在AIoT浪潮汹涌而至的当下，资本市场对"连接"与"智能"核心资产的追逐从未停歇。 在与每个智能汽车、笔记本电脑、智能音箱设备日常互动的背后，都隐藏着无数微小但至关重要的组件 作为支撑，无形中深入到生活中的方方面面。 近日，广和通无线股份有限公司（下称"广和通"）作为全球领先的无线通信模组提供商，在A股创业板 上市（股票代码：300638.SZ）多年后，通过了香港联交所主板上市聆讯，正向着"A+H"两地上市的宏 伟蓝图迈出关键一步。 同期，公司持续经营净利润也从人民币3.52亿元增至4.23亿元，证明了其在市场波动中保持盈利规模的 能力。 与此同时，也须审慎看待公司最新的运营数据。2025年前四个月，公司报告的总营收和归母净利润同比 有所下滑，主要由锐凌无线出表（会计处理）所致，若剔除这一影响，公司主业收入实际同比增长 23.49%，归母净利润同比增长6.54%，显示出核心业务保持着强劲的增长势头。 此外，在业务结构方面，广和通已完成了从基础数传模组向智能模组和AI模组的升级迭代，构建了"三 模"产品矩阵。值得关注的是，在2025年前四个月，智能模组的收入占比高达61.3%。 其中，智能模组因集成了应用处理器 ...

在AIoT浪潮汹涌而至的当下，资本市场对"连接"与"智能"核心资产的追逐从未停歇。 在与每个智能汽车、笔记本电脑、智能音箱设备日常互动的背后，都隐藏着无数微小但至关重要的组件 作为支撑，无形中深入到生活中的方方面面。 近日，广和通（300638）无线股份有限公司（下称"广和通"）作为全球领先的无线通信模组提供商，在 A股创业板上市（股票代码：300638.SZ）多年后，通过了香港联交所主板上市聆讯，正向着"A+H"两 地上市的宏伟蓝图迈出关键一步。 从数传模组到AI模组，海外营收占比60% 智通财经APP了解到，广和通是全球第二大无线通信模组提供商，市场份额高达15.4%，并且在多个高 增长细分赛道占据领先地位： 例如，在智慧家庭和消费电子（如平板、笔记本）领域，公司均拿下全球第一的市占率，尤其在消费电 子领域，市占率高达75.9%；在汽车电子领域，公司位居全球第二，这得益于新能源汽车前装市场对高 可靠性模组需求的爆发。 尤其在同行对比中，广和通的全球化是其最鲜明的标签。其中，公司有高达60%的收入来自海外市场， 使得公司能够有效地分散单一国家或地区的政策及经济周期风险，并确保其技术标准和产品认证体系与 全球 ...

近日，广和通无线股份有限公司（下称"广和通"）作为全球领先的无线通信模组提供商，在A股创业板 上市（股票代码：300638.SZ）多年后，通过了香港联交所主板上市聆讯，正向着"A+H"两地上市的宏 伟蓝图迈出关键一步。 从数传模组到AI模组，海外营收占比60% 智通财经APP了解到，广和通是全球第二大无线通信模组提供商，市场份额高达15.4%，并且在多个高 增长细分赛道占据领先地位： 例如，在智慧家庭和消费电子（如平板、笔记本）领域，公司均拿下全球第一的市占率，尤其在消费电 子领域，市占率高达75.9%；在汽车电子领域，公司位居全球第二，这得益于新能源汽车前装市场对高 可靠性模组需求的爆发。 尤其在同行对比中，广和通的全球化是其最鲜明的标签。其中，公司有高达60%的收入来自海外市场， 使得公司能够有效地分散单一国家或地区的政策及经济周期风险，并确保其技术标准和产品认证体系与 全球主流市场保持同步。 这种全球化的业务结构，不仅为公司带来了规模经济效应，也显著提升了其国际品牌知名度和供应链议 价能力，是其构建深厚业务壁垒的关键。 在AIoT浪潮汹涌而至的当下，资本市场对"连接"与"智能"核心资产的追逐从未停歇。 ...

