Summary of Key Points Core Viewpoint - The financing balance of the Sci-Tech Innovation Board (STAR Market) has decreased, indicating a potential shift in investor sentiment and market dynamics [1]. Financing Balance - As of May 23, the total margin financing balance on the STAR Market is 1520.11 billion yuan, a decrease of 4.30 billion yuan from the previous trading day [1]. - The highest financing balance is held by SMIC at 73.74 billion yuan, followed by Cambrian and Haiguang Information with balances of 44.94 billion yuan and 32.70 billion yuan, respectively [1]. - A total of 237 stocks saw an increase in financing balance, while 346 stocks experienced a decrease [1]. - Notable increases in financing balance include Sangfor Technologies (49.76%), Hengxuan Technology (22.29%), and Zhixiang Jintai (14.98%) [1][2]. - Significant decreases were observed in Maide Medical (-14.67%), Kejie Intelligent (-12.68%), and Zhongyou Technology (-12.22%) [1]. Securities Lending Balance - The total securities lending balance on the STAR Market is 5.42 billion yuan, down by 366.74 million yuan from the previous trading day [1]. - The highest securities lending balance is held by Haiguang Information at 0.20 billion yuan, followed by Cambrian and SMIC at 0.18 billion yuan and 0.17 billion yuan, respectively [2]. - A total of 91 stocks saw an increase in securities lending balance, while 173 stocks experienced a decrease [2]. - The largest increases in securities lending balance were seen in Meidisi (2712.57%), Aladdin (797.05%), and Liyuanheng (282.84%) [2]. - The most significant decreases were in Tianzhihang (-59.93%), Sifang Optoelectronics (-50.95%), and Yihuatong (-50.71%) [2].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading platform-type SoC chip manufacturer, exploring new opportunities in the AI glasses and wearable markets [1]. - The company's revenue and net profit are expected to reach historical highs in 2024, indicating strong growth momentum [1]. - The shift towards high-margin smart Bluetooth audio chips and the expansion into smartwatches and glasses markets are key drivers for future growth [1]. Summary by Sections Company Overview - The company, established in 2015, specializes in low-power wireless SoC chips, with applications in AIoT scenarios, including smart wearables and home devices [12]. - The product lineup includes various generations of smart audio chips, with significant partnerships with major brands like Xiaomi, OPPO, and Huawei [12]. Financial Analysis - The company achieved a revenue of 3,263 million yuan in 2024, a year-on-year increase of 49.94%, and a net profit of 460.47 million yuan, up 272.47% [1][20]. - The revenue structure is diversifying, with significant growth in the smartwatch segment, which is expected to contribute 1,045 million yuan in revenue in 2024, a 116% increase year-on-year [22]. TWS Market - The TWS earphone market is experiencing a new growth phase driven by AI capabilities, enhancing user experience with features like real-time translation and intelligent noise cancellation [32][33]. - The company is well-positioned to challenge Qualcomm's ecosystem by offering competitive products across various price segments, with a market share of 16.07% in TWS chip applications [49]. Smartwatch and Wearable Devices - The global wearable wristband market is projected to grow, with the company focusing on smartwatches as a new growth engine, leveraging its advanced chip technology [58]. - The BES2800 chip, launched in 2024, integrates multiple functionalities and is expected to drive significant growth in the smartwatch market [59]. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 48.40 billion yuan in 2025, 64.72 billion yuan in 2026, and 79.80 billion yuan in 2027, with corresponding net profits of 9.3 billion yuan, 13.2 billion yuan, and 17.4 billion yuan [1]. - The current P/E ratios are 49, 35, and 26 for the years 2025, 2026, and 2027, respectively, which are slightly below the industry average, indicating potential for valuation appreciation [1].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading platform-type SoC chip manufacturer, exploring new opportunities in AI glasses and wearable technology [1]. - The company's revenue and net profit are expected to reach historical highs in 2024, indicating strong growth momentum [1]. - The shift towards high-margin smart Bluetooth audio chips and the expansion into smartwatch and AI glasses markets are key growth drivers [1]. Summary by Sections Company Overview - The company, established in 2015, specializes in low-power wireless SoC chips, with applications in AIoT scenarios, including smart wearables and smart home devices [12]. - The product lineup includes various smart audio chips, with significant partnerships with major brands like Xiaomi, OPPO, and Huawei [12]. Financial Analysis - The company achieved a revenue of 3,263 million yuan in 2024, a year-on-year increase of 49.94%, and a net profit of 460.47 million yuan, up 272.47% [1][20]. - The revenue structure is diversifying, with significant growth in the smartwatch segment, which is expected to contribute 1,045 million yuan in revenue in 2024, a 116% increase year-on-year [22]. TWS Market - The TWS earphone market is experiencing a new growth phase driven by AI capabilities, enhancing user experience with features like real-time translation and smart noise cancellation [32]. - The company maintains a leading position in the TWS SoC market, with a 16.07% share of the main control chips in TWS products [49]. Smartwatch and Wearable Devices - The global wearable wristband market is projected to grow, with the company actively entering the smartwatch sector, launching the BES2800 chip in 2024 [58]. - The company’s smart wearable chips are expected to see strong growth, with the BES2800 chip already integrated into flagship products like OPPO Watch X2 [59]. Profit Forecast and Investment Recommendation - The company is projected to achieve revenues of 48.40 billion yuan in 2025, 64.72 billion yuan in 2026, and 79.80 billion yuan in 2027, with corresponding net profits of 9.3 billion yuan, 13.2 billion yuan, and 17.4 billion yuan [1]. - The current P/E ratios are 49, 35, and 26 for the years 2025, 2026, and 2027, respectively, which are slightly below the industry average, indicating potential for valuation appreciation [1].

