证券日报网讯1月14日，炬芯科技在互动平台回答投资者提问时表示，炬芯科技客户来自中国大陆、欧 洲、日本、韩国、新加坡、北美、澳大利亚、印度等区域，客户地域分布上呈现多元化。公司芯片的销 售模式主要为客户下单后，交付给指定加工厂或ODM厂商，最终集成在AIoT终端产品后整机进行销 售。 ...

特别值得注意的是，这是近年来高通首次作为基石投资人参与"A+H"企业投资。作为全球科技产业巨头，高通正通过"AI加速计划"助推智能跨终端、跨行业 规模化扩展，本次作为基石投资人加持龙旗港股IPO，进一步说明了全球科技巨头对端侧AI发展的坚定看好。 除了高通的加持，基石投资者中还出现了豪威、裕同等芯片和智造龙头的身影。基石投资者韦尔半导体香港有限公司由豪威集团全资持有，香港裕同为裕同 科技的全资附属公司。产业龙头的加持，进一步彰显龙旗在产业链中的深度协同作用。 此外，以江西国控为代表的地方国资，以及观澜投资、Endless Growth等长线资金也参与了龙旗的基石投资，在"产业龙头+长线资金"的多重加持下，龙旗科 技的成长空间值得期待。 港股启航，全球化战略加速攻坚 根据弗若斯特沙利文的资料，以2024年ODM出货量统计，龙旗科技是全球第二大消费电子ODM厂商、全球排名第一的智能手机ODM厂商。2024年3月上交 所主板上市后，龙旗科技"1+2+X"产品战略落地、全球化拓展均迎来新机遇。 2026年1月14日，龙旗科技公告正式启动港股发行，公司拟全球发售5225.91万股H股，其中国际发售4703.31万股，香 ...

Core Viewpoint - The Chinese home appliance industry is at a crossroads, facing a declining domestic market while seeking new growth opportunities in renewable energy, particularly solar power, as traditional hardware sales reach a ceiling [1][3]. Group 1: Market Trends - The Chinese TV market saw a retail volume decline of 2.9% year-on-year, with a significant drop of 12.1% in the third quarter of 2025 [1]. - The revenue from the solar business of Skyworth is expected to surpass that of its traditional TV business for the first time in 2025 [1][2]. Group 2: Solar Business Development - Solar energy is estimated to contribute about one-third of Skyworth's revenue, with projections indicating that solar revenue will reach 138 billion yuan, while smart home appliances will generate 170 billion yuan [3]. - Skyworth's entry into the solar market began five years ago, focusing on household distributed solar solutions rather than competing with industry giants in large-scale projects [3][4]. Group 3: International Expansion - The CEO highlighted significant price differences in electricity between Europe and China, with European electricity prices being ten times higher, driving Skyworth's solar expansion into international markets [4][5]. - Skyworth aims to export its solar energy solutions to regions like the Middle East, Europe, and South America, leveraging local partnerships for project execution [5]. Group 4: AI Integration - Despite the rapid growth of the solar business, TVs remain a core brand asset for Skyworth, serving as a gateway to 200 million households [7]. - The company is focusing on integrating AI into its products, viewing it as essential for enhancing user experience and addressing specific consumer needs [8][9]. Group 5: Strategic Adaptation - Skyworth is adapting to increasing trade protectionism by acquiring established international brands, such as Funai in North America and Metz in Germany, to mitigate geopolitical risks [18][19]. - The company is also exploring differentiated market positioning in the automotive sector, targeting specific consumer needs like "deep sleep" features in its vehicles [21][24]. Group 6: Financial Performance - Despite the promising growth in solar energy, Skyworth's net profit for the first half of 2025 fell by 67.4% year-on-year, indicating challenges in transitioning between old and new business models [24].

自主可控水平提升。未来，小米将持续深化芯片领域的技术创新，以"人车家全生态"为载体，让自主研 发的芯片技术赋能更多产品场景，为中国半导体产业高质量发展注入持久动力。 玄戒O1的成功研发与量产，不仅实现了小米芯片业务的里程碑式突破，更创下国产半导体产业的多项 纪录，成为新质生产力赋能科技产业的典范。在技术突破层面，该芯片是中国大陆首款自主研发设计的 3nm旗舰处理器，使小米成为全球第四家、中国大陆首家具备3nm高端SoC研发设计能力的企业，填补 了国产高端芯片在先进制程领域的空白。玄戒O1的量产打破了国际巨头在高端芯片领域的垄断格局， 为国产半导体产业链提供了可借鉴的技术路径与商业化样本。其研发过程中积累的架构设计、制程优 化、场景适配等核心技术，将反向赋能国内芯片设计、制造、封装测试等上下游企业，推动整个产业链 小米集团自2010年成立以来，始终以"技术为本"为核心战略，完成了从消费电子到"人车家全生态"的跨 越式发展，构建起覆盖智能手机、智能硬件、IoT平台及新能源汽车的多元业务体系。作为全球科技行 业的领军企业，小米连续七年入选《财富》世界500强，全球智能手机出货量连续21个季度稳居前三， AIoT平台 ...

