来源：金融界 银华数字经济股票发起式C股票持仓前十占比合计49.75%，分别为：中芯国际（8.44%）、小米集团-W （8.33%）、九号公司-（8.18%）、华虹半导体（5.47%）、恒玄科技（5.37%）、移远通信 （4.00%）、泰凌微（2.96%）、中科蓝讯（2.59%）、分众传媒（2.47%）、国光电器（1.94%）。 公开资料显示，银华数字经济股票发起式C基金成立于2022年5月20日，截至2025年6月30日，银华数字 经济股票发起式C规模14.90亿元，基金经理为王晓川。 简历显示：王晓川先生:清华大学硕士。2016年7月加入银华基金,历任交通运输、煤炭、传媒行业研究 员。自2022年5月9日起,拟任银华数字经济股票型发起式证券投资基金的基金经理。 金融界2025年7月30日消息，银华数字经济股票发起式C(015642) 最新净值1.4101元，下跌1.78%。该基 金近1个月收益率1.75%，同类排名340|352；近6个月收益率3.91%，同类排名286|342；今年来收益率 8.62%，同类排名218|340。 ...

Core Viewpoint - Company is actively investing in high-growth areas such as GPU, advanced packaging, and testing, with strategic investments in companies like Moer Thread and Muxi [1] Group 1: Company Overview and Investments - Company holds 854,300 shares of Muxi Integrated Circuit (Shanghai) Co., accounting for 0.24% of its pre-IPO total share capital, and 1,340,400 shares of Moer Thread Intelligent Technology (Beijing) Co., accounting for 0.34% of its pre-IPO total share capital, with an additional indirect holding of 670,100 shares through a partnership, totaling 0.50% [1] - Company is enhancing its strategic layout in the semiconductor core field to empower long-term development through rigorous industry trend analysis and investment selection [1] Group 2: Product Development and Technological Advancements - Company showcased its B6003G Wi-Fi chip at the 2025 Volcano Engine FORCE conference, which integrates Wi-Fi, Bluetooth, and audio functionalities, aimed at IoT applications [1][5] - The B6003G chip is designed for high performance and user experience, applicable in smart homes, wearables, industrial IoT, and smart cities [5] - Company has launched multiple chip series, including the BT897X series, which supports floating-point operations and has optimized power consumption to the 4m level, enhancing audio performance [3] Group 3: Future Growth Drivers - Company aims to maintain its leading position in low-power, high-quality audio chips by increasing R&D investment and expanding its product lines from eight to ten, including Wi-Fi and video chips [6] - The strategy focuses on empowering AI, technological leadership, product diversification, and global market expansion [6] - Company plans to deepen collaborations with leading domestic and international clients to enhance market share and brand influence [6] Group 4: Financial Performance - In Q1 2025, company reported a main revenue of 367 million yuan, a year-on-year increase of 1.2%, with a net profit of 44.89 million yuan, down 18.21% year-on-year, and a gross margin of 22.86% [7] - Company is managing inventory and supplier relationships to maintain stable production capacity and cost control, aiming to keep gross margins at reasonable levels [7] Group 5: Market Sentiment and Analyst Ratings - In the last 90 days, five institutions have rated the stock, with four buy ratings and one hold rating [8]

Core Viewpoint - The AI glasses concept has seen a significant surge, with companies like Zhili Fang experiencing over a 10% increase in stock price following the announcement of Xiaomi's AI glasses launch [1] Group 1: Market Reaction - Zhili Fang's stock rose by more than 10% during the trading session [1] - Other companies in the sector, including Hao Shang Hao, Pinming Technology, and others, also saw their stock prices increase [1] Group 2: Product Launch - Xiaomi officially announced that it will unveil its "next-generation personal smart device," which is the Xiaomi AI glasses, on the evening of June 26 [1] - Rokid Glasses, the world's first mass-produced consumer-grade AI+AR glasses, officially began mass production on June 24, with 250,000 global pre-orders already secured [1] - The Rokid product has achieved a breakthrough in domestic production across the entire supply chain [1]

