Core Viewpoint - Lens Technology (06613.HK) experienced a nearly 5% increase in stock price, reaching 24.04 HKD with a trading volume of 46.6551 million HKD [1] Group 1 - The stock price of Lens Technology rose by 4.34% as of the report time [1] - The trading volume for Lens Technology was recorded at 46.6551 million HKD [1]

Core Insights - The article highlights a continued recovery in the consumer electronics market during Q3 2025, with overall positive performance from listed companies in the touch display sector [2]. Group 1: Global Shipment Trends - The report provides an analysis of global shipment trends for smartphones and laptops from Q1 2023 to Q3 2025, indicating a general upward trajectory in demand for these devices [3]. Group 2: Revenue and Profit Comparison - A comparative analysis of revenue and operating profit for listed companies in the touch display industry during Q3 2025 is presented, showcasing overall growth in financial performance [3]. Group 3: Company-Specific Trends - Longxin Technology's revenue and operating profit trends, along with its main business composition, are detailed, reflecting its market position [3]. - Lianchuang Electronics' revenue and operating profit trends, as well as its main business structure, are analyzed, indicating its performance in the sector [3]. - Yicheng Optoelectronics' revenue and operating profit trends, along with its main business composition, are discussed, highlighting its operational efficiency [3]. - Chanhong Technology's revenue and operating profit trends, as well as its main business structure, are examined, showing its growth trajectory [3]. - Laibo Gaoke's revenue and operating profit trends, along with its main business composition, are presented, indicating its market competitiveness [3]. - Landai Technology's revenue and operating profit trends, as well as its main business structure, are analyzed, reflecting its performance in the industry [3]. - Lens Technology's revenue and operating profit trends, along with its main business composition, are discussed, showcasing its operational success [3]. - Xinhai Optoelectronics' revenue and operating profit trends, as well as its main business structure, are examined, indicating its market standing [3]. - Helitai's revenue and operating profit trends, along with its main business composition, are presented, reflecting its growth in the sector [3]. - Star Technology's revenue and operating profit trends, as well as its main business structure, are analyzed, highlighting its performance in the market [3].

Group 1: Institutional Research on Popular Companies - The top twenty companies with the highest number of institutional research visits in the last 30 days include United Imaging Healthcare, Lens Technology, Aibo Medical, Sanhua Intelligent Control, and Zhaoyi Innovation [2][13] - In the last 5 days, the most popular companies for institutional research include Ninebot Company-WD, Rongbai Technology, Lens Technology, Yintong Intelligent Control, and Yinglian Co., Ltd [2][15] - Among the top twenty companies in the last 30 days, 19 companies had 10 or more rating agencies involved, with significant profit growth expected for Jiao Cheng Ultrasound, Lanke Technology, and United Imaging Healthcare in Q1-Q3 of 2025 compared to the same period in 2024 [2][13][16] Group 2: Major Shareholder Increase in A-Share Listed Companies - From November 17 to November 21, 2025, five listed companies announced significant shareholder increases, with Changshu Bank increasing its shareholding by more than 1% of total equity, while Huangtai Liquor, Longlide, Fuguang Co., and Feiwo Technology planned to increase their holdings with an average of more than 1% of the market value on the announcement date [3][20] - From January 1 to November 21, 2025, a total of 295 companies announced significant shareholder increases, with 90 of them having 10 or more rating agencies involved. Among these, 23 companies had an average planned increase amount exceeding 1% of the market value on the announcement date, including Xianhe Co., Hubei Yihua, Xinji Energy, and Zhongju Gaoxin [5][22] Group 3: Share Buyback Situation in A-Share Listed Companies - From November 17 to November 21, 2025, 65 companies announced their buyback progress, with 16 companies having 10 or more rating agencies involved. Five companies had an average planned buyback amount exceeding 1% of the market value on the announcement date, with a focus on Jian Sheng Group, Trina Solar, and Prologis Pharmaceuticals [4][25] - From January 1 to November 21, 2025, a total of 1,805 companies announced their buyback progress, with 344 of them having 10 or more rating agencies involved. Among these, 88 companies had a significant buyback ratio, with two companies, Huaming Equipment and Prologis Pharmaceuticals, still in the board proposal stage [6][27]

