Core Viewpoint - The company, ZTE Microelectronics (卓胜微), is expanding its capabilities in satellite communication by providing RF front-end chip products suitable for this field, positioning itself as a supplier for smart terminal access to satellite networks [1] Group 1: Product Development - The company has developed RF front-end chip products that are compatible with satellite communication applications [1] - It has the capability to offer satellite terminal products, applications, and solutions [1] - Products that meet NTN standards are currently in the early stages of shipment [1] Group 2: Future Plans - The company plans to increase its reserves and expand related technologies and terminal products in the field of aerospace satellite communication [1] - There is an intention to explore additional application scenarios related to satellite communication [1]

Market Overview - The Shanghai Composite Index fell by 1.11% on December 16, with only three sectors gaining, led by retail trade, beauty care, and social services, which rose by 1.32%, 0.66%, and 0.13% respectively [1] - The sectors that experienced the largest declines were telecommunications and non-ferrous metals, with drops of 2.95% and 2.81% respectively [1] - The electronic sector also saw a decline of 1.50% [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 701.17 billion yuan, with five sectors seeing net inflows [1] - The retail trade sector had the highest net inflow of 38.18 billion yuan, coinciding with its 1.32% increase [1] - The food and beverage sector had a negligible decline of 0.02% but still saw a net inflow of 3.02 billion yuan [1] Electronic Sector Performance - The electronic sector had a total of 473 stocks, with 75 stocks rising and 396 stocks falling; one stock hit the daily limit up while three stocks hit the daily limit down [2] - Among the stocks with net inflows, C Angrui-UW led with a net inflow of 9.23 billion yuan, followed by TCL Technology and Zhaosheng Micro with inflows of 3.85 billion yuan and 2.50 billion yuan respectively [2] - The sector experienced a net outflow of 116.07 billion yuan, with 39 stocks seeing outflows exceeding 1 billion yuan; the largest outflows were from Cambrian-U, Zhaoyi Innovation, and Xiangnong Chip Creation, with outflows of 9.12 billion yuan, 6.22 billion yuan, and 4.88 billion yuan respectively [2][3] Top Gainers in Electronic Sector - The top gainers in the electronic sector included C Angrui-UW with a 160.11% increase and a turnover rate of 75.28%, followed by TCL Technology and Zhaosheng Micro with increases of 1.11% and 4.62% respectively [2] - Other notable gainers included Shengyi Technology, BOE Technology Group, and Zhishang Technology, with increases of 4.04%, 0.24%, and 0.36% respectively [2] Top Losers in Electronic Sector - The largest losers in the electronic sector included Cambrian-U with a decrease of 4.35% and a turnover rate of 1.77%, followed by Zhaoyi Innovation and Xiangnong Chip Creation with declines of 3.09% and 3.44% respectively [3] - Other significant declines were seen in companies like East Mountain Precision and Heertai, which fell by 2.41% and 5.58% respectively [3]

Group 1 - The core viewpoint of the articles highlights a significant price surge in the global memory chip market, particularly in DRAM and NAND Flash, with prices increasing over 300% since September 2023, driven by the rise of AI applications [1][2] - The consumption electronics sector is expected to implement a combination of structural price increases and cost-sharing strategies with the supply chain, particularly as the demand for consumer electronics like smartphones and computers is projected to rise through 2026 [1] - The consumption electronics ETF closely tracks the performance of the China Securities Consumption Electronics Theme Index, which includes 50 listed companies involved in component production and brand design [2][3] Group 2 - The top ten weighted stocks in the China Securities Consumption Electronics Theme Index account for 56.39% of the index, indicating a concentration of investment in key players such as Luxshare Precision and Cambricon Technologies [3] - AI is enhancing the demand for consumer batteries, as the integration of AI in devices like smartphones and wearables is leading to increased power consumption and a higher demand for lithium batteries [2]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Technology, specifically focusing on Artificial Intelligence (AI) and semiconductor sectors [1][5][8] - **Outlook for 2026**: The AI supercycle is expected to continue, with significant growth in AI infrastructure and domestic substitution in China [1][5] Core Insights and Arguments - **AI Infrastructure Growth**: AI infrastructure spending is projected to grow robustly, with major cloud providers expected to increase capital expenditures by over 30% in 2026, following a 60% increase in 2024/25 [5][10] - **Cloud Providers' Capital Expenditure**: Major cloud providers (META, Google, Microsoft, Amazon, Oracle) are expected to reach a combined capital expenditure of $467.9 billion in 2026, reflecting a 33% year-over-year increase [10][14] - **Domestic Substitution in China**: The "14th Five-Year Plan" is anticipated to accelerate domestic substitution in key industries, with Chinese cloud service providers expected to increase capital expenditures by 49% in 2025 [5][9] - **Demand for AI-Related Hardware**: There is a persistent supply-demand imbalance for critical hardware components such as computing, storage, and communication chips, driven by high demand from AI applications [10][34] - **Consumer Electronics Demand**: A cautious outlook for global consumer electronics demand is noted, with predictions of a slight decline in smartphone and PC sales in 2026 [5][9] Investment Recommendations - **Recommended Stocks**: - NVIDIA (NVDA US) - Buy, target price $245.00 - Broadcom (AVGO US) - Buy, target price $425.00 - TSMC (TSM US) - Buy, target price $360.00 - Domestic Chinese companies such as North Huachuang (002371 CH), OmniVision (603501 CH), and SMIC (981 HK) are also recommended [2][5] - **Risks**: Potential risks include underperformance in AI monetization, high valuations of core stocks, and geopolitical uncertainties [5][9] Additional Important Insights - **AI Model Development**: The development of AI models continues to progress, with increasing competition and the emergence of new models, including domestic AI models [10][16] - **Chip Supply Dynamics**: The supply of HBM (High Bandwidth Memory) chips is expected to ease in 2026 due to advancements in technology, although demand from AI applications remains high [51][52] - **Market Share Trends**: NVIDIA is projected to maintain a dominant market share in the accelerator chip market, although Broadcom's share is expected to increase significantly [47][46] - **Network Communication Growth**: The importance of network communication in enhancing the efficiency of accelerator chips is rising, with significant growth expected in the AI network communication market [48][54] This summary encapsulates the key points discussed in the conference call, providing insights into the technology industry's outlook, investment opportunities, and potential risks.

