格隆汇2月1日丨歌尔股份(002241.SZ)公告，关于调整回购股份方案暨回购进展，基于对公司未来发展 的信心以及对公司价值的认可，根据公司实际情况以及未来员工激励的需要，公司董事会将本次回购金 额由不低于人民币5亿元(含)且不超过人民币10亿元(含)提高至不低于人民币10亿元(含)且不超过人民币 15亿元(含)，其余条款维持不变。 ...

歌尔股份（002241）(002241.SZ)发布公告，公司将调整回购股份方案，本次调整回购股份方案的具体 内容：股份回购的资金总额由不低于人民币5亿元(含)且不超过人民币10亿元(含)提高至不低于人民币10 亿元(含)且不超过人民币15亿元(含)。除上述调整外，回购股份方案的其他内容未发生变化。 ...

智通财经APP讯，歌尔股份(002241.SZ)发布公告，公司将调整回购股份方案，本次调整回购股份方案的 具体内容：股份回购的资金总额由不低于人民币5亿元(含)且不超过人民币10亿元(含)提高至不低于人民 币10亿元(含)且不超过人民币15亿元(含)。除上述调整外，回购股份方案的其他内容未发生变化。 ...

证券研究报告 | 行业简评报告 2026 年 02 月 01 日 25Q4 业绩及展望超预期，把握苹果 AI 创新下优质供应链 苹果季报及产业链跟踪 TMT 及中小盘/电子 事件： 苹果（AAPL.O）于北京时间 1 月 30 日发布 26FQ1（25CQ4，12 月季）财报。 综合财报及电话会议信息，我们评论如下： 评论： 1、25Q4：业绩超预期，iPhone 需求强劲、中国市场表现亮眼。 苹果 12 月季营收 1437.6 亿美元，创历史新高，高于市场预期（1385.2 亿美元）， 同比+15.7%环比+40.3%，主要系 iPhone 需求强劲；净利润 421.0 亿美元，同 比+15.9%环比+53.3%；摊销 EPS 2.84 美元，创历史新高，高于市场预期（2.67 美元）。①分业务：1）iPhone：营收 852.7 亿美元，同比+23.3%，高于市场 预期（783.1 亿美元），主要系 iPhone 17 系列驱动增长，12 月季实现了份额 增长。2）Mac/iPad：Mac 营收 83.9 亿美元，同比-6.7%，低于市场预期（91.3 亿美元），主要系去年同期高基数；iPad 营收 86 ...

证券代码：002241 证券简称：歌尔股份 公告编号：2026-008 歌尔股份有限公司 关于调整回购股份方案暨回购进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、本次调整回购股份方案的具体内容：股份回购的资金总额由不低于人民 币5亿元（含）且不超过人民币10亿元（含）提高至不低于人民币10亿元（含） 且不超过人民币15亿元（含）。 2、除上述调整外，回购股份方案的其他内容未发生变化。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9号——回购股份》等相关规定，结合市场和公司实际情况，歌尔股份有限公司 （以下简称"公司"）于2026年1月30日召开第七届董事会第四次会议，审议通 过了《关于调整回购股份方案的议案》，董事会同意对回购股份方案及回购股份 报告书中涉及的股份回购资金总额进行调整，其余条款维持不变。 本次调整无需提交股东会审议。现将相关情况公告如下： 三、本次调整回购股份事项相关审批程序 本次调整回购股份方案的相关议案已经公司第七届董事会第四次会议审议 通过。根据《歌尔股份有限公司章程》的规定，本次 ...

证券代码：002241 证券简称：歌尔股份 公告编号：2026-007 歌尔股份有限公司 第七届董事会第四次会议决议公告 一、董事会会议审议情况 经审议，形成如下决议： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 歌尔股份有限公司（以下简称"公司"）第七届董事会第四次会议（以下简 称"本次会议"）通知于 2026 年 1 月 30 日以通讯方式发出，于当日在公司会议 室以现场加通讯表决方式召开。公司董事长姜滨先生主持会议，会议应出席董事 9 名，实际出席董事 9 名。本次会议符合有关法律、法规及《歌尔股份有限公司 章程》的规定，会议合法有效。公司董事会秘书徐大朋先生列席了本次会议。 二、备查文件 1、公司第七届董事会第四次会议决议。 特此公告。 歌尔股份有限公司董事会 二〇二六年二月二日 1、审议通过《关于调整回购股份方案的议案》 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，结合市场及公司实际情况，董事会同意对第六 届董事会第二十四次会议通过的回购公司股份方案及回购股份报告书中涉及的 股份回购资金总额 ...

