Market Performance - The main board led the gains with notable increases in stocks such as Furi Electronics (+10.04%), Beiwai Technology (+10.03%), and Liding Optoelectronics (+10.00%) [1] - The ChiNext board saw significant growth, highlighted by Longyang Electronics (+20.00%) and Jinxi Modern (+19.96%) [1] - The Sci-Tech Innovation board also performed well, with Dongxin Co. (+20.00%) and Xunjiexing (+15.81%) leading the way [1] - Active sub-industries included SW Military Electronics III (+3.42%) and SW Robotics (+3.42%) [1] Domestic News - ZhiGe Technology, an AR glasses optical manufacturer, recently completed a financing round of over 100 million yuan, establishing China's first fully automated mass production line for diffractive waveguides with a monthly capacity of 100,000 pieces [1] - Semiconductor investment alliance member, Saiwei Electronics, announced that its subsidiary, Silex, has received a purchase order for a MEMS silicon oscillator after passing customer validation [1] - TSMC has begun equipment installation for its second 2nm plant in Kaohsiung, expected to enter trial production by the end of this year [1] - He Sheng New Materials announced a 250 million yuan investment in Yizhi Electronics, acquiring a 10% stake in the company, which specializes in high-end server CPU chip design [1] Company Announcements - Aohai Technology reported the repurchase of 534,100 shares, representing 0.19% of its total share capital [3] - Sanhuan Group announced the repurchase of 5,133,800 shares, accounting for 0.2679% of its total share capital [3] - OmniVision Technologies projected its H1 2025 revenue to be between 13.722 billion yuan and 14.022 billion yuan, reflecting a year-on-year increase of 13.49% to 15.97% [3] - Industrial Fulian reported a total repurchase of 7,697,400 shares, which is 0.04% of its total share capital [3] Overseas News - TrendForce predicts that major memory suppliers in South Korea and the U.S. will significantly reduce or halt production of LPDDR4X in 2025 and 2026, leading to supply-demand imbalances [1] - Samsung Electronics made a strategic investment in Israeli startup Teramount Ltd. to secure critical high-speed data transmission technology for next-generation semiconductor packaging [1] - Meta announced plans to dispose of certain data center assets valued at $2.04 billion, reclassifying them as "held for sale" [1] - Qualcomm reported Q3 FY2025 revenue of $10.4 billion, a 10% year-on-year increase, with net profit of $2.666 billion, up 25% year-on-year, driven by strong performance in automotive and IoT sectors [1]

众所周知，无论对于手机、还是电脑行业来说，"游戏"如今都已经成为了推动技术进步，促进硬件更新换 代的重要因素之一。 但如果大家有关注过这两个群体就会发现，Ta们之间很多时候并不完全重合。非但如此，在电脑游戏玩家 的群体里，还会有一些对手游玩家不屑一顾的观点。 互联网上流传的段子 平心而论，这些段子并不一定就是刻意编造的"反串"内容，因为客观来说，在如今这个手机、平板高度普 及，且操作极度简化的时代，有些重度手机用户确实可能严重缺乏电脑软硬件的基本常识。再加上手机行 业的宣发确实要比电脑行业更"用力"，所以部分用户被灌输了错误的观念自然也就并不令人感到惊讶。 然而"在手机上玩电脑游戏"真的就只是个段子吗？从最近的一些行业动向来看，情况似乎开始发生了一些 变化。 红魔10S Pro+能用模拟器将《生化危机3重制版》较为流畅地运行 比如前段时间我们三易生活先后评测了红魔10S Pro+、红魔电竞平板3 PRO这两款专业的硬核向游戏设 备，它们最大的亮点之一就是都出厂搭载了PC模拟器，直接就支持在手机上运行一些电脑上的游戏。而且 从我们的实测来看，实际效果还相当不错，基本能确保在全高画质720P分辨率下，跑到足够可玩 ...

