Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Views - The report emphasizes the long-term growth potential of the global AI smart terminal market and the opportunities within the Chinese supply chain, driven by increasing innovation in edge AI products [4][14] - The Shanghai Municipal Economic and Information Commission has issued a plan to enhance the layout of edge AI chips, which is expected to accelerate the development of the industry [13][14] - The global edge AI market is projected to grow significantly, with a forecasted increase from 321.9 billion to 1.22 trillion yuan from 2025 to 2029, representing a compound annual growth rate of 40% [5][15] Summary by Sections 1. Policy Support for Edge AI - The Shanghai Municipal Economic and Information Commission has released a plan to strengthen the layout of edge AI chips, focusing on various terminal products such as smartphones and computers [13] - The plan aims to accelerate the development of core chips like SoC and CPU, covering major technology routes including X86, ARM, and RISC-V [13][14] - The report highlights the supportive national policies for AI development, including the goal for new generation smart terminals to achieve over 70% penetration by 2027 [14] 2. Market Potential of Edge AI - The edge AI market is expected to experience explosive growth, with a projected market size increase from 321.9 billion yuan to 1.22 trillion yuan between 2025 and 2029 [5][15] - AI glasses are identified as a key product in the edge AI sector, with global sales expected to rise significantly, reaching 600 million units by 2029 [6][16] - The report notes that domestic sales of smart glasses in China are anticipated to approach 1.4 million units in 2025, marking a 216% year-on-year increase [6][16] 3. Redefining Smart Terminals with AI - The report discusses the transformation of smart terminals through AI, moving from graphical user interfaces (GUI) to language user interfaces (LUI), enhancing user interaction [9][17] - It highlights a paradigm shift from "tool execution" to "autonomous execution" with the emergence of AI agents capable of independent decision-making [18] - The ecological transformation is noted, where companies are creating interconnected ecosystems that span multiple devices and applications [19] 4. Investment Recommendations - The report suggests focusing on companies such as Luxshare Precision, Lens Technology, and Goertek, among others, as potential investment opportunities in the AI smart terminal sector [8]

Company Overview - Lingyi Technology, established on July 1, 1975, and listed on July 15, 2011, is located in Jiangmen City, Guangdong Province. The company specializes in the production and sales of new electronic components, mobile phone, and computer accessories. The main revenue composition is as follows: AI terminals 88.32%, others 6.68%, and automotive and low-altitude economy 5.01% [1][2]. Stock Performance - As of November 6, Lingyi Technology's stock price increased by 2.12%, reaching 14.93 CNY per share, with a trading volume of 1.453 billion CNY and a turnover rate of 1.37%. The total market capitalization is 109.079 billion CNY [1]. - Year-to-date, the stock price has risen by 87.56%, but it has seen a decline of 6.16% over the last five trading days and 13.00% over the last twenty days. Over the last sixty days, the stock price increased by 54.72% [1]. Financial Performance - For the period from January to September 2025, Lingyi Technology achieved a revenue of 37.590 billion CNY, representing a year-on-year growth of 19.39%. The net profit attributable to shareholders was 1.941 billion CNY, reflecting a year-on-year increase of 38.17% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders increased to 539,100, up by 82.54%. The average circulating shares per person decreased by 43.07% to 13,300 shares [2]. - The company has distributed a total of 3.224 billion CNY in dividends since its A-share listing, with 1.512 billion CNY distributed in the last three years [3]. Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 174 million shares, an increase of 53.8917 million shares from the previous period. Other notable institutional shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, with varying changes in their holdings [3].

根据公开数据测算，教育、展演类人形机器人售价多在2万至10万元，工业类产品价格普遍在20万元及以上。因此，千台级订单往往对应着亿元级合同。 例如，10月初，智元机器人与龙旗科技（603341.SH）签下数亿元合作协议，计划部署近千台机器人。9月以来，优必选中标2.5亿元项目；星尘智能披露 与仙工智能的千台级合作；智平方与惠科签署5亿元协议，3年交付超1000台；众擎机器人与多伦科技（603528.SH）签署合作协议，多伦科技计划3年内 采购不低于2000台。更早的时候，松延动力宣布获得超2500台订单，合同金额突破1亿元。 这轮"签单潮"是多重因素叠加的结果。自今年春晚亮相以来，人形机器人频繁出现在公众视野，迅速建立起认知基础。同时，制造业、教育、文旅等行业 的实际需求正在浮现，创造了一批可批量落地的场景。而在融资趋紧的背景下，不少企业急需"真实销量"撬动下一轮融资和估值。 千台级订单，正在成为人形机器人产业化的分水岭。它意味着，机器人不再只是实验室里的演示样机，而是开始进入真实的产业场景。 这个阶段，或可类比十年前新能源车刚被引入物流、网约车和政府示范项目时的情形——先验证能用，再考虑普及。而人形机器人真正 ...