Core Insights - The communication equipment industry experienced a revenue growth of 12.7% year-on-year in Q2 2025, indicating a recovery that began in Q4 2023, with AI computing power emerging as a new growth engine [1][2] - The net profit for the communication equipment sector grew by 19.0% year-on-year in Q2 2025, reflecting strong profitability amid the transition of growth drivers [1][2] Financial Summary and Outlook - The overall revenue for communication equipment in Q2 2025 increased by 12.7% year-on-year, with growth accelerating from Q4 2023 to Q3 2024, indicating a successful transition between old and new growth drivers [2] - The net profit attributable to the parent company in Q2 2025 rose by 19.0% year-on-year, showing consistent growth in Q1 and Q2 2025 after a decline in Q4 2024 [2] Key Industry Segments to Watch - The optical device segment saw a remarkable revenue growth of 72.81% year-on-year in Q2 2025, with net profit growth of 133.5%, driven by increased global demand for AI and optical modules [3] - The Internet of Things (IoT) sector continued to show good revenue growth in Q2 2025, confirming the ongoing recovery trend, with companies benefiting from the long-term trend of interconnected devices [3] - The fiber optic cable sub-sector reported a revenue increase of 16.5% year-on-year in Q2 2025, although net profit declined by 9.6% [4] - The main equipment sector reversed its downward trend in Q1 and Q2 2025, driven by strong demand for computing power, despite challenges in operator capital expenditures [5] - The satellite industry generated revenue of 1.12 billion yuan in Q2 2025, down 17.0% year-on-year, but is expected to enter a phase of regular launches following the establishment of satellite internet [5] - The Beidou and military communication sectors reported revenue of 5.31 billion yuan in Q2 2025, a decline of 7.1% year-on-year, but are anticipated to recover with new equipment entering service [5] Investment Recommendations - The company suggests focusing on investment opportunities in "AI + overseas expansion + satellite" sectors, particularly in optical modules and devices, as well as domestic computing power lines [6] - Key recommendations include companies in the optical device sector such as Zhongji Xuchuang and Tianfu Communication, and in the server and switch PCB sectors like Huadian Co. and ZTE [7] - The report highlights the potential of the satellite internet industry and encourages monitoring developments in this area [6][10]

10月开始贸易领域争端更加频繁 但中美大概率还是维系微妙的平衡状态 中企出海和全球化是大势所趋，但这一趋势及市场定价可能不会一帆风顺。当前最重要的因素还是中美 关系。综合来看，10月的APEC峰会中美双方可能会在一些具有现实需求且分歧较小的领域达成局部交 易，例如飞机采购协议、稀土供应稳定、芯片制裁减让等。这些潜在成果虽有积极意义，但可能与市场 所期待的全面关税谈判成果存在一定差距。如果APEC峰会难以解决核心矛盾，中美关税博弈预计仍将 继续，全面协议达成的关键谈判窗口或在明年一季度，在此之前，预计中美经贸关系还处于相互制衡的 微妙平衡状态。 增量流动性依旧以绝对收益资金为主 市场逐步回归结构性特征 现阶段市场的增量资金依然以险资、私募为代表的绝对收益类资金为主，传统的主观多头资金并未出现 明显的净流入。根据国家金融监督管理总局的数据，今年8月国内保险公司保费收入总额为5914亿元， 同比大幅增加了35.6%，已经连续4个月同比增幅超过10%(今年5~8月保费收入同比分别增加13.2%、 智通财经APP获悉，中信证券发布研究报告称，资源安全、企业出海和科技竞争依然是最重要的结构性 行情线索，对应的是资源+出海 ...

