蓝思科技（300433）(06613)发布公告，于2025年11月17日斥资1912.2万元回购70.8万股A股。 ...

智通财经APP讯，蓝思科技(06613)发布公告，于2025年11月17日斥资1912.2万元回购70.8万股A股。 ...

Group 1 - The Ministry of Culture and Tourism of China advises tourists to avoid traveling to Japan due to rising safety concerns and criminal cases targeting Chinese citizens [2][3] - The Ministry of Education issues a warning for students studying in Japan, highlighting the deteriorating security situation and urging them to enhance their safety awareness [2][3] Group 2 - A new AI-based scam is emerging in the e-commerce sector, where consumers use AI tools to create fake defect images to claim refunds for low-cost items [2][3] - Reports indicate that this scam has developed into a more systematic gray industry, with individuals offering training on how to execute these refund tricks for a fee [7][8] Group 3 - Tim Cook may step down as CEO of Apple as early as next year, with John Ternus being the likely successor [3] - Apple plans to change its iPhone release strategy starting in 2026, moving to a spring and fall release schedule instead of the traditional fall-only launch [9] Group 4 - Samsung announces a significant investment of 450 trillion KRW in South Korea over the next five years, focusing on semiconductor expansion and job creation [9] - Multiple airlines, including Air China and China Southern Airlines, have announced free cancellation and modification policies for tickets related to Japan due to safety concerns [11] Group 5 - Xiaomi's CEO Lei Jun defends the company's design philosophy for its vehicles, emphasizing that aesthetics and safety are not mutually exclusive [8] - Several smartphone manufacturers, including Xiaomi and OPPO, are delaying storage chip purchases due to soaring prices, with some facing inventory shortages [12] Group 6 - Berkshire Hathaway's latest 13F report reveals that Warren Buffett has significantly reduced his stake in Apple, while increasing his investment in Alphabet [16] - The establishment of the first financial asset investment company by a joint-stock bank in China aims to support the optimization of capital structures for tech and private enterprises [11]

November 14, 2025 05:45 PM GMT Investor Presentation | Asia Pacific Greater China Technology Hardware: AI Tech Hardware in High Gear M Foundation Morgan Stanley Taiwan Limited+ Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com +886 2 2730-2865 Morgan Stanley Asia Limited+ Andy Meng, CFA Equity Analyst Andy.Meng@morganstanley.com +852 2239-7689 Morgan Stanley Taiwan Limited+ Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com +886 2 2730-2862 Howard Kao Equity Analyst Howard.Kao@morganstanley.c ...

12 Nov 2025 18:03:17 ET │ 12 pages Flash | Lens Technology (300433.SZ) What's New from Citi 2025 China Conference: 2026 growth drivers intact CITI'S TAKE Lens Tech attended our China Conference on 12 Nov. We captured key 2026 growth drivers: (1) 2H26 key foldable phone driving ASP increase; (2) Automotive laminated glass for NEV; (3) AI Glass ramp with existing customers and new content with the US XR customer; (4) Increasing robot shipment; and (5) SSD module assembly is faster than expected. The company d ...

Core Insights - The company achieved a revenue of 53.663 billion yuan in Q1-Q3 2025, representing a year-on-year growth of 16.08%, with a net profit attributable to shareholders of 2.843 billion yuan, up 19.91% [1] - The smartphone and computer business saw significant growth driven by the iPhone 17, with the company benefiting from its core glass cover and metal frame contributions [2] - The smart automotive sector is expanding with new product offerings, including ultra-thin laminated glass, and the company is enhancing its production capabilities [3] - The company is positioned as a leading platform in the smart terminal industry, integrating various components and embracing AI trends [4] - Profit forecasts indicate a net profit of 5.070 billion yuan in 2025, increasing to 8.182 billion yuan by 2027 [5] Smartphone and Computer Business - The iPhone 17 has seen a substantial increase in sales compared to the iPhone 16, solidifying the company's position in the supply chain [2] - The company’s metal frame business is benefiting from innovations in the iPhone 17 Pro series [2] - Future opportunities include the anticipated launch of the first foldable iPhone in 2026, where the company holds numerous patents in relevant technologies [2] Smart Automotive Business - The company has successfully expanded its product matrix in the smart automotive sector, introducing wireless charging modules and vehicle communication modules [3] - The introduction of ultra-thin laminated glass into domestic leading automotive manufacturers' production systems marks a significant achievement [3] - The company is relocating its Mexican factory to improve revenue and profit margins in the future [3] Other Innovative Businesses - The company is leveraging its full-chain integration capabilities in the emerging smart terminal market, covering various segments including AI glasses and intelligent retail [4] - Collaboration with Rokid for AI glasses has led to rapid sales growth and successful mass production [4] - The company is making substantial progress in the embodied intelligence sector, with core components being delivered in bulk [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Insights - The company achieved revenue of 53.663 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 16.08%. The net profit attributable to shareholders was 2.843 billion yuan, up 19.91% year-on-year, while the net profit excluding non-recurring items reached 2.703 billion yuan, growing by 28.72% year-on-year. In Q3 2025, the company reported a single-quarter revenue of 20.702 billion yuan, a year-on-year increase of 19.25%, and a net profit of 1.700 billion yuan, up 12.62% year-on-year. The gross margin for Q3 was 19.09%, down 2.34 percentage points year-on-year, and the net profit margin was 8.21%, down 0.49 percentage points year-on-year [2][7]. Summary by Relevant Sections Business Performance - The company has shown strong performance in the smartphone and computer sectors, benefiting from the significant sales increase of the iPhone 17, which has contributed to core revenue growth. The company is positioned as a leading player in the glass cover and metal frame segments, with expectations for continued growth as new products are launched [14]. Automotive Sector - The company is expanding into the smart automotive sector, introducing a range of products including wireless charging modules and vehicle communication modules. The integration of consumer electronics-grade glass processing technology into automotive applications is expected to enhance revenue and margins as production capabilities are developed [14]. Innovation and AI Integration - The company is leveraging its vertical integration capabilities across the smart terminal market, including AI glasses and smart retail solutions. Collaborations with leading companies in the field are yielding positive results, with expectations for increased orders as new smart terminal products emerge [14]. Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 5.070 billion yuan, 6.956 billion yuan, and 8.182 billion yuan for the years 2025, 2026, and 2027, respectively, maintaining a "Buy" rating [14].

