Core Viewpoint - The acquisition plan by GoerTek, a major player in the Chinese acoustic industry, has been terminated after nearly three months of planning, with the company unable to reach an agreement on key terms with the seller [1][2]. Acquisition Details - GoerTek announced the termination of its plan to acquire 100% equity of Mega Precision Technology Limited and Channel Well Industrial Limited, both wholly-owned subsidiaries of Luen Fung Commercial Holdings Limited, for approximately HKD 10.4 billion (around RMB 9.5 billion) [2]. - The acquisition was initially disclosed on July 22, 2025, with the aim of enhancing GoerTek's competitiveness in the precision structural components sector and deepening vertical integration capabilities [2][3]. Market Context - The failed acquisition is viewed as a common industry consolidation driven by the "Apple supply chain" logic, where Apple encourages core suppliers to make strategic acquisitions to streamline supply chains and reduce costs [4]. - Mega Precision and Channel Well were key suppliers for Apple's mobile structure components and later became essential for Apple's watch metal frames [4]. Industry Trends - The trend towards lightweight wearable devices is increasing the demand for durable metal precision components, which enhances their value in Apple's product ecosystem [4]. - GoerTek has established a first-mover advantage in integrating components for wearable devices, supplying major companies like Huawei, Samsung, Xiaomi, Meta, and Amazon [4]. Future Strategy - Despite the termination of the acquisition, GoerTek remains committed to its long-term strategic goals, planning to pursue internal growth and diversified investment opportunities to enhance company value and shareholder returns [7]. - The company aims to transition from being a single component supplier to a subsystem integrator, similar to Luxshare Precision, thereby solidifying its position as a core supplier for Apple [6]. Financial Performance - In the first half of 2025, GoerTek reported revenues of RMB 37.549 billion and a net profit attributable to shareholders of RMB 1.417 billion [8]. - Following the announcement of the acquisition plan, GoerTek's stock price rose significantly, reaching a market capitalization of approximately RMB 109.2 billion, with a stock price increase of over 35% [8].

Core Viewpoint - The acquisition plan by GoerTek, a major player in the Chinese acoustic industry, has been terminated after nearly three months of planning, primarily due to the inability to reach consensus on key terms with the transaction counterpart [1][2]. Group 1: Acquisition Details - GoerTek announced the termination of its plan to acquire 100% equity of Mega Precision Technology Limited and Channel Well Industrial Limited from Luen Fung Commercial Holdings Limited for approximately HKD 10.4 billion (around RMB 9.5 billion) [1]. - The acquisition was initially disclosed on July 22, 2025, with the aim of enhancing GoerTek's competitiveness in the precision components sector and deepening vertical integration capabilities [2][6]. Group 2: Strategic Implications - The acquisition was seen as a move driven by the "Apple supply chain" logic, aiming to strengthen GoerTek's position as a core supplier to major clients like Apple [2][4]. - If the acquisition had proceeded, GoerTek would have transitioned from being a single component supplier to a subsystem integration supplier, similar to Luxshare Precision, thereby solidifying its status as a key supplier for Apple [6]. Group 3: Market Performance - Following the announcement of the acquisition plan, GoerTek's stock price rose significantly, with a market capitalization increase of approximately RMB 26.1 billion, reaching a peak market value of over RMB 100 billion [7]. - As of October 17, the stock price was reported at RMB 31.2 per share, reflecting a cumulative increase of over 35% since the acquisition announcement [7]. Group 4: Future Outlook - Despite the termination of the acquisition, GoerTek remains committed to its long-term strategic goals, planning to continue its development through internal growth and diversified investment opportunities [6].

