Summary of Greater China Technology Hardware Conference Call Industry Overview - The conference focused on the Greater China Technology Hardware sector, particularly in AI technology and hardware advancements [7][8]. Key Insights - **Opportunities in AI GPU and ASIC Servers**: There are significant opportunities in upgrading AI GPU and ASIC server designs, with major projects like GB300, Vera Rubin platform, and Kyber architecture showing promise [7][8]. - **AMD Helios Server Rack**: The AMD Helios server rack project is gaining traction, indicating a positive trend in server hardware demand [7]. - **Enhanced Computing Power**: AI ASIC servers are expected to enhance computing power and increase rack density, which is crucial for data centers [7]. - **Power Solution Upgrades**: Transitioning to 800V HVDC power architecture and the growing adoption of liquid cooling solutions are highlighted as key upgrades [7]. - **PCB/Substrate Capacity Expansion**: There is a wave of capacity expansion in PCB/substrate to support ongoing design upgrades, which is essential for meeting increased demand [7]. - **Data Network Improvements**: Upgrades in data and power interconnects are anticipated to improve data network transmission speed and capacity [7]. - **Consumer Electronics Demand**: The demand for consumer electronics is being impacted by rising memory costs, with Android smartphones being more vulnerable compared to iPhones [7]. - **Upcoming Foldable iPhone Models**: Anticipation for the release of foldable iPhone models in the second half of 2026 is noted as a potential market driver [7]. Stock Recommendations - **Key Stock Ideas**: - AI Server Hardware: Wistron, Hon Hai/FII, Wiwynn, Delta Electronics, AVC, BizLink, King Slide, Accton, Chenbro, Gold Circuits, Innolight, FIT, and Fositek [7]. - Edge AI: Xiaomi, Lenovo, Luxshare [7]. Valuation Comparison - A detailed valuation comparison of various companies within the Greater China Technology Hardware sector was provided, including metrics such as price, target price, EPS, P/E ratio, P/B ratio, and ROE [8]. - Notable companies included: - **Lite-On Tech**: Current price at 162.50, target price at 150.00, with a P/E ratio of 23.3 for 2025 [8]. - **Delta Electronics**: Current price at 922.00, target price at 1288.0, with a P/E ratio of 38.9 for 2025 [8]. - **Hon Hai**: Current price at 241.00, target price at 317.0, with a P/E ratio of 16.4 for 2025 [8]. - **Foxconn Tech**: Current price at 66.80, target price at 54.00, with a P/E ratio of 26.0 for 2025 [8]. Additional Considerations - The report emphasizes the importance of considering Morgan Stanley Research as one of several factors in investment decision-making, acknowledging potential conflicts of interest [4][5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 68.1 billion yuan for the first three quarters of 2025, a year-over-year decrease of 2%, while the net profit attributable to the parent company was 2.6 billion yuan, an increase of 10% year-over-year [2][6] - In Q3 alone, the company achieved a revenue of 30.6 billion yuan, representing a year-over-year growth of 4% and a quarter-over-quarter increase of 44% [2][6] - The net profit for Q3 was 1.2 billion yuan, up 5% year-over-year and 23% quarter-over-quarter, with a non-recurring net profit of 1 billion yuan, reflecting a year-over-year increase of 20% and a quarter-over-quarter increase of 39% [2][6] Financial Performance - The gross margin for Q3 was 12.85%, and the net margin was 3.78% [12] - The company’s R&D investment for the first three quarters of 2025 was 4 billion yuan, accounting for 5.84% of its revenue, focusing on XR optics, AI glasses, and smart wearable devices [12] - The projected net profits for the years 2025 to 2027 are estimated to be 3.216 billion yuan, 4.263 billion yuan, and 5.161 billion yuan respectively [12]

Core Viewpoint - The company has initiated research and development in silicon-based OLED technology and is collaborating with GoerTek on device structure and material compatibility [1] Group 1 - The company has started its silicon-based OLED related business development [1] - Collaboration with GoerTek focuses on the development of silicon-based OLED device structures and material compatibility [1]

Core Viewpoint - The company has initiated research and development for silicon-based OLED technology and is collaborating with GoerTek on device structure and material adaptation [1] Group 1 - The company has started the layout for silicon-based OLED related business [1] - Collaboration with GoerTek focuses on the development of silicon-based OLED device structures and material compatibility [1]

Group 1 - The Tonghuashun Fruit Index concept fell by 1.68%, ranking among the top declines in the concept sector, with notable declines in companies such as Lante Optics, Industrial Fulian, and Lens Technology [1] - The leading gainers in the concept sector included Dongshan Precision, Zhuhai Guanyu, and Desay Battery, with increases of 2.53%, 0.43%, and 0.21% respectively [1] - The concept sectors with the highest gains included Cultivated Diamonds at 6.08% and Perovskite Batteries at 2.98%, while sectors like Chinese AI 50 and Internet Insurance saw declines of 1.76% and 1.43% respectively [1] Group 2 - The Tonghuashun Fruit Index concept experienced a net outflow of 3.492 billion yuan, with 15 stocks seeing net outflows, and 7 stocks with outflows exceeding 100 million yuan [1] - Industrial Fulian had the highest net outflow of 1.462 billion yuan, followed by Luxshare Precision, Lingyi Technology, and GoerTek with outflows of 620 million yuan, 453 million yuan, and 450 million yuan respectively [1] - The stocks with the highest net inflows included Dongshan Precision, Xunwei Communication, and Zhongshi Technology, with inflows of 461 million yuan, 8.196 million yuan, and 1.444 million yuan respectively [2]