经济观察报 记者 周悦 这个阶段，或可类比十年前新能源车刚被引入物流、网约车和政府示范项目时的情形——先验证能用，再考虑普及。而人形机器人真正走进家庭，成为大众 消费产品，还需要经历产品优化、成本下降和用户习惯的建立等。 在人形机器人迈出产业化的第一步时，一些关键问题也浮出水面：谁在买？买来做什么？谁在卖？如何真正卖得出去？ 一场从"拼Demo"转向"拼交付"的销售战，正在悄然改写人形机器人的商业逻辑。 2025年上半年，几乎每一家人形机器人公司都在"秀肌肉"：打拳、跳舞、跑步、叠衣服、擦桌子……各种Demo（演示视频）轮番登场，成为大众眼中高科 技的最新代名词。 进入下半年，风向变了。Demo逐渐退场，订单成为新的焦点。 仅在过去的两个月内，已有多家公司陆续迈入"千台俱乐部"。据经济观察报不完全统计，优必选、宇树科技、智元机器人、松延动力、星尘智能、智平方、 众擎机器人、加速进化8家企业，均披露了千台级订单。 根据公开数据测算，教育、展演类人形机器人售价多在2万至10万元，工业类产品价格普遍在20万元及以上。因此，千台级订单往往对应着亿元级合同。 例如，10月初，智元机器人与龙旗科技（603341.SH）签 ...

在人形机器人迈出产业化的第一步时，一些关键问题也浮出水 面：谁在买，买来做什么；谁在卖，如何真正卖得出去？ 作者： 周悦 封图：受访者供图 例如，10月初，智元机器人与龙旗科技（603341.SH）签下数亿元合作协议，计划部署近千台机 器人。9月以来，优必选中标2.5亿元项目；星尘智能披露与仙工智能的千台级合作；智平方与惠 科签署5亿元协议，3年交付超1000台；众擎机器人与多伦科技（603528.SH）签署合作协议， 多伦科技计划3年内采购不低于2000台。更早的时候，松延动力宣布获得超2500台订单，合同金 额突破1亿元。 这轮"签单潮"是多重因素叠加的结果。自今年春晚亮相以来，人形机器人频繁出现在公众视野， 迅速建立起认知基础。同时，制造业、教育、文旅等行业的实际需求正在浮现，创造了一批可批量 落地的场景。而在融资趋紧的背景下，不少企业急需"真实销量"撬动下一轮融资和估值。 千台级订单，正在成为人形机器人产业化的分水岭。 它意味着，机器人不再只是实验室里的演示 样机，而是开始进入真实的产业场景。 这个阶段，或可类比十年前新能源车刚被引入物流、网约车和政府示范项目时的情形——先验证能 用，再考虑普及。而人 ...

沪指11月5日上涨0.23%，申万所属行业中，今日上涨的有20个，涨幅居前的行业为电力设备、煤炭， 涨幅分别为3.40%、1.39%。跌幅居前的行业为计算机、非银金融，跌幅分别为0.97%、0.49%。电子行 业今日下跌0.19%。 资金面上看，两市主力资金全天净流出86.38亿元，今日有11个行业主力资金净流入，电力设备行业主 力资金净流入规模居首，该行业今日上涨3.40%，全天净流入资金146.08亿元，其次是煤炭行业，日涨 幅为1.39%，净流入资金为10.92亿元。 主力资金净流出的行业有20个，计算机行业主力资金净流出规模居首，全天净流出资金63.63亿元，其 次是电子行业，净流出资金为46.16亿元，净流出资金较多的还有通信、非银金融、汽车等行业。 电子行业今日下跌0.19%，全天主力资金净流出46.16亿元，该行业所属的个股共470只，今日上涨的有 219只，涨停的有4只；下跌的有246只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有159只，其中，净流入资金超亿元的有12只，净流入资金居首的是胜宏科技，今日净流入资金 4.46亿元，紧随其后的是工业富联、立讯精密，净流入资金 ...