我们认为，资源安全、企业出海和科技竞争依然是最重要的结构性行情线索，对应的是资源 +出海+新质生产力的行业配置框架。国庆和中秋长假期间的热点主要集中在资源和AI领 域：贵金属、基本金属和能源金属价格全面上涨，资源安全主线的热度在提升；AI从企业 级向消费级扩散的趋势越发明显，用户入口抢夺或带来端侧硬件和应用大爆发。不过，也需 要注意10月贸易领域争端开始更加频繁，但我们判断最重要的中美关系大概率还是维系微妙 的平衡状态，需坚定企业出海的大趋势，淡化外部扰动因素。从市场层面来看，近期增量流 动性依旧以绝对收益资金为主，预计市场仍将逐步回归结构性特征。 贵金属、基本金属和能源金属价格全面上涨，资源安全主线的热度在提升 国庆假期期间主要金属价格全面上涨，供给冲击为重要催化，锡和钴涨幅最为显著，10月3日当周上涨 8.7%和4.9%，对应的是印尼关闭非法锡矿并封堵走私通道以及刚果（金）正式开始向钴的配额制过 渡。以钴为代表的能源金属价格飙升，其背后可能意味着各国资源安全自主意识的扩散。截至10月1 日，电解钴（电池级，≥99.8%）价格为34.3万元/吨，9月以来涨幅为29%，而今年以来价格已翻倍。预 计未来越来越多 ...

Core Insights - Qualcomm has launched the fifth-generation Snapdragon 8 flagship mobile platform, marking a strategic shift from peak performance competition to a focus on AI, energy efficiency, and real-world user experience [1][11] - The company emphasizes the importance of edge AI, believing it will provide unique advantages over cloud AI, particularly in personalized user experiences [2][3] AI as the Central Theme - AI is identified as the core topic of discussion, with Qualcomm executives acknowledging the need for technology to meet rising user demands [2] - The new NPU is designed with future model types and data formats in mind, showcasing Qualcomm's commitment to edge AI [2] Personalized AI Assistant - Qualcomm envisions the ultimate form of edge AI as a personalized assistant that can provide context-aware suggestions based on user data [3] - The ability to process personal data locally allows for real-time insights and low-power operation, which is seen as a significant step towards achieving true AI capabilities [3] Core Requirements for AI Deployment - Qualcomm has outlined five key requirements for successful AI deployment on mobile devices: high token processing speed, extreme power efficiency, robust security and privacy, minimal memory overhead, and accuracy of results [4][5][6] GPU Strategy Shift - Qualcomm is shifting its GPU strategy away from peak performance metrics, focusing instead on optimizing real-world application performance [7][8] - The introduction of High-Speed Memory (HPM) technology aims to enhance data throughput in real gaming scenarios, prioritizing user experience over benchmark scores [7][8] CPU Enhancements - The fifth-generation Snapdragon 8 features improvements in the Qualcomm Oryon CPU, focusing on sustained performance rather than just higher clock speeds [9] - Enhancements in IPC (Instructions Per Cycle) and increased CPU frequency points allow for better performance management and energy efficiency [9] System Engineering and Open Ecosystem - Qualcomm's design philosophy includes minimizing external memory access and utilizing efficient on-chip memory to meet the demands of large models [10] - The company aims to create an open ecosystem for video creation, contrasting with Apple's closed ProRes ecosystem, by supporting advanced video codecs [10] Semiconductor Process Outlook - Qualcomm is cautious about the future of semiconductor processes, emphasizing overall SoC optimization over merely adopting the latest fabrication technologies [11] - The fifth-generation Snapdragon 8's release reflects a strategic decision to prioritize real-world insights and optimizations over benchmark scores [11]

