- The provided content does not include any quantitative models or factors, nor their construction, evaluation, or backtesting results[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45][46][47][48]

Group 1 - The core viewpoint is that A-shares are expected to experience improvements in fundamental expectations, macro liquidity, policy and industry themes, and chip pressure digestion in December, potentially leading to an early start of the spring rally [1][2] - The spring rally is a significant calendar effect in A-shares, characterized by improvements in fundamental expectations, macro liquidity, and policy/industry themes [2][3] - The observation window for the first two points is from early to mid-December, while the third point is around mid-December [3] Group 2 - In terms of structural performance, small-cap stocks have a higher win rate (75% since 2010), with leading sectors typically being cyclical or growth-oriented, both of which have win rates exceeding 80% since 2010 [3] - The cyclical sector is driven by price increase expectations, while the growth sector is driven by industry themes, with a focus on aviation equipment, AI-related energy storage, and power grid equipment for the former, and chemicals and energy metals for the latter [3] Group 3 - ByteDance has launched the "Doubao Phone Assistant," aiming to integrate AI capabilities at the OS level, indicating a shift from being a standalone app to a more integrated approach [4] - The product is still in the early exploration phase, but the partnership with Nubia for high-frequency iterations shows ByteDance's commitment to capturing the AI native entry point in mobile [4][5] - ByteDance's strategy involves open collaboration to provide its AI models as the "brain" for various hardware brands, avoiding supply chain risks and enabling rapid penetration into the Android ecosystem [4] Group 4 - The next key focus for ByteDance is the "Force Byte Original Power Conference" on December 18-19, where new members of its ecosystem may be announced, potentially involving upgrades to multimodal model capabilities or new hardware partnerships [5] - The integration of AI across devices, such as through the Ola Friend AI earphones, creates a closed-loop experience for users, enhancing the functionality of the phone assistant [5] Group 5 - Newray Energy (300593) is positioned to leverage its existing products and technologies in AIDC power systems, with potential breakthroughs in overseas customer bases [7] - The rapid development of AI technology is driving a significant upgrade in data center power supply systems, presenting opportunities for Chinese power electronics companies to enter overseas supply chains [7] - The company has established a comprehensive power supply solution from AC supply to terminal chip levels, and has a strong foundation in serving major international clients like Samsung and Nokia [7]

Investment Rating - Maintain "Add" rating for the industry [8] Core Insights - The upcoming ByteDance Force Conference on December 18 is expected to showcase advancements in cloud infrastructure, large models, and application deployment, potentially leading a new wave of AI enthusiasm [1] - The Doubao large model has seen significant growth, with daily token usage exceeding 30 trillion by September, indicating rapid AI deployment [2] - The Doubao mobile assistant, set to launch on December 1, will enhance user efficiency by automating complex tasks on mobile devices [3] - The Huoshan Cloud business is projected to generate 10 billion yuan in revenue in 2024 and over 20 billion yuan in 2025, with a growth rate exceeding 100% [4] - The industry is witnessing rapid advancements in AI models and cost reductions in computing power, which will facilitate broader application deployment and create a commercial AI ecosystem [5] Summary by Sections Doubao Large Model - The Doubao model's daily token usage has increased by over 137 times since its last update, showcasing its growing adoption [2] - The upcoming conference is expected to introduce various innovations in the model's capabilities, including multi-modal understanding and enhanced reasoning abilities [2] Doubao Mobile Assistant - The mobile assistant will have system-level access and the ability to perform tasks like ordering food through automation, significantly improving daily efficiency [3] - The assistant is priced at 3,499 yuan and is currently available in collaboration with ZTE [3] Huoshan Cloud Business - Huoshan Engine aims for substantial revenue growth, targeting 100 billion yuan in 2024 and over 200 billion yuan in 2025, with a long-term goal of reaching 1 trillion yuan [4] - Computing power is identified as a core resource for supporting model training and application execution [4] Agent Tools and Industry Solutions - The conference will also focus on upgrading agent development tools and enhancing AI deployment capabilities across various industries [4] - The industry is expected to see stronger solution implementation across sectors such as finance, education, and gaming [4] Related Companies - Key companies in the cloud segment include Cambrian, Digital China, and Dongyangguang, while in the edge segment, ZTE and others are highlighted [6]

[晨会纪要 Table_NewTitle] 20251202 [table_summary] 重点推荐 财经要闻 [Table_Reportdate] 2025年12月02日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ➢ 1.阿里云Q3营收同比增长34%，华为Mate 80系列与夸克AI眼镜发布——电子行业周报 2025/11/24-2025/11/30 ➢ 2.看好年末风格切换与"开门红"推进下的板块配置机会——非银金融行业周报 （20251124-20251130） ➢ 1.法国总统马克龙将访华 ➢ 2.日本2年期国债收益率升至1%，20年期国债收益率升至2.88% ➢ 3.美国11月ISM制造业PMI为48.2，预期49 | 系列与夸克 眼镜发布——电 1.1. 阿里云 Q3 34%，华为 Mate 80 A ...