Investment Rating - The report maintains a "Buy" rating for multiple stocks in the communication sector, including 沪电股份 (002463.SZ), 美格智能 (002881.SZ), 中际旭创 (300308.SZ), 天孚通信 (300394.SZ), and others [1]. Core Insights - The WAIC 2025 conference highlighted the acceleration of AI large model iterations and the growing investment opportunities in the computing power industry chain [2][7]. - The conference showcased significant trends such as the practical application of embodied intelligence, AI enhancing personal efficiency, and the emergence of AI agents [3][6][21]. - The report emphasizes the increasing demand for computing power driven by advancements in AI models and the potential for AI-driven digital interactions to become a new hot sector [9][25]. Summary by Sections Industry Overview - The communication sector index rose by 2.54%, outperforming the Shanghai and Shenzhen 300 index, which fell by 1.75% [14][16]. - The report identifies key stocks to watch, including major telecom operators and technology companies involved in AI and computing power [26][27]. WAIC 2025 Highlights - The WAIC 2025 conference, held from July 26 to 28, featured over 800 companies and 3,000 exhibits, marking a significant milestone in AI development [2][28]. - Key trends observed include the practical implementation of embodied intelligence, AI's role in enhancing personal productivity, and the introduction of AI emotional companion products [3][6][21][31]. AI Model Developments - Google's Gemini 2.5 Deep Think model was introduced, showcasing improved performance in various benchmarks [7][39]. - The domestic model GLM-4.5 was released, achieving top rankings in multiple performance tests and offering competitive API pricing [8][49][50]. - Alibaba's launch of the Wan2.2 video generation model represents a significant advancement in video generation technology [52][55]. Investment Opportunities - The report suggests a focus on the computing power industry chain, highlighting the increasing need for advanced computing capabilities as AI models evolve [9][25]. - Recommended stocks span various sectors, including telecommunications, cloud computing, and AI technology, indicating a broad investment strategy [26][27].

金十图示：2025年08月04日（周一）全球主要科技与互联网公司市值变化 | 台棋电 | 12199 | + -2.65% | 235.21 | | --- | --- | --- | --- | | 特斯拉 | 9761 | + -1.83% | 302.63 | | 甲骨文 | 6865 | + -3.68% | 244.42 | | 腾讯 | 6154 | + -3.17% | 67.85 | | 奈飞 | 4923 | + -0.07% | 1158.6 | | O Palantir | 3640 | + -2.58% | 154.27 | | ERASSING - E | 3313 | 1 1.16% | 50.35 | | SAP SAP | 3283 | + -1.29% | 283 | | 2 阿里巴巴 | 2840 | + -2.95% | 117.07 | | AMD | 2783 | + -2.64% | 171.65 | | ASML 阿斯麦 | 2712 | -0.7% | 689.82 | | cisco 思科 | 2657 | + -1.42% | 67.11 | | 赛富时 | ...

Group 1 - The importance of semiconductor IP is increasing, with discussions at the recent RAISE AI conference highlighting the shift towards IP-centric EDA practices [1] - The global semiconductor design IP market is projected to reach $8.4916 billion in 2024, a 20.2% increase from $7.0625 billion in 2023, marking a historical high [2] - Key drivers of growth in the IP market include wired interface IP and processor IP, which are expected to grow by 23.5% and 22.4% respectively [2] Group 2 - The top 10 vendors in the design IP market are expected to generate $7.089 billion in 2024, with a combined market share of 83.5%, up from 81.7% in 2023 [3] - ARM and Synopsys dominate the market, holding a combined share of 66% in 2024, an increase of 4.5 percentage points from the previous year [3] Group 3 - The wired interface IP market is a major growth driver, with predictions of sustained growth at a rate comparable to the 20% growth seen in the 2020s [4] - Chiplet technology is emerging as a key innovation, allowing for flexible design and cost-effective integration of various IP modules [4] Group 4 - RISC-V architecture is revitalizing the processor IP sector, offering an open-source, modular design that encourages innovation and reduces licensing costs [5] - The demand for high-performance computing and advanced interface IP is expected to continue driving growth in the design IP market in the coming years [5] Group 5 - Companies previously uninvolved in IP are now entering the market, as seen with GlobalFoundries' acquisition of MIPS to enhance its IP offerings [7] - Siemens is also establishing an IP alliance to strengthen its position in advanced wafer fabrication, collaborating with various IP startups [8] Group 6 - Established companies like Cadence and Qualcomm are actively expanding their IP portfolios through acquisitions, such as Cadence's purchase of Arm's Artisan IP business and Qualcomm's acquisition of Alphawave for approximately $2.4 billion [9][10] - Synopsys is enhancing its RISC-V ecosystem by integrating its IP offerings with EDA tools to simplify chip development processes [11] Group 7 - The strategic importance of semiconductor IP is fundamentally changing, with a market growth rate of up to 20% reflecting its increasing economic value [12] - Major industry players are demonstrating clear strategic intentions, with companies like Cadence and Synopsys leveraging their IP assets to expand their business scope [12]