Summary of Key Points from Conference Call Records Industry or Company Involved - **AI Glasses**: Multiple significant products are set to be released, including those from Meta and Xiaomi [2][15] - **Liquid Cooling**: National standards for liquid cooling are about to be published, indicating growth in this sector [3] - **Superconductors**: Shanghai Superconductor's IPO application has been accepted, aiming to raise 1.2 billion yuan for high-temperature superconducting materials [4][17] - **POE Particles**: Domestic production of POE particles is being initiated to replace imports [5][16] - **High-end PCB**: Companies like Zhongjing Electronics and Yihua New Materials are involved in high-end PCB production for various applications [6][10] - **Air Conditioning Components**: Shunwei Co. is a leading supplier of air conditioning fan blades, indirectly supplying Xiaomi [7][16] - **Laser Defense Systems**: New developments in lightweight laser defense systems are being tested [12][17] Core Points and Arguments - **AI Glasses Market**: - Meta plans to release new AI glasses with expected sales of 4-5 million units in 2025 [15] - Xiaomi's AI glasses are in small-scale production with projected sales of 300,000-500,000 units [15] - Companies like Biyi Co. and Lianchuang Optoelectronics are heavily involved in AR/VR technologies [15] - **Liquid Cooling Industry**: - The market for liquid cooling servers in China is projected to reach $16.2 billion by 2029, with a CAGR of 46.8% from 2024 to 2029 [3] - Current penetration in data centers is below 10%, indicating significant growth potential [3] - **Superconductors**: - Shanghai Superconductor holds over 80% market share in domestic high-temperature superconducting materials [17] - The company reported a revenue increase of 189% year-on-year, reaching 240 million yuan in 2024 [17] - **POE Particles**: - The domestic market for POE is expected to reach 50-60 billion yuan in 2025, with significant import substitution potential [16] - The company anticipates net profits of 0.5 billion yuan in 2025, increasing to 5.2 billion yuan by 2027 [16] - **High-end PCB**: - Companies are focusing on high-end applications in AI, VR, and gaming, with significant demand for flexible circuit boards [16] - The domestic high-end PCB market is experiencing rapid growth due to increased demand from tech companies [16] - **Air Conditioning Components**: - Shunwei Co. has a global market share of over 35% in plastic air conditioning fan blades [7] - The company is also involved in the low-altitude economy through partnerships in agricultural drone technology [16] Other Important but Possibly Overlooked Content - **Market Dynamics**: The AI glasses market is highly competitive, with major players like Meta and Xiaomi launching new products [15] - **Regulatory Environment**: The upcoming national standards for liquid cooling may streamline the industry and enhance growth prospects [3] - **Investment Opportunities**: Companies involved in superconductors and liquid cooling are positioned for significant growth due to technological advancements and market demand [4][3] - **Financial Performance**: Many companies are reporting substantial year-on-year growth, indicating a robust recovery and expansion in their respective sectors [17][16] This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of various industries and the companies poised to benefit from these trends.

证券代码：688332 证券简称：中科蓝讯 公告编号：2025-026 深圳市中科蓝讯科技股份有限公司 2023 年限制性股票激励计划第二个归属期归属结果 暨股份上市公告 本次股票上市流通日期为2025 年 6 月 20 日。 一、本次限制性股票归属的决策程序及相关信息披露 2025 年 5 月 23 日，深圳市中科蓝讯科技股份有限公司（以下简称"公司"）召 开第二届董事会第十九次会议与第二届监事会第十九次会议，审议通过了《关于 作废部分已授予尚未归属的限制性股票的议案》《关于调整公司 2023 年限制性股 票激励计划授予价格的议案》《关于公司 2023 年限制性股票激励计划第二个归属 期归属条件成就的议案》，董事会认为公司 2023 年限制性股票激励计划（以下简 称"本激励计划"）第二个归属期规定的归属条件已经成就，同意公司为符合条 件的 105 名激励对象办理归属相关事宜,本次可归属数量为 29.295 万股。公司监事 会对第二个归属期归属名单进行了审核并出具了核查意见。公司于 2025 年 5 月 24 日在指定信息披露媒体《上海证券报》《中国证券报》《证券时报》《证券日报》及 上海证券交易所网站（ww ...

