Core Viewpoint - 招银国际 reaffirms "Buy" rating for丘钛科技 (01478) with a target price of HKD 13.18, reflecting a 17x FY26E P/E ratio, down from 19.5x FY25E P/E due to headwinds in the smartphone industry [1] Group 1: Company Performance -丘钛科技 expects a profit increase of 400-450% year-on-year for 2025, exceeding both the bank's and market expectations, driven mainly by growth in non-mobile businesses (handheld devices, automotive, XR) and upgrades in camera and fingerprint modules [1] - The company anticipates that non-mobile business will become the main growth driver, with FY26E/27E revenue expected to grow by 42%/30%, contributing 40%/47% to total revenue in FY26/27E [1] Group 2: Market Dynamics - Recent catalysts for丘钛科技 include orders from IoT clients, handheld devices, drones, and FY26E performance guidance [1] - The growth in non-mobile segments is driven by demand from IoT clients for drones and handheld devices, as well as specification upgrades [1]

Core Viewpoint - 招银国际 reaffirms a "Buy" rating for丘钛科技 (01478) with a target price of HKD 13.18, reflecting a 17x P/E for FY26E, down from 19.5x for FY25E, primarily due to headwinds in the smartphone industry [1] Group 1: Company Performance -丘钛科技 expects a profit increase of 400-450% year-on-year for 2025, exceeding both the firm's and market expectations, driven mainly by growth in non-mobile businesses (handheld devices, automotive, XR) and upgrades in camera and fingerprint modules [1] - The company anticipates that non-mobile business will become the main growth driver, with projected revenue growth of 42% and 30% for FY26E and FY27E respectively, supported by demand from IoT clients and specification upgrades [1] Group 2: Market Dynamics - The stock is currently trading at 13.2x and 10.5x P/E for FY26E and FY27E, respectively, which the firm considers attractive [1] - Recent catalysts include orders from IoT clients, handheld devices, drones, and guidance for FY26E performance [1]

Core Viewpoint - Hillstone Technology (01478) experienced a significant drop of over 7% after a previous surge of over 14%, indicating volatility in stock performance [1] Financial Performance - Citigroup's report indicates that Hillstone Technology's net profit for the previous year is expected to increase by 4 to 4.5 times, reaching between 1.395 billion to 1.535 billion RMB [1] - The median estimate is 12% lower than Citigroup's forecast of 1.663 billion RMB but exceeds market expectations [1] Business Segments - Strong growth is attributed to the acceleration in non-mobile CCM lens module sales in the Internet of Things and automotive sectors [1] - The focus on mid-to-high-end CCM lens modules and fingerprint modules is expected to enhance product mix and gross margins [1] - The sale of a 51.08% stake in Hillstone India and improvements in joint operations are also contributing factors to the growth [1] Market Outlook - Citigroup's recent assessment reflects a weak outlook for smartphone sales in the coming years, but it believes that non-mobile business will continue to drive strong growth [1]

Core Viewpoint - Hillstone Technology (01478) experienced a significant price fluctuation, dropping over 7% after a previous rise of over 14%, indicating market volatility and investor sentiment shifts [1] Financial Performance - Citigroup's report indicates that Hillstone Technology's net profit for the previous year is expected to increase by 4 to 4.5 times, reaching between 1.395 billion to 1.535 billion RMB [1] - The median estimate is 12% lower than Citigroup's forecast of 1.663 billion RMB but exceeds market expectations [1] Business Segments - The strong growth is attributed to accelerated growth in non-mobile CCM lens modules in the Internet of Things and automotive sectors [1] - The focus on mid-to-high-end CCM lens modules and fingerprint modules is expected to enhance product mix and gross margins [1] Strategic Developments - The sale of a 51.08% stake in Hillstone India and improvements in joint operations are contributing factors to the company's performance [1] - Citigroup's assessment reflects a weak outlook for smartphone sales in the coming years, but non-mobile business is anticipated to continue driving strong growth [1]

