Core Viewpoint - Xiaomi Group-W (01810) has seen its stock price drop over 30% from its peak in June, with a current price of 42.1 HKD, reflecting a decline of 3.08% as of the latest report [1] Group 1: Stock Performance - The stock price of Xiaomi has decreased by over 30% since its highest point in June [1] - As of the latest report, the stock is trading at 42.1 HKD with a trading volume of 30.76 billion HKD [1] Group 2: Hedge Fund Activity - Recent data from Goldman Sachs indicates a 53% increase in short positions against Xiaomi by hedge funds over the past week [1] - The selling pressure from pension funds and hedge funds has dominated the market in the last two weeks [1] Group 3: Investor Sentiment - Investor sentiment is turning cautious ahead of Xiaomi's third-quarter earnings report scheduled for November 18 [1] - Hedge funds view Xiaomi as a consensus short/sell target in the short term due to a lack of catalysts [1] Group 4: Analyst Downgrades - Goldman Sachs has recently lowered its target price for Xiaomi, citing several factors [1] - Key reasons for the downgrade include rising storage chip prices impacting smartphone gross margins, a slowdown in AIoT business growth to single digits, and delays in the second phase of electric vehicle factory affecting deliveries [1]

Core Viewpoint - Hard Egg Innovation (00400) has entered a non-binding memorandum of understanding with Shenzhen Huixin Equity Investment Management Co., Ltd. to establish a strategic cooperation framework for AIoT innovation enterprise incubation [1] Group 1: Company Developments - Hard Egg Innovation's stock rose by 3.32% to HKD 2.8, with a trading volume of HKD 11.13 million [1] - The memorandum aims to leverage the strengths of Hard Egg Innovation in AI chip applications, solution design, and supply chain integration alongside NARFD's research and incubation resources [1] Group 2: Strategic Implications - The collaboration is expected to create a complete industrial ecosystem for AIoT startups by combining technological, capital, industrial resources, and government support [1] - This partnership is anticipated to strengthen Hard Egg Innovation's position in the AI hardware industry, expand market coverage, and accelerate the commercialization of innovative AI products [1]

Core Viewpoint - Hard Egg Innovation (00400) has entered a non-binding memorandum of understanding with Shenzhen Huixin Equity Investment Management Co., Ltd. to establish a strategic cooperation framework for AIoT innovation enterprise incubation [1] Group 1: Company Developments - Hard Egg Innovation's stock rose by 3.32% to HKD 2.8, with a trading volume of HKD 11.13 million [1] - The memorandum aims to leverage the strengths of Hard Egg Innovation in AI chip applications, solution design, and supply chain integration alongside NARFD's research and incubation resources [1] Group 2: Strategic Implications - The collaboration is expected to create a complementary advantage in technology, capital, industrial resources, and government support for both parties [1] - This partnership will help build a complete industrial ecosystem for AIoT startups, enhancing Hard Egg Innovation's position in the AI hardware industry and expanding market coverage [1] - The initiative is anticipated to accelerate the commercialization of innovative AI products and lay a solid foundation for a long-term strategic partnership and sustainable development [1]

Core Insights - AI is identified as a new driving force for the future of the semiconductor industry, transitioning from traditional computing to AI applications, which are still in the foundational stage but will diversify significantly in the coming years [2][3] - The shift towards AI applications will challenge traditional chip design economies of scale, necessitating new approaches such as Chiplet architecture to manage development costs and enhance market flexibility [3] - Advanced packaging technologies are becoming critical for performance enhancement, with a focus on system design as a key area for future development in the semiconductor sector [3] Group 1 - AI is redefining the meaning of Moore's Law, moving from centralized data centers to edge computing and AIoT applications, which will include smart cars, robots, smart homes, and smart cities [2] - The cost of designing advanced chips, such as TSMC's products below 5nm, can reach approximately $2 billion, making it unfeasible for companies to invest heavily without guaranteed sales [3] - The Chiplet concept allows for modular design, enabling the reuse of high-performance modules across various products, thus distributing development costs and increasing market adaptability [3] Group 2 - The semiconductor industry is approaching physical limits of Moore's Law, with the pace of process miniaturization slowing down, which may challenge Taiwan's leading position in wafer foundry and packaging [3] - Advanced packaging technologies like CoWoS and InFO are becoming essential for improving chip integration efficiency, shifting the focus from merely cost control to performance enhancement [3] - System design is emphasized as a crucial area for future focus, as it will ultimately dictate the direction of industry development [3]

