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].

Core Viewpoint - The annual shareholder meeting of Hengxuan Technology (Shanghai) Co., Ltd. will discuss various proposals including the board and supervisory reports, financial statements, profit distribution, and the use of idle funds for financial products. Group 1: Meeting Proposals - Proposal 1: The board's work report for 2024 will be presented, highlighting the company's operational achievements and governance improvements [9]. - Proposal 2: The supervisory board's work report for 2024 will be discussed, focusing on compliance and oversight of the company's operations [10]. - Proposal 3: The annual report and summary for 2024 will be reviewed, detailing the company's financial performance and strategic direction [11]. - Proposal 4: The financial settlement report for 2024 will be presented, confirming that the financial statements have been audited and reflect the company's true financial status [12]. - Proposal 5: A profit distribution and capital reserve conversion plan will be proposed, with a net profit of 460.47 million yuan for 2024, suggesting a distribution of 31.18% of the net profit [12][13]. - Proposal 6: The reappointment of the accounting firm for 2025 will be discussed, emphasizing the firm's experience and reliability [14]. - Proposal 7: The remuneration plan for directors and supervisors for 2025 will be proposed, including specific compensation details [15]. - Proposal 8: A plan to use up to 4 billion yuan of idle funds for purchasing low-risk financial products will be presented, aimed at ensuring the safety and liquidity of the funds [16]. Group 2: Financial Performance - The company achieved a revenue of 3.26 billion yuan in 2024, representing a 49.94% increase compared to the previous year [18][29]. - The net profit attributable to shareholders reached 460.47 million yuan, marking a significant increase of 272.47% year-on-year [18][29]. - The net profit after deducting non-recurring gains and losses was 394.60 million yuan, reflecting a remarkable growth of 1,279.13% compared to the previous year [18][29].

恒玄科技（上海）股份有限公司 2024 年年度股东大会会议资料 证 券 代 码 ： 6 8 8 6 0 8 证 券 简 称 ： 恒 玄 科 技 恒玄科技（上海）股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 | 2024 | 年年度股东大会会议须知 | 3 | | --- | --- | --- | | 2024 | 年年度股东大会会议议程 | 5 | | | 年度董事会工作报告》的议案 议案一、关于《2024 | 7 | | | 议案二、关于《2024 年度监事会工作报告》的议案 | 8 | | | 年年度报告》及摘要的议案 议案三、关于《2024 | 9 | | | 议案四、关于《2024 年度财务决算报告》的议案 | 10 | | | 议案五、关于 年度利润分配及资本公积转增股本方案的议案 2024 | 11 | | | 议案六、关于续聘会计师事务所的议案 | 13 | | | 议案七、关于公司董事、监事 年度薪酬方案的议案 2025 | 14 | | | 议案八、关于使用闲置自有资金购买理财产品的议案 | 15 | | | 年度董事会工作报告》 附件一：《2024 | 16 | ...

资金流向方面，今日主力资金净流入的科创板股共有219只，其中，6只个股主力资金净流入超3000万 元，芯原股份主力资金净流入9530.11万元，净流入资金居首；财富趋势、大地熊紧随其后，全天净流 入资金分别为6264.27万元、4807.96万元。主力资金净流出的有366只，净流出资金最多的是恒玄科技， 该股今日下跌5.00%，全天主力资金净流出1.43亿元，其次是寒武纪、澜起科技，主力资金净流出分别 为9631.09万元、5655.58万元。 从主力资金连续性进行观察，共有55只个股主力资金连续3个交易日以上持续净流入，连续流入天数最 多的是迅捷兴，该股已连续11个交易日净流入；连续净流入天数较多的还有耐科装备、利扬芯片等，主 力资金分别连续流入10天、8天。主力资金连续流出的个股有132只，连续流出天数最多的是先锋精科， 该股已连续20个交易日净流出；连续净流出天数较多的还有莱特光电、三达膜等，主力资金分别连续流 出13天、10天。（数据宝） 主力资金净流入排名 | 代码 | 简称 | 主力资金净流入（万元） | 主力资金流入率（%） | 涨跌幅（%） | 换手率（%） | | --- | --- | - ...