Industry Rating - The industry rating is maintained at "Outperform" [1] Core Insights - The report suggests that the years 2025-2026 are expected to mark the commercialization of AI Agents, driven by advancements in large model capabilities and the introduction of key players like OpenAI, Anthropic, Microsoft, and Google [2][3] - The total addressable market (TAM) for AI Agents is estimated at approximately 3.61 trillion yuan, with significant opportunities in vertical industries such as IT and finance [2][3] - AI Agents are projected to replace specific standardized roles in various sectors, with a focus on enhancing productivity and ROI for businesses [3][48] Summary by Sections Investment Rating - The report maintains a rating of "Outperform" for the industry [1] Market Potential - The total addressable market (TAM) for AI Agents is estimated at 3.61 trillion yuan, calculated based on total salary levels, replacement rates, and efficiency optimization [50][54] - The report highlights six core scenarios where AI Agents are expected to penetrate first, including coding, banking, human resources, legal, cybersecurity, and customer service [61][62] Key Industry Insights - AI Agents are anticipated to significantly impact the banking sector, with 54% of jobs having a high potential for automation, leading to an estimated TAM of 1774.32 billion yuan in this field [71][77] - In the coding sector, AI is expected to automate up to 99% of coding tasks by the end of 2025, with a TAM of approximately 4357.84 billion yuan [63][68] - The report emphasizes that AI Agents will first replace roles in high-salary, white-collar industries such as finance, IT, and law, where the ROI for AI implementation is more favorable [55][57] Company Recommendations - The report suggests monitoring companies involved in general office applications and enterprise SaaS, as well as those in vertical markets like banking, human resources, and cybersecurity [3][4]

Core Insights - The Bluetooth chip market is experiencing significant growth, with global shipments increasing from 4.2 billion units in 2018 to 5.3 billion units in 2022, representing a compound annual growth rate (CAGR) of 5.99%. It is projected to reach approximately 5.9 billion units by 2024 [1][14]. - The market is characterized by a strong international presence, with Nordic, Dialog, and Texas Instruments holding a combined 61% share of the global BLE chip market. Chinese companies are emerging through differentiated strategies, focusing on low-power Bluetooth chips and specific application scenarios [1][14]. - The Bluetooth chip industry is expected to penetrate various applications, including smart industrial devices, automotive equipment, smart city solutions, and smart home technologies, driving rapid growth in the Chinese Bluetooth chip sector [1][14]. Industry Overview - Bluetooth chips are integrated circuits that enable short-range wireless communication, applicable in audio transmission, data transfer, and location services. They can be categorized into classic Bluetooth chips and BLE (low-energy) chips [4][15]. - The industry has evolved since the 1990s, with significant advancements driven by the rise of IoT, autonomous driving, and 5G technologies, leading to a high growth phase starting in 2017 [6][15]. Market Dynamics - The Bluetooth chip industry value chain consists of upstream resource providers, midstream chip manufacturers, and downstream users. Upstream includes design tool suppliers and wafer manufacturers, while midstream focuses on Bluetooth chip manufacturers providing various products [8][15]. - The Chinese Bluetooth chip industry is still in its early stages but holds substantial growth potential, especially with the advent of the metaverse era [1][14]. Key Players - Notable companies in the Bluetooth chip sector include: - **Yuchip Technology**: Focuses on low-power AIoT chip design, with significant revenue from smart audio SoC chips [29]. - **Hengxuan Technology**: Specializes in low-power wireless computing SoC chips, with a strong presence in smart wearable and home markets [31]. - **Zhongke Blue Communication**: Engages in wireless audio SoC chip development, covering various product lines [28][31]. - **Tai Ling Microelectronics**: Recently went public, focusing on low-power Bluetooth and Zigbee technology chips [28]. - **Jieli Technology**: Concentrates on system-level chips for audio and wearable devices [28]. Future Trends - The industry is expected to see technological innovations that enhance performance, including higher bandwidth and lower latency, driven by the adoption of Bluetooth 5.4 and subsequent versions [33]. - Application scenarios are diversifying beyond traditional consumer electronics into smart homes, wearables, and automotive electronics, with increasing demand for reliable solutions in B2B markets [34]. - Domestic Bluetooth chip companies are strengthening collaborations across the supply chain, aiming for a complete ecosystem from design to application, with a noticeable trend towards domestic substitution in the face of international competition [35].