Core Viewpoint - The company has entered into a non-binding memorandum of understanding with Shenzhen Huixin Equity Investment Management Co., Ltd. to establish a strategic cooperation framework for AIoT innovation enterprise incubation [1] Group 1: Strategic Partnership - The memorandum aims to leverage the company's strengths in artificial intelligence chip applications, solution design, and supply chain integration alongside NARFD's research, incubation, and capital resources [1] - This collaboration is expected to create a robust support system for AIoT startups, enhancing the overall ecosystem [1] Group 2: Industry Positioning - The partnership is anticipated to strengthen the company's position in the artificial intelligence hardware industry and expand its market coverage [1] - The cooperation is seen as a means to accelerate the commercialization of innovative artificial intelligence products and establish a foundation for long-term strategic partnerships and sustainable development [1]

Core Viewpoint - The company has entered into a non-binding memorandum of understanding with Shenzhen Huixin Equity Investment Management Co., Ltd. to establish a strategic cooperation framework for AIoT innovation incubation [1] Group 1: Strategic Partnership - The memorandum aims to leverage the company's strengths in AI chip applications, solution design, and supply chain integration alongside NARFD's research, incubation, and capital resources [1] - NARFD is a key operational unit under the National 5G High-Frequency Device Innovation Center and is established under the guidance of the Ministry of Industry and Information Technology [1] Group 2: Industry Impact - The collaboration is expected to create a complete industrial ecosystem for AIoT startups by combining technological, capital, industrial resources, and government support [1] - This partnership is anticipated to strengthen the company's position in the AI hardware industry, expand market coverage, and accelerate the commercialization of innovative AI products [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 INGDAN, INC. 硬 蛋 創 新 （ 於開曼群島註冊成立的有限公司） （股份代號：400） 有關共同開展AIoT創新企業孵化平台之諒解備忘錄 承董事會命 硬蛋創新（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）欣然宣佈，本公司 已於 2025 年 11 月6 日 與深 圳市 匯芯 股權 投資 管理 有限 公司（「匯 芯投 資」）訂 立一份不 具法 律 約束力之諒解備忘錄（ 該「諒解備忘錄」）。匯芯投資為於中華人民共和國成立之公司，並為 國家5 G中高頻器件創新中心（「NARFD」）之核心運營單位。 該 諒 解 備 忘 錄 旨 在 確 立 本 集 團 與 NARFD 之 戰 略 合 作 框 架 ， 共 同 開 展 AIoT 創 新 企 业 孵 化 平 台 。 本 集 團 將 運 用 其 在 人 工 智 能 芯 片 應 用 、 方 案 設 計 及 供 應 鏈 整 合 方 面 之 優 ...

Group 1 - Huajin Securities issued a report on November 6, giving Yongxi Electronics (688362.SH, latest price: 32.12 yuan) an "Overweight" rating [1] - The rating is supported by the breakthrough with overseas major clients and rapid growth of existing core customer base, leading to a significant quarter-on-quarter performance increase [1] - AIoT remains the primary downstream sector for the company, with the first-phase factory and second-phase FC and QFN operating at full capacity [1]

Group 1: Company Overview - Shenzhen Yidao Information Co., Ltd. is planning a major asset restructuring involving Langguo Technology, a leading provider of intelligent device technology solutions focused on interactive control and device interconnection [2] - Langguo Technology specializes in the design, research and development, production, and sales of intelligent interactive flat panel control modules and related products, catering to various smart scenarios such as education, office, and commercial applications [2] Group 2: Strategic Goals - The transaction aims to create synergies in product forms, technical capabilities, application scenarios, sales channels, and supply chain management between the companies [2] - This collaboration is expected to enhance the company's position in the AIoT and RFID sectors, extend the existing product chain, broaden market boundaries, and open new business growth opportunities [3] Group 3: Market Positioning - The company is recognized as one of the few manufacturers with independent capabilities in ultra-high frequency RFID core technology, focusing on smart data collection terminals and components [2] - The strategic move is designed to improve overall competitiveness and sustainable development capabilities of the enterprise [3]

Core Viewpoint - Zhongke Chuangda achieved a net profit attributable to shareholders of 229 million yuan in the first three quarters, representing a year-on-year increase of 50.72% [1] - In Q3, the net profit attributable to shareholders was 71 million yuan, up 48.26% year-on-year, exceeding expectations [1] Financial Performance - The company's performance continues to grow significantly due to its steadfast investment and deepening efforts in the operating system and edge intelligence sectors [1] - The smart IoT business line generated revenue of 1.27 billion yuan in the first half of the year, marking a year-on-year increase of 136.14% [1] Business Development - The development of the AIOS platform allows for the expansion and application of AI capabilities across various AI-related IoT smart hardware products, including AIPC and AI glasses [1] - The company has established vertical categories and scenarios in its IoT business, including handheld terminal devices, intelligent vision and edge computing, smart meeting systems, robots, AIPC, and wearables [1] Product Innovation - Customized mobile communication products and integrated hardware-software solutions are accelerating the rapid development of the company's AIoT platform [1] - Innovations in end-side intelligent products, such as AI video conferencing systems and AI wearable product series, are also driving the growth of the AIoT platform [1] Investment Rating - The company maintains a "Buy" rating [1]