Investment Rating - Industry investment rating: Outperform the market (expected to outperform the market by more than 5% in the next 6 months) [34] Core Insights - RISC-V architecture is driving diverse demand in the chip ecosystem under AI influence, with a projected CAGR of 75% from 2020 to 2024 and an expected annual growth rate of nearly 50% until 2030 [2][9] - International market changes are expected to increase the contract price growth of memory products in Q2 2025, with both DRAM and NAND Flash prices anticipated to rise more than previously expected due to heightened trading momentum [4][5] - The global smartphone market showed a modest growth of only 1% in Q1 2025, with Samsung leading at 20% market share, followed by Apple at 18% [12][13] - QD-OLED displays are projected to account for 73% of OLED display shipments in 2025, up from 68% in 2024, indicating strong competitiveness in high-end display technology [18][19] Summary by Sections RISC-V and AI - RISC-V is recognized for its innovative architecture, offering better performance and smaller chip sizes, making it suitable for AI accelerator designs [2][9] - The market for processors utilizing RISC-V technology is expected to grow significantly, with a 10-year CAGR of approximately 57% from 2020 to 2030 [2][9] Memory Market Outlook - The memory market is experiencing a shift in supply and demand strategies due to international circumstances, leading to increased contract price expectations for DRAM and NAND Flash in Q2 2025 [4][5] - Price forecasts indicate a potential increase in memory prices, with DRAM and NAND Flash expected to rise by 3-8% in Q2 2025 after a decline in Q1 2025 [6] Smartphone Market Analysis - The smartphone market's growth remains sluggish, with a mere 1% increase in Q1 2025, attributed to macroeconomic challenges and consumer confidence issues [12][13] - Major players like Samsung and Apple continue to dominate the market, with Xiaomi, vivo, and OPPO following [12][13] Display Technology Trends - The rise of QD-OLED technology is expected to enhance the quality and performance of displays, catering to high-end users and gamers [18][19] Investment Recommendations - The report suggests focusing on semiconductor manufacturing and equipment due to the clear trend of domestic substitution, with specific companies recommended for investment [29][33]

来源丨 投中网 什么是青年？可以用数据说话。联合国将青年定义为 15-24 岁，世界卫生组织则将年龄范围扩展到 15-44 岁。可以用古语说话。"后生可畏"的箴言 揭示着东方文明对青春力量的敬畏。也可以用概念说话。文艺复兴后，"青年"作为独立概念出现，经过五四运动后在中国普及，成为社会变革的象征。 对于投资，青年又意味着始终处于"成为"（ becoming ）的状态。在湍急的时代浪潮中，青年投资人要不断寻找自身的定位，校准自己的价值观，整 合各种不同的看待世界的方法和模型，形成一套自己的认知体系，当然，最重要的，投资人要与时代共振。 生命力是主体的一种经验和感受，是意识和行动之间的间隔。而投资正是社会生命力的象征。我们希望青年投资人能活出饱满的生命力。既能躬身入 局，中流击水，也能及时抽身，理清时代的脉络。既能理解宏观经济趋势，深入分析行业来龙去脉，更需在信息过载时筛选出有效信号，在快速变化的 市场中保持新鲜的眼光和敏锐的洞察力。 投资人要与时代共振。 | 5 | 邓到 | 陆石投资 | 北京、天津、成都 | 爱思达航天 天兵科技 | | --- | --- | --- | --- | --- | | | | ...

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) has shown a positive performance, with a 0.97% increase as of April 11, 2025, and notable gains in constituent stocks such as Chipsea Technology (688595) up 8.19% and Lanqi Technology (688008) up 5.29% [3][4]. Performance Summary - The Sci-Tech AI ETF (588790) has experienced a 0.91% increase, marking its fourth consecutive rise, with a latest price of 0.55 yuan. Over the past three months, the ETF has accumulated a 7.70% increase, ranking 2nd among comparable funds [3][4]. - The ETF's liquidity is strong, with an intra-day turnover of 4.12% and a total transaction volume of 1.08 billion yuan. The average daily transaction volume over the past week is 3.94 billion yuan, leading among comparable funds [3][4]. - In terms of scale, the ETF has seen a significant growth of 26.96 million yuan over the past two weeks, ranking 1st among comparable funds. Additionally, the ETF's share count increased by 36 million shares in the past week, also ranking 1st [3][4]. Return and Risk Metrics - Since its inception, the Sci-Tech AI ETF has achieved a highest monthly return of 15.59%, with an average monthly return of 15.59% and a monthly profit probability of 69.57%. The probability of making a profit over a three-month holding period is 87.50% [4]. - The ETF has a relative drawdown of 0.36% compared to its benchmark since inception, indicating a relatively stable performance [4]. Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in its category [4]. - The ETF has demonstrated high tracking accuracy, with a tracking error of 0.010% over the past month, the best among comparable funds [4]. Top Holdings - As of March 31, 2025, the top ten weighted stocks in the Sci-Tech AI Index account for 70.57% of the index, including Lanqi Technology (688008) and Chipsea Technology (688521) [5][7]. Industry Insights - The semiconductor and AI sectors are expected to accelerate their domestic production processes due to ongoing global trade tensions. Key areas of focus include advancements in semiconductor technology and the growth of domestic AI models [7].