Group 1 - The iPhone Air will start pre-orders on October 17 and officially launch on October 22, marking a new innovation cycle for Apple, which includes AI smartphones, foldable phones, and AI glasses [1] - The Consumer Electronics ETF (561600) closely tracks the CSI Consumer Electronics Theme Index, which is expected to benefit from the growth of the "Apple supply chain" [1] - As of October 15, 2025, the Consumer Electronics ETF has increased by 2.50% for the month, with a current price of 1.25 yuan [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index account for 55.93% of the index, including Luxshare Precision (002475) and Semiconductor Manufacturing International Corporation (688981) [2]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it highlights a positive outlook for specific sectors such as technology and high-end manufacturing, suggesting a favorable investment environment [30]. Core Insights - The market experienced a slight recovery with a trading volume of 21.22 billion yuan on September 22, 2025, down by 4.72 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1589.19, up by 0.71%, with a PE_TTM of 74.52 times. The specialized and innovative index closed at 2773.08, up by 0.89% [1][8]. - Among the 276 companies listed on the North Exchange, 71 saw an increase in stock price, while 202 experienced a decline. The top five gainers included Zhixin Electronics (up 12.6%) and Hongxi Technology (up 11.7%), while the top five losers included Shichang Co. (down 15.1%) and Tianhong Lithium Battery (down 8.0%) [1][18]. - The report identifies several hot concepts in the market, including the Moore Thread concept, magnetic storage, domestic computing power, and the fruit chain, driven by strong sales of the iPhone 17 and OpenAI's entry into edge devices. This has led to strong performance in consumer electronics and smart wearables [3]. Summary by Sections Market Review - On September 22, 2025, the North Exchange A-share trading volume reached 21.22 billion yuan, a decrease of 4.72 billion yuan from the previous day. The North Exchange 50 Index rose by 0.71% to close at 1589.19, while the specialized and innovative index increased by 0.89% to 2773.08 [1][8]. - The trading activity showed that 71 companies increased in value, 3 remained flat, and 202 declined. The top gainers were Zhixin Electronics (12.6%), Hongxi Technology (11.7%), and Shuguang Digital Innovation (9.9%) [1][18]. Important News - The National Sports Administration issued guidelines to promote high-quality development in sports and health, aiming to establish a collaborative service system by 2030 [2]. - Samsung has reportedly raised prices for DRAM and NAND flash products by up to 30% due to supply constraints, following similar moves by other storage giants [22]. Company Announcements - Major announcements included a planned share reduction by a significant shareholder of AVIC Teda, who intends to reduce holdings by 2,157,900 shares, accounting for 1.53% of total shares [23]. - Huizhong Technology announced the acquisition of a patent for an induction heating rice cooker [24]. - Huilong Piston plans to use up to 83 million yuan of idle fundraising for cash management [25].

Market Overview - A-shares experienced fluctuations with the ChiNext index rising over 1%, driven by active performance in the fruit chain and AI hardware sectors, particularly with Luxshare Precision hitting the daily limit up [1][10] - The Hang Seng Index and Hang Seng Tech Index both declined, with Baidu dropping over 4% [1][2] - Gold stocks showed strength, while tourism and retail sectors faced declines [1][6] A-share Performance - As of the latest update, the Shanghai Composite Index fell by 0.19% to 3821.28, while the Shenzhen Component rose by 0.47% to 13219.29, and the ChiNext Index increased by 1.31% to 3148.54 [1][11] - Notable stocks included Luxshare Precision, which saw a significant increase, and other consumer electronics stocks like Hongfu and Industrial Fulian also performed well [10][12] Hong Kong Market Performance - The Hang Seng Index was down 0.34% at 26255.23, and the Hang Seng Tech Index fell by 0.73% to 6212.05 [2][3] - Key declines were observed in tech stocks, with notable drops in Baidu and NIO [13][14] Bond Market - The bond market saw a general decline, with 30-year treasury futures dropping by 0.43%, 10-year futures down by 0.19%, and 5-year futures decreasing by 0.12% [4][9] - The overall trend indicates a bearish sentiment in the bond market [8] Commodity Market - Domestic commodity futures experienced widespread declines, with polysilicon and shipping indices dropping over 2%, while only a few commodities like gold and silver saw increases [1][16] - Specific commodities such as soybean meal and glass also reported significant drops [5][17] Gold and Precious Metals - The precious metals sector continued to rise, with companies like Xiaocheng Technology and Shandong Gold seeing increases of over 5% [6][7] - Gold stocks followed the upward trend, reflecting the overall strength in the gold market [6][14] Tourism Sector - The tourism sector faced significant declines, with Yunnan Tourism hitting the daily limit down and other companies like Qujiang Cultural Tourism and Guilin Tourism also experiencing substantial drops [7][8] - The overall sentiment in the tourism industry appears negative, impacting stock performance [7]