Core Viewpoint - The AI mobile phone concept stocks in the A-share market are actively performing, with notable gains from companies like Daoming Optics and Furong Technology following the release of ByteDance's Doubao mobile assistant technology preview version and the subsequent launch of Nubia M153 by ZTE [1][2]. Group 1: Company Performance - Daoming Optics has achieved a 10.01% increase in stock price, with a total market value of 9.4 billion and a year-to-date increase of 73.92% [2]. - Furong Technology also saw a 10.01% rise, with a market value of 12.1 billion and a year-to-date increase of 32.11% [2]. - Meixin Technology recorded a 7.18% increase, with a market value of 4.729 billion and a year-to-date increase of 29.47% [2]. - Transsion Holdings experienced a 5.25% rise, but has a year-to-date decrease of 20% with a market value of 85 billion [2]. - Baiwei Storage increased by 4.13%, with a market value of 54.5 billion and a year-to-date increase of 88.53% [2]. - Green Precision saw a 3.11% increase, with a market value of 6.573 billion and a year-to-date decrease of 3.16% [2]. Group 2: Market Trends - The Nubia M153, equipped with the Doubao mobile assistant technology, was released in limited quantities and sold out quickly at a price of 3,499 yuan for the 16GB+512GB configuration [1]. - ZTE is leading the hardware definition, product design, and manufacturing for AI mobile phones, indicating a strong market position [3]. - The AI mobile phone sector is experiencing significant interest and investment, as evidenced by the performance of related stocks and the strategic partnerships being formed [3].

【市场复盘】 本周一 （12月1日），科创人工智能ETF华夏（589010）收盘上涨1.63%。在经历早盘的短暂下探后， ETF迅速收复失地并站稳分时均线。持仓股方面多点开花，乐鑫科技强势领涨超8%，晶晨股份、复旦 微电等核心权重股涨幅均超4%，有效提振了板块情绪。流动性方面，全天成交额突破1.67亿元，交投 十分活跃。值得关注的是，该ETF获得超1亿元的巨额资金净流入，显示出主力资金对人工智能赛道长 期价值的坚定认可。机器人ETF(562500) 表现强势，全天走势稳健，最终以1.26%的涨幅收于日内最高 点0.961元，一举修复早盘微跌情绪。持仓股方面，多头氛围浓厚，超八成个股飘红，固高科技大涨超 6%领跑板块，拓邦股份、均普智能涨幅超4%。流动性方面，全天成交额突破9.2亿元，资金博弈激烈但 承接有序，显示出市场对机器人赛道在震荡行情中依旧保持高度的配置热情。 开源证券认为，把握人形机器人 "从技术验证到商业化落地" 关键期，优先布局具备技术优势、生态优 势和资本化提速的头部整机企业。 （文章来源：每日经济新闻） 2. 近日，宇树科技股份有限公司申请的"GAMEBOT"商标注册成功，国际分类为42类设计 ...

端侧人工智能（AI）正在崛起：科技巨头扎堆布局，智能终端生态迎来变革窗口。 阿里巴巴上周四发布首款AI眼镜"夸克"，售价1899元起，深度整合千问大模型与阿里生态服务。四天 后，字节跳动推出豆包AI手机助手，直接嵌入操作系统底层，实现跨应用比价下单等复杂操作。科技 巨头纷纷加码端侧AI硬件，标志着AI应用正从云端向终端设备快速延伸。 据中信建投估算，2026年手机、PC的AI渗透率有望分别达到45%和62%，端侧AI市场规模预计从2025年 的3219亿元跃升至2029年的1.22万亿元，年复合增长率达40%。上海市经信委一个多月前发布《智能终 端产业高质量发展行动方案》，从政策层面加强端侧AI芯片布局，为产业发展注入强劲动力。 这一波端侧AI浪潮将重塑智能终端生态，从交互方式、系统架构到商业模式的全面升级，有望为上游 芯片、中游硬件、下游软件供应链企业创造新的增长机遇。市场预期智能眼镜销量将从2024年的152万 副增长至2029年的6000万副，成为继智能手机、PC之后的重要AI载体。 端侧AI优势凸显，政策助力产业升级 端侧AI相比云端AI具备显著优势。据高通《混合AI是AI的未来》白皮书分析，端侧AI ...