Core Viewpoint - The Sci-Tech Innovation 100 Index (000698) has shown strong performance, with significant increases in both the index and its constituent stocks, indicating a positive market sentiment towards technology companies in the Sci-Tech Innovation Board [3][4]. Performance Summary - As of April 10, 2025, the Sci-Tech Innovation 100 Index rose by 4.56%, with notable gains from stocks such as Shengyi Electronics (688183) up 13.18% and Huazhu High-Tech (688433) up 12.94% [3]. - The Sci-Tech 100 Index ETF (588030) increased by 4.37%, marking its third consecutive rise, with a latest price of 0.93 yuan [3]. - Over the past three months, the ETF has accumulated a rise of 4.44% [3]. Liquidity and Trading Activity - The ETF experienced a turnover rate of 3.81% during the trading session, with a total transaction volume of 229 million yuan [3]. - The average daily trading volume over the past year reached 474 million yuan, ranking first among comparable funds [3]. Fund Growth and Inflows - The ETF's scale increased by 371 million yuan over the past year, placing it second among comparable funds [4]. - In the last two weeks, the ETF's shares grew by 11.4 million, also ranking second among comparable funds [4]. - There has been a net inflow of funds for three out of the last four trading days, totaling 65.72 million yuan, with an average daily net inflow of 16.43 million yuan [4]. Leverage and Returns - The ETF's financing net purchase amount reached 4.0364 million yuan, with a financing balance of 33.2 million yuan as of the previous trading day [4]. - The ETF's net value increased by 11.71% over the past year, with a maximum monthly return of 27.67% since inception [4]. - The ETF has a Sharpe ratio of 1.04 over the past year, indicating strong risk-adjusted returns [4]. Fee Structure and Tracking Accuracy - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4]. - The tracking error over the past six months is 0.018%, demonstrating high tracking accuracy compared to similar funds [4]. Index Composition - As of March 31, 2025, the top ten weighted stocks in the Sci-Tech Innovation 100 Index accounted for 23.76% of the index, with Hengxuan Technology (688608) being the highest at 3.11% [6][8].

恒玄科技（上海）股份有限公司 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、准确性和完整性依法承担法律责任。 证券代码：688608 证券简称：恒玄科技 公告编号：2025-011 关于注销部分募集资金专项账户的公告 一、募集资金基本情况 经中国证券监督管理委员会于 2020 年 10 月 23 日出具的《关于同意恒玄科 技（上海）股份有限公司首次公开发行股票注册的批复》（证监许可〔2020〕2752 号），公司获准向社会公开发行人民币普通股 3,000.00 万股，每股发行价格为人 民币 162.07 元，本次发行募集资金总额为 486,210.00 万元，扣除不含税发行费 用人民币 10,331.88 万元后，实际募集资金净额为人民币 475,878.12 万元。立信 会计师事务所（特殊普通合伙）对公司本次公开发行新股的资金到位情况进行了 审验，并于 2020 年 12 月 9 日出具了《验资报告》（信会师报字[2020]第 ZA16018 号）。 为规范募集资金管理和使用，提高资金使用效率和利益，保护投资者权益， 根据《中华人民共和国证券法》《上海 ...

Group 1 - The core point of the article is that Hengxuan Technology (Beijing) Co., Ltd. has applied for a patent related to frequency offset processing methods for wireless local area networks, which aims to improve signal reception success rates by reducing frequency offset interference [1][3]. Group 2 - Hengxuan Technology (Beijing) Co., Ltd. was established in 2016 and is located in Beijing, primarily engaged in technology promotion and application services [2]. - The company has a registered capital of 2.1 million RMB and has participated in one bidding project, holding a total of 123 patent information and five administrative licenses [2].

Summary of Key Points Core Viewpoint - The announcement details the completion of a share reduction plan by major shareholders of Hengxuan Technology, indicating a total reduction of approximately 2,400,000 shares, which is 2.00% of the company's total share capital [1][2]. Shareholder Holding Situation - Before the reduction plan, major shareholders, including Ningbo Baibifu, Ningbo Qianbifu, and Ningbo Yibifu, along with actual controllers Liang Zhang, Zhao Guoguang, and Tang Xiaodong, collectively held 40,640,190 shares, representing 33.85% of the company [1][2]. Implementation Results of the Reduction Plan - As of March 26, 2025, the shareholders reduced their holdings by a total of 2,360,482 shares, which includes 1,200,000 shares through centralized bidding (1.00% of total share capital) and 1,160,482 shares through block trading (0.97% of total share capital) [2][3]. - The reduction was completed within the planned timeframe, and the actual reduction met the minimum reduction requirements set forth in the initial plan [3].