Core Viewpoint - The article summarizes the EDA (Electronic Design Automation) tool expenditures mentioned in the 2024 financial reports of 15 listed SoC/MCU/ASIC chip design companies, indicating that EDA expenses are relatively low, around 1% of total R&D costs, but are crucial for chip design [1]. Group 1: EDA Expenditures - Few companies disclose EDA tool expenses in their annual reports, and the disclosed amounts are generally low compared to overall R&D expenses [1]. - EDA tools are essential in chip design, akin to physical education in school exams, where despite low scoring weight, failing to meet standards can prevent entry into prestigious institutions [1]. - Companies like 瑞芯微 reported a significant increase of 294.58% in long-term payables due to increased EDA tool purchases [1][2]. Group 2: Company-Specific Insights - 中科蓝讯 reported EDA tool payables with a year-end balance of 5,309,734.52 yuan, down from 6,163,510 yuan at the beginning of the period [2][3]. - 普冉半导体 noted a 77% increase in intangible assets attributed to new EDA and IP purchases [5]. - 炬芯科技 indicated a 217% increase in other payables, primarily due to increased EDA tool procurement [7]. - 国民技术 reported EDA tool amortization of 370,000 yuan in long-term deferred expenses [14]. Group 3: Government Support and Risks - 晶晨股份 received government subsidies for EDA innovation applications [9]. - Several companies, including 恒玄科技 and 国科微, mentioned risks associated with EDA in their reports [13][16]. - 北京君正 received multiple EDA-related subsidies, highlighting government support for the industry [16].

Group 1 - The company held its 15th meeting of the second board and the 15th meeting of the second supervisory board on August 12, 2024, where it approved the proposal to temporarily use part of the idle raised funds to supplement working capital [1] - The company is authorized to use up to RMB 200 million of idle raised funds for this purpose, with a validity period of 12 months from the date of board approval [1] - The sponsor institution, China International Capital Corporation, provided a consent verification opinion regarding this decision [1] Group 2 - On February 6 and February 13, 2025, the company repaid RMB 86.79 million and RMB 82.08 million of the temporarily supplemented working capital back to the raised funds special account ahead of schedule [2] - On May 27, 2025, the company repaid the remaining RMB 28.92 million of the temporarily supplemented working capital, notifying the sponsor institution and representative of the repayment status [2] - As of the date of this announcement, the total amount of RMB 197.79 million used for temporarily supplementing working capital has been fully repaid [2]

证券代码：688332 证券简称：中科蓝讯 公告编号：2025-025 深圳市中科蓝讯科技股份有限公司 关于提前归还剩余暂时补充流动资金的闲置募集资金的公告 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、准确性和完整性承担法律责任。 深圳市中科蓝讯科技股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日召开 第二届董事会第十五次会议、第二届监事会第十五次会议，审议通过了《关于使用部分 闲置募集资金暂时补充流动资金的议案》，同意公司使用额度不超过人民币 20,000 万元 的闲置募集资金暂时补充流动资金，使用期限自董事会审议通过之日起12个月内有效， 保荐机构中国国际金融股份有限公司出具了同意的核查意见，具体内容详见公司 2024 年 8 月 14 日在指定信息披露媒体《上海证券报》《中国证券报》《证券时报》《证券日 报》及上海证券交易所网站（http://www.sse.com.cn）披露的《关于使用部分闲置募集资 金暂时补充流动资金的公告》（公告编号：2024-031）。 特此公告。 深圳市中科蓝讯科技股份有限公司 公司分别于 2025 ...