26 December 2025 | 5:15PM HKT Equity Research Xiaomi Corp. (1810.HK): Xiaomi Launch Winter 2025: 17 Ultra release to drive further premiumization; More AI LLM & product progress in 2026 We virtually joined the Xiaomi Launch Winter 2025 event on Dec 25, where Xiaomi released the 17 Ultra smartphone series with enriched model lineup (17 Ultra and the new 17 Ultra by Leica) that marks continued premiumization execution (i.e., 17 Ultra priced Rmb500-700 higher than the prior generation to Rmb7-8.5k, and 17 Ultr ...

以下文章来源于AGI接口 ，作者陈伊凡、李一飞 AGI接口 . AI卷起的财富风暴。 就算未来50年计算机消亡， 至少有50年能做自己喜欢的 事 出品｜虎嗅科技组 作者｜陈伊凡、李一飞 编辑｜苗正卿 头图｜视觉中国 "AI 原生 100" 是虎嗅科技组推出针对 AI 原生创新栏目，这是本系列的第「 37 」篇文章。 98年的田洋，还不到30岁，但在言谈中，透露着与年龄略显不符的沉稳和清醒。 这位年轻的创始人长期从事统计物理研究，对哲学和文学有着自己的品味，在清华本科时，他还修过哲 学学位，喜欢斯蒂芬·科尔·克莱尼（Stephen Cole Kleene），他把公司第一代主板智控产品用KLEENE命 名，就是为了纪念这位数理逻辑学家。 田洋戴着眼镜，讲话不疾不徐，但从他喜欢的文学，又都透着一些反抗、不羁、冷峻和冒险风格，他有 自己喜好的作家——《麦田里的守望者》的塞林、写出《在路上》的杰克·凯鲁亚克、写《在美国钓鳟 鱼》和《草坪的复仇》的布劳提根以及宇宙恐怖文学的先驱洛夫克拉夫特。 但寅谱却瞄准了这个哑铃最细的地方，主要源于两个推演：在传统市场里，消费习惯被严格分成了两 级，严格的B端和严格的C端，没有模糊地带 ...

作为我国AIoT领域的开拓者与领导者，特斯联在艾渝的引领下，紧跟AI 2.0时代浪潮，正将成熟的AIoT 互联能力延伸至智算基础设施与智能体领域，凭借持续的技术演进力与行业前瞻性，不断强化公司在全 球科技舞台的影响力。 近期，艾渝进一步推动特斯联发布"异构算力超节点"与"全新智能体"等核心产品，并宣布公司战略升 级，明确以算力基础设施与智能体为双核心，构建"算力支撑智能体、智能体反哺算力"的良性循环，加 速AI技术的大规模产业应用。 从技术研发到产业落地，从学术突破到商业实践，特斯联在艾渝的带领下，持续扩大全球科技影响力， 赢得行业与资本市场的双重认可。 "金智奖"旨在通过树立高质量发展标杆，激励广大上市公司聚焦主业、深耕创新、践行社会责任，推动 资本要素向优质企业集聚，为"十五五"时期实体经济与资本市场协同发展凝聚行业共识。艾渝的获奖， 不仅是对其个人创新领导力的认可，更彰显了资本市场对企业价值的肯定。 12月26日，由金融界主办的"启航·2025金融峰会"在北京成功举办，本届大会以"新开局、新动能、新征 程"为主题，汇聚监管部门、行业协会、金融机构、上市公司、媒体等领域数百位相关领导和重磅嘉 宾。作为大会 ...

招股书披露，德风科技是一家AI赋能工业物联网（AIoT）生产优化软件解决方案技术开发商，专注于助力中国能源、制造及混合行业实现能效提升、卓 越运营、安全生产及可持续发展。 根据弗若斯特沙利文报告，按2024财年收入计，德风科技是中国第五大独立专业AIoT服务提供商，市场份额约为1.8%；按2024财年收入计，公司还是中 国能源行业第三大独立专业AIoT服务提供商，市场份额约为9.9%。截至2025年6月30日，公司拥有约逾300项软件版权、50项专利、约10项商标及一个重 大域名。 对赌协议： 一把悬在头顶的达摩克利斯之剑 在AIoT（人工智能赋能的工业物联网）领域风起云涌的当下，北京德风新征程科技股份有限公司（以下简称"德风科技"或"公司"）于今年11月，向香港联 交所提交了港股IPO申请，拟计划登陆港股市场，SUNNY FORTUNE为其独家保荐人。 作为中国第五大独立专业AIoT服务提供商，德风科技的上市之路从一开始就带着"背水一战"的意味。自2019年以来，公司通过五轮融资吸引了云启资 本、创新工场、招商创投、深创投等众多知名投资机构的青睐，累计融资超6.5亿元。然而，这些资本的注入并非无条件的馈赠， ...