Group 1 - The Tonghuashun Fruit Index concept fell by 1.56%, ranking among the top declines in concept sectors, with leading decliners including XW Communication, Lante Optics, and Lens Technology [1] - The top gainers in the same day included Wentai Technology, Saiteng Co., and Dongshan Precision, with respective increases of 3.02%, 1.53%, and 1.36% [1] - The dairy industry led the gainers with a rise of 4.36%, while the Tonghuashun Fruit Index was the largest decliner [1] Group 2 - The Tonghuashun Fruit Index concept experienced a net outflow of 4.158 billion yuan, with 15 stocks seeing net outflows, and 7 stocks exceeding 1 billion yuan in outflows [1] - Industrial Fulian had the highest net outflow of 2.247 billion yuan, followed by Luxshare Precision, GoerTek, and XW Communication with net outflows of 588 million yuan, 571 million yuan, and 392 million yuan respectively [1] - The stocks with the highest net inflows included BOE Technology Group, Wentai Technology, and Saiteng Co., with net inflows of 444 million yuan, 113 million yuan, and 6.247 million yuan respectively [1][2]

Core Points - The company held its first meeting of the seventh board of directors on November 7, 2025, where key leadership positions were elected and various committees were formed [1][26] - The board elected Jiang Bin as the chairman and Jiang Long as the vice chairman, with their terms lasting until the end of the seventh board's tenure [2][26] - The company completed its board restructuring and appointed several senior management positions, including the president and vice presidents [26][28] Board Meeting Resolutions - The board approved the election of the chairman and vice chairman [2] - The board elected members for the audit committee, including independent directors Jiang Fuxiu, Huang Yidong, and Qiu Min, with Jiang Fuxiu serving as the convener [3] - The board approved the election of members for the remuneration and assessment committee, with Huang Yidong as the convener [4] - The board elected members for the nomination committee, with Huang Yidong as the convener [6] - Jiang Long was appointed as the president of the company [7] - The board appointed several vice presidents, including Li Youbo, Duan Huilu, Liu Chunfa, Jiang Hongzhai, Yu Dachao, Gao Xiaoguang, and Rao Yi [8] - The board appointed Li Yongzhi as the financial director [9] - The board appointed Xu Dapeng as the secretary of the board [11] - The board appointed Xu Yanquing as the securities affairs representative [12] - The board appointed Wang Shuping as the internal audit head [13] - The board approved adjustments to the company's organizational structure [17] - The board revised the management system for shares held by directors, supervisors, and senior management [18] - The board revised the investor relations management system [20] - The board established a public opinion management system [22] Board Composition - The seventh board consists of chairman Jiang Bin, vice chairman Jiang Long, and several other directors, including independent directors Huang Yidong and Jiang Fuxiu [26][29] - The independent directors' qualifications and independence have been approved by the Shenzhen Stock Exchange [26][27] - The company will complete the election of additional independent directors to maintain compliance with regulations [27][30] Senior Management Appointments - The company appointed Jiang Long as president and several vice presidents, including Li Youbo, Duan Huilu, Liu Chunfa, Jiang Hongzhai, Yu Dachao, Gao Xiaoguang, and Rao Yi [26][28] - Li Yongzhi was appointed as the financial director, Xu Dapeng as the secretary of the board, Xu Yanquing as the securities affairs representative, and Wang Shuping as the internal audit head [9][11][12][13]

Core Viewpoint - Goer Technology Co., Ltd. has announced the election of Mr. Jiang Bin as the new chairman of the board [1] Company Summary - Goer Technology Co., Ltd. (stock code: 002241) made an official announcement on November 7 regarding the election of Mr. Jiang Bin as the chairman [1]

Group 1 - The core point of the article is that GoerTek Inc. (SZ 002241) held its first board meeting of the seventh session on November 7, 2025, where it reviewed the proposal for appointing the board secretary and other documents [1] - For the first half of 2025, GoerTek's revenue composition was 96.59% from electronic component manufacturing and 3.41% from other businesses [1] - As of the report date, GoerTek's market capitalization was 110.8 billion yuan [1]

歌尔股份有限公司 董事和高级管理人员所持公司股份及 第五条 公司董事、高级管理人员应当在下列时间委托公司向深 圳证券交易所申报其个人及其近亲属（包括配偶、父母、子女、兄弟 姐妹等）的身份信息（包括姓名、担任职务、身份证件号码、证券账 户、离任职时间等）： 其变动管理制度 第一章 总则 第一条 为加强歌尔股份有限公司（以下简称"本公司"或"公司"） 董事和高级管理人员所持本公司股份及其变动的管理，根据《中华人 民共和国公司法》《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》 《上市公司股东减持股份管理暂行办法》《深圳证券交易所股票上市 规则》《深圳证券交易所上市公司自律监管指引第 1 号——主板上市 公司规范运作》《深圳证券交易所上市公司自律监管指引第 10 号—— 股份变动管理》（以下简称"《自律监管指引第 10 号》"）、《深圳证券 交易所上市公司自律监管指引第 18 号——股东及董事、高级管理人 员减持股份》等有关法律、行政法规、部门规章、规范性文件及《歌 尔股份有限公司章程》（以下简称"《公司章程》"）的相关规定，制定 本制度。 第二条 ...