wo[Table_Title] Research Report 10 Sep 2025 中国电子 China (Overseas) Technology Arm Unlocked 速递（2）：端侧 AI 与光追革新，Lumex 平台重塑消费电子算力底座 Arm Unlocked Express (2):Lumex Platform Redefines Consumer Electronics with On-Device AI and Ray Tracing Breakthroughs 姚书桥 Barney Yao 吕小潼 Xiaotong Lyu barney.sq.yao@htisec.com xt.lyu@htisec.com [Table_yemei1] Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 2025 年 9 月 10 日，Arm Unlocked 消费电子设备专场聚焦于 Arm 客户端路线图及端侧人工智能发展。会议系统性介 绍了 Arm Lumex 平台，该平台采用以 C1 CPU ...

Core Viewpoint - The recent Apple product launch has significantly boosted the performance of related concept stocks, leading to a surge in the consumer electronics market and capital markets, with many Apple-related stocks doubling in value this year [1][3][5]. Stock Performance - On September 10, several Apple concept stocks hit their daily limit, including Dongshan Precision, Industrial Fulian, and Bojie Co., with year-to-date gains for 13 Apple concept stocks exceeding 100% [1][3]. - Dongshan Precision's stock price reached a new high, while Industrial Fulian and Bojie Co. also saw significant increases [3]. - Notably, Honghe Technology led the gains with a 329.1% increase year-to-date, followed by Longyang Electronics and Jieput with over 200% increases [3]. Fund Holdings - As of the end of Q2, Industrial Fulian was heavily held by 126 funds, with a total holding value of 3.431 billion yuan, while Luxshare Precision was held by 569 funds with a total holding value of 23.556 billion yuan [4]. - Other notable holdings include Lens Technology and BOE Technology, with total holdings of 3.664 billion yuan and 3.111 billion yuan, respectively [4]. Market Dynamics - The launch of new products, including the iPhone 17 series and AirPods Pro 3, has driven excitement in the market, with the iPhone 17 starting at $799 and AirPods Pro 3 at $249 [3]. - Analysts suggest that while the Apple supply chain may benefit from the new product innovations, there will be a differentiation among stocks, with top companies likely to strengthen their technical capabilities and partnerships with Apple [5][6]. Future Outlook - The continuous innovation from Apple is expected to sustain the upward trend in the stock prices of related companies, although some smaller companies may struggle due to weaker product innovation capabilities [6][7]. - The demand for Apple products remains strong, which is a catalyst for the continued strength of stocks like Industrial Fulian [6].

Core Viewpoint - The release of Apple's new products has significantly boosted the A-share Apple supply chain, with major stocks in the electronic sector experiencing substantial gains following the event [1][5]. Group 1: Market Performance - On September 10, the electronic ETF (515260) surged by 3.06%, with a peak increase of 3.67%, driven by strong buying interest [1]. - Major stocks such as Industrial Fulian and Dongshan Precision hit their daily limit, while Shenghong Technology saw a rise of over 12%, marking a year-to-date increase of 593% [1][3]. - The electronic sector attracted a net inflow of 18 billion yuan, leading all 31 primary industries in the Shenwan classification [3][4]. Group 2: Apple Product Launch - Apple's 2025 Fall Product Launch showcased the iPhone 17 series, which includes the new iPhone Air, the thinnest iPhone to date at 5.6mm, and features eSIM technology [4][5]. - Apple plans to produce approximately 100 million units of the iPhone 17 series, exceeding the initial estimate of 90 million units for the iPhone 16 [5]. Group 3: Financial Performance - Apple's recent quarterly report indicated the largest single-quarter revenue growth since December 2021, primarily driven by a significant increase in iPhone sales [5]. - CEO Tim Cook noted that the iPhone 16 outperformed the previous year's model, with strong double-digit growth in sales [5]. Group 4: Investment Opportunities - Each new Apple product launch presents potential investment opportunities for related companies, as increased sales and innovation can lead to higher orders and improved performance [6]. - The electronic ETF's composition shows that Apple supply chain stocks account for 42.78% of its holdings, indicating a strong correlation with Apple's performance [6].