习近平总书记指出："扩大内需既关系经济稳定，也关系经济安全，不是权宜之计，而是战略之 举。""十五五"规划建议提出，"以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和 需求良性互动"。 干字当头、奋发有为，闻名遐迩的"花炮之乡"湖南浏阳市把扩大内需作为关键抓手，多措并举，更好发 挥内需拉动经济增长的主动力和稳定锚作用。 激发消费市场更大活力 "来浏阳，欣赏一场绚烂的烟花。"2023年2月以来，浏阳开展超过140场创意焰火燃放活动，吸引游客近 800万人次，其中外地游客占比达90%以上。 据初步统计，浏阳创意焰火燃放活动拉动消费超200亿元，带动吃、住、行、游、购、娱等消费全链条 增长。今年前10月，浏阳接待游客突破4000万人次，实现旅游花费近410亿元，位列"全国县域旅游综合 实力百强县"。 拓展有效投资空间 晚上，装修一新的浏阳通程商业广场流光溢彩，人气火爆。这家于2009年5月建成开业的商场，一度由 于跟不上消费新需求，门可罗雀。 去年，通程商业广场迎来升级：投资5000万元，改造成一个适合居民赏景游玩、户外休闲、时尚购物的 浏阳河畔城市美好生活中心。"修葺一新的购物环境，和50多家浏阳首 ...

Industry Overview - The display glass substrate industry is characterized by high purity special glass as the core material, providing essential support for display devices like LCD, OLED, and Mini/Micro LED [1][5] - The market size of China's display glass substrate industry is projected to reach approximately 35 billion yuan in 2024, with a year-on-year growth of 5.11% [5][10] - The TFT-LCD segment dominates the market, accounting for about 80% of glass substrate applications, with a market size of 31.59 billion yuan in 2024, reflecting a growth of 6.79% [5][6] Classification of Display Glass Substrates - Display glass substrates can be classified based on manufacturing processes (float, overflow melting, etc.), application scenarios (LCD/OLED, Mini/Micro LED), and technical characteristics (rigid, flexible) [2][3] - The performance requirements vary significantly across different display technologies, with LCD substrates needing high flatness and thermal stability, while OLED substrates focus on high-temperature resistance [4][5] Industry Development Status - The Chinese display glass substrate industry has shown steady growth, driven by technological advancements and increasing downstream application demands [5][10] - The market is expected to grow to 36.8 billion yuan by 2025, indicating a robust growth trend [5][10] Industry Value Chain - The industry value chain includes upstream raw materials (silica sand, soda ash), midstream production processes (research, melting, forming), and downstream applications (smartphones, TVs) [6][8] - The demand structure is diversifying, with traditional applications expanding into high-growth areas like Mini/Micro LED and advanced packaging [6][8] Competitive Landscape - The global display glass substrate market is highly concentrated, with Corning, AGC, and NEG holding about 80% market share [8][9] - Domestic companies like Rainbow Co. and Eastsun have achieved significant breakthroughs in G8.5+ glass substrate production, contributing to the domestic substitution efforts [8][9] Future Development Trends - The industry is expected to see accelerated technological breakthroughs and application expansions, particularly in high-generation lines and advanced technologies like UTG and TGV [10][11] - The integration of display technology with 5G, AI, and IoT is creating new application scenarios, driving demand for high-performance glass substrates [11][12] - Companies are focusing on green manufacturing and operational intelligence to enhance competitiveness and sustainability [12]

习近平总书记指出："扩大内需既关系经济稳定，也关系经济安全，不是权宜之计，而是战略之 举。""十五五"规划建议提出，"以新需求引领新供给，以新供给创造新需求，促进消费和投资、供给和 需求良性互动"。 业态融合是创新供给的重要方式，在浏阳，民宿、餐饮等多元业态协同共进。 "我们坚持供需两侧协同发力、动态平衡，深度拓展看浪漫烟花、观精彩赛事、品地道蒸菜、住精品民 宿等文旅消费链条，不断丰富文旅消费业态和场景，激发消费市场更大活力，更好满足人们的美好生活 需要。"长沙市委常委、浏阳市委书记肖正波说。 干字当头、奋发有为，闻名遐迩的"花炮之乡"湖南浏阳市把扩大内需作为关键抓手，多措并举，更好发 挥内需拉动经济增长的主动力和稳定锚作用。 激发消费市场更大活力 "来浏阳，欣赏一场绚烂的烟花。"2023年2月以来，浏阳开展超过140场创意焰火燃放活动，吸引游客近 800万人次，其中外地游客占比达90%以上。 据初步统计，浏阳创意焰火燃放活动拉动消费超200亿元，带动吃、住、行、游、购、娱等消费全链条 增长。今年前10月，浏阳接待游客突破4000万人次，实现旅游花费近410亿元，位列"全国县域旅游综合 实力百强县"。 "小桥 ...