Core Viewpoint - The smartphone industry is undergoing a significant transformation driven by advancements in AI, foldable screens, and imaging technology, moving away from incremental innovations to substantial technological breakthroughs [1][4][8] Group 1: Recent Developments by Major Manufacturers - Apple launched the iPhone 17 series, featuring a significant storage increase and the introduction of a high refresh rate screen across all models, marking a major leap in the iPhone lineup [2][3] - Huawei showcased the long-awaited Kirin 9020 chip and HarmonyOS 5.1 during its Mate XTs launch, emphasizing a 36% performance improvement [3][4] - Xiaomi announced the Xiaomi 17 series, which includes the fifth-generation Snapdragon 8 processor, promising significant enhancements in performance and efficiency [2][3] Group 2: Market Trends and Competitive Dynamics - The smartphone market is shifting from a focus on parameter competition to core technological innovations, as manufacturers respond to the saturation of the market and the need for substantial consumer engagement [4][5] - The global smartphone market saw a slight decline in shipments, with a total of 140 million units shipped in the first half of the year, a decrease of 3 million units compared to the previous year [4][6] - The high-end smartphone segment (priced above $600) experienced an 8% year-on-year growth in the first half of 2025, with Apple maintaining a 62% market share despite a slower growth rate [6][8] Group 3: Consumer Behavior and Demand Shifts - The average smartphone replacement cycle has extended to approximately three years, indicating that consumers are increasingly valuing durability and long-term usability [5][6] - Consumers are shifting their focus from mere performance specifications to overall user experience, including battery life, imaging capabilities, and AI functionalities [5][6] Group 4: Future Outlook and Strategic Directions - The smartphone industry is expected to continue evolving towards experience-driven competition, with a focus on AI, ecosystem integration, and foundational technological innovations [7][8] - Companies are exploring new growth avenues through ecosystem collaboration and global expansion, with Huawei and Xiaomi leading in market share recovery and growth [7][8]

来源：Counterpoint《市场展望 — ASP预测追踪报告》 注：ASP基于批发价格 从疫情期间的需求波动到供应链挑战，再到近期关税引发的市场波动，经过多年动荡后全球智能手机市场正逐步恢复常态。美国运营商的持续大力促销使 得库存并未积压，手机品牌厂商也维持着其常规的的发布周期和采购策略。Counterpoint的市场展望预计2025年下半年至2026年市场将更为"常态化"，进 一步印证了我们对平均售价增长和稳定销量将维持收入增长的预测。迄今为止，智能手机基本未受到美国对贸易伙伴加征关税的影响，相比汽车、半导体 和其他消费电子领域更具韧性。然而，美国关税的不确定性以及低迷的宏观经济环境，仍可能在未来使形势更加复杂。 受到上半年提前出货影响，北美出货量预计将在2025年下半年下滑，但关税传导将推动全年ASP同比增长7%。苹果的高端机型、运营商的持续促销以及 折叠屏产品的亮眼表现预计将使ASP在2026年升至984美元。从长远来看，美国将在维持全球ASP高位方面发挥稳定作用，但由于其本身已是一个高端市 场，故在2029年前将会对ASP提供更加渐进式的贡献。我们预计因贸易环境不会再度引发价格的突然上涨，因为新增 ...

Market Performance - A-shares experienced a collective rise on September 24, with the Shanghai Composite Index up 0.83%, Shenzhen Component Index up 1.80%, ChiNext Index up 2.28%, STAR Market 50 Index up 3.49%, and Northbound 50 Index up 2.03% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 23,471 billion yuan, a decrease of 1,713 billion yuan compared to the previous day [1] - Over 4,400 stocks in the market rose, with nearly 90 stocks hitting the daily limit [1] International Indices - The Nikkei 225 Index closed up 0.3% at 45,630.31 points, while the Korean Composite Index fell 0.4% to 3,472.14 points on the same day [1] Commodity and Bond Markets - Most domestic commodity futures contracts rose, with glass futures leading the gains [1] - Government bond futures contracts closed lower, influenced by the strong stock market and rising risk appetite, which exerted pressure on the bond market [1] ETF Performance - The semiconductor equipment ETF (159516) rose by 9.55%, and the semiconductor equipment ETF fund (159327) increased by 9.40% [1] Convertible Bond Market - The China Convertible Bond Index rose by 1.3%, closing at 476.83 points [2] Institutional Insights - UBS Securities noted that the upward trend in A-shares has begun to drive adjustments in asset allocation among residents, attracting outside capital into the market [3] - Open Source Securities highlighted that after several months of rising indices, the market is at a relatively high position, with most sectors in technology facing high valuations [3] - Silver Fund emphasized that international leading tech companies have raised their annual capital expenditure expectations from $300 billion to $350 billion, indicating increased investment in data centers and AI infrastructure [3] - China Galaxy Securities remains optimistic about the computing power sector, which is still in the performance realization phase, and anticipates 2026 to be a key year for the foldable screen market recovery [3]