Group 1: Economic Growth and Projections - In 2025, Shandong Province's GDP is projected to exceed 10 trillion yuan, reaching 10.32 trillion yuan, with a year-on-year growth of 5.5%, making it the third province in China and the first in the north to join the "trillion club" [2] - The value added by the primary industry is expected to be 677.5 billion yuan, growing by 4.0%; the secondary industry is projected at 4.0541 trillion yuan, with a growth of 5.0%; and the tertiary industry is anticipated to reach 5.5881 trillion yuan, growing by 6.1% [2] - Industrial output is expected to maintain a high growth rate, with a year-on-year increase of 7.6% in the added value of above-scale industries [2] Group 2: Capital Market Development - The number of listed companies in Shandong is expected to reach 311 by 2025, with the total market capitalization nearing 5 trillion yuan, achieving a historical high [4] - The Shandong stock index is projected to have a growth rate of 44.25%, ranking third in the country, with a total trading volume of 1.36 trillion shares, placing it sixth nationwide [6] - The direct financing amount for listed companies in Shandong is expected to reach 24.901 billion yuan, a year-on-year increase of 303.52% [5] Group 3: Corporate Performance and Market Dynamics - In 2025, Shandong's listed companies are projected to achieve a total operating income of 2.31 trillion yuan, representing a year-on-year growth of 4.52% [14] - The net profit for these companies is expected to reach 151.451 billion yuan, highlighting their significant role in the national economy [14] - The total market capitalization of Shandong's listed companies is anticipated to reach 4.91 trillion yuan, marking a year-on-year increase of 35.82% [10] Group 4: Innovation and R&D - Shandong's listed companies are expected to invest 625.66 billion yuan in R&D in 2025, with a growth rate of 1.87% [17] - The R&D intensity for these companies is projected to be 2.71%, indicating a focus on technological innovation and industry upgrades [17] - Notable advancements include the successful mass production of high-performance materials and breakthroughs in key technologies, contributing to the development of new productive forces [18][19]

Core Viewpoint - The article highlights the investment strategy of Hu Zhongyuan, focusing on AI applications and robotics, while maintaining a cautious approach with a reduced equity position in his funds [1][4]. Fund Performance - Hu Zhongyuan manages a total of 33.2 billion yuan across five funds, achieving an annualized return of 26% over 6.8 years [6]. - The flagship fund, Huashang Runfeng Flexible Allocation Mixed A, has shown a remarkable return of 85.02% in 2025, significantly outperforming its benchmark and the CSI 300 index [11][12]. - The fund's net value has consistently increased, with a 4.28% growth in the current year [11]. Investment Strategy - The fund maintained an equity position below 45% during market downturns in 2022 and 2023, effectively controlling drawdowns [13]. - Starting in Q1 2024, Hu Zhongyuan increased the equity position to over 90%, but has since reduced it to around 50% in Q3 2025, indicating a strategic shift in response to market conditions [15]. - The top ten holdings have become more diversified, with the concentration of the top ten stocks decreasing from 45% to 23% [15]. Sector Focus - The fund is now focusing on AI application hardware and robotics, with investments spread across sectors such as electronics, communications, media, machinery, home appliances, automotive, electric power equipment, and medical devices [17]. - Recent adjustments include new positions in key consumer electronics companies, indicating a shift from upstream technology to downstream applications [17]. Key Holdings - The top ten holdings in Q4 2025 include new entries like Crystal Optoelectronics, GoerTek, and Luxshare Precision, reflecting a strategic pivot towards consumer electronics [17][19]. - The fund has also increased its stakes in companies involved in the robotics sector, such as Sanhua Intelligent Control and Top Group, while introducing new positions in Jiangsu Leili [19].

Group 1: Company Developments - Geely Auto has established a new company in Shenyang with a registered capital of 100 million yuan, focusing on automotive parts manufacturing and information technology consulting [1] - Efort Robotics announced a price adjustment for some industrial robot products, with a range of 5% to 12%, due to rising costs of raw materials and components [2] - Modern Auto reported a record high sales revenue of 186.25 trillion won (approximately 906.5 billion yuan) for the previous year, marking a 6.3% year-on-year increase, despite a 19.5% decline in operating profit [3] - BMW will implement a new brand logo across all models starting February 2026, having successfully registered multiple "BMW" trademarks [4] - VF Corporation reported third-quarter revenue of $2.876 billion for fiscal year 2026, reflecting a 1% year-on-year increase [6] Group 2: Market Trends and Consumer Behavior - Cainiao's global supply chain for the food industry saw a year-on-year order volume increase of over 35% as the Spring Festival approaches, driven by significant demand for various food brands [5] - Deutsche Bank approved a €1 billion stock buyback plan following a fourth-quarter net profit of €1.3 billion, exceeding market expectations [8] Group 3: Strategic Partnerships and Mergers - Alibaba plans to merge its autonomous driving business with Zelos, acquiring shares in the process [7] - TTC completed a new round of financing worth millions, led by Houxue Capital, to enhance AI model development and improve its recruitment product experience [7] Group 4: Economic Outlook - The German government has revised its 2026 economic growth forecast down to 1%, a decrease of 0.3 percentage points from previous estimates, citing weaker-than-expected recovery in late 2025 [14]

Core Viewpoint - Goer Technology's recently authorized patent for an AR glasses calibration method aims to enhance image display quality in augmented reality technology [1] Group 1: Patent Details - The patent titled "A calibration method, system, electronic device, and storage medium for AR glasses" has been authorized [1] - The calibration method involves collecting eye data from the wearer to determine gaze position and angle [1] - It includes visual measurement to ascertain the wearer's visual range and establishes a current visible area based on gaze parameters [1] Group 2: Technical Functionality - The method sets an initial display area for virtual content and compares it with the current visible area to obtain comparison results [1] - The comparison results include position and/or size comparison outcomes [1] - Adjustments to the display parameters of the virtual content are made based on the comparison results, which aims to improve the overall image quality of the AR glasses [1]