天眼查显示，近日，天津翔新科技有限公司成立，法定代表人为羊亮，注册资本1000万人民币，由海南 小铁马科技有限公司全资持股。 经营范围含技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；物联网应用服务；物联 网设备销售；互联网销售（除销售需要许可的商品）；计算机软硬件及辅助设备零售；电子产品销售； 机械设备销售；通讯设备销售；运输设备租赁服务；国内货物运输代理；信息咨询服务（不含许可类信 息咨询服务）；普通货物仓储服务（不含危险化学品等需许可审批的项目）；互联网数据服务；无船承 运业务；信息系统集成服务；供应链管理服务；装卸搬运；集装箱销售；集装箱租赁服务；企业管理咨 询；金属材料销售；金属矿石销售；非金属矿及制品销售；选矿；有色金属合金销售；煤炭及制品销 售；建筑材料销售；金属结构销售；金属链条及其他金属制品销售；新型金属功能材料销售；高性能有 色金属及合金材料销售；金属制品销售；锻件及粉末冶金制品销售。（除依法须经批准的项目外，凭营 业执照依法自主开展经营活动）许可项目：互联网信息服务；道路货物运输（网络货运）；道路货物运 输（不含危险货物）；第二类增值电信业务；在线数据处理与交易处理业务（经营 ...

Core Viewpoint - The Ministry of Industry and Information Technology of China has officially announced the list of consumer brands for 2025, with Aucma recognized for its product quality, innovation, social responsibility, and strong user reputation [1] Group 1: Product Innovation and Development - Aucma adheres to the mission of "creating a happy temperature with technology" and has established a two-tier R&D system focusing on future and cutting-edge technologies as well as personalized product development based on user needs [2] - The company boasts a high conversion rate of over 98% for valuable invention patents and has achieved advanced levels in energy efficiency, digital control, software security, artificial intelligence, and the Internet of Things [2] - Aucma has made breakthroughs in home refrigeration by applying advanced technologies used in medical refrigeration, launching ultra-low temperature freezers down to -70°C, setting new records for home refrigeration and preservation [2] Group 2: Market Expansion and Product Line - While strengthening its freezer market position, Aucma is also actively expanding into the refrigerator market with the marketing concept of "good freezers, better refrigerators" [2] - The company has introduced a series of innovative refrigerator products, including a -40°C deep freezing preservation refrigerator and various models designed to meet market demands for seamless and flush installations [2] Group 3: Customer Service and Satisfaction - Aucma has developed the "Golden Dolphin Five-Star Service Brand" and established a comprehensive after-sales service system, enhancing service through AI technology and offering full-scenario solutions for installation, maintenance, and renewal [3] - The company has received multiple accolades as a "five-star benchmark enterprise for user satisfaction" and its digital service platform has been recognized as a national "service-oriented manufacturing demonstration platform" [3] - Aucma plans to continue focusing on innovation and deepen the integration of temperature technology with digital technology to provide better products and services for consumers [3]

Group 1 - The company, Chengdu Qinchuan Internet of Things Technology Co., Ltd., anticipates a net loss attributable to shareholders of the parent company for the year 2025, estimated between -100 million to -120 million yuan, representing a year-on-year decrease of 53.29% to 83.95% [3] - The net profit attributable to shareholders of the parent company, excluding non-recurring gains and losses, is expected to be between -105 million to -125 million yuan, reflecting a year-on-year decline of 46.45% to 74.34% [3] - The performance forecast period is from January 1, 2025, to December 31, 2025 [2] Group 2 - In the previous year, the total profit was -87.99 million yuan, with a net profit attributable to shareholders of the parent company at -65.24 million yuan, and a net profit excluding non-recurring gains and losses at -71.70 million yuan [5] - The earnings per share for the previous year were -0.41 yuan per share [6] Group 3 - The primary reasons for the expected loss include a decline in operating income due to intensified domestic market competition affecting the sales and prices of smart gas meters, although revenue from overseas markets and smart sensor segments has increased [7] - The gross profit margin is expected to decline due to lower sales volumes and high fixed costs, including depreciation and labor, resulting from low capacity utilization across business segments [7] - High expenditure levels are attributed to significant R&D investments to maintain technological leadership and product innovation, alongside elevated personnel and operational costs across the company's three business segments [7]