● 刘英杰 谭丁豪 今年以来，智能（AI）眼镜行业迎来爆发式增长。巨头新品迭出，出货量高速增长，叠加AI与AR技术 深度融合，AI眼镜已推向大众消费电子前沿。Wind数据显示，截至9月29日收盘，万得智能穿戴指数上 涨1.34%。指数成分股中，盈趣科技、冠石科技、领益智造涨停，达瑞电子、东山精密等跟涨。 分析人士认为，近期多家科技龙头发布AI眼镜，行业景气度高企。AI眼镜行业正处于从技术探索向规 模化商用过渡的关键阶段，其作为下一代人机交互入口的战略价值已成为行业共识。随着硬件技术持续 迭代与软件生态不断丰富，AI眼镜有望逐步突破当前瓶颈，在消费端与行业端实现双向渗透。 行业高速发展 日前，Meta首席执行官扎克伯格在Meta Connect 2025大会上正式发布旗下全新AI眼镜，再次加码AR赛 道。其发布的Meta Ray-Ban Display采用经典的雷朋飞行员系列外观设计。据悉，该眼镜相比现款的雷 朋AI眼镜新增了一块基于LCoS（硅基液晶）技术的显示屏，采用光波导光学方案，外人完全无法看到 镜片里的显示内容，可直接在眼镜上显示导航、通知等信息，并支持全新的肌电手环，售价799美元 起。 国际数据公 ...

Investment Rating - The report indicates a focus on the consumer (to-C) model, suggesting a positive outlook for OpenAI's ChatGPT with the introduction of the Pulse feature [17]. Core Insights - The launch of the Pulse feature marks a shift from input-driven to push-driven user engagement, enhancing accessibility for a broader audience [11][12]. - Pulse is expected to significantly increase user engagement metrics, potentially raising the daily active users (DAU) to monthly active users (MAU) ratio from approximately 30-40% towards full utilization [13]. - The feature's ability to provide personalized recommendations based on deep contextual understanding positions OpenAI to compete with major players like Meta and Google in e-commerce and advertising [14][16]. Summary by Sections User Experience - Pulse transforms the user experience by proactively delivering results, thus lowering the barrier for less experienced users [11]. - This evolution signifies ChatGPT's transition from a specialized tool to a mass-market product [12]. User Engagement - The combination of Pulse and Memory features is expected to create a dual flywheel effect, enhancing user stickiness and retention [12]. - As users provide more data, the accuracy of recommendations will improve, reinforcing user loyalty [12]. Commercial Potential - Pulse is anticipated to serve as a new engine for precision recommendations, significantly improving product relevance and conversion rates in e-commerce and advertising [16]. - The integration of Pulse with e-commerce platforms could unlock new monetization pathways for OpenAI [16]. Technological Trends - The report discusses the potential rise of edge AI, with smartphones becoming central to personal data management, which could lead to the development of AI-driven mobile devices [15]. - While cloud solutions remain dominant in the short term, increasing demand for personalization and privacy may lead to a reevaluation of edge AI's strategic value [15].

他认为，从竞争角度看，小米2026年于中国高阶市场面临挑战。苹果的iPhone在中国的最坏时机已过， 小米需面对来自新款iPhone的竞争压力，包括明年上半年的新款iPhone SE，及下半年苹果有新款高阶 iPhone系列。若小米17系列在十一国庆长假销情没有进一步改善，为提振高阶机型的总出货量，降低特 定机型售价是其中一个可能的做法。展望2026年，小米18系列的竞争策略与端侧AI布局，为高阶机型 能否恢复增长的关键。 郭明錤解释称，下降主因是小米17标准版需求低于预期。原先预估标准版需求最强劲，可占整体小米17 系列约50%至55%，但实际开卖后仅占约15%至20%，小米17 Pro Max与Pro虽有增加订单，但仍无法抵 销17标准版砍单，故整体出货预估下降约两成。至于小米17标准版需求低于预期的主因之一，是由于苹 果的iPhone17标准版在中国市场的销量超预期。 智通财经APP获悉，小米(01810)上周发布小米17系列等新产品，最平价的小米17标准版索价4499元起。 郭明錤表示，根据其最新的产业调查显示，小米17系列总出货量将显著下降20%，原先目标约1000万 部，若后续无更积极的价格策略或 ...