截至发稿，马毅累计任职时间11年198天，现任基金资产总规模60.63亿元，任职期间最佳基金回报 40.95%， 任职期间最差基金回报-0.63%。 数据显示，同泰基金旗下1只基金重仓恒玄科技。同泰同欣混合A（013657）二季度持有股数200股，与 上期相比持股数量不变，占基金净值比例为0.2%，位居第四大重仓股。根据测算，今日浮盈赚取约 2904元。 同泰同欣混合A（013657）成立日期2021年12月27日，最新规模2986.42万。今年以来收益4.36%，同类 排名6908/8167；近一年收益8.54%，同类排名6550/8010；成立以来亏损2.67%。 同泰同欣混合A（013657）基金经理为马毅。 9月30日，恒玄科技涨5.23%，截至发稿，报291.90元/股，成交14.33亿元，换手率3.01%，总市值491.46 亿元。 资料显示，恒玄科技(上海)股份有限公司位于上海浦东新区金科路2889号长泰广场B座201室，成立日期 2015年6月8日，上市日期2020年12月16日，公司主营业务涉及智能音频SoC芯片的研发、设计与销售。 主营业务收入构成为：芯片及相关服务收入99.95%，其他( ...

Core Viewpoint - Hengxuan Technology's stock has shown significant growth in 2023, with a year-to-date increase of 22.09% and a recent surge in trading activity, indicating strong investor interest and confidence in the company's performance [1][2]. Financial Performance - For the first half of 2025, Hengxuan Technology reported a revenue of 1.938 billion yuan, representing a year-on-year growth of 26.58% [2]. - The net profit attributable to shareholders for the same period was 305 million yuan, reflecting a substantial increase of 106.45% compared to the previous year [2]. Stock Market Activity - As of September 30, Hengxuan Technology's stock price reached 282.93 yuan per share, with a trading volume of 758 million yuan and a market capitalization of 47.636 billion yuan [1]. - The stock has experienced a net inflow of 16.4517 million yuan from major funds, with significant buying activity observed [1]. Shareholder Information - As of June 30, the number of shareholders increased to 12,400, up by 22.89%, while the average number of circulating shares per shareholder decreased by 18.63% to 9,659 shares [2]. - The company has distributed a total of 315 million yuan in dividends since its A-share listing, with 254 million yuan distributed over the past three years [3]. Institutional Holdings - Among the top ten circulating shareholders as of June 30, 2025, Hong Kong Central Clearing Limited held 4.8491 million shares, a decrease of 953,400 shares from the previous period [3]. - New institutional shareholders include Huaxia SSE STAR 50 ETF and E Fund SSE STAR 50 ETF, which have recently entered the top ten circulating shareholders list [3].

Core Points - The Kexin 50 Enhanced ETF (588460) opened at a price of 1.741 yuan, with an increase of 0.87% [1] - The fund's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board 50 Index [1] - Since its establishment on December 1, 2022, the fund has achieved a return of 73.26%, with a monthly return of 9.70% [1] Stock Performance - Haiguang Information opened with a rise of 1.82% [1] - SMIC (Semiconductor Manufacturing International Corporation) also increased by 1.82% [1] - Cambrian (寒武纪) saw a significant rise of 4.87% [1] - Lanke Technology (澜起科技) increased by 1.50% [1] - Kingsoft Office (金山办公) rose by 1.95% [1] - Sitwei (思特威) had a modest increase of 0.63% [1] - Zhongwei Company (中微公司) experienced a decline of 0.98% [1] - Hengxuan Technology (恒玄科技) decreased by 0.50% [1] - Huahai Qingke (华海清科) fell by 1.11% [1] - Ninebot (九号公司) had a slight increase of 0.06% [1]

Core Insights - The company is actively expanding its partnerships with leading AR glasses brands both domestically and internationally, having completed optical and mechanical integration with mainstream AR glasses C-end brand clients [1] - Strategic collaborations have been established with Hengxuan Technology, Hainan Tianzhifeng, and Zhihui Technology to build an intelligent AR glasses ecosystem, aiming for the development and mass production of high-performance, cost-effective AR glasses by the end of the year [1] - The company has also completed AR glasses solution integration with professional AR glasses brand clients and is fully committed to advancing its AR glasses business [1] Industry Overview - Meta is currently the largest player in the AI glasses market, with a significant increase in sales driven by the RayBan Meta smart glasses, which sold 720,000 units in Q2 2025, up from 250,000 units in the same period last year, representing a growth of 188% [1] - Analysts predict that the release of new AI glasses by Meta will likely lead to a substantial increase in AI glasses shipments in Q4 of this year [1]

