定焦One . 深度影响创新。 以下文章来源于定焦One ，作者定焦One团队 来源丨定焦One（ID：dingjiaoone） 作者丨金玙璠 编辑丨魏佳 图源丨Midjourney "非洲手机之王"传音，在股价低迷之际再次闯关资本市场。 12月初，科创板上市公司传音控股向港交所递交招股书。 但从当下的基本面看， 业绩承压、 份额失 守、 股价低迷 ，选择此时冲击 IPO ， 时机颇为尴尬。 作为一家年收入近700亿元、年利润56亿元左右的公司，传音正在降速。今年上半年，其收入 （290.8亿元）同比下滑15.9%，利润（12.4亿元）同比缩水56.6%。 数据来源 / 传音控股招股书 「定焦One」制图 更危险的信号，是 其赖以成名的非洲市场 正被小米、荣耀等对手"蚕食" 。 全球扩张计划同样遇 冷， 亚太、中东、拉美等地区的手机收入在2025年上半年均下降20%以上 。 市场 也 直接用脚投票，它的股价年内累计跌幅 超过25% 。 比短期业绩波动更关键的是，传音始终未能跑通商业模式转型。过去六年，外界常将其视为"非洲版 小米"，因其明显在尝试复制"硬件引流、生态变现"的模式——从手机扩展到家电、数码配件， ...

Core Viewpoint - The recent unveiling of Project Aura, a consumer-grade AR glasses product developed by XREAL in collaboration with Google, marks a significant advancement in the consumer electronics sector, with a market launch planned for 2026 [1]. Group 1: Market Performance - As of December 15, 2025, the China Securities Consumer Electronics Theme Index (931494) showed mixed performance among its constituent stocks, with Ringxu Electronics (601231) leading with a 4.76% increase, followed by XW Communications (300136) at 2.00%, and Anker Innovation (300866) at 1.52% [1]. - The Consumer Electronics ETF (561600) was quoted at 1.17 yuan [1]. Group 2: Index Composition - The China Securities Consumer Electronics Theme Index comprises 50 listed companies involved in component production and complete brand design and manufacturing, reflecting the overall performance of the consumer electronics sector [2]. - As of November 28, 2025, the top ten weighted stocks in the index included Luxshare Precision (002475), Cambricon (688256), Industrial Fulian (601138), and others, collectively accounting for 56.39% of the index [2]. Group 3: Investment Insights - China Galaxy Securities emphasizes that AI applications will be a key focus for investment in the technology sector in the coming years, suggesting continued attention to industry developments related to edge AI [1]. - The report also highlights the importance of monitoring investment opportunities within the Apple supply chain and new categories of consumer electronics [1].

晨 会 纪 要 [2025]第 229 号 主 题：对近期重要经济金融新闻、行业事件、公司公告等进行点评 时 间：2025 年 12 月 15 日 8:50-9:30 会议形式：腾讯会议 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 轩鹏程 文正平 李杰 张智珑 郭怡萍 李育文 李正威 别璐莎 邢维洁 马丽明 汪炜 聂孟依 张弛 整理记录：郭怡萍 研究所今日晨会要点如下: 一、宏观策略 1.1 宏观点评（仇华） 宏观数据方面，11 月出口当月同比增速由负转正 据 Wind 数据，近期公布的重要宏观数据有：进出口、PPI、CPI 以及 M1、M2 等。进出 口方面，11 月出口当月同比由 10 月的-1.10%，转正为 5.9%，推动前 11 月累计增速由 10 月 的 5.3%，反弹至 5.4%。而中国对美国的出口继续保持下滑态势，11 月对美出口月度同比增 速为-18.87%，跌幅继续扩大。 而由 PMI、PPI 与 CPI 剪刀差、10 年期国债收益率拟合而成的宏观短周期综合指数，11 月继续小幅回落，但并没有跌破震荡上行趋势。 在 M0、M1、M2 方面，11 月的 M0、M2 总体趋势稳定，但 M1 在 ...

