Core Insights - The XINGQUAN Flexible Allocation Mixed Fund (LOF), managed by Xie Zhiyu and Xie Yiran, reported a net value growth rate of 43.58% over the past year [1] Fund Holdings Summary - New additions to the top ten holdings include: - Zhongji Xuchuang (300308) with 2.58 million shares valued at 1.042 billion [1] - Lanke Technology (688008) with 4.92 million shares valued at 761 million [1] - Dongshan Precision (002384) with 9.14 million shares valued at 653 million [1] - CATL (300750) with 1.57 million shares valued at 629 million [1] - Significant changes in existing holdings: - Innovent Biologics (01801) increased by 4.81 million shares (42.97%) to 16.01 million shares valued at 1.408 billion [1] - JuHua Co. (600160) increased by 1.09% to 25.23 million shares valued at 1.009 billion [1] - A decrease in holdings for: - Jingchen Technology (6880889) by 5.85% to 8.96 million shares valued at 996 million [1] - SMIC (00981) by 31.54% to 12.11 million shares valued at 880 million [1] - Exited from the top ten holdings: - Xiaomi Group-W, Kingdee International, Lens Technology, Alibaba-W [1]

Core Viewpoint - Lens Technology has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential growth opportunities for the company [1][2]. Financial Performance - As of June 30, 2025, Lens Technology achieved a revenue of 32.96 billion yuan, representing a year-on-year growth of 14.18% [2]. - The net profit attributable to shareholders was 1.143 billion yuan, reflecting a year-on-year increase of 32.68% [2]. - Cumulatively, the company has distributed 9.993 billion yuan in dividends since its A-share listing, with 4.980 billion yuan distributed over the past three years [3]. Stock Market Activity - On October 24, 2023, Lens Technology's stock price rose by 2.00%, reaching 29.51 yuan per share, with a trading volume of 547 million yuan [1]. - The stock has increased by 37.24% year-to-date, with a 7.90% rise over the last five trading days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net purchase of 1.07 billion yuan on April 7 [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 15.38% to 147,800, while the average circulating shares per person decreased by 13.32% to 33,595 shares [2][3]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some holdings increasing and others decreasing compared to the previous period [3].

Core Insights - On October 22, Lens Technology's stock rose by 1.80%, with a trading volume of 2.31 billion yuan [1] - The company recorded a net financing purchase of 75.84 million yuan on the same day, with a total financing balance of 2.397 billion yuan [1] Financing Overview - On October 22, Lens Technology had a financing purchase of 310 million yuan, with a current financing balance of 2.389 billion yuan, representing 1.63% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level of financing activity [1] Short Selling Overview - On the same day, Lens Technology repaid 33,600 shares in short selling and sold 7,800 shares, amounting to 229,700 yuan at the closing price [1] - The remaining short selling volume was 292,200 shares, with a short selling balance of 8.61 million yuan, also above the 80th percentile of the past year [1] Company Profile - Lens Technology, established on December 21, 2006, and listed on March 18, 2015, specializes in the research, production, and sales of protective panels for electronic products [2] - The company's main products include protective screens for smartphones and tablets, with 82.48% of revenue coming from smartphones and computers [2] Financial Performance - For the first half of 2025, Lens Technology achieved a revenue of 32.96 billion yuan, a year-on-year increase of 14.18%, and a net profit of 1.143 billion yuan, up 32.68% year-on-year [2] Dividend Distribution - Since its A-share listing, Lens Technology has distributed a total of 9.993 billion yuan in dividends, with 4.98 billion yuan distributed in the last three years [3] Shareholder Structure - As of June 30, 2025, the number of shareholders increased by 15.38% to 147,800, with an average of 33,595 circulating shares per person, a decrease of 13.32% [2][3] - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with some holdings increasing and others decreasing compared to the previous period [3]

Core Viewpoint - Lens Technology (300433) emphasizes its long-term partnership with leading North American clients, focusing on the production of core components for AI glasses and plans to expand into additional areas such as SMT for flexible boards, wireless charging modules, and complete device assembly [1] Group 1 - The company is providing precision structural parts, optical components, and acoustic modules for the latest popular AI glasses [1] - Lens Technology is committed to the significant potential of wearable hardware applications in AI, planning to integrate more high-value core components into the next generation of AI glasses [1] - A new subsidiary, Lens Optoelectronics Technology (Changsha) Co., Ltd., has been established to deepen its engagement in the optical industry chain and strengthen its leading position in this field [1]

Core Viewpoint - Lens Technology (300433) announced its collaboration with North American AI core hardware clients, focusing on the development of AI server-related products since last year [1] Group 1: Product Development - The company has initiated the development of AI server products, starting with the processing of chassis structural components, including rails and trays [1] - The company plans to gradually expand into the assembly of liquid cooling modules and solid-state drives [1] Group 2: Market Engagement - Major domestic and international server clients are simultaneously exploring opportunities in this area [1] - Chassis structural components have already been shipped in bulk, while solid-state drive assembly is expected to pass client verification soon [1] Group 3: Future Production Plans - The company anticipates achieving large-scale production of solid-state drives next year [1]