股东减持股份结果公告 恒玄科技（上海）股份有限公司 证券代码：688608 证券简称：恒玄科技 公告编号：2025-010 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： 股东持股的基本情况 本次减持计划实施前，股东宁波梅山保税港区百碧富创业投资合伙企业（有 限合伙）（以下简称"宁波百碧富"）、宁波梅山保税港区千碧富创业投资合伙企业 （有限合伙）（以下简称"宁波千碧富"）和宁波梅山保税港区亿碧富创业投资合 伙企业（有限合伙）（以下简称"宁波亿碧富"）及公司实际控制人 Liang Zhang、 赵国光和汤晓冬合计持有公司股份 40,640,190 股，合计持股比例为 33.85%。上 述股份均为公司首次公开发行前取得的股份，已于 2023 年 12 月 18 日解除限售 并上市流通。 减持计划的实施结果情况 2024 年 12 月 6 日，公司披露了《股东减持股份计划公告》（公告编号： 2024-062），股东宁波百碧富、宁波千碧富和宁波亿碧富拟于 2024 年 12 月 27 日 至 2025 ...

Core Viewpoint - The article highlights the significant growth and performance of the Sci-Tech 100 Index ETF (588030) amid escalating tech competition between China and the U.S., with strong government support for innovation driving market potential [4][6]. Performance Summary - As of March 26, 2025, the Sci-Tech 100 Index (000698) increased by 0.64%, with notable gains from constituent stocks such as Airo Energy (688717) up 9.84% and Greeway (688390) up 6.40% [1]. - The Sci-Tech 100 Index ETF (588030) saw a 0.41% rise, with a trading volume exceeding 121 million yuan, ranking it among the top ETFs in its category [1]. - Over the past six months, the ETF's scale grew by 931 million yuan, placing it second among comparable funds [3]. - The ETF's financing buy-in reached 19.81 million yuan, with a financing balance of 324 million yuan [3]. - Since its inception, the ETF achieved a maximum monthly return of 27.67% and an average monthly return of 8.75% [3]. - The ETF's year-to-date maximum drawdown was 7.83%, with a relative benchmark drawdown of 0.20% [3]. Market Context - The ongoing U.S.-China tech rivalry has shifted from trade to technology, with the U.S. imposing stricter tech restrictions on China [4]. - The Chinese government is providing robust policy support for technological innovation, transitioning from being a follower to a leader in sectors like AI, humanoid robots, and smart vehicles [4]. - Historical analysis indicates that technological innovation, policy guidance, and market funding are key drivers of tech bull markets in China [4]. Index Composition - As of February 28, 2025, the top ten weighted stocks in the Sci-Tech 100 Index accounted for 24.45% of the index, with notable companies including Siwei Technology (688213) and BeiGene (688235) [5]. - The ETF closely tracks the Sci-Tech 100 Index, which consists of 100 medium-cap stocks selected from the Sci-Tech Board based on liquidity [4]. Recent Trends - The Sci-Tech 100 Index ETF recorded a cumulative increase of 5.71% over the past three months [6].

Summary of the Conference Call for 恒玄科技 Company Overview - 恒玄科技 has shown significant growth from 2017 to 2021, with revenue increasing from 28.5 million to 1.765 billion and profit rising from a loss of 144 million to over 400 million [2][3] - Despite a slowdown in 2022 due to macroeconomic factors, the company anticipates a recovery in demand in 2023 and rapid growth in 2024 driven by high-end products [2][3] Industry Insights - The global personal audio device market is expected to continue growing, with projected shipments reaching 533 million units by 2025, and the Greater China region expected to grow over 18% [2][5] - AI technology is enhancing smart audio device functionalities, such as smart noise cancellation and real-time translation, which is expected to increase demand for these devices [2][6] Key Products and Innovations - 恒玄科技 is a leading supplier of TWS (True Wireless Stereo) earphone control chips, benefiting from the growing demand for Android TWS earphones and partnerships with major brands [2][5] - The company is also entering the AI glasses market with its BS2,800 chip, which has already been adopted by Xiaomi [4][13] - The BS2,700 chip has been widely adopted in the smart watch and smart glasses sectors, contributing to significant revenue growth [11][12] Financial Projections - Revenue projections for 恒玄科技 from 2024 to 2026 are 3.27 billion, 4.49 billion, and 5.06 billion respectively, with profits expected to be 466 million, 674 million, and 935 million [4][15] - The company anticipates continued growth in the wearable device and AI glasses markets, which will enhance its revenue and profitability [4][15] Market Position and Competitors - 恒玄科技 has established itself as a competitive player in the wireless ultra-low power SOC market, with products integrated into the supply chains of major brands like Huawei, Samsung, OPPO, and Xiaomi [3][5] - The Chinese smart watch and wristband market is the largest globally, with expected shipments of 45.76 million units in 2024, growing over 20% year-on-year [9][10] Future Outlook - The company is expected to maintain rapid growth, particularly in high-end products for smart watches and emerging applications in AI glasses [7][12] - The AI glasses market is projected to grow significantly, with sales expected to reach 3.5 million units in 2024, doubling year-on-year [4][12] Conclusion - 恒玄科技 is well-positioned for future growth, driven by its innovative products and strategic partnerships in the rapidly evolving audio and wearable technology markets [7][15]