Core Insights - The report from Guotou Securities highlights the shift in focus from broad applications to specific use cases in smart glasses, driven by technological advancements and cost constraints [1] - The smart glasses industry is entering a robust growth phase in 2023, following previous stages of technology validation, commercial trials, and product diversification [1] - AI glasses are emerging as a significant market segment, with Meta's Ray-Ban Meta leading the charge and expected to capture 98.68% of global AI glasses sales in 2024 [2] Smart Glasses Development - The development of smart glasses has gone through four phases: pre-2012 (technology validation), 2012-2016 (commercial trials), 2017-2022 (product diversification), and 2023 (robust growth) [1] - Smart glasses can be categorized based on optical display systems, with AI shooting glasses focusing on photography and voice interaction, VR glasses providing immersive experiences, and AR glasses overlaying virtual information on the real world [1] AI Glasses Market - AI glasses are characterized by the integration of cameras, Bluetooth controls, and voice interaction, sacrificing optical display for lightweight and low-cost designs [2] - The core logic of AI shooting glasses is to achieve portability and practicality for all-day wear, targeting markets previously dominated by action cameras [2] AR Glasses Insights - AR glasses utilize micro-displays and optical modules to project virtual images onto real-world scenes, categorized into viewing glasses and full-domain glasses [3] - Viewing glasses are lightweight and designed for portable viewing, while full-domain glasses are used for outdoor navigation and industrial applications, albeit at a higher price point [3] VR Glasses Overview - Traditional VR glasses focus on providing an immersive experience, primarily for gaming and viewing, with a market that is relatively mature [4] - The expected sales for traditional VR glasses in Q2 2025 is 1.26 million units, reflecting a year-on-year growth of 6.7% [4] Industry Chain and Competitive Landscape - The upstream sector focuses on chips, optical modules, and screens, with Micro OLED expected to become a primary solution for XR devices by 2030 [5] - In the midstream, Thunderbird Innovation holds a 50% market share in AI/AR glasses online sales, while PICO dominates the domestic VR market [5] - The downstream sector is supported by offline channels, with Doctor Glasses establishing over 100 smart display cabinets [5] Key Companies to Watch - Companies to monitor include Luxshare Precision and GoerTek in manufacturing, Sunny Optical Technology and OFILM in optics, and various firms in storage and display technologies [7]

Core Insights - The rise of AI technologies like ChatGPT and DeepSeek has led to explosive growth in China's intelligent computing market, with the scale reaching 640.7 EFLOPS in 2024 and the AI server market exceeding $19 billion, a year-on-year increase of 87% [1] - The intelligent computing scale is expected to grow to 1271.4 EFLOPS by 2026, with a compound annual growth rate (CAGR) of 58% from 2019 to 2026, driving demand for AI computing chips [1] - System on Chip (SoC) technology is experiencing unprecedented development opportunities due to the rapid rise of emerging technologies such as 5G, AI, and IoT [1] SoC Chip Overview - SoC chips integrate all components required for an electronic system into a single chip, including processor cores, memory, digital signal processors, communication modules, and power management units [2] - This design allows for independent operation of operating systems and execution of complex tasks, breaking the limitations of traditional multi-chip architectures [2] - SoC chips are widely used in various fields, including communication, healthcare, transportation, industrial control, automation, networking, and consumer electronics [2] Industry Chain Analysis - The SoC chip industry chain consists of upstream components like chip IP cores, EDA software, and semiconductor materials, primarily dominated by overseas manufacturers [5] - The midstream includes core manufacturing, chip design, wafer manufacturing (mainly by foundries like TSMC and Samsung), and packaging/testing [5] - The downstream application end involves Tier 1 suppliers integrating SoCs into systems for OEMs, with some automotive companies participating in the in-vehicle SoC application layout through self-research or joint ventures [5] Development Prospects - The global SoC chip market is expected to continue growing, driven by the increasing demand for high-performance and highly integrated designs across multiple sectors [8] - According to Mordor Intelligence, the global SoC chip market is projected to reach $274.1 billion by 2030, with the AI SoC market expected to account for 15% by 2033 [8] - Consumer electronics are anticipated to represent 40% of the AI SoC market, while automotive electronics, smart home devices, and security will account for 25%, 20%, and 10%, respectively [8] Listed Companies Involved in SoC Chips - Allwinner Technology (300458) focuses on the development and design of intelligent application processors SoC, achieving revenue of 1.337 billion yuan in H1 2025, a year-on-year increase of 25.82% [9][11] - Hengxuan Technology (688608) specializes in smart audio and video SoC chips, reporting revenue of 1.938 billion yuan in H1 2025, a year-on-year increase of 26.58% [11][12] - Ankai Microelectronics (688620) designs IoT smart hardware SoC chips, with revenue of 234 million yuan in H1 2025, a year-on-year decrease of 3.02% [12][17]