新华财经上海11月24日电（林郑宏） 尽管近期A股市场整体表现承压，但公募机构依旧维持较高的调研 热情。据公募排排网数据显示，上周（2025年11月17日-11月23日）共有128家公募机构积极参与A股调 研活动，覆盖22个申万一级行业中的118只个股，合计调研次数达513次，展现出公募机构对市场结构性 机会的持续挖掘。 从个股调研热度来看，汽车行业个股九号公司被调研39次成上周最受公募青睐标的，博时基金、华夏基 金、汇添富基金等头部公募机构均出现在调研名单中。该行业另一只个股斯菱股份同样表现亮眼，以17 次被调研次数跻身前十，其与战略投资公司的产业合作方向成为公募机构关注焦点。 电力设备行业延续此前关注度，共有3只个股进入调研热度前十：容百科技、骄成超声、丰元股份分别 获得18次、16次和13次调研。具体来看，公募机构对容百科技重点询问钠电产品的未来前景，聚焦骄成 超声在功率半导体领域的竞争格局，同时关注丰元股份草酸业务的经营现状。 一直备受关注的电子行业，上周仅蓝思科技一只个股入围前十，被调研34次排名第二，公募机构对蓝思 科技的关注集中在其具身智能领域的布局与未来展望。 | 上周公募调研次数排名前十 A ...

Market Performance - On November 24, the three major A-share indices closed higher, with the Shanghai Composite Index rising by 0.05% to 3836.77 points, the Shenzhen Component Index increasing by 0.37% to 12585.08 points, and the ChiNext Index up by 0.31% to 2929.04 points [1]. Fund Manager Changes - In the past 30 days (October 25 to November 24), a total of 644 fund managers have left their positions across various funds. On November 24 alone, 72 funds announced changes in their fund managers [3]. - The reasons for the changes include 15 fund managers leaving due to job changes from managing 40 funds, 6 due to product expiration from managing 9 funds, and 3 for personal reasons from managing 23 funds [3]. Fund Manager Performance - Lu Yushan from Southern Fund currently manages assets totaling 1.109 billion yuan, with the highest return of 147.82% achieved in the Southern Reform Opportunity fund over 6 years and 305 days [5]. - Yu Haiyan from E Fund manages assets of 440.629 billion yuan, with the highest return of 155.84% from the E Fund CSI 300 Non-Bank ETF over 11 years and 154 days [5]. Fund Research Activity - In the past month, the most active fund company in conducting company research was Chuangjin Hexin Fund, which researched 214 listed companies. Other active fund companies included Bosera Fund, Huaxia Fund, and Ping An Fund, researching 117, 113, and 112 companies respectively [7]. - The medical device industry was the most researched sector, with 639 instances of research, followed by the chemical products industry with 502 instances [7]. Recent Company Focus - The most researched company in the last month was Luxshare Precision, with 76 fund management companies participating in the research. Other notable companies included Lens Technology and Ninebot, with 74 and 72 fund management companies involved respectively [8]. - In the past week (November 17 to November 24), Ninebot was the most researched company, receiving attention from 47 fund institutions, followed by Lens Technology, Rongbai Technology, and Boying Special Welding [9].