Core Insights - Apple has launched two new multimodal models, FastVLM and MobileCLIP2, on Hugging Face, focusing on speed and efficiency in processing visual and textual data [1][24] - FastVLM achieves a remarkable speed, with a first-word latency that is 85 times faster than competitors, thanks to its proprietary FastViTHD encoder [2][4] - MobileCLIP2 is designed to be lightweight, allowing inference directly on iPhones while maintaining high accuracy and low latency [9][14] Group 1: FastVLM Model - FastVLM is engineered for speed, reducing first-word latency to 1/85 of competing models, enabling real-time subtitle generation [1][4] - The model utilizes fewer visual tokens to process high-resolution inputs, significantly lowering computational burden while maintaining quality [4][6] - FastVLM's performance is consistently superior across various visual language tasks, achieving high accuracy with low latency [6][8] Group 2: MobileCLIP2 Model - MobileCLIP2 represents an upgrade from the previous MobileCLIP, focusing on a smaller model size without sacrificing understanding capabilities [9][14] - It allows for on-device inference on iPhones, enhancing privacy and speed by eliminating the need for cloud processing [14] - The model demonstrates improved performance in zero-shot tasks on ImageNet-1k, achieving comparable accuracy to larger models with reduced latency [14][24] Group 3: Developer Integration and Community Engagement - Apple has made both models and their demos available on Hugging Face, facilitating immediate user experience and integration for developers [15][19] - Developers can easily implement these models into iOS or macOS applications using Core ML and Swift Transformers [17][19] - The release signifies a shift towards practical applications of large models on mobile devices, making advanced AI capabilities accessible [24][25]

Group 1: AI and Technology Developments - The AI data center is expected to accelerate upgrades with the large-scale shipment of NVIDIA GB200 servers in 2025, leading to a projected penetration rate of liquid cooling technology exceeding 30% by that year [1] - The liquid-to-liquid (L2L) architecture is anticipated to gradually replace the current mainstream L2A technology starting in 2027, becoming the primary cooling solution for AI data centers, which will drive demand for cooling modules and related components [1][7] - Google's Tensor G5 chip, launched at the Made by Google 2025 event, enhances the integration of hardware and AI models, marking a significant upgrade in end-side AI capabilities [4] Group 2: Consumer Electronics Market Trends - The consumer electronics sector is witnessing strong demand for end-side AI devices, as evidenced by a more than tenfold increase in smart glasses sales on JD.com in the first half of 2025 [6] - Apple's upcoming product launch on September 10 is expected to showcase significant upgrades across its product line, including the iPhone 17, which may positively impact the supply chain [5] - The panel industry has stabilized, with prices for TV, monitor, and laptop panels remaining steady in August 2025, indicating a balanced supply-demand situation [8] Group 3: Policy and Strategic Initiatives - The Chinese government has initiated the "Artificial Intelligence+" action plan, providing policy support and resources to accelerate the integration of AI across various industries [3] - Meta has restructured its AI team into four labs to enhance its AI development strategy, focusing on diverse and refined deployments in the AI sector [6]

Group 1: Company Overview - Company maintains an outperform rating and profit forecast for Lenovo Group, with a target price increase of 10.4% to HKD 14.8, indicating a potential upside of 34.6% based on a FY2026 P/E of 14.0x [1] - Recent visit to Lenovo's Shenzhen Future Center highlighted the company's strategic focus on AI smart devices, emphasizing hardware innovations and enhanced local model capabilities [2] - Lenovo's global supply chain and production layout provide a competitive edge in responding to macroeconomic changes, such as tariffs [2] Group 2: AI PC and Market Performance - In Q2 2025, global PC shipments grew by 6.5%, with Lenovo outperforming the market at a 15.2% growth rate, increasing its market share to 24.6% [3] - AI PCs are gaining traction, with Lenovo's AI PC shipments accounting for 27% of total notebook shipments in China during Q2 2025 [3] - The mobile segment also showed strong performance, with a 14% year-on-year revenue growth in Q2 2025, driven by successful high-end models like Moto Razr and Edge [3] Group 3: Cross-Device Experience and Ecosystem - Lenovo's "one body, multiple ends" strategy aims to create a seamless experience across PCs, smartphones, and tablets, enhancing user engagement with the "Tianxi" personal super intelligent agent [4] - The average weekly active user ratio reached 40% by the end of Q2 2025, indicating growing user participation [4] - Continuous innovation in cross-device connectivity and ecosystem development is a key focus for Lenovo, with an emphasis on SmartConnect capabilities [4] Group 4: Global Supply Chain and Production Strategy - Lenovo ranks eighth in Gartner's 2025 global supply chain list, with over 30 manufacturing bases across 11 markets, implementing a "China + N" strategy [5] - The global production layout enhances Lenovo's ability to navigate uncertainties related to international policies and tariffs [5]