消息面上，近日有报道称，OpenAI与苹果公司设备组装商立讯精密（002475）签署协议，共同打造一 款消费级设备。里昂表示，该行渠道消息显示，OpenAI亦正与蓝思科技及瑞声科技商讨零部件供应事 宜；考虑到OpenAI的设备团队核心成员均来自苹果公司，其选择与苹果供应链企业合作亦属合理。预 计有关举措可为现有苹果供应链企业带来新增长动力。 另报道指出，在iPhone17标准版预售表现超预期后，苹果已要求主要代工厂之一的立讯精密，将标准版 iPhone17的日产量提高约40%，并通知部分非电子零部件供应商，将日供货量提升约30%。中航证券 指，公司深度绑定大客户苹果，受益于其新一轮的创新浪潮，并开拓汽车电子第二增长曲线，新兴业务 的早期布局进人收获期。该行看好果链无其是折叠屏的增量机遇，以及AI端侧业务多点开花拾升公司 远期关花板。 蓝思科技（300433）(06613)涨超4%，截至发稿，涨4.46%，报30.44港元，成交额3.09亿港元。 ...

另报道指出，在iPhone 17标准版预售表现超预期后，苹果已要求主要代工厂之一的立讯精密，将标准 版iPhone 17的日产量提高约 40%，并通知部分非电子零部件供应商，将日供货量提升约30%。中航证券 指，公司深度绑定大客户苹果，受益于其新一轮的创新浪潮，并开拓汽车电子第二增长曲线，新兴业务 的早期布局进人收获期。该行看好果链无其是折叠屏的增量机遇，以及AI端侧业务多点开花拾升公司 远期关花板。 消息面上，近日有报道称，OpenAI与苹果公司设备组装商立讯精密签署协议，共同打造一款消费级设 备。里昂表示，该行渠道消息显示，OpenAI亦正与蓝思科技及瑞声科技商讨零部件供应事宜；考虑到 OpenAI的设备团队核心成员均来自苹果公司，其选择与苹果供应链企业合作亦属合理。预计有关举措 可为现有苹果供应链企业带来新增长动力。 智通财经APP获悉，蓝思科技(06613)涨超4%，截至发稿，涨4.46%，报30.44港元，成交额3.09亿港元。 ...

Core Viewpoint - Yian Technology's stock has experienced significant fluctuations, with a year-to-date increase of 137.09% but a recent decline of 8.83% over the past five trading days [1] Financial Performance - For the first half of 2025, Yian Technology reported revenue of 722 million yuan, a year-on-year decrease of 6.95% [2] - The company recorded a net profit attributable to shareholders of -18.68 million yuan, a year-on-year decrease of 919.29% [2] Stock Market Activity - As of September 24, Yian Technology's stock price was 17.45 yuan per share, with a market capitalization of 12.048 billion yuan [1] - The stock has seen a trading volume of 2.35 billion yuan and a turnover rate of 1.94% on the same day [1] - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on August 20 [1] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 9.17% to 42,700, while the average circulating shares per person increased by 10.10% to 16,062 shares [2] - The total cash dividends distributed by Yian Technology since its A-share listing amount to 158 million yuan, with 2.0713 million yuan distributed in the last three years [3] Business Overview - Yian Technology, established on May 27, 1993, specializes in the research, design, production, and sales of precision die-casting parts made from aluminum and magnesium alloys [1] - The company's main business revenue composition includes aluminum products (59.60%), magnesium products (37.77%), and others (2.63%) [1] - Yian Technology is classified under the non-ferrous metals industry, specifically in industrial metals and aluminum [1]

Market Overview - On September 22, the AI and robotics sectors showed strong performance, with the Moer Thread concept index leading the market. Key areas of activity included GPU, memory, and AI computing power. The Huaxia Sci-Tech AI ETF (589010) surged by 3.81%, breaking through the five-day moving average with strong growth momentum. The total trading volume reached 889,600 lots, a four-month high [1] - Among the holdings, the third-largest weighted stock, Chip Origin Technology, led with a 17.34% increase. Other notable performers included Amlogic, which rose by 9.45%, and Espressif Systems, which increased by 8.18%. The Robotics ETF (562500) closed up 1.69%, with significant fluctuations during the day [1] - The liquidity for the Robotics ETF saw a net inflow of 56.52 million yuan, with 9 out of the last 10 trading days recording net inflows, totaling 1.809 billion yuan [1] Key Developments - OpenAI and NVIDIA announced an intention to establish a partnership, with NVIDIA planning to invest up to $100 billion to support data center and related infrastructure development. This collaboration aims to deploy at least 10 gigawatts of NVIDIA systems for OpenAI's next-generation AI infrastructure, with the first systems expected to be deployed in the second half of 2026 [2] - Zhiyuan Robotics recently received the first CR certification for humanoid robot datasets in the industry, marking a significant step in the standardization and quality evaluation of humanoid robot datasets in China [2] - LG Chem announced the establishment of a robotics automation laboratory at its research institute in Daejeon, South Korea, aimed at enhancing the competitiveness of next-generation battery materials through automated analysis of raw materials [3] Institutional Insights - China Galaxy Securities expressed optimism about the computing power sector, indicating it remains in a performance realization phase with relatively moderate valuation levels. The firm continues to favor PCB, domestic computing power, and IP licensing related to computing power for the second half of the year [4] Popular ETFs - The Robotics ETF (562500) is noted as the only ETF in the market with a scale exceeding 20 billion yuan, offering the best liquidity and comprehensive coverage of the Chinese robotics industry [5] - The Huaxia Sci-Tech AI ETF (589010) is characterized as the "brain" of robotics, with a 20% fluctuation limit and small-cap elasticity, aimed at capturing pivotal moments in the AI industry [5]