Core Insights - Liu Yuanhai, the Chief Investment Officer of Dongwu Fund, has demonstrated impressive long-term performance in managing the Dongwu Mobile Internet Mixed Fund, with returns of 93.89%, 241.82%, and 335.16% over the past year, three years, and five years respectively, ranking 1 out of 1488 in its category [2] - Despite recent volatility in the technology sector, Liu remains optimistic about the technology market in 2026, viewing current market fluctuations as an opportunity for long-term investors [2][6] Investment Strategy - Liu's investment approach involves a dynamic strategy characterized by focusing on current market trends, monitoring underappreciated sectors, and preparing for future opportunities, ensuring the portfolio remains active and capable of upward movement [5] - The decision-making process within the Dongwu Fund emphasizes collective intelligence, with regular strategy meetings and discussions among team members to minimize individual biases and enhance investment accuracy [10][11] Market Analysis - Liu identifies the recent volatility in the technology sector as primarily driven by trading behaviors rather than fundamental issues, noting that high concentration in tech holdings among public funds does not necessarily indicate a market peak [6][7] - He conducted a thorough analysis of the "AI bubble" debate, concluding that current indicators do not suggest a typical bubble, as capital expenditure, revenue growth, and valuation levels remain healthy [7] Sector Focus - Liu continues to favor the computing power sector, particularly in light of increasing demand for AI applications, and anticipates a new market cycle driven by advancements in AI technology [8] - The smart automotive sector is also highlighted as a significant investment opportunity, with expectations for rapid growth in intelligent vehicle systems by 2026, despite short-term challenges [9] Team Dynamics - The Dongwu Fund's investment team, consisting of over 20 members, fosters a collaborative environment that encourages knowledge sharing and collective decision-making, contributing to the fund's strong performance [10][11] - The team has seen multiple high-performing equity products, with a significant number of funds ranking in the top 25% of their categories over the past year and two years, attributed to their effective research and investment strategies [11]

刘元海，同济大学管理学博士。曾任东吴基金管理有限公司研究员、基金经理助理、基金经理、投资管 理部副总经理、总经理。现任东吴基金管理有限公司首席投资官，东吴移动互联混合等产品基金经理。 在波澜起伏的A股市场中，东吴基金首席投资官、基金经理刘元海以其较为亮眼的长期业绩表现吸引了 投资者的关注。截至2025年9月30日，他管理的东吴移动互联混合A近1年、近3年、近5年的回报率分别 为93.89%、241.82%、335.16%，据国泰海通证券排名数据显示，东吴移动互联混合A在同类产品中近五 年排名1/1488。 在近期科技板块大幅波动的背景下，市场对"AI是否出现泡沫"的讨论愈发热烈，投资者信心出现明显波 动。基于对全球科技产业的深入理解和对A股市场运行逻辑的长期摸索，刘元海近期在接受中国证券报 记者专访时表示，依然看好2026年科技行情，并将当前市场波动比喻为"倒车接人"的良机。 □本报记者 魏昭宇 "科技产业的发展从来都不是一帆风顺，当前人工智能技术正处在从创新期向理性成长期过渡的关键阶 段，短期的估值调整或为长期投资者提供了难得的布局窗口。"刘元海向中国证券报记者表示。 洞悉产业趋势 在波段中找寻机遇 202 ...

Group 1: AI Products - The article discusses the intensive release of edge AI products, highlighting the growing trend in the technology sector [34]. Group 2: Military Industry Insights - Insights on the military industry are presented, focusing on recent developments and trends that may impact investment opportunities [6][7]. Group 3: Industry Configuration Model - A review and update of the industry configuration model is scheduled, indicating ongoing analysis and adjustments in response to market conditions [35]. Group 4: Exhibition Management Discussion - A discussion with the management of Miao Exhibition is planned, which may provide insights into the service industry and its current challenges [34]. Group 5: Chemical Industry Investment Opportunities - An exchange on investment opportunities in the chemical industry for 2026 is set, suggesting potential growth areas for investors [34]. Group 6: Retail Changes - A session discussing new changes in the retail sector is scheduled, reflecting shifts in consumer behavior and market dynamics [34].

Core Viewpoint - The domestic AI industry chain is gaining momentum, as evidenced by the performance of the Science and Technology Innovation Artificial Intelligence ETF (589520), which saw a significant increase in trading volume and price appreciation, indicating strong buying interest [1][7]. Market Performance - The Science and Technology Innovation Artificial Intelligence ETF (589520) rose by 2.12%, with a peak increase of 2.3%, and a total trading volume of 47.29 million yuan, reflecting a 92% increase compared to the previous period [1][7]. - Among the 30 constituent stocks of the ETF, 28 stocks experienced price increases, with over 60% rising by more than 2%. Notable performers included Hehe Information, which surged by 13.8%, and Chip Origin, which rose by 7.22% [4][9]. Industry Developments - The end-side AI sector is witnessing new advancements, such as ByteDance's Doubao mobile assistant and Alibaba's Quark AI glasses, which integrate advanced AI capabilities for consumer applications [11]. - The State Council has issued guidelines aiming for over 70% penetration of new intelligent terminals and smart entities by 2027, and over 90% by 2030, indicating strong governmental support for AI development [3][11]. Investment Trends - Analysts suggest that the AI investment logic is evolving from focusing on hardware and infrastructure ("selling shovels") to emphasizing practical applications and commercialization ("mining for gold") [3][11]. - The ETF's index is balanced across four key segments: application software, terminal applications, terminal chips, and cloud chips, reflecting a shift in the AI industry from cloud-based solutions to edge computing and self-sufficiency [12][13]. Strategic Focus - The Science and Technology Innovation Artificial Intelligence ETF (589520) and its associated funds are strategically positioned to capitalize on the domestic AI industry, with over 70% of the top ten holdings concentrated in the semiconductor sector, highlighting a strong focus on domestic alternatives [5][13].