Market Overview - A-shares opened mixed on September 8, with the Shanghai Composite Index down 0.02%, the Shenzhen Component Index up 0.33%, and the ChiNext Index up 0.21% [1] - Sectors such as batteries and aerospace equipment saw significant gains, while sectors like duty-free and CPO experienced notable declines [1] Institutional Insights - Huatai Securities noted that the A-share mid-term performance has shown a clear divergence, with short cycles continuing to bottom out but showing initial signs of improvement [2] - The report highlighted that advanced manufacturing and TMT sectors are expected to see continued supply-demand improvements, while infrastructure chain revenue is approaching a turning point [2] - A-share mid-term dividend payouts have reached a historical high, suggesting a favorable environment for investors [2] Sector Focus - CITIC Securities expressed a bullish outlook on lithium batteries and energy storage, citing the upcoming peak season and unexpected demand in the storage sector [3] - The report indicated that the supply-demand relationship in the lithium battery sector has fundamentally shifted, with strong earnings visibility and low valuations [3] - Tianfeng Securities emphasized the investment opportunities in edge AI, driven by policy support and major company innovations, particularly highlighting Apple's commitment to product innovation in this area [4]

Group 1 - The report from Tianfeng Securities highlights optimism regarding investment opportunities in edge AI, driven by supportive policies, leadership from major companies, and the upcoming product launch events [1] - Apple's recent developments demonstrate its commitment to innovation in edge AI products, which could lead to unexpectedly positive impacts on user experience and sales [1] - The report suggests paying attention to the Apple supply chain due to these developments [1]

Core Viewpoint - The storage industry is recovering, with leading companies like Zhaoyi Innovation reporting significant revenue and profit growth, driven by increased demand in various sectors and strategic market positioning [1][6][10]. Group 1: Financial Performance - Zhaoyi Innovation's revenue for the first half of 2025 reached 4.15 billion yuan, a year-on-year increase of 15%, while net profit attributable to shareholders was 575 million yuan, up 11.31% [1]. - The company's storage chip revenue in 2024 was 5.194 billion yuan, accounting for 70.6% of total revenue, with MCU business contributing over 90% of revenue [6][10]. - The company experienced a revenue decline from 8.13 billion yuan in 2022 to 5.761 billion yuan in 2023, followed by a recovery to 7.356 billion yuan in 2024 [10]. Group 2: Market Position and Global Expansion - Zhaoyi Innovation is the only company globally to rank in the top ten across four core integrated circuit design areas, including NOR Flash and MCU [1]. - The company has established a global sales network across Asia, Europe, and North America, with overseas revenue accounting for 77.51% in 2024 and 69.51% in the first half of 2025 [3][11]. - The company is recognized as the world's leading fabless Flash supplier, with significant contributions from automotive-grade products [3][4]. Group 3: Industry Trends and Strategic Moves - The company is capitalizing on the exit of major players like Samsung and Micron from niche storage markets, creating opportunities for domestic manufacturers [8]. - Zhaoyi Innovation is expanding its overseas presence, with plans for an H-share listing and the establishment of a new international headquarters in Singapore [4][5]. - The company is focusing on local innovation to shorten the time from product development to market, enhancing its competitive edge in various sectors, including automotive and AI [5][7]. Group 4: Customer Base and Product Diversification - The customer base of Zhaoyi Innovation spans consumer electronics, automotive, and industrial control sectors, reflecting a diversified revenue stream [7][9]. - The company has established itself as a key supplier for major brands in the consumer electronics space and is increasingly penetrating the automotive sector [6][9]. - The demand for storage solutions in AI applications is rising, with the company poised to meet the needs of new AI-enabled devices [7].

Group 1 - The core point of the news is that TaiLing Micro plans to acquire Shanghai Panqi Microelectronics to enhance collaboration in the low-power wireless IoT chip sector, aiming to build a comprehensive ultra-low-power wireless connection platform for various IoT applications [1][4] - The acquisition will allow TaiLing Micro to integrate Shanghai Panqi Micro's RF technology, improving its competitiveness in mainstream products like low-power Bluetooth, Zigbee, and Matter [1][2] - Shanghai Panqi Micro's products, including low-power Bluetooth chips and LPWAN products, are characterized by ultra-low power consumption and excellent RF performance, making them suitable for smart home, industrial control, and medical applications [1][2] Group 2 - Shanghai Panqi Micro has shown steady revenue growth, with sales reaching approximately 120 million yuan in 2023 and projected to increase to 130 million yuan in 2024, while losses are narrowing [2] - After the acquisition, TaiLing Micro is expected to achieve comprehensive coverage in IoT applications, enhancing its total assets and revenue, and accelerating its global expansion [2][4] - In the first half of 2025, TaiLing Micro reported revenue of 503 million yuan, a year-on-year increase of 37.72%, with net profit growing significantly by 274.58% [2] Group 3 - TaiLing Micro's AI chips have entered mass production, with sales reaching millions in the second quarter of 2025, applicable across various sectors including audio and smart home [3] - The company aims to maintain a gross margin around 50%, balancing profitability with growth [3] - TaiLing Micro's audio chips support BLE Audio and classic Bluetooth audio, providing low-latency transmission solutions for diverse audio applications [3]