2025年的香港金融圈，最火的词莫过于RWA。 朗新的充电桩、协鑫的光伏电站，一个个实体资产扎堆"上链"；全球链上RWA资产总市值已经冲破250亿美元，波士顿咨询更是预测，到2030年这个数字 会涨到10万亿美元——相当于现在的400倍！ 一边是加密货币的强监管，一边是数字经济转型的大趋势，RWA（真实世界资产代币化）就像一座桥，把充电桩、写字楼这些实实在在的资产，和全球 资本连了起来。 什么是RWA？实体资产怎么"上链"？今天就用大白话把这波风口讲透，不管是做实业想融资，还是想了解新趋势，都能看明白。 其实RWA的核心特别简单：用区块链技术，给实体资产发一张"数字身份证"（也就是数字通证），让它能在全球范围内便捷交易。 举个直观的例子：协鑫有82个光伏电站，以前想融资，要么找银行慢慢走流程，要么找私募，门槛高还费时间。现在用RWA模式，把这些电站的收益权 变成数字通证，通过合规机构发行，全球的机构投资者都能买，很快就融到了2亿多。 本质上，就是把"实体资产→数字凭证→全球流通"的链条打通，重新定义了资产怎么确权、怎么交易、怎么分收益。 想做成一个RWA项目，得满足四个关键条件：首先得有能稳定赚钱的实体资产（ ...

人民财讯1月12日电，甬矽电子(688362)1月12日公告，为进一步完善公司海外战略布局，推动海外业务 发展进程，公司拟投资新建马来西亚集成电路封装和测试生产基地项目，项目建设内容主要为系统级封 装产品等封装产品，下游应用领域包括AIoT、电源模组等，投资总额不超过人民币21亿元。项目建设 周期为60个月。 ...

Core Viewpoint - Shanghai Longqi Technology is on the verge of becoming the first consumer electronics ODM listed on the Hong Kong Stock Exchange, having successfully passed the hearing process [2][50]. Group 1: Company Overview - Longqi Technology, established in 2004, is the world's largest smartphone ODM, holding a 32.6% market share in the smartphone ODM sector [19][4]. - The company has a diverse product portfolio, including smartphones, AI PCs, automotive electronics, tablets, smartwatches, and smart glasses, structured under a "1+2+X" framework [5][10]. - Longqi's main business driver is its smartphone segment, which provides comprehensive R&D services from concept design to mass production [7][8]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is reported at 29.34 billion, 27.19 billion, and 46.38 billion RMB, respectively [20]. - In the first nine months of 2024, revenue reached 31.33 billion RMB, reflecting a 10.3% year-on-year decline [21]. - The smartphone segment remains the primary revenue source, contributing 82.7%, 80.3%, 77.9%, and 69.3% of total revenue from 2022 to 2024 [24]. Group 3: Client Base and Market Position - Longqi collaborates with major brands such as Xiaomi, Samsung, Lenovo, Honor, OPPO, and vivo, with Xiaomi being the largest client [15][26]. - The top five clients accounted for 82.2% of total revenue in 2024, indicating a concentrated client base [25]. Group 4: Profitability and Margins - The gross profit margins for 2022, 2023, and 2024 were 8.1%, 9.5%, and 5.8%, with a recovery to 8.3% in the first nine months of 2025 [28][30]. - The decline in gross margin in 2024 was attributed to increased raw material costs and strategic market expansion [29]. Group 5: Research and Development - Longqi places significant emphasis on R&D, with expenditures of 1.5 billion, 1.69 billion, 2.08 billion, and 1.95 billion RMB from 2022 to the first nine months of 2024, representing 5.1%, 6.2%, 4.5%, and 6.2% of total revenue, respectively [35]. Group 6: Future Outlook - The company aims to expand production capacity and enhance core technology innovation, particularly in AI-related technologies, as part of its strategy for the upcoming IPO [54].

