Core Viewpoint - Company anticipates a significant increase in comprehensive profit for the fiscal year ending December 31, 2025, projecting a growth of approximately 400% to 450% compared to the fiscal year ending December 31, 2024 [1] Group 1: Financial Performance - Company expects comprehensive profit to rise from approximately RMB 279 million to a range of RMB 1.39 billion to RMB 1.54 billion by the end of 2025 [1] - The stock opened nearly 7% higher following the earnings announcement, currently trading at HKD 9.57, reflecting a 6.81% increase with a trading volume of HKD 6.44 million [1] Group 2: Strategic Development - The board attributes the anticipated profit growth to the ongoing implementation of the company's five-year strategic development plan (2021-2025), focusing on accelerating business development in non-mobile intelligent visual products [1] - The rapid growth in the global smart driving and IoT smart terminal industries has significantly increased the demand for camera modules, leading to a substantial rise in both quantity and specifications of products [1] Group 3: Market Position and Product Strategy - The company maintains strong partnerships with leading smart driving solution providers, handheld imaging device brands, and other prominent IoT smart terminal brands, resulting in a year-on-year doubling of sales volume for camera modules in other sectors [1] - The company continues to focus on mid-to-high-end camera modules and fingerprint recognition modules, with significant year-on-year growth in sales of periscope camera modules, optical image stabilization camera modules, and ultrasonic fingerprint recognition modules, enhancing the product's added value [1]

Core Viewpoint - Company expects a significant increase in consolidated profit for the fiscal year ending December 31, 2025, projecting a growth of approximately 400% to 450% compared to the fiscal year ending December 31, 2024 [1] Group 1: Financial Performance - Company anticipates a consolidated profit of approximately RMB 279 million for the fiscal year ending December 31, 2025, marking a substantial increase from the previous year [1] - The stock price opened nearly 7% higher following the earnings announcement, currently trading at HKD 9.57, reflecting a 6.81% increase with a trading volume of HKD 6.44 million [1] Group 2: Business Strategy and Market Trends - Company is committed to advancing its five-year strategic development plan (2021-2025), focusing on the growth of smart visual products outside the mobile phone sector [1] - The rapid development of the global smart driving and IoT smart terminal industries has significantly increased the demand for camera modules, leading to a substantial rise in sales volume and product specifications [1] - Company maintains strong partnerships with leading smart driving solution providers, handheld imaging device brands, and other prominent IoT smart terminal brands, resulting in a year-on-year doubling of sales volume for camera modules in other sectors [1] Group 3: Product Development - Company continues to focus on mid-to-high-end camera modules and fingerprint recognition modules, with significant year-on-year growth in sales of periscope camera modules, optical image stabilization camera modules, and ultrasonic fingerprint recognition modules [2] - The growth in high-end products has effectively improved the company's product added value [2]

2025年，中国汽车产业竞争焦点发生了根本性转移：从国内市场不计代价的份额厮杀，转向全球舞台上 以技术、体系和规则为核心的全面竞争。我们试图通过梳理年度十大热词，捕捉这场变革的脉搏。 热词背后，是一条产业进化轨迹。中国车企经历反"内卷""60天账期兑付"等政策与自律行动，扭转恶性 竞争，将产业拉回可持续的价值创造轨道；记录了智能化从普及辅助驾驶到叩开L3级合法商用大门的 关键一跃，技术梦想开始接受法规与责任的严格审视。 车企还聚焦于固态电池与兆瓦闪充的技术攻坚，试图从根本上解决电动车的里程与补能焦虑，重塑产品 体验的底层逻辑。同时，"出海"深化为全价值链本地化，"上市"汇聚国际资本，参与全球产业的格局重 塑。 这十个热词，共同构成了一幅2025年中国汽车产业的"决心地图"：告别盲目，建立秩序；突破技术，承 担风险；立足中国，经营全球。 PART 1：秩序之正 2025年，中国汽车行业迎来一场"秩序革命"。当无休止的"内卷"价格战将全行业拖入利润谷底时，一场 从顶层设计到产业链末梢的纠偏治理行动全面展开。 反"内卷" 反"内卷"在2025年从行业呼声上升为明确的政策行动。 车企发起的激进价格战将行业平均利润率压 ...