Group 1 - The core viewpoint of the articles highlights significant changes in stock ratings and target prices for various companies, with notable increases for Wan Feng Ao Wei, Guang Xun Technology, and Tai Chen Guang [1] - Wan Feng Ao Wei's target price increased by 89.64%, Guang Xun Technology by 81.99%, and Tai Chen Guang by 71.51%, all within the automotive parts and communication equipment sectors [1] - A total of 408 companies received broker recommendations during the period, with Yili receiving 5 recommendations, and Top Group and United Imaging Medical receiving 4 each [1] Group 2 - Three companies had their ratings upgraded, including Huadong Heavy Machine from "Hold" to "Buy" by Caixin Securities, Sinopec from "Add" to "Buy" by Huatai Securities, and Hongyuan Electronics from "Add" to "Buy" by CITIC Securities [1] - Seven companies had their ratings downgraded, including Solar Energy from "Strong Buy" to "Recommended" by Huachuang Securities, Source Technology from "Buy" to "Add" by Western Securities, and Titan Technology from "Strong Buy" to "Recommended" by Huachuang Securities [1] - During the same period, 77 instances of first-time coverage were reported, with Delijia receiving an "Outperform" rating from Guosen Securities, and YTO Express, Yanjiang Co., and Far East Co. receiving "Add" or "Buy" ratings from various brokers [2]

Group 1 - The "Lingguang" App, launched by Ant Group, has surpassed 1 million downloads within 4 days of its release, featuring three core functions: "Lingguang Dialogue," "Lingguang Flash Applications," and "Lingguang Open Eye" [2] - AMD CEO Lisa Su expressed confidence in the growing AI market, viewing it as a significant opportunity and stating that insufficient investment in AI could be more dangerous than a potential bubble [2] - The demand for computing power in AI is described as "endless," with companies providing reliable AI infrastructure expected to thrive as the market grows [2] Group 2 - In the past month, 17 listed companies, including Ninebot, Lens Technology, and others, have received over 200 institutional visits, indicating strong interest in robotics-related stocks [3] - Specific companies like Ninebot and Lens Technology had high institutional visit counts, with 365 and 348 visits respectively, highlighting their prominence in the robotics sector [3] - Meta has launched WorldGen, a system that generates interactive 3D worlds from a single text prompt, enhancing user immersion and exploration capabilities [3] Group 3 - Foxconn and NVIDIA are collaborating to build a supercomputing center with an investment of $14 billion, expected to be completed in the first half of 2026 [4] - The new department, Visonbay.ai, established by Foxconn for AI supercomputing and cloud operations, will utilize NVIDIA's Blackwell GB300 chips, marking the center as Asia's first GB300 AI data center [5]

Group 1: Market Trends and Investment Opportunities - Multiple chip-related ETFs and AI-focused ETFs have been approved, indicating regulatory support for strategic emerging industries, which is expected to attract more capital into the market [1] - The 2026 A-share market outlook is optimistic, with expectations of a "confidence reassessment bull market" and a recovery in corporate earnings after a downward cycle from 2022 to 2024 [2][3] - Key sectors to watch include AI, semiconductor, and international cooperation, with potential for earnings to exceed expectations [2][3] Group 2: Robotics Industry Insights - 2026 is projected to be the year of mass production for domestic humanoid robots, with significant technological advancements and supply chain improvements [4][6] - Companies like Tesla and XPeng are making strides in humanoid robot development, with XPeng's new robot showcasing advanced technology and integration capabilities [5][6] - The IPO of Yushu, a notable player in the robotics sector, is expected to boost the industry and attract attention to its supply chain and strategic partnerships [6] Group 3: Electronic Skin Technology - Electronic skin technology is crucial for humanoid robots, enabling tactile perception and interaction, with various sensor types being explored [7][8] - The market for flexible tactile sensors is dominated by foreign companies, but domestic firms are rapidly closing the gap due to policy support and manufacturing capabilities [8][9] - Key companies in the electronic skin space include Fulei New Materials and Hanwei Technology, which are advancing their technologies and expanding production capabilities [9] Group 4: Solid-State Battery Development - The dry film formation process is becoming the mainstream method for solid-state battery production, offering advantages in cost and efficiency [10][11] - Various dry film formation technologies are being explored, each with unique benefits and suitable applications [11] - Investment recommendations focus on solid-state battery equipment suppliers and related technology firms, highlighting the growing importance of this sector [11]