Core Viewpoint - The company is focusing on advanced packaging and testing business, enhancing its one-stop delivery capability and achieving significant growth in revenue and net profit due to strong demand from major clients and improved operational efficiency [1][2]. Group 1: Financial Performance - The company expects to achieve revenue of 4.2-4.6 billion yuan in 2025, representing a year-on-year growth of 16.37%-27.45% [1] - The projected net profit for 2025 is between 75-100 million yuan, with a year-on-year increase of 13.08%-50.77% [1] - For Q4 2025, the anticipated revenue is 1.03-1.43 billion yuan, with a year-on-year change of -2.60%-35.22% and a quarter-on-quarter change of -11.18%-23.32% [1] Group 2: Client Base and Market Position - The company has established a stable client base primarily consisting of leading design companies in various segments, with MediaTek and Realtek among the top five clients [2] - AIoT revenue is expected to account for nearly 70% of total revenue, driven by innovation and increasing demand for new application scenarios [2] - The company is also focusing on the automotive and computing sectors, which are projected to see growth due to the development of domestic automotive design companies and localization strategies of overseas manufacturers [2] Group 3: Technological Advancements - The company has made significant progress in the 2.5D packaging field, successfully delivering customer samples for various structures and actively advancing 3D Chiplet technology [3] - The advanced packaging technology platform includes three product series: H series, R series, and V series, covering a wide range of packaging solutions from 2D to 3D [3] Group 4: Investment Outlook - The company is expected to gradually release profit margins as the depreciation period of existing investment equipment comes to an end, with revised revenue forecasts for 2025-2027 set at 4.509/5.625/7.011 billion yuan [4] - The projected net profit for the same period is adjusted to 98/305/431 million yuan [4]

Core Viewpoint - The storage chip price surge continues into 2026, affecting downstream sectors such as consumer electronics, AI hardware, and AIoT terminals, leading to price increases and downward adjustments in shipment volumes [1][3]. Price Increases in Storage Chips - In Q1 2026, general DRAM contract prices are expected to rise by 55% to 60%, while NAND flash prices will increase by 33% to 38%, with consumer-grade QLC products seeing a rise of at least 40% [3]. - Samsung and SK Hynix plan to raise server DRAM prices by 60% to 70% in Q1 2026 compared to Q4 2025 [3]. - The current cycle is driven by demand mismatch, capital expenditure, and technology migration, likely lasting until late 2026 or even 2027 [3]. Impact on Consumer Electronics - Major PC manufacturers like Lenovo, Dell, and HP are planning price increases of up to 20% due to rising storage costs, which have increased by 3 to 4 times [4]. - The average price of laptops over 5000 yuan has increased by 500 to 1500 yuan since the end of 2025 [4]. - TrendForce has revised down global smartphone shipment forecasts for 2026 from a 0.1% increase to a 2% decrease, and laptop shipments are expected to decline by 5.4%, potentially reaching a 10.1% decrease [6]. Smartphone Price Trends - The smartphone industry is experiencing a price increase due to rising storage costs, with IDC predicting the average smartphone price will reach $465 in 2026, generating $578.9 billion in revenue [7]. - Storage costs in smartphones have risen from 10%-15% to over 20%, with mid-range phones seeing storage costs close to 30% [7]. - Recent models from brands like Redmi and iQOO have seen price increases of 100 to 600 yuan [7]. AIoT Chip Manufacturers - AIoT chip manufacturers are experiencing varied impacts from storage price increases, with some transitioning from DDR4 to DDR5 due to price hikes [10]. - Companies like Rockchip report that while storage shortages and price increases affect demand, the growth in AIoT products mitigates these impacts [10]. - Other AIoT firms, such as Espressif, indicate that their use of NOR Flash means that price increases will not significantly affect demand [11]. Opportunities for Storage Industry Chain - Companies in the storage industry chain are benefiting from rising prices, with increased demand for chip testing services leading to higher utilization rates [12]. - The semiconductor testing equipment market is experiencing growth, with companies like Changchuan Technology reporting strong order volumes [12]. - The storage industry is expected to remain in a high-growth phase driven by price increases, technological advancements, and domestic replacements over the next 2-3 years [12].

2026年开年，存储芯片涨价潮仍在持续升级，这股涨价势头已从上游芯片制造端全面传导至消费电子、AI 硬件、AIoT终端等下游领域，引 发终端产品涨价、出货量下修等连锁反应。 据行业最新数据，2026年第一季度通用型DRAM合约价格环比涨幅将达55%至60%，NAND闪存产品价格也将上升33%至38%，其中消费级 大容量QLC产品涨幅不低于40%。另据韩媒报道，三星电子与SK海力士计划在2026年第一季度将服务器DRAM价格较2025年第四季度提升 60%-70%。报道称，两家公司同时向个人电脑与智能手机DRAM客户提出了相近幅度的涨价方案。 "存储价格2023年三季度已走出历史底部，2024年为首轮强反弹，2024年四季度至2025年上半年的'回调+品类分化'小周期后， 真正全面、宽 基的强上行大概率在2026年兑现。 "有券商电子研究员在接受《科创板日报》记者采访时表示， 本轮周期的核心驱动是需求错配、资本开支 与技术迁移，周期或将持续到2026年末甚至2027年。 笔电龙头集体调价 出货量预期下修 台湾工商时报援引业内消息称，模组厂普遍面临颗粒短缺与下游配货压力，大型模组厂实际获取的颗粒量仅为原需求的30 ...