Core Viewpoint - The company, Lens Technology, has established a leading position in the AI hardware sector and is actively involved in the development of next-generation AI hardware products [1] Group 1: Company Positioning - The company has been a pioneer in AI hardware development and has formed close partnerships with leading global AI platform companies [1] - As a core supplier, the company is deeply engaged in the prototype development and design phase of new AI hardware products, providing essential functional modules and precision manufacturing solutions [1] Group 2: Collaboration and Development - The company's development team has a long-standing collaborative relationship with clients' core hardware teams, allowing for deep involvement from the early stages of research and development [1] - The company leverages its advantages in R&D design, lean production, and vertical supply chain integration to meet the explosive demand for hardware upgrades and complete assembly services in the AI era [1]

Core Viewpoint - The company, Lens Technology, has established a deep partnership with a major North American client, serving as a primary core supplier for over 10 years, particularly in the smart cockpit module sector [1] Group 1: Business Relationships - The company has a long-term collaboration with a North American major client, emphasizing its role as a primary core supplier [1] - The partnership spans over a decade, indicating a strong and stable business relationship [1] Group 2: Product Development - The company has developed various modules for humanoid robots, including head modules, joint modules, and dexterous hands, which have been shipped in bulk [1] - The company ranks among the industry leaders in the assembly scale of humanoid robots [1] - The company is working closely with its North American client to develop head modules and body structural components, preparing for product finalization and mass production bidding [1]

Core Insights - The company has established a vertically integrated platform for humanoid robots, covering everything from innovative material research to precision manufacturing and assembly [1] - The company has successfully entered the supply chains of leading robotics firms in North America and domestically, with significant production capabilities in joint modules, dexterous hands, and structural components [1] - The company anticipates shipping 3,000 humanoid robots and over 10,000 quadruped robots this year, positioning itself as one of the largest manufacturers of embodied intelligent hardware [1] Company Developments - A new headquarters for intelligent robotics will be operational on November 18, aimed at expanding large-scale production of new materials, structural components, functional modules, and complete assembly [1] - The Hunan Province Embodied Intelligence Innovation Center will officially open, collaborating with leading robotics companies to explore diverse applications from industrial manufacturing to commercial services and home use [1] - The company invites investors to participate in the inauguration ceremony, aiming to co-create a new future for AI intelligent hardware [1]

Market Overview - The consumer electronics sector experienced a decline of 2.04% on October 22, with Yunzhong Technology leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the consumer electronics sector included: - Longyang Electronics (301389) with a closing price of 60.28, up 9.50% and a trading volume of 202,500 shares, totaling 1.219 billion yuan [1] - Xinhau Optoelectronics (301051) closed at 23.74, up 7.52% with a trading volume of 137,300 shares, totaling 328 million yuan [1] - Yitian Co., Ltd. (300812) closed at 25.87, up 6.68% with a trading volume of 186,400 shares, totaling 478 million yuan [1] - Major decliners included: - Yunzhong Technology (688260) closed at 33.98, down 6.05% with a trading volume of 94,600 shares, totaling 330 million yuan [2] - Beilong Precision (301567) closed at 40.90, down 4.22% with a trading volume of 17,600 shares, totaling 72.495 million yuan [2] - Industrial Fulian (601138) closed at 65.46, down 3.74% with a trading volume of 1,671,900 shares, totaling 11.015 billion yuan [2] Capital Flow - The consumer electronics sector saw a net outflow of 2.525 billion yuan from major funds, while retail investors contributed a net inflow of 2.003 billion yuan [2][3] - Notable net inflows from retail investors included: - Lens Technology (300433) with a net inflow of 162 million yuan [3] - Longyang Electronics (301389) with a net inflow of 132 million yuan [3] - Fenda Technology (002681) with a net inflow of 72.61 million yuan [3] - Conversely, major funds showed net outflows in several stocks, including: - Lens Technology (300433) with a net outflow of 125 million yuan [3] - Longyang Electronics (301389) with a net outflow of 176 million yuan [3] - Fenda Technology (002681) with a net outflow of 5.88 million yuan [3]

Group 1: AI Hardware Development - The company has established a leading position in AI edge hardware development and has engaged in deep R&D, collaborating with top global AI platform companies as a core supplier for new AI hardware products [2] - The company is actively involved in the prototype development and design phase of next-generation AI hardware, leveraging its advantages in R&D design, lean production, and vertical supply chain integration [2] Group 2: Humanoid Robot Business - The company has built a vertically integrated platform for humanoid robots, covering everything from innovative material development to precision manufacturing and system integration [3] - It is expected to ship 3,000 humanoid robots and over 10,000 quadruped robots in the year, positioning itself as one of the largest manufacturers of embodied intelligent hardware [3] - The new headquarters for intelligent robots will be operational on November 18, further expanding capabilities in material development and large-scale production [3] Group 3: AI Server Business - The company has initiated AI server product development, starting with chassis components and expanding into liquid cooling modules and solid-state drive assembly [4] - Major server clients are being targeted for both domestic and international markets, with chassis components already in bulk shipment and solid-state drive assembly expected to achieve scale production next year [4] Group 4: Smart Glasses and Wearable Technology - The company has provided precision structural components and optical modules for a leading North American client's new consumer-grade smart glasses, with plans to expand into additional assembly areas [4] - A new subsidiary, Lens Technology (Changsha) Co., Ltd., has been established to deepen its engagement in the optical industry and enhance its competitive position [4] Group 5: Market Outlook and Performance - Following the release of a new ultra-thin machine, market response has exceeded expectations, leading to increased sales forecasts for the year [5] - The company anticipates a higher growth rate in Q4 due to factors such as last year's high base, delayed new product deliveries, and increased orders [5]