Core Insights - Qualcomm is actively participating in the gaming industry by showcasing its technological advancements at the ChinaJoy event, emphasizing the importance of gaming as a critical application for its semiconductor capabilities [1][4][16] - The digital entertainment industry in China is experiencing significant growth, supported by government policies and increasing consumer demand, with the gaming market reaching a revenue of 325.78 billion yuan in 2024, a year-on-year increase of 7.53% [3][16] - The integration of AI, 5G-A, and other technologies into gaming is driving innovation and creating new market opportunities for semiconductor companies like Qualcomm [2][16] Qualcomm's Role in the Gaming Industry - Qualcomm's Snapdragon platform is being utilized in over 184 products, enhancing gaming experiences across various devices, including mobile phones, PCs, and XR devices [15] - The Snapdragon 8 Gen 2 mobile platform features significant performance improvements, with a 45% increase in single-core and multi-core performance, and a 44% reduction in power consumption [6] - The company is collaborating with 75 partners across the digital entertainment ecosystem, including game studios and terminal manufacturers, to create a comprehensive industry chain [10][12] Market Trends and Opportunities - The mobile gaming market is projected to continue its growth, with revenues from mobile games reaching 238.22 billion yuan in 2024, accounting for over 70% of the total gaming market [3][16] - The rise of cross-terminal gaming and XR experiences is creating new demands for high-performance, low-power chips, pushing semiconductor companies to innovate [2][8] - The esports sector is also gaining traction, with Qualcomm's Snapdragon Pro Series attracting millions of viewers and showcasing the potential of mobile esports [13] Technological Innovations - Qualcomm's advancements in AI and real-time graphics processing are enhancing gaming experiences, as seen in titles like "Ningchao" and "League of Legends Mobile," which leverage Snapdragon's capabilities for improved performance [6][12] - The integration of 5G-A technology with XR devices is enabling high-resolution, low-latency experiences, demonstrating the commercial potential of these technologies [8][9] - The company's focus on creating a unified technology platform across devices is facilitating seamless user experiences and responding to the trend of multi-platform gaming [9][16]

Core Viewpoint - Qualcomm is leveraging its technological advancements to integrate into the gaming industry, showcasing its capabilities at the ChinaJoy event, which highlights the synergy between semiconductor technology and digital entertainment [1][22]. Group 1: Industry Trends - The digital entertainment industry is experiencing a growth window, supported by favorable government policies and increasing consumer demand for gaming and esports [3][4]. - In 2024, China's gaming market revenue reached 325.78 billion yuan, with a year-on-year growth of 7.53%, while mobile gaming accounted for over 70% of the market [4][22]. - Global gaming market revenue in 2024 was estimated at $182.7 billion, with mobile gaming representing 55% of the total [4]. Group 2: Technological Innovations - The demand for high-performance, low-power chips is rising due to new gaming formats like mobile, cross-device, and XR, driving advancements in CPU, GPU, and NPU technologies [2][21]. - Qualcomm's Snapdragon 8 Gen 2 mobile platform features significant performance improvements, including a 45% increase in single-core and multi-core performance, and a 44% reduction in power consumption [8][21]. - The integration of AI and 5G-A technologies is creating new demands for real-time interactions and cross-device collaboration in gaming [2][10]. Group 3: Ecosystem Collaboration - Qualcomm's participation in ChinaJoy involved 75 partners across the digital entertainment industry, showcasing a collaborative ecosystem that includes operators, device manufacturers, and game studios [12][13]. - Partnerships with major companies like Tencent and NetEase are focusing on integrating advanced technologies into popular games, enhancing user experience and performance [16][21]. - The collaboration with telecom operators, such as China Telecom, demonstrates the potential of 5G-A networks in delivering high-quality gaming experiences [15][21]. Group 4: Consumer Engagement - Qualcomm's strategy includes engaging consumers through immersive experiences at events, showcasing the latest technologies and products to bridge the gap between innovation and market acceptance [20][22]. - The introduction of various Snapdragon-powered devices across different price ranges supports consumer demand and enhances the overall gaming experience [20][21]. - Online and offline marketing initiatives aim to boost consumer awareness and drive sales, reflecting a comprehensive approach to digital consumption [17][18].