Core Viewpoint - XiHua Technology, a Shenzhen-based AI chip and solution provider, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to enhance its R&D capabilities and expand its product offerings in the AI chip market [5]. Company Overview - Established in August 2018, XiHua Technology is a national-level key "little giant" enterprise specializing in smart display chips and smart sensing control chips, with over 100 million chips shipped [5]. - The company ranks second globally in the Scaler market with a shipment of 37 million units, holding an 18.8% market share [5][6]. Financial Performance - XiHua Technology has not yet achieved profitability, reporting cumulative losses of 426 million RMB over four years. Revenue for 2022, 2023, 2024, and the first nine months of 2025 was 87 million, 150 million, 244 million, and 240 million RMB, respectively, with a compound annual growth rate of 67.8% from 2022 to 2024 [9]. - The company's gross margin fluctuated significantly, with rates of 35.7%, 21.5%, 28.4%, and 22.1% from 2022 to the first nine months of 2025, attributed to its relatively small sales scale [11]. Product Lines and Market Position - XiHua Technology has developed two major product lines: smart display chips (including AI Scaler and STDI chips) and smart sensing control chips (including TMCU and general-purpose MCU) [16]. - The smart display segment has consistently contributed over 85% of the company's revenue from 2022 to the first nine months of 2025, while the smart sensing control segment's revenue share increased from 1.9% in 2022 to 14.4% in 2025 [16]. R&D and Innovation - The company has invested heavily in R&D, with expenditures of approximately 400 million RMB over the years, focusing on enhancing existing products and developing next-generation chips for AMOLED touch and audio driver applications [9][8]. - XiHua Technology has established a comprehensive technology solution based on MCU, perception, and display architecture, with a dedicated R&D team comprising over 50% of its workforce [25][28]. Customer and Supplier Dependency - XiHua Technology's revenue is highly concentrated, with the top five customers contributing 89.9%, 78.6%, 88.8%, and 82.2% of total revenue from 2022 to the first nine months of 2025, indicating a significant reliance on a few key clients [30]. - The company also relies heavily on a limited number of suppliers, with the top five suppliers accounting for 81.8%, 83.7%, 83.6%, and 76.6% of total procurement during the same period [34]. Ownership and Management - The company is controlled by its founder and chairman, Chen Xi, and his spouse, Wang Hong, who together hold 65.51% of the shares [37][39]. - Chen Xi has over 25 years of experience in the semiconductor and high-tech fields, with a strong educational background from Tsinghua University and UCLA [42].

Core Viewpoint - Honor's brand marketing president, Guo Rui, has recently left the company, indicating a potential shift towards entrepreneurship, as suggested by his social media posts [1] Group 1: Departure of Guo Rui - Guo Rui's departure from Honor is confirmed, and he expressed confidence in the company's future in his farewell message [1] - Insiders suggest that Guo Rui may pursue entrepreneurial ventures, aligning with his social media references to "next station technology" [1] Group 2: Guo Rui's Contributions - Guo Rui has a notable background, having served as CMO for Huawei's terminal division in Greater China from 2017 to 2021 before joining Honor's founding team [1] - During his tenure at Honor, he led the brand marketing department, overseeing brand and marketing strategies [1] - Guo Rui played a significant role in driving Honor's AI technology into a billion-level consumer market and helped the brand achieve a top-five position globally in several regions, particularly in the high-end smartphone segment priced above $600 [1]

Core Viewpoint - Zhongke Lanyun (688332.SH) is advancing its collaboration with Volcano Engine and Doubao large model, focusing on AI applications in audio products and toys, leveraging its chip platforms BT895X, AB6003G, and BT8951H [1][4][7] Group 1: Product Development and Launches - The BT895X platform will be integrated with the Volcano Ark MaaS platform starting November 2024, providing a hardware-software solution compatible with Doubao large model, already implemented in the FIIL GS Links AI high-fidelity open-ear headphones [1][4] - Zhongke Lanyun will showcase an AI toy solution based on the AB6003G Wi-Fi chip at the 2025 Volcano Engine FORCE conference in June 2025; this chip combines Wi-Fi, Bluetooth, and audio capabilities for IoT applications [3][6] - The company has launched the OC3 AI clip-on Bluetooth earphones, powered by the BT8951H chip, which supports AI Q&A features and enhances user interaction and experience [3][6] Group 2: Strategic Focus and Market Position - Zhongke Lanyun is concentrating on the AI edge sector, aiming to deepen partnerships with both domestic and international large model platforms to enhance user experience in AI products [4][7] - The company is recognized for its expertise in audio chips for Bluetooth headphones and speakers, with a product range that includes TWS headphones, Bluetooth speakers, and wearable devices [3][6] - Recent investments have been made in high-performance, low-power audio platforms and edge AI applications, leading to a comprehensive product matrix [3][6]