在广东云浮的良洞云秋养殖小区，现代化鸡舍里数千只羽毛黄褐的中华土鸡在智能化养殖系统的投喂下 吃着饲料。打开手机，农户就可以看到鸡群的生长数据和环境数据，包括用水量、活动量、采食量、温 度、湿度、光照度等。只要在屏幕上轻轻一点，就可以调动智能化系统，自动为鸡群添加饲料、加水或 清扫鸡舍。 中华土鸡是我国本土品种。我国有数千年的土鸡养殖历史，土鸡种类繁多。近年来，白羽鸡已占据国内 超半数肉鸡市场份额，生长周期较长的中华土鸡市场持续受到冲击。对此，养殖龙头温氏食品集团股份 有限公司（以下简称"温氏股份"）主动破局，通过运用人工智能、物联网、大数据等前沿科技，自研完 善育种体系，建构起贯通上下游的全产业链体系，重新擦亮了"中华土鸡"这一名片。 "中华土鸡肉质紧实、口感鲜美。如果说，过去'白羽鸡'解决了人们的吃鸡自由，那么未来'中华土鸡'则 将让营养和口感更上一层楼。随着消费者对高品质肉鸡需求的增长，中华土鸡将重回'餐桌C位'，未来 市场发展空间广阔。"温氏股份董事长温志芬在接受《证券日报》记者采访时表示。 打通"农场到餐桌" "有句老话'无鸡不成宴'，家宴时炖一锅金黄鲜香的土鸡汤，可以让味蕾得到满足。不过，以前购买、 ...

Group 1 - The "Guanghuo Xing Tianxia" spring action launch ceremony and home appliance promotion event will start on January 15 at the Tanzhou Convention Center in Foshan, with over 1,300 local home appliance companies participating [1] - Guangdong is a core region for China's home appliance industry, having achieved over 10 national firsts in various categories since the reform and opening up, including production volume of air conditioners and rice cookers [1] - The focus of Guangdong's manufacturing has shifted from "mass production" to "intelligent manufacturing" due to challenges such as rising costs and global supply chain changes [1] Group 2 - Guangdong home appliance companies are integrating IoT, AI, and big data into R&D and production, with the smart home appliance industry in the Guangdong-Hong Kong-Macao Greater Bay Area expected to account for nearly 30% of the global market by November 2025 [2] - Gree Electric has been recognized as a national "leading-level" smart factory, while Midea showcased its innovative technology at the Berlin International Consumer Electronics Show [2] - The event will feature a dual marketing strategy of "online + offline," utilizing major e-commerce platforms and live streaming to effectively reach consumers and enhance brand influence [2] Group 3 - The first quarter will see 18 supporting activities under the "Guanghuo Xing Tianxia" initiative, aimed at integrating resources from leading enterprises, research institutions, and industry associations to create a precise resource matching hub [3] - These supporting activities are crucial for building a healthy industrial ecosystem, transforming the event into a platform for technology exchange, industry connection, and cultural promotion [3] - The initiative aims to enhance the image of Guangdong manufacturing, showcasing not only production capacity but also innovation and advanced technology [3]

Core Viewpoint - Perovskite technology offers significant advantages in flexible, lightweight, and indoor low-light power generation, prompting some consumer electronics manufacturers to integrate it into their products. The current perovskite-related consumer electronics are primarily developed through collaborations between technology providers and brands, and they are still in the market promotion phase, with future market acceptance yet to be validated [1][3]. Group 1: Market Opportunities - Numerous perovskite startups are shifting focus to the consumer electronics sector, seeking opportunities as they have not yet entered the ground station market [2]. - Companies like Light Cause Technology and Yanhe Technology are launching various perovskite-powered products, including solar-powered door locks and smart glasses, indicating a growing trend in this market [2][3]. - The perovskite technology is noted for its higher photoelectric conversion efficiency compared to silicon batteries, making it suitable for small-surface consumer electronics [2][3]. Group 2: Consumer Electronics Demand - Consumer electronics companies are attracted to perovskite products for three main reasons: 1. Replacement demand for existing silicon battery products that require better performance due to increased power consumption [5]. 2. Expansion demand for new products that can benefit from perovskite technology as power consumption decreases [5]. 3. Regulatory pressure from the EU's new battery regulations, which increases the cost of traditional batteries and encourages the search for greener energy solutions [5]. Group 3: Production and Customization Challenges - The consumer electronics market operates under different production and channel logic compared to traditional photovoltaic markets, requiring perovskite companies to adapt to new operational frameworks [8]. - Perovskite products for consumer electronics require more refined post-processing techniques and customization, which contrasts with the mass production of standardized products in large-scale solar power plants [8][10]. - The production of perovskite components must meet specific performance requirements for various consumer electronics, necessitating a focus on reliability and adaptability in manufacturing processes [9][10]. Group 4: Market Potential and Competition - The potential market for perovskite components in smart locks alone could reach 100 MW if the market share reaches 50%, highlighting the need for scalable production capabilities [11]. - The competition in the perovskite consumer electronics sector will initially focus on performance metrics, followed by mass production capabilities and cost efficiency [11].