Core Insights - The Chinese wearable device main control chip industry has entered a new stage of high-quality development, driven by both technological breakthroughs and market scale, with a projected market size exceeding 10 billion yuan in 2024 [1][13] - Major product innovations are expected in 2024, including releases from Samsung, Huawei, and Juchip, marking a significant year for the industry [1][13] - The industry is anticipated to maintain a compound annual growth rate (CAGR) of over 20% from 2025 to 2028, positioning China as a key source of innovation in the global wearable chip market [1][13] Industry Overview - The wearable device main control chip serves as the core processor for devices like smartwatches and AR/VR glasses, integrating components such as CPU, GPU, memory, and communication modules [2][3] - The chips can be categorized by application scenarios (health monitoring, sports tracking, smart interaction), integration level (low-power MCU and multifunction SoC), and power performance (ultra-low power and high-performance types) [3][5] Development History - The industry has evolved through four strategic phases: initial reliance on foreign technology (2010-2014), breakthrough in domestic alternatives (2015-2018), innovation in mid-to-high-end markets (2019-2022), and current leadership in high-end markets (2023-present) [7][9] - Future advancements are expected in 10nm process technology, non-invasive medical monitoring, and AR/VR applications [7][9] Industry Chain - A complete collaborative innovation system has been established, covering upstream technology development, midstream product integration, and downstream application expansion [9][10] - Key players in chip design include Hengxuan Technology and Unisoc, while manufacturers like Huawei and Xiaomi integrate these chips into diverse products [9][10] Market Dynamics - The global wearable device market is projected to exceed 534.6 million units in 2024, with China leading at approximately 130 million units, accounting for 32% of global shipments [10][13] - The wrist-worn device market shows regional disparities, with China's shipments growing by 19.3% year-on-year [10][13] Competitive Landscape - The industry exhibits a "one strong, many strong" competitive structure, with Huawei dominating the high-end market and Hengxuan Technology leading in the mid-range [15][17] - Companies are focusing on differentiated competition through self-developed architectures and AI integration [15][17] Future Trends - The industry is transitioning from "catching up" to "leading" through an ecosystem of "chips + algorithms + cloud services" [19][20] - Key trends include the integration of low power and high computing power, with a shift towards independent terminal devices [21][22] - Medical health and industrial safety are emerging as core sectors, with significant market potential expected by 2025 [22][23] - Operating systems and data security are becoming focal points of competition, with ecological barriers gradually forming [23][24]