Group 1 - Jiangsu has a solid industrial foundation, rich data resources, a concentration of scientific and educational talent, broad application scenarios, and strong innovation potential in the development of the artificial intelligence industry [1] - The "Artificial Intelligence+" Action Plan sets three development goals for 2027, 2030, and 2035, aiming to transition Jiangsu from a major province in AI applications to an innovation-driven province [1][2] - The plan emphasizes the integration of AI into six key areas: scientific research, industrial development, quality improvement in consumption, public services, social governance, and international cooperation, while also focusing on emerging industries such as humanoid robots, low-altitude economy, intelligent driving, biomedicine, and new energy [1] Group 2 - By 2027, Jiangsu aims for over 70% application penetration of new-generation intelligent terminals and intelligent agents, with rapid growth in the industry scale [2] - By 2030, the application penetration is expected to exceed 90%, with the formation of a number of domestically leading large models and large-scale commercial application scenarios, targeting an AI industry scale exceeding 1 trillion yuan [2] - By 2035, Jiangsu plans to establish itself as a leading innovation source and industrial high ground in the "Artificial Intelligence+" sector, entering a new stage of intelligent economy and society development [2]

Core Insights - The article highlights the evolution of Shenzhen Haon Automotive Electronics Co., Ltd. from a supplier of ultrasonic radar to a comprehensive provider of "perception + decision" systems in the automotive industry [1] - The company aims to leverage its technological capabilities to expand into robotics and low-altitude economy sectors, marking a significant strategic shift [1] Group 1: Company Evolution - Haon Automotive has transitioned from a single product supplier of ultrasonic sensors to an integrated solution provider for perception and decision systems over 16 years [2] - The product matrix now includes ultrasonic radar (including the latest AK2), visual perception systems, and 4D millimeter-wave radar, with the AK2 being crucial for advanced parking solutions [2] - The company has established partnerships with leading chip manufacturers to enhance decision-making capabilities, which are essential for advancing from L2 to L4 autonomous driving [2] Group 2: Market Positioning - Haon Automotive has successfully entered the supply chains of major international automotive manufacturers such as Ford, Stellantis, and Renault, demonstrating its competitive edge [2] - The rigorous process of gaining supplier codes from top-tier manufacturers took eight years, emphasizing the importance of technical integration and management capabilities [3] Group 3: Strategic Expansion - In 2024, Haon Automotive plans to enter the robotics sector, viewing it as a next trillion-yuan market with significant technological overlap with automotive applications [3][4] - The company is focusing on developing advanced algorithms for motion control and environmental perception, which are critical for robotics [4] - A phased approach is being adopted for the robotics business, with a projected one to five years for large-scale production, while also preparing for emerging fields like low-altitude economy [5] Group 4: Growth Objectives - Since its IPO in 2023, Haon Automotive has set ambitious revenue and profit growth targets, aiming for a tenfold increase [6] - The growth strategy includes expanding existing automotive business, entering new markets, and pursuing strategic acquisitions to mitigate risks [7][8] - The company emphasizes strategic execution over aggressive short-term expansion, allowing flexibility for its R&D teams while maintaining strict quality standards [8]

丨证券研究报告丨 行业研究丨行业周报丨软件与服务 [Table_Title] 2026 年第 2 周计算机行业周报： 智谱及 MiniMax 上市带动国产 AI 应用行情 报告要点 [Table_Summary] 上周计算机板块持续上行，大幅上涨 9.12%，在长江一级行业中排名第 4 位，两市成交额占比 为 7.72%，AI 相关标的活跃。上周 NVIDIA 发布 NVIDIA Alpamayo 系列开源 AI 模型、仿真工 具及数据集；OpenAI 推出 ChatGPT Health；我国向 ITU 申报了多个卫星星座计划，申报总规 模达 20.3 万颗。建议关注：1）国内大模型厂商；2）国内大型云厂商；3）垂类场景 Agent 厂 商；4）国产算力产业链。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 2026 年第 22]周计算机行业 ...

证券日报网讯1月13日，万马科技（300698）在互动平台回答投资者提问时表示，公司智算中心用液冷 服务器机柜研发项目目前已开发完成。另外，公司全资子公司上海优咔与英伟达就NVAIE在自动驾驶数 据闭环平台中的应用开展了相关合作，赋能车企智能驾驶数据闭环工具链。2026年，公司将继续坚持稳 健经营、长期主义，以投资者为本，通过不断提升经营质量系统性推进市值管理工作，致力于实现公司 内在价值与市场价值的动态平衡，切实维护全体股东的长远利益。 ...