- The report discusses the "Volume Timing Signal" model, which indicates a cautious view for all indices as of November 21, 2025[24][25] - The "Number of Rising Stocks in the CSI 300 Index" sentiment indicator is used to gauge market sentiment by calculating the proportion of stocks with positive returns over a certain period[25][26] - The "Number of Rising Stocks in the CSI 300 Index" timing tracking involves smoothing the indicator over two different periods to capture its trend, with a bullish view when the short-term line is above the long-term line[27][28][29] - The "Moving Average Sentiment Indicator" uses the eight moving averages system to assess the trend state of the CSI 300 Index, assigning values based on the position of the moving average range[33][34][35] - The "Moving Average Sentiment Indicator" shows that the CSI 300 Index is currently in a non-prosperous sentiment range as of November 21, 2025[33][36][37] Model Backtest Results - Volume Timing Signal: All indices show a cautious view as of November 21, 2025[24][25] - Number of Rising Stocks in the CSI 300 Index: The indicator has recently declined, with the proportion of rising stocks slightly above 50%, indicating cooling market sentiment[25][26] - Number of Rising Stocks in the CSI 300 Index Timing Tracking: Both the fast and slow lines are declining, with the fast line below the slow line, indicating a cautious view for the near future[27][28][29] - Moving Average Sentiment Indicator: The CSI 300 Index is in a non-prosperous sentiment range as of November 21, 2025[33][36][37] Factor Construction and Evaluation - Cross-sectional volatility: The recent week saw a decline in cross-sectional volatility for CSI 300 and CSI 500 index constituents, indicating a deteriorating short-term alpha environment, while the CSI 1000 index constituents saw an increase, indicating an improving short-term alpha environment[2][38] - Time-series volatility: The recent week saw a decline in time-series volatility for CSI 300 index constituents, indicating a deteriorating alpha environment, while the CSI 500 and CSI 1000 index constituents saw an increase, indicating an improving alpha environment[2][39][40] Factor Backtest Results - Cross-sectional volatility: - CSI 300: 2.28% (recent quarter average), 83.44% (recent quarter average as a percentile of the past two years) - CSI 500: 2.44% (recent quarter average), 78.57% (recent quarter average as a percentile of the past two years) - CSI 1000: 2.60% (recent quarter average), 83.67% (recent quarter average as a percentile of the past two years)[39] - Time-series volatility: - CSI 300: 0.73% (recent quarter average), 77.23% (recent quarter average as a percentile of the past two years) - CSI 500: 0.53% (recent quarter average), 80.16% (recent quarter average as a percentile of the past two years) - CSI 1000: 0.27% (recent quarter average), 82.07% (recent quarter average as a percentile of the past two years)[42]

事件：11 月20 日，蓝思科技发布投资者关系活动记录表，表示，目前公司已切入北美及国内多家头部 机器人企业的供应链，关节模组、灵巧手、结构件已批量交付，人形机器人、四足机器人整机组装规模 位居行业前列。预计今年人形机器人出货3000 台以上，四足机器狗10000 台，初步成为最大的具身智能 硬件制造平台之一。 2026 年，预计实现人形机器人核心部件和整机组装规模翻番，2027 年人形机器人与四足机器狗出货量 稳居全球前列。 拥有众多全球知名客户，持续走向平台化：在消费电子产品和智能汽车领域，公司拥有众多全球知名客 户，包括苹果、三星、华为、小米、OPPO、vivo、荣耀、谷歌、Meta，特斯拉、宁德时代、宝马、奔 驰、大众、理想、蔚来、比亚迪等。平台化布局方面，公司已具备以核心技术为支撑的产业化能力体 系，紧抓市场扩展所带来的机遇，积极拓展从消费电子、智能汽车与座舱到智能穿戴，以及智慧零售、 智能机器人等方面的全领域应用。在智能手机与电脑方面，根据公司发布的2025 年半年报显示，2025 年上半年，公司智能手机与电脑类业务实现营业收入271.85 亿元，同比增长13.19%。公司持续巩固在 玻璃、陶瓷、 ...