Market Overview - The main funds in the Shanghai and Shenzhen markets experienced a net outflow of 28.926 billion yuan, with the Sci-Tech Innovation Board seeing a net outflow of 2.885 billion yuan [1] - A total of 179 stocks saw net inflows, while 408 stocks experienced net outflows [1] Sci-Tech Innovation Board Performance - On the Sci-Tech Innovation Board, 151 stocks rose while 432 stocks fell [1] - The top three stocks with the highest net inflow were Tianzhun Technology (75.176 million yuan), Hehe Information (62.752 million yuan), and Electric Wind Power (54.244 million yuan) [1][2] - The stock with the largest net outflow was SMIC, which saw a net outflow of 249 million yuan and a decline of 1.09% [1] Continuous Fund Flow Analysis - There are 36 stocks with continuous net inflows for more than three trading days, with Te Bao Biological leading at 12 consecutive days [2] - Conversely, 167 stocks experienced continuous net outflows, with Pioneer Precision seeing the longest streak at 27 days [2] Fund Inflow Rankings - The top stocks by net inflow include: - Tianzhun Technology: 75.176 million yuan, 20.35% inflow rate, 2.33% increase [2] - Hehe Information: 62.752 million yuan, 16.76% inflow rate, 2.03% increase [2] - Electric Wind Power: 54.244 million yuan, 11.98% inflow rate, 5.90% increase [2] Fund Outflow Rankings - The stocks with the largest net outflows include: - SMIC: -249 million yuan, -1.09% decrease [1] - Hengxuan Technology: -201 million yuan [1] - Aerospace Nanhu: -77.4518 million yuan [1]

Core Insights - The 2025 Global Investor Conference held in Shenzhen focused on "New Quality Productivity: Investment Opportunities in China - Open Innovation in the Shenzhen Market" [1] - Niu Junling, a partner at Yuanhe Puhua Fund, discussed the trends and changes in China's semiconductor industry, highlighting the impact of AI on revenue growth in integrated circuits [1] - The semiconductor industry in China has made significant advancements, with many segments transitioning from domestic substitution to intense competition, leading to mergers and innovations [2] Investment Strategy - Yuanhe Puhua's investment strategy is evolving, focusing on hard technology and original innovation, shifting from a "spindle-shaped" to a "dumbbell-shaped" investment model [4] - The firm is concentrating on minority equity investments in areas like semiconductor equipment, materials, and EDA/IP, as well as mergers and acquisitions to strengthen domestic leading enterprises [4][5] - The focus on mergers includes helping traditional companies transform and develop new growth avenues through acquiring hard technology assets [5] AI Impact on Semiconductor Industry - AI technology is enhancing semiconductor design by automating repetitive tasks, allowing developers to focus on more valuable work [5] - In manufacturing, AI is improving production intelligence and defect detection, significantly increasing efficiency and accuracy [5]

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The year 2025 is expected to be a breakout year for AI glasses, with significant growth in sales and the emergence of domestic SoC (System on Chip) solutions [4][39] - The global AI glasses market is projected to reach 5.5 million units by 2025, with a CAGR of 97.4% over the next six years [26] - Major brands are entering the AI glasses market, leading to increased competition and innovation [4][39] Summary by Sections AI Glasses Market Overview - In Q1 2025, global AI glasses sales reached 600,000 units, a 216% increase year-on-year, driven primarily by the success of Ray-Ban Meta glasses [20] - The report highlights that over 60 manufacturers are currently developing AI glasses, indicating a highly competitive landscape [43] SoC and Component Analysis - The main control SoC accounts for approximately 30% of the total BOM (Bill of Materials) cost of AI glasses, significantly influencing product performance and user experience [5][29] - The report identifies three main SoC solutions: single-chip SoC, dual-chip SoC with a co-processor, and a main SoC with a separate ISP [6][50] Key Players and Products - Major companies such as Meta, Xiaomi, and various domestic brands are actively launching AI glasses, with Meta's Ray-Ban Meta leading in sales [39][40] - The report suggests monitoring companies in the AI glasses chip supply chain, including Hengxuan Technology, Aojie Technology, and others [6] Future Projections - The report anticipates that by 2025, Meta will release a new AI glasses model, Hypernova, which will include a heads-up display [32] - The competitive landscape is expected to intensify as more smartphone manufacturers and tech companies enter the AI glasses market [4][39]