Core Viewpoint - Xixiangfeng Group (02473.HK) has signed a memorandum of understanding with an independent third party to acquire a 51% stake in Xiamen Kuangshi Technology Co., Ltd. through equity acquisition or capital increase, aiming to enhance its position in the intelligent driving sector [3][9]. Group 1: Company Overview - Xixiangfeng Group, established in 2007, is a well-known automotive retailer that primarily provides automotive financing leasing services and related services through its self-operated sales network [10]. - The company was listed in Hong Kong on November 9, 2023, issuing 103 million shares at HKD 1.1 per share, raising approximately HKD 113 million [10]. - As of the latest update, Xixiangfeng Group's share price is HKD 9.95, with a total market capitalization of approximately HKD 15.391 billion [10]. Group 2: Strategic Acquisition - Kuangshi Technology is a leading provider of millimeter-wave radar intelligent perception solutions in China, offering a full range of products including chips, algorithms, modules, and system platforms, integrated with artificial intelligence for high-performance solutions in fields such as assisted driving and smart IoT [3][9]. - Xixiangfeng Group is actively exploring the autonomous vehicle business, leveraging its nationwide self-operated sales network and extensive experience in vehicle operation and management [3][9]. - The board of Xixiangfeng Group believes that if the potential transaction is realized, it will help expand the smart driving automotive industry chain, enhance technological reserves and product competitiveness, and align with the company's strategic layout in this business area [3][9].

Core Viewpoint - The company anticipates a significant increase in consolidated profit for the year ending December 31, 2025, projecting a growth of approximately 400% to 450% compared to the previous year, with an expected profit of around RMB 279 million [1][2]. Group 1: Factors Contributing to Profit Growth - The board believes that the substantial year-on-year growth in consolidated profit is primarily due to the company's unwavering commitment to its five-year strategic development plan (2021-2025), accelerating the business development of smart visual products outside the mobile phone sector [2]. - The rapid development of the global smart driving and IoT smart terminal industries has significantly increased the demand for camera modules, leading to a notable rise in product specifications [2]. - The company has maintained strong partnerships with leading smart driving solution providers, handheld shooting equipment brands, and other prominent IoT smart terminal brands, resulting in a year-on-year doubling of sales volume for camera modules applied in other fields, which has contributed to steady revenue growth [2]. Group 2: Product Strategy and Operational Improvements - The company continues to focus on mid-to-high-end camera modules and fingerprint recognition modules, with significant year-on-year growth in sales volume for periscope camera modules, optical image stabilization camera modules, and ultrasonic fingerprint recognition modules, effectively enhancing product added value [2]. - The company has made substantial progress in operational efficiency, development capabilities, quality capabilities, and delivery capabilities through its digital transformation efforts, which have collectively improved gross margin [2]. - The company completed the sale of approximately 51.08% of its subsidiary Kunshan Q Tech Microelectronic (India) Private Limited, generating income from this transaction, while also benefiting from improved performance of an associated company, which contributed to the company's share of profits compared to a loss in the same period last year [2].

Core Viewpoint - The company, Q Technology (01478), anticipates a significant increase in consolidated profit for the year ending December 31, 2025, projecting a growth of approximately 400% to 450% compared to the consolidated profit for the year ending December 31, 2024, amounting to around RMB 279 million [1][2]. Group 1 - The board believes that the expected substantial growth in consolidated profit is primarily due to the company's unwavering commitment to its five-year strategic development plan (2021-2025) and the accelerated development of smart visual products outside the mobile phone sector [2]. - The rapid development of the global smart driving and IoT smart terminal industries has significantly increased the demand for camera modules, leading to a notable rise in product specifications [2]. - The company has maintained strong partnerships with leading smart driving solution providers, handheld imaging device brands, and other prominent IoT smart terminal brands, resulting in a year-on-year doubling of sales volume for camera modules applied in other fields [2]. Group 2 - The company continues to focus on mid-to-high-end camera modules and fingerprint recognition modules, with substantial year-on-year growth in sales of periscope camera modules, optical image stabilization camera modules, and ultrasonic fingerprint recognition modules [2]. - The scale growth of high-end products has effectively improved the company's product added value [2]. - The company has made significant progress in operational efficiency, development capability, quality capability, and delivery capability through its digital transformation efforts [2]. Group 3 - The steady growth in operating revenue, effective improvement in product structure, and optimization of internal operations have collectively contributed to a noticeable improvement in the company's gross profit margin [2]. - The company completed the sale of approximately 51.08% of its subsidiary Kunshan Q Tech Microelectronic (India) Private Limited, generating income from this transaction [2]. - Additionally, the performance of a joint venture has improved compared to the same period last year, allowing the company to recognize income from the joint venture, whereas it previously recorded a loss [2].