | | 其他：5%以下股东 | | --- | --- | | 持股数量 | 2,540,349股 | | 持股比例 | 1.9639% | | 当前持股股份来源 | IPO 前取得：2,540,349股 | 上述减持主体无一致行动人。 二、减持计划的实施结果 （一）股东因以下事项披露减持计划实施结果： 减持计划的实施结果情况 2025 年 12 月 4 日，公司披露了《股东减持股份计划公告》（公告编号： 2025-060），股东福建华兴创业投资有限公司计划通过大宗交易方式减持公司股 份数量 ...