Group 1 - The core point of the article is that Zhaosheng Microelectronics (卓胜微) reported that as of December 10, 2025, the number of shareholders is 76,595 [1]

证券日报网讯 12月12日，卓胜微在互动平台回答投资者提问时表示，二级市场股价受政策环境、市场 环境、投资者风险偏好等多方面因素影响，公司对股票在二级市场的价格表现保持关注。同时，管理层 一贯以竭力做好经营，谋求可持续发展为己任，不断提升内在战略价值，用可持续发展的业绩回报广大 投资者。 （文章来源：证券日报） ...

（文章来源：证券日报） 证券日报网讯 12月12日，卓胜微在互动平台回答投资者提问时表示，短期来看，公司的业绩承压主要 受生产线建设期间大额资本性支出致固定资产折旧增加、新产线产能爬坡阶段成本较高，以及市场竞争 加剧等多重因素影响。公司对股票在二级市场的价格表现保持关注，管理层一贯以竭力做好经营，谋求 可持续发展为己任，不断提升内在战略价值，用可持续发展的业绩回报广大投资者。于长期而言，芯卓 产业项目是公司的可持续经营战略，更是公司长远发展的重要基石，未来公司将加速落地资源平台的建 设，专注布局和投资新的前沿技术，突破工艺技术壁垒，力争对标国际头部企业，深度构建核心竞争 力。随着新产品的发力、低产出导致高成本的迹象逐渐减弱等多方面积极因素出现，业绩将逐步改善。 ...

Group 1 - The company, ZTE Microelectronics, considers Samsung a long-term and stable important partner, maintaining a good strategic cooperation relationship across multiple product categories [2][5] - The ongoing patent dispute with Murata only involves a few specific models of filter products, which represent a low proportion of the company's main business revenue [2][5] - Currently, the patent dispute has not significantly impacted the company's overall production, operations, or sustainability, and the company will continue to follow up on the relevant developments in accordance with laws and regulations [2][5]

Core Points - The mainland consumer electronics index (983105) closed at 4679.66 points, down 0.04%, with a trading volume of 75.462 billion yuan and a turnover rate of 1.56% [1] - Among the index constituents, 20 stocks rose while 29 fell, with AAC Technologies leading the gainers at 3.95% and Meitu leading the decliners at 6.0% [1] Index Constituents Summary - The top ten constituents of the mainland consumer electronics index are as follows: - Luxshare Precision (sz002475) holds a weight of 12.51%, latest price at 60.00 yuan, with a market cap of 436.926 billion yuan and a rise of 2.37% [1] - SMIC (hk00981) has a weight of 12.37%, latest price at 62.39 yuan, with a market cap of 499.131 billion yuan and a decline of 1.15% [1] - Other notable constituents include BOE Technology (sz000725) with a weight of 5.67% and a market cap of 145.166 billion yuan, and Xiaomi (hk01810) with a weight of 5.56% and a market cap of 963.341 billion yuan [1] Capital Flow Analysis - The net inflow of main funds into the index constituents totaled 775 million yuan, while retail funds saw a net outflow of 347 million yuan [3] - Key stocks with significant fund flows include: - Luxshare Precision with a net inflow of 604 million yuan, accounting for 5.53% of the main funds [3] - Other stocks like GoerTek (sz002241) and Shenghong Technology (300476) also experienced notable fund movements [3]

卓胜微(300782)向特定对象发行股票申请审核状态变更为提交注册。 （文章来源：证券时报网） 卓胜微本次拟向特定对象发行股票，拟发行数量不超过1.60亿股，预计募集资金34.75亿元。本次发行保 荐机构为中国国际金融股份有限公司。（数据宝） ...