Group 1 - The Congolese government has updated its cobalt export policy, extending the export ban to October 15, 2025, and limiting export quotas to 44% of annual production for 2026-2027, indicating a strong intention to control global cobalt prices [1] - The export quota policy is expected to lead to significant supply shortages in global cobalt supply, with shortfalls of 122,000 tons, 88,000 tons, and 97,000 tons for the years 2025, 2026, and 2027 respectively, which may result in a strong increase in cobalt prices [1] - Companies involved in cobalt smelting in Indonesia and those owning mines in the Democratic Republic of Congo are expected to benefit significantly from the anticipated rise in cobalt prices [1] Group 2 - Global investment in power grids is projected to exceed $400 billion by 2025, indicating a sustained high demand for electrical equipment [2] - The demand for transformers is increasing, particularly in the U.S. and the Middle East, with Chinese companies securing large orders worth billions [2] - The first half of 2025 is expected to see rapid growth in export business for leading companies in the electrical equipment sector, contributing to increased profitability [2] Group 3 - The computing power sector remains in a performance realization phase with moderate valuation levels, continuing to show promise for the second half of the year, particularly in PCB, domestic computing power, IP licensing, and chip inductors [2] - 2026 is anticipated to be a pivotal year for the foldable screen market, with potential new products from Apple expected to stimulate market discussions and demand [2] - AR glasses manufacturers are pushing the technology from niche markets to mainstream consumer electronics, with advancements in AI and AR technology expected to position smart glasses as the next major computing platform after smartphones [2]

Market Growth - The overall smartphone sales in the Latin American region are projected to grow by approximately 2% in Q2 2025, reaching 34.3 million units [2] - Xiaomi's smartphone sales increased by 8%, achieving a record of 6.7 million units in the same period [2] - In Brazil, Motorola accounted for about 24% of the smartphone market share, while Xiaomi and Realme held 17% and 6% respectively [3] Brand Performance - Chinese smartphone brands dominate the top five positions in the Latin American market, with Xiaomi, Motorola, Honor, and Transsion leading [2] - In Mexico, Chinese brands hold approximately 43% of the smartphone market share, a significant increase from nearly zero in 2019 [4] - In Peru, Xiaomi and Honor were the top two imported smartphone brands, with imports of 890,000 and 830,000 units respectively, showing quarter-on-quarter growth of 11.2% and 25.7% [4] Consumer Preferences - Over 60% of Brazilian respondents prefer Chinese smartphones, with 67% believing that China has a technological innovation advantage [3] - Consumers in Ecuador prioritize cost-effectiveness, speed, storage, camera quality, and screen design, favoring Chinese brands for their competitive advantages [5] Innovation and Localization Strategy - Chinese smartphone brands are successful in Latin America due to their focus on localization strategies, adapting product features and marketing to local preferences [6] - The introduction of advanced technologies such as artificial intelligence and foldable screens by Chinese brands is attracting consumers [6] - Industry experts emphasize the need for diversified and personalized operational models to maintain long-term competitiveness in the market [7] Local Production and Collaboration - Chinese smartphone manufacturers are increasingly establishing local production lines or collaborating with local companies in Latin America [9] - The establishment of local manufacturing capabilities is seen as a strategic long-term decision to better understand consumer needs and enhance supply chain efficiency [9] - Strengthening the smartphone industry chain cooperation between China and Latin America is expected to improve local manufacturing capabilities and contribute to regional industrialization [9]

投资者关系活动记录表 证券代码：300433 证券简称：蓝思科技 编号：2025-010 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他： 接待对象 投资者网上提问 时间 2025 年 9 月 19 日 14:30-17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网 络远程的方式召开业绩说明会 上市公司接待 人员姓名 副总经理、中国区总裁、董事会秘书及联席公司秘书：江南 证券事务代表：周天舒 投资者关系活 动主要内容介 绍 问：蓝思什么时候完成回购 答：投资者您好！公司自 2025 年 7 月 9 日首次回购以来，已 多次实施回购，累计回购股份 148.7 万股。公司将在董事会批准的 额度内持续回购，长期做好股权激励计划/员工持股计划，传递公 司业绩增长和发展信心，维护股价稳定增长，保护好中小投资者 利益。感谢您的提问！ 问：请问董秘，蓝思科技的回购为何进展如此缓慢，预计何 时完成回购，是因为预计股价还会大跌所以迟迟没有回购吗 答：投资者您好！公司自 2025 年 7 月 9 日首次回 ...