据港交所披露，北京德风新征程科技股份有限公司(简称：德风科技)11月14日向港交所递交的上市申请 书于11月24日被发回，其独家保荐人日进资本有限公司被"贴堂"，成为港交所时隔两年半的再一宗"贴 堂"。根据政策，被港交所发回的IPO申请，公司需等待至少8周才能再次申请。 根据招股书，德风科技成立于2015年3月，是一家AI赋能工业物联网(AIoT)生产优化软件解决方案技术 开发商，专注于助力中国能源、制造及混合行业实现能效提升、卓越运营、安全生产及可持续发展。公 司提供全面且一体化的定制AIoT生产优化软件解决方案及服务组合，于往绩记录期间，公司已完成超 过约600个项目，主要服务于中国国有企业，客户大约超过200家，其中部分客户为电力及公用事业、石 油天然气及烟草行业的领军企业。 据了解，德风科技2022年曾筹备在上交所科创板上市，2024年10月终止了A股上市相关工作，并于今年 11月递表港交所。 值得注意的是，德风科技此次赴港上市还涉及对赌协议，授予投资者包括但不限于赎回权、反摊薄权、 优先认购权等特殊权利。2025年11月，公司创始人王清杰与投资方签订补充协议，将完成IPO的目标日 期由2024年12 ...

Core Insights - The National Social Security Fund (NSSF) has significantly increased its investment in technology stocks, with a market value exceeding 46.9 billion yuan as of Q3, marking an 18-fold increase compared to the same period in 2011 [1] Group 1: Investment Trends - The NSSF's heavy investment in technology stocks includes sectors such as electronics, communications, computers, and media, reaching a historical high [1] - Six technology stocks have been held by the NSSF for over 24 consecutive quarters, indicating a strong long-term commitment [1] Group 2: Key Companies - Transsion Holdings leads with a market value of over 4.5 billion yuan, focusing on mid-to-high-end products and expanding into AIoT and home appliances [3] - Pengding Holdings ranks second with over 3.2 billion yuan in market value and is recognized for its leadership in the PCB industry, capitalizing on AI-related growth opportunities [3] - Yealink Network, with a market value exceeding 1.2 billion yuan, is noted for its competitive edge in AI meeting products and cloud office terminals, driving market share and performance growth [3] Group 3: Company Performance - Zhongnan Media has been held for 55 consecutive quarters and is actively transforming its business model while showing strong profit growth [2] - The net profit of Zhongyuan Media increased by 46.94% year-on-year, reflecting its resilience amid industry transitions [2] - The net profit of Pengding Holdings increased by 21.95% year-on-year, showcasing its robust financial performance [2]