女首富换人的同时，"硬科技"的女总裁们，也在集体爆发： 蓝思科技周群飞，55岁，财富1100亿，榜单第二。 文｜allinone 沐风 编辑｜时楠 中国的财富版图，正在被一群"女大佬"们重写。 近日，《2025胡润女企业家榜》发布，钟慧娟以1410亿的身价，干掉了碧桂园的杨惠妍、娃哈哈的宗馥 莉，首次坐上了"中国女首富"的宝座。 这位64岁的前化学老师，从丈夫手里接过一家初创药企，并干成了一个医药巨头。她和丈夫孙飘扬，更 创下了夫妻二人各自执掌一家千亿市值药企的商业奇迹。 立讯精密王来春，58岁，财富855亿，榜单第四。 领益智造曾芳勤，60岁，财富695亿，榜单第六。 这三个女人，撑起了中国消费电子供应链的半壁江山，而她们的故事更是惊人地相似...... "厂妹"逆袭成女BOSS 3位科技女总裁的起点，都在工厂流水线上。 故事要从上世纪80年代末说起。1988年，21岁的王来春，还是个初中毕业、在家务农的农村姑娘。她跑 到深圳，成了富士康在中国大陆招聘的第一批149名员工之一，一个最底层的"女工"。 几乎是同一时间，周群飞的人生按下了"快进键"。这个15岁就因家贫辍学，只身南下深圳的湖南"厂 妹"，在流水线 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002600 证券简称：领益智造 公告编号：2025-184 广东领益智造股份有限公司 关于归还临时补充流动资金的募集资金的公告 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。 广东领益智造股份有限公司（以下简称"公司"）于2024年12月6日召开第六届董事会第九次会议和第六 届监事会第八次会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议案》，同意公司 在确保不影响募集资金投资项目建设进度的情况下，使用不超过人民币80,000万元（含本数）的闲置募 集资金临时补充流动资金，使用期限自董事会审议通过之日起不超过12个月，公司承诺在到期日之前及 时归还至募集资金专户。具体内容详见公司于2024年12月7日在巨潮资讯网（www.cninfo.com.cn）披露 的《关于使用部分闲置募集资金暂时补充流动资金的公告》（公告编号：2024-148）。 截至2025年11月4日，公司已将临时补充流动资金的75,000万元闲置募集资金全部归还至募集资金专用 账户，使用期限未超过自董事会审议通过之日起十二 ...

以下文章来源于热管理博览会 ，作者传递多一点的 热管理博览会 . iTherM 定位于热管理产业链一站式、高效率价值服务平台。主题活动：国际热管理材料技术博览会。 10 月 20 日，宇树科技（Unitree Robotics）发布首款全电动仿生人形机器人 Unitree H2。 官方数据显示，H2 身高约 1.2 米，整机重量仅 43 公斤，紧凑灵活的体型 使其能在复杂环境中灵活移动。而轻量化的背后 ，得益于宇树科技自主研发的高功率密度关节模组， 可完成行走、蹲起、上下楼梯、搬运物品等多种复杂动作 ， 具有快速的 系统响应速度和精确的控制精度。 关节的高功率稳定运行，离不开液冷技术的强力支撑 。 早在 2024 年，宇树科技便已提出颠覆性的无泵液冷技术，为关节模组的高效散热提供了创新解决方案。 这一技术无需依赖传统泵体驱动，凭借独特的结构设计实现冷却液的自主循环，在保障散热效率的同时，进一步优化了系统的轻量化与集成度，为机器人关节的高 功率输出与长期稳定运行奠定了关键基础。 0 1 宇树科技：无泵液冷 无泵化液冷技术借助挥发性液体的蒸发过程直接实现散热 ，相比传统方案具有显著的节能优势。该技术彻底摒弃了传统 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 16.7 yuan per share [5][14]. Core Insights - The company is leveraging AI technology to enhance its headphone products and expand its overseas channels, which opens up growth opportunities. Despite a decline in revenue and net profit in Q3 2025, the company is seeing positive trends in domestic sales and product innovation [2][3][8]. - The company has a strong focus on R&D, with a research expense ratio of 6.98% and a year-on-year increase in R&D spending of 11.70%. This investment is translating into new product launches, such as the LolliClip AI, which features real-time multilingual voice translation [2][8]. - The global market for headphones is growing, with the company achieving a 14.30% year-on-year increase in export revenue in the first half of 2025, driven by enhanced overseas operations and e-commerce channel expansion [3][8]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are 32.23 billion yuan, 35.85 billion yuan, and 40.03 billion yuan, respectively, with corresponding net profits of 5.21 billion yuan, 5.92 billion yuan, and 6.58 billion yuan [8][11][14]. - The company’s revenue growth rates are expected to be 9.49% in 2025, 11.24% in 2026, and 11.68% in 2027, with a gross margin of approximately 40.86% to 40.91% during this period [11][12]. - The headphone segment is anticipated to generate revenues of 19.61 billion yuan, 21.27 billion yuan, and 23.19 billion yuan from 2025 to 2027, with stable gross margins of 40% [13][14]. Market Position and Competitive Advantage - The company is recognized as a leading brand in the audio industry, benefiting from the demand for AI-enabled and open-style headphones. Its comprehensive R&D team and strong brand recognition position it well to capitalize on the growth of the smart wearable device market [14][8]. - The company has established a full-spectrum product layout and global channel expansion strategy, which is seen as a core driver of its competitive advantage [2][3].