以最新收盘价计算，科创板平均股价为29.83元，其中股价超100元的有34只，股价最高的是寒武纪。 证券时报·数据宝统计显示，科创板股今日上涨的有346只，下跌的有233只，以收盘价为基准测算，科 创板平均股价为29.83元，其中，收盘价超过100元的有34只，股价在50元至100元之间的有105只，股价 在30元至50元的有152只。 科创板股中，收盘价最高的是寒武纪，今日报收671.94元，上涨0.59%，其次是恒玄科技、惠泰医疗 等，最新收盘价分别为406.50元、402.50元。 科创板百元股一览 | 代码 | 简称 | 最新收盘价（元） | 今日涨跌（%） | 换手率（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 688256 | 寒武纪 | 671.94 | 0.59 | 0.80 | 电子 | | 688608 | 恒玄科技 | 406.50 | 0.59 | 1.06 | 电子 | | 688617 | 惠泰医疗 | 402.50 | -1.08 | 0.48 | 医药生物 | | 688692 | 达梦数据 | 326.77 | 0.69 ...

%% %% %% %% research.95579.com 行业研究丨深度报告丨电子设备、仪器和元件 [Table_Title] 镜观万象，AI 启新元 1 丨证券研究报告丨 报告要点 [Table_Summary] AI 眼镜是 AI 端侧的重要载体，在重量、续航、价格等环节相比传统眼镜以及过去的 AR 眼镜 均有明显的升级，当前受单一爆品 Meta Rayban 的拉动，销量高速增长，未来伴随 AI 模型的 逐步优化，AI 眼镜有望在今年迎来爆发元年，这一发展趋势与智能手机、手表、TWS 耳机相 似。从产业链来看，摄像头与 SoC 处理器是核心环节。SoC 作为核心算力来源价值量占比最 高，国内厂商有望参与；摄像头像素成为军备竞赛要点，未来有望迅速提升。自上而下选择产 业链标的， BOM 成本占比高，具备显著护城河的龙头在 AI 眼镜时代核心受益。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 2 / 32 %% %% %% %% research.95579.com 2 电子设备、仪器和元件 cjzqdt1 ...

Core Viewpoint - The article highlights the significant growth in the domestic smart device market, particularly in wearable technology, driven by favorable consumption policies and the recovery of the semiconductor industry, leading to substantial stock price increases for chip manufacturers [1][2][4]. Group 1: Smart Device Market Growth - Domestic consumption policies have spurred demand for smart devices, with China's wearable device shipment accounting for 30% of global sales and a growth rate of 20% last year [1]. - Children's smartwatches have seen explosive sales, with their market share on traditional e-commerce platforms reaching 31.5%, nearly equal to that of adult smartwatches and smart bands [2]. - The recovery in smart device sales has positively impacted chip companies, resulting in significant stock price increases over the past year [2][3]. Group 2: Semiconductor Industry Performance - Major domestic SoC manufacturers, including Rockchip, Allwinner, and Espressif, reported high revenue and net profit growth in Q1, continuing their strong performance from last year [6]. - The growth in performance is attributed to the recovery of the downstream market and the improvement in both demand and supply for chips [11]. - Rockchip's stock price has nearly tripled since its low point last year, driven by performance recovery and the expansion of AI hardware applications [3][4]. Group 3: AI Integration and Future Trends - The emergence of AI applications is creating new opportunities for SoC manufacturers, with products like AI headphones and smart glasses experiencing rapid growth in sales [16][18]. - The introduction of DeepSeek technology is lowering the barriers for developing edge AI applications, enabling a broader range of devices to incorporate AI capabilities [21][23]. - The SoC market is projected to grow significantly, with estimates suggesting a market size of $186.48 billion by 2025, driven by the increasing integration of AI in various applications [28][29].