Core Insights - JR Research is recognized as a top analyst in technology, software, and internet sectors, focusing on growth and GARP strategies [1] - The investment approach emphasizes identifying attractive risk/reward opportunities with robust price action to generate alpha above the S&P 500 [1][2] - The investment group Ultimate Growth Investing specializes in high-potential opportunities across various sectors with a focus on strong growth potential and contrarian plays [3] Investment Strategy - The strategy combines sharp price action analysis with fundamental investing to identify growth opportunities with significant upside potential [2] - The focus is on avoiding overhyped and overvalued stocks while targeting battered stocks that have recovery potential [2] - The investment outlook typically spans 18 to 24 months for the thesis to materialize [3] Target Audience - The group is designed for investors looking to capitalize on growth stocks with strong fundamentals, buying momentum, and turnaround plays at attractive valuations [3]

Core Insights - The ChinaJoy event showcases the booming e-sports market and its impact on related industries, with 743 companies participating and an expected daily footfall of over 55,000 visitors [2][3] - The event highlights the integration of cutting-edge technology and gaming, with a focus on mobile gaming and e-sports, as well as the rise of AI and XR technologies [5][12] Industry Trends - The e-sports industry in China generated revenues of 12.761 billion yuan in the first half of 2025, marking a year-on-year growth of 6.1% [2] - E-sports monitors have seen a penetration rate of 62% in the online market, with a projected growth of 1.6% in overall PC monitor shipments and a 12.4% increase in the e-sports monitor market by 2025 [3] Technology and Product Innovations - Major brands like TCL, Samsung, and Xiaomi showcased their latest advancements in e-sports displays and smart devices at ChinaJoy [5] - Qualcomm's Snapdragon Pavilion featured over 100 devices and more than 50 multi-device game demonstrations, emphasizing the importance of high-performance smartphones in the gaming ecosystem [5][16] Cross-Industry Collaborations - The event saw collaborations between mobile manufacturers and game developers, with Qualcomm working closely with companies like NetEase to enhance gaming experiences through AI capabilities [16][17] - Companies are leveraging popular game IPs to promote their products, with limited edition releases aimed at attracting new users [12][19] Future Outlook - The blending of technology and gaming is expected to continue, with a focus on creating immersive experiences across various platforms, including mobile, PC, and XR [19] - The presence of humanoid robots and automotive brands at the event indicates a growing trend of cross-industry engagement, further blurring the lines between technology and entertainment [10][19]

Core Viewpoint - The 2025 ChinaJoy and the China International Digital Entertainment Industry Conference (CDEC) highlight the advancements in the digital entertainment industry, with Qualcomm showcasing its technological innovations and ecosystem development in mobile gaming and AI integration [1][3]. Group 1: Technological Innovations - Qualcomm's Snapdragon 8 Gen 2 mobile platform features over 40% improvements in CPU, GPU, and NPU performance, enhancing mobile gaming and multitasking capabilities [3]. - The platform supports over 180 terminal designs from brands like Honor, OPPO, vivo, and Xiaomi, providing top-tier experiences in mobile gaming, social media, and multimedia [3]. - The integration of the seventh-generation Snapdragon Elite Gaming suite brings PC-level gaming experiences to mobile devices, improving graphics and frame rates [3]. Group 2: AI and 5G Integration - Qualcomm is actively promoting the deployment of generative AI on the device side, exemplified by the Xiaomi AI glasses that utilize Qualcomm chips for real-time AI interactions [5]. - The Snapdragon AR1+ platform has been reduced in size by 26% and offers lower power consumption, supporting small language models for AI smart glasses [5]. - The acceleration of 5G-A network commercialization, combined with AI and spatial computing, opens new possibilities for digital entertainment [5]. Group 3: Ecosystem Development - Qualcomm has built a comprehensive digital entertainment ecosystem across multiple devices, including smartphones, PCs, XR, and automotive applications [6]. - Over 30 flagship Android smartphones based on the Snapdragon 8 Gen 2 and fourth-generation Snapdragon 8s platforms were showcased, enhancing user experiences [6]. - The collaboration with 75 partners resulted in over 100 terminal demonstrations and more than 50 multi-terminal game titles, showcasing the strength of Qualcomm's ecosystem [6]. Group 4: Interactive Experiences - The Snapdragon theme pavilion at ChinaJoy features multi-dimensional interactive scenarios, including the upgraded "Snapdragon XR Fantasy Journey" that offers ultra-8K resolution and low-latency immersive experiences [7]. - Online and offline engagement strategies, such as social media campaigns and promotional events, have attracted significant user participation [7]. - Qualcomm aims to innovate and collaborate with partners to create a new chapter in digital entertainment and consumption [7].