Group 1 - The main point of the article highlights that the main funds in the Shanghai and Shenzhen markets experienced a net outflow of 149.51 billion yuan on September 22, with the ChiNext board seeing a net outflow of 99.42 billion yuan [2] - Among the 11 industries tracked, the electronics industry had the highest increase, rising by 3.71%, while the social services industry saw the largest decline at 2.04% [2] - Seven industries received net inflows from main funds, with the electronics industry leading at 46.29 billion yuan, followed by the banking industry with 3.05 billion yuan [2] Group 2 - Notable individual stocks included Lingyi iTech, which saw a net inflow of 17.33 billion yuan, marking a 9.12% increase in its stock price [3] - Other companies with significant net inflows included Lixun Precision, Changying Precision, and ZTE, each exceeding 5 billion yuan [5] - In contrast, leading stocks such as Shenghong Technology and Xinyi Sheng experienced net outflows exceeding 11 billion yuan, with Shenghong Technology alone seeing a net outflow of 16.44 billion yuan over seven consecutive days [7]

Investment Rating - The industry is rated as "Overweight," indicating an expected increase in performance exceeding the market benchmark index by over 10% in the next 6-12 months [9]. Core Insights - The report maintains a positive outlook on the AI computing domestic chain and the sustained prosperity of the overseas chain, emphasizing investment opportunities in AI terminal hardware and the PCB industry driven by AI [1][2]. - The report highlights the potential for value reassessment of Hong Kong-listed tech companies, given their current low valuation compared to overseas counterparts, alongside the rapid growth of AI application scale in China [4]. - The gaming industry is expected to continue its upward trend, with significant revenue growth and an expanding user base [7]. Summary by Sections AI Computing Chain - The domestic AI computing chain is supported by Tencent's adaptation of mainstream domestic chips and Huawei's roadmap for its Ascend AI chips, indicating a strong growth trajectory across various sectors [2]. - Recommended stocks include AI chips (e.g., Cambricon, Haiguang Information), ASIC chips (e.g., Chipone Technology, Aojie Technology), and AI servers (e.g., Zhongke Shuguang) [2]. Fruit Chain Investment Opportunities - The report notes that Apple device assembler Luxshare Precision has secured contracts for OpenAI devices, suggesting a significant role for fruit chain companies in AI hardware supply [3]. - Related stocks include Luxshare Precision and GoerTek, which are involved in assembling AI-related components [3]. PCB Industry and Storage Recovery - The AI computing industry's high demand is driving growth in advanced PCB products, with companies that maintain close relationships with major clients expected to benefit [5]. - The storage industry is entering a recovery phase, with supply clearing in Q2 and increasing demand from AI data centers, leading to price hikes from major players [5]. AI Application Commercialization - The report anticipates accelerated commercialization of AI applications in the second half of the year, with a focus on domestic AI application companies [6]. - Recommended stocks include Kingdee International, Yonyou Network, and others involved in AI applications [6]. Gaming Industry Outlook - The gaming industry has seen record revenue growth, with a significant increase in user numbers, indicating a robust market environment [7]. - Companies such as Giant Network and Xindong Company are highlighted as potential beneficiaries of this growth [8].