本报（chinatimes.net.cn）记者胡梦然 见习记者 黄海婷 深圳报道 12月19日，截至收盘，广和通A股较开盘时上涨的0.63%，单日微跌0.22%，报27.10元/股，成交7.94亿 元，换手率5.46%，总市值244.04亿元。其H股盘中上涨1.81%，报15.76港元/股，成交1618万元，换手 率1.21%，总市值141.92亿元。较18日的双线下跌，广和通"A+H"股价已显露止跌企稳迹象。 10月22日，作为全球市场份额第二的无线通信模组龙头广和通登陆港交所，完成了"A+H"两地上市的关 键一跃。然而，这场备受瞩目的资本布局，在随后的两个月里却上演了一出跌宕起伏的市场心理剧。上 市初期，其A股因"端侧AI"等前沿题材被热炒，而H股则显得冷静理性，形成鲜明的"温差"；但剧情在 12月中旬陡然转折，两地股价罕见地同步下跌。 可能不太稳定"。与此同时，根据市盈率估值模型，广和通当前市盈率高达58.02，估值分位点处于上市 以来92.56%的极高位置。这意味着，即便经历回调，其估值性价比对长期资金而言仍缺乏吸引力。 几位股民的直观感受，也印证了数据揭示的情绪转变。 一度乐观的梁先生接受记者采访时 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady revenue and profit growth, with a significant increase in net profit excluding non-recurring items. In the first three quarters of 2025, the company achieved a revenue of 921 million yuan, a year-on-year increase of 11.59%. The net profit attributable to shareholders reached 90 million yuan, up 23.05%, while the net profit excluding non-recurring items surged by 141.76% to 62 million yuan [4]. - The company is optimizing its storage controller chip matrix and strengthening its market advantage in the SSD controller field. It has fully laid out SATA and PCIe 3.0/4.0/5.0 SSD controller chips, becoming one of the manufacturers with the most complete product lines in the industry. In the first half of 2025, the company saw steady growth in SSD controller chip shipments, with significant market recognition for its PCIe Gen4 products [5]. - The embedded controller chip segment is expected to become a new growth engine. The company has entered the embedded controller chip market, with its UFS 3.1 controller chip already being applied in mobile terminals. The development of embedded UFS module solutions is progressing smoothly, which may become a new business growth point for the company [6]. Financial Projections - The company is projected to achieve revenues of 1.4 billion yuan, 1.7 billion yuan, and 2.0 billion yuan in 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of 150 million yuan, 200 million yuan, and 270 million yuan for the same years [7]. - The financial metrics indicate a growth rate of 13.55% for revenue in 2024, increasing to 20.26% by 2027. The net profit growth rate is expected to be 126.04% in 2024, tapering to 35.33% by 2027 [10]. Relative Valuation - The company is positioned as a leading independent SSD controller chip manufacturer globally, with a comprehensive chip design and industrialization platform. The relative valuation analysis suggests a price-to-sales (P/S) average of 20.31x for 2025, based on comparisons with peers [13].

Core Insights - Company has obtained a new business license with a registered capital increase to 129 million yuan, expanding its business scope to include smart home consumer devices, VR/AR, IoT, AI hardware, and integrated circuit chip design, marking a significant step in its intelligent and diversified layout [1] - The company is advancing its "1+2+3+4" development strategy, focusing on audio technology and integrating AI into its product system to enhance its traditional advantages in the era of intelligence [1][2] - The company is adopting a dual-engine model for domestic and overseas markets, strengthening its audio technology chain, and expanding into three major business areas: audio IoT modules, ODM audio systems, and smart audio-visual systems [2] Business Strategy - The company aims to clarify its business layout and improve resource allocation efficiency by focusing on four major tracks: home, commercial, personal, and automotive audio products, catering to diverse application scenarios [2] - Despite challenges such as cyclical fluctuations in the consumer electronics industry and the need for customer structure diversification, the company maintains stable progress in core audio technology and AIoT product layout [2] - The adjustment of the business scope and strategic collaboration is expected to lay a solid foundation for the company's business growth in the coming years as global consumer electronics demand gradually recovers [2]

Core Viewpoint - The company aims to become a leading global provider of AI product solutions, emphasizing the vast potential of AI and its integration into various sectors [1][2]. Group 1: AI Strategy Implementation - The company has elevated its "AI+" strategy to a top-level corporate strategy, focusing on deep integration of AI technology in product design and application [2]. - By December 2025, the company plans to launch the "Yidao AI Intelligent Computing Solution Matrix," marking a strategic shift from being a product provider to a scene-based intelligent computing system builder [2]. - The company is committed to investing more resources into the "AI+" strategy, including establishing a corporate research institute to explore foundational AI technologies [3]. Group 2: Industry Chain Integration - The signing of the Yifeng Zhixin advanced packaging project represents a significant step in the company's integration within the semiconductor industry, enhancing its technological capabilities [4]. - The company is pursuing vertical business expansion through collaborations, aiming to strengthen its core technology and resource integration within the industry chain [4]. - The company is also planning strategic acquisitions to enter the smart interactive display and RFID sectors, enhancing its competitive edge in the "AI+" application and terminal markets [5]. Group 3: Expansion into Emerging Business Areas - The company is actively expanding its AIoT business, leveraging AI technology to innovate and create new commercial opportunities [7]. - AI glasses are a key focus area, with the company’s subsidiary, Yijing Virtual, developing a comprehensive product matrix and achieving full-chain customization capabilities [7]. - The company has also initiated a robotics team targeting the commercial cleaning sector, with the launch of its flagship A10 cleaning robot [7].