Summary of Key Points from the Conference Call Industry and Company Overview - The conference call discusses the **AI mobile phone market** and specifically highlights the **Doubao Mobile Assistant** developed by **ByteDance**. The anticipated shift towards AI mobile phones is expected to begin in **2026** with increased competition from third-party manufacturers [1][2]. Core Insights and Arguments - The **Doubao Mobile Assistant** is considered a groundbreaking product, effectively matching the capabilities of an **Agent** form, which clarifies the future development path for the consumer electronics sector [2]. - The **Nubia M153** smartphone, priced at **3,499 RMB**, has an initial stock of **500,000 units** and features the Doubao Mobile Assistant, achieving a task success rate of over **80%** [1][5]. - Key advancements in **edge AI** include system-level interaction, cross-application execution, scheduled tasks, and background operation without interrupting user interface [3][4]. - The **edge SOC** sector is expected to benefit from the AI hardware industry, with companies like **Lexin Technology** and **Hengxuan Technology** being highlighted as potential beneficiaries of the Doubao ecosystem [1][16]. Competitive Landscape - The competition in the edge AI unified entry is intensifying, with companies like **Huawei** and **Apple** enhancing their cross-application coordination capabilities. Apple plans to spend **$1 billion annually** on Google's Gemini model services [1][7][8]. - The Doubao Mobile Assistant is noted for its compatibility with a wider range of third-party applications compared to competitors like **Samsung** and **Apple**, indicating a significant advantage in the market [6]. Future Trends and Developments - The market is expected to see a surge in AI mobile phone replacements starting in **2026**, with more third-party manufacturers likely to introduce similar products [2]. - The development of edge model technology is progressing, with significant advancements in model compression, low-bit quantization, and architecture optimization expected by **2025** [13][15]. - Upcoming product launches include **AR glasses** from **Li Auto** and **ByteDance's AI glasses**, indicating a busy period for edge AI product releases from December to mid-next year [11][12]. Investment Opportunities and Risks - The **edge SOC sector** is viewed as a promising investment area, with current valuations being generally low and potential catalysts expected to drive market performance [16][17]. - Companies like **Jingchen Electronics** and **Rockchip** are actively addressing the impact of rising DDR memory prices, with strategies in place to mitigate cost impacts [19]. - **Zhaoyi Innovation** is positioned as a key player in the edge AI memory sector, with potential market contributions reaching **100 billion RMB** over the next three years [23]. Additional Noteworthy Points - The conference highlighted the importance of collaboration between hardware manufacturers and third-party model providers to meet market demands and drive industry progress [8][9]. - The **consumer electronics sector** is diverse, with companies like **Rongqi Technology** and optical firms benefiting from the growth of AR glasses [24]. This summary encapsulates the critical insights and developments discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the AI mobile phone market and related sectors.

资金流向方面，高换手率个股中，有47股今日获主力资金净流入，净流入金额较多的有佰维存储、乐鑫 科技、仕佳光子，净流入金额分别为4.46亿元、1.49亿元、1.41亿元，净流出金额较多的有东芯股份、 阿特斯、长光华芯，净流出金额分别为5.56亿元、2.80亿元、2.22亿元。 从杠杆资金动向看，高换手个股中，共48股近期获杠杆资金净买入，统计显示，截至11月28日，近5日 融资余额增加较多的有东芯股份、德科立、腾景科技等，分别增加3.73亿元、2.98亿元、2.96亿元；融 资余额减少金额较多的有华丰科技、海博思创、禾元生物等，分别减少8831.02万元、4407.23万元、 4093.01万元。 科创50指数今日上涨0.72%，报收1336.76点，科创板全日成交量40.67亿股，成交额1895.44亿元，加权 平均换手率为2.11%。 证券时报·数据宝统计显示，今日可交易科创板股中，283只股收盘上涨，涨幅超过10%的有2只，涨幅 在5%至10%的有21只，收盘下跌的有298只，跌幅超10%的有1只。 科创板股换手率区间分布显示，换手率超过20%的有3只，换手率10%~20%的有24只，换手率5%~10% ...

Core Insights - The AI industry chain experienced a strong start on December 1, with the Huatai-PineBridge AI ETF (589560) rising by 1.74% and a trading volume exceeding 23 million yuan, a 106% increase compared to the previous period [1] - The underlying index of the Huatai-PineBridge AI ETF saw a robust increase of 1.59%, with key component stocks such as Lexin Technology rising by 8.55% and several others, including Jingchen Technology and Fudan Microelectronics, increasing by over 4% [3] Market Performance - The top ten component stocks of the Huatai-PineBridge AI ETF showed varied performance, with Lexin Technology leading at 8.55% and Chip Original Co. experiencing a decline of 1.76% [4] - The overall market sentiment remains high, with a focus on the AI sector as a core investment theme, despite potential short-term adjustments [6] Industry Events - The "2025 AI+" Industry Ecosystem Conference, hosted by the China Internet Association, is taking place from December 1 to 3, covering the entire AI industry chain and releasing the "2025 AI+ Industry Development Report" [5] - The report indicates that the core AI industry in Beijing is projected to reach 215.22 billion yuan in the first half of 2025, reflecting a year-on-year growth of 25.3%, with an estimated total industry scale exceeding 450 billion yuan for the entire year [5] Future Outlook - According to Huatai Securities, the AI industry's positive trend is expected to continue, with a focus on supply-demand improvements and sector-specific growth opportunities [6] - China International Capital Corporation (CICC) emphasizes that AI infrastructure and applications will remain a primary investment focus through 2026, highlighting opportunities in domestic AI innovation and overseas hardware markets [7][8]