Core Viewpoint - Zhuhai Bojie Electronics Co., Ltd. is actively engaging with institutional investors to discuss its diverse business structure and growth opportunities in various sectors, including liquid cooling technology, the fruit chain, Meta glasses, MLCC business changes, and overseas expansion [1] Group 1: Business Structure and Revenue Breakdown - Bojie Electronics operates as a provider of automated testing and assembly equipment solutions, covering sectors such as consumer electronics, big data and AI computing, and new energy vehicles [2] - In the first half of the year, the revenue breakdown was as follows: consumer electronics accounted for 40.01%, big data cloud service equipment sales for 17.99%, and new energy vehicle-related equipment for 24.73% [2] - The company is focusing on innovation in the consumer electronics sector, expanding optical testing capabilities, and achieving a comprehensive layout from modules to complete machines in the big data and AI computing field [2] Group 2: Liquid Cooling Business Development - The company has been implementing liquid cooling solutions for testing equipment since three years ago, responding to the increasing demand for high-power products from clients [3] - Bojie Electronics is developing its own micro-channel layered water cooling heads and collaborating with universities for research and development [3] - Future plans include increasing R&D investment to meet North American client demands, leveraging early engagement advantages [3] Group 3: Opportunities from Fruit Chain and Meta Glasses - In the fruit chain sector, optical testing equipment is expected to be a high-growth area, with the company having technical reserves in AOI machine vision defect detection [4] - The launch of Meta glasses is beneficial for the company, as there is a significant demand for optical testing in the testing phase, and the company is actively engaging with domestic AI glasses clients [4] Group 4: MLCC Business Recovery and Overseas Expansion - The MLCC business is showing signs of recovery, with the company expanding its equipment offerings and experiencing order growth in the first half of the year [5] - The company has established production bases in Mexico and Vietnam, gradually increasing capacity [5] - Future strategies include a commitment to major client relationships and transitioning from equipment supplier to component supplier, aiming to capitalize on client component needs [5]

Group 1 - The core viewpoint of the article highlights the strong pre-order demand for the iPhone 17, with delivery times significantly longer than previous models, particularly in the Chinese market [1] - Goldman Sachs data indicates that the delivery time for all iPhone 17 models has increased, with the standard version and Pro Max experiencing the longest delays of 8 days, while the average delivery time in mainland China has risen by 17 days to 27 days [1] - Analysts suggest that the planned production for the iPhone 17 standard, Pro, and Pro Max models has increased by 25% year-on-year, with the production of iPhone Air being three times that of the iPhone 16 Plus, indicating robust pre-order demand despite increased production [1] Group 2 - Zheshang Securities notes that the strong sales of the iPhone 17 are driving high prosperity in the supply chain, particularly for suppliers involved in structural components and thermal management, presenting opportunities for performance elasticity [1] - The article recommends focusing on supply chain stocks such as Lens Technology, which is expected to benefit from the increased demand and production [1] - According to招商证券, Apple is entering a three-year hardware innovation acceleration cycle, with significant attention needed on its AI software and ecosystem innovations in the coming year, suggesting an opportunity to capitalize on undervalued supply chain stocks [1]

中金策略分析师刘刚指出，进入9月后，A股波动"如期"加大，港股沉寂已久后似乎又接过了"接力棒"， 恒指站上26,000点关口，南向流入也再度加快。近期上行后，港股整体风险溢价进一步降至5.1%，为 2018年初以来最低。8月经济金融数据陆续出炉，市场争论也在加大，是关注基本面的弱，还是继续聚 焦流动性的好？建议先看美联储降息，降息后可能会分化，因为仅靠情绪和流动性支撑的部分都已经兑 现。中期看，有基本面的结构仍是稳健选择。此外，短期可能"输时间"但中期"不输空间"的板块也可关 注。 我们此前提示，港股要想有效站上26000点，整体法下，需要盈利上调支撑(这一点短期难以看到，基本 面依然疲弱，甚至四季度有可能进一步转弱)；结构法下，需要互联网板块的配合，因为其他板块风险 溢价已经很低。近期表现也印证了这一点当前行情下的港股操作策略。 近期上行后，港股整体风险溢价进一步降至5.1%，为2018年初以来最低。8月经济金融数据陆续出炉， 市场争论也在加大，是关注基本面的弱，还是继续聚焦流动性的好？我们建议先看美联储降息(北京时 间9月18日)，降息后可能会分化，因为仅靠情绪和流动性支撑的部分都已经兑现。 中金主要观点 ...