Group 1: Market Overview - The macroeconomic environment remains supportive with expectations of further easing from the Federal Reserve, which has already lowered rates by 25 basis points in September, with projections for additional cuts by the end of the year [2] - A-shares are experiencing a high level of trading activity, with average daily turnover exceeding 2.45 trillion yuan in September, up from 2.31 trillion yuan in August, indicating strong market liquidity [2] - The technology sector continues to show strength, with the Wande Technology Index accounting for 40.8% of total A-share trading volume, reflecting ongoing liquidity inflows into this sector [2] Group 2: Sector Analysis - The technology sector is characterized by a clear differentiation between high and low performers, with previous leaders like optical modules and communication equipment seeing lower gains in September, while semiconductor materials and energy storage stocks have shown significant recovery [2][3] - Cyclical and dividend-paying stocks remain weak due to poor economic data, with various sectors underperforming compared to technology [3] - The current risk premium for A-shares is low, with the risk premium for the CSI 300 index at 5.19%, close to historical lows, suggesting limited downside potential [3] Group 3: Investment Strategy - The report recommends focusing on technology stocks with a strong price-performance ratio, particularly those that have lagged behind in previous rallies, to enhance potential returns [5] - There is an emphasis on upstream materials related to energy storage and semiconductor industries, such as lithium and cobalt, which are expected to benefit from ongoing demand growth in electric vehicles and semiconductor manufacturing [5] - The October stock selection includes a diverse range of sectors, highlighting companies in innovative pharmaceuticals, electronics, automotive, and communications, indicating a strategic approach to capitalize on sectoral strengths [10][11]

Group 1 - The core point of the article highlights the performance of the Kexin 50 Enhanced ETF (588460), which opened down 0.81% at 1.718 yuan on September 26 [1] - The major holdings of the Kexin 50 Enhanced ETF include companies such as Haiguang Information, which fell by 1.83%, and SMIC, which decreased by 1.04% [1] - The fund's performance benchmark is the Shanghai Stock Exchange Science and Technology Innovation Board 50 Index, managed by Penghua Fund Management Co., Ltd., with a return of 73.07% since its inception on December 1, 2022, and a return of 15.47% over the past month [1] Group 2 - The article lists the performance of other key stocks within the ETF, including Cambrian, which dropped by 1.56%, and Kingsoft Office, which fell by 1.11% [1] - The ETF's performance reflects broader market trends, as indicated by the declines in several of its major holdings [1] - The article provides a snapshot of the current market conditions affecting the Kexin 50 Enhanced ETF and its constituents [1]

Core Viewpoint - The Sci-Tech Chip ETF (588200) opened with a decline of 1.00%, indicating a downward trend in the semiconductor sector [1] Group 1: ETF Performance - The Sci-Tech Chip ETF (588200) opened at 2.470 yuan, reflecting a decrease of 1.00% [1] - Since its establishment on September 30, 2022, the ETF has achieved a return of 150.11% [1] - The ETF's return over the past month is reported at 18.87% [1] Group 2: Major Holdings Performance - Key holdings in the ETF include: - SMIC (中芯国际) down 1.04% [1] - Haiguang Information (海光信息) down 1.83% [1] - Cambricon (寒武纪) down 1.56% [1] - Lattice Technology (澜起科技) down 0.73% [1] - Zhongwei Company (中微公司) down 1.04% [1] - Chipone (芯原股份) down 2.70% [1] - Hu Silicon Industry (沪硅产业) down 1.66% [1] - Hengxuan Technology (恒玄科技) down 0.35% [1] - Sitaiwei (思特威) down 0.86% [1] - Huahai Qingke (华海清科) down 0.10% [1] Group 3: Management Information - The ETF is managed by Harvest Fund Management Co., Ltd. [1] - The fund manager is Tian Guangyuan [1]

Core Viewpoint - Hengxuan Technology's stock has shown significant performance with a year-to-date increase of 21.99% and a recent 5-day increase of 11.76%, indicating strong market interest and potential growth in the semiconductor sector [1][2]. Financial Performance - For the first half of 2025, Hengxuan Technology reported a revenue of 1.938 billion yuan, representing a year-on-year growth of 26.58%. The net profit attributable to shareholders was 305 million yuan, showing a substantial increase of 106.45% compared to the previous year [2]. - The company has distributed a total of 315 million yuan in dividends since its A-share listing, with 254 million yuan distributed over the last three years [3]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders increased by 22.89% to 12,400, while the average number of circulating shares per person decreased by 18.63% to 9,659 shares [2]. - The stock's trading activity on September 26 showed a net outflow of 9.0067 million yuan in principal funds, with significant buying and selling from large orders [1]. Company Overview - Hengxuan Technology, established on June 8, 2015, and listed on December 16, 2020, specializes in the research, design, and sales of smart audio SoC chips. The company's main revenue source is from chip-related services, accounting for 99.95% of total income [1]. - The company operates within the electronic semiconductor industry, specifically in digital chip design, and is associated with various concept sectors including SOC chips and major tech companies like Google and Alibaba [1].