Core Insights - The competition in the AI large model sector is shifting towards AI inference, marking the beginning of the AI inference era, with edge computing emerging as a new battleground in this field [1][2]. AI Inference Era - Major tech companies have been active in the AI inference space since last year, with OpenAI launching the O1 inference model, Anthropic introducing the "Computer Use" agent feature, and DeepSeek's R1 inference model gaining global attention [2]. - NVIDIA showcased its first inference model and software at the GTC conference, indicating a clear shift in focus towards AI inference capabilities [2][4]. Demand for AI Inference - According to a Barclays report, the demand for AI inference computing is expected to rise rapidly, potentially accounting for over 70% of the total computing demand for general artificial intelligence, surpassing training computing needs by 4.5 times [4]. - NVIDIA's founder Jensen Huang predicts that the computational power required for inference could exceed last year's estimates by 100 times [4]. Challenges and Solutions in AI Model Deployment - Prior to DeepSeek's introduction, deploying and training AI large models faced challenges such as high capital requirements and the need for extensive computational resources, making it difficult for small and medium enterprises to develop their own ecosystems [4]. - DeepSeek's approach utilizes large-scale cross-node expert parallelism and reinforcement learning to reduce reliance on manual input and data deficiencies, while its open-source model significantly lowers deployment costs to the range of hundreds of calories per thousand calories [4]. Advantages of Edge Computing - AI inference requires low latency and proximity to end-users, making edge or edge cloud environments advantageous for running workloads [5]. - Edge computing enhances data interaction and AI inference efficiency while ensuring information security, as it is geographically closer to users [5][6]. Market Competition and Player Strategies - The AI inference market is rapidly evolving, with key competitors including AI hardware manufacturers, model developers, and AI service providers focusing on edge computing [7]. - Companies like Apple and Qualcomm are developing edge AI chips for applications in AI smartphones and robotics, while Intel and Alibaba Cloud are offering edge AI inference solutions to enhance speed and efficiency [7][8]. Case Study: Wangsu Technology - Wangsu Technology, a leading player in edge computing, has been exploring this field since 2011 and has established a comprehensive layout from resources to applications [8]. - With nearly 3,000 global nodes and abundant GPU resources, Wangsu can significantly improve model interaction efficiency by 2 to 3 times [8]. - The company's edge AI platform has been applied across various industries, including healthcare and media, demonstrating the potential for AI inference to drive innovation and efficiency [8].

逃不过「保质期」的智能家电，让我怀念一台没有遥控器的空调 智能化 不等于 云端化 不知道从什么时候开始，在每个东西上面都有一个日子，秋刀鱼会过期，肉酱会过期，连保鲜纸都会过期。我开始怀疑，在这个世界上，还有什 么东西是不会过期的？ 《重庆森林》这句经典台词相信很多人都不陌生，表面说的是男女感情，实际上也道出了现代人对「永恒」的祛魅。 只是王家卫当时肯定没想到，在 30 年后的今天，不仅感情和保鲜纸有保质期，连家里的冰箱和电视，都会有「过期」的那一天。 「保质期」一过，智能变智障 这里的「保质期」，实际指的是智能产品的系统维护周期。 不管是家电、汽车还是玩具，只要贴上「智能」标签，都堪称一台微型计算机，设备内置一个系统，并且能够持续收到更新，获得新功能。 比如这两年生成式 AI 大热，不少厂商都很快给自家的产品推送了 AI 机器人的新功能，虽然咱也不知道，让电视机帮我们生成图片有啥意义。 而当下最火热的新能源汽车，更新频率堪比智能手机，不断迭代的各种智驾功能，更是车企们大花笔墨的宣传点。 前段时间比亚迪宣布，老车型也能通过系统更新获得智驾能力 谈新能源汽车的保质期，大家第一反应是电池寿命，但车主们似乎都没意识到 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - The storage supply-demand pattern is reaching a turning point, with multiple manufacturers initiating a price increase trend due to a shift towards supply shortages and structural demand growth, particularly driven by AI computing needs and new energy vehicles [4] - The TV panel prices continue to rise, with specific increases noted for various sizes, while storage product prices are also on the rise due to supply constraints and increased demand [4] - Recent consumer finance policies are expected to boost consumer electronics demand, with recommendations for companies like Huakin Technology, BOE Technology, and others [4] Summary by Sections Investment Recommendations - Recommended companies include Huakin Technology, BOE Technology, Deepin Technology, and others, with a focus on NAND Flash supply-demand improvements and price increases expected in the second half of the year [4] Market Observations - The PC market in mainland China is projected to grow by 3% in 2025, driven by government subsidies and new product launches [10] - The wearable device market in China is expected to see significant growth in 2025, with a 41% increase in sales driven by subsidy policies [12] - The global smart glasses market is anticipated to grow by 210% in 2024, primarily due to strong demand for Ray-Ban Meta smart glasses [13] Price Trends - TV panel prices have seen increases across various sizes, with specific dollar amounts noted for each size [29] - Storage prices are also rising, with DDR4 memory prices showing slight increases, and NAND Flash prices expected to rise due to supply constraints [30]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [4][5][6]. Core Insights - The upcoming GTC 2025 is expected to reveal significant advancements in the GB300 architecture, including a 1.5x performance increase in single-card FP4 performance, memory capacity enhancement to 288GB, and upgraded networking capabilities [4]. - The GB300 cooling system is anticipated to shift from a large-area cold plate to individual liquid cooling plates for each chip, improving efficiency in heat dissipation [5]. - The Quantum 3400 X800 CPO version is set to begin mass production in Q3 2025, marking a significant milestone for NVIDIA's CPO product line [6]. - The introduction of 800V HVDC power systems is expected, with a new design integrating BBU and supercapacitors, significantly reducing size and weight while improving charging speed [7]. Summary by Sections Section: GB300 Architecture - The GB300 is projected to enhance performance with a 1.5x increase in FP4 performance and a memory upgrade to 288GB, utilizing 12-layer stacked HBM3E memory [4]. - Power consumption is expected to rise to 1.4kW for GB300, compared to previous models [4]. Section: Cooling Solutions - The cooling structure for GB300 may transition to individual liquid cooling plates for each chip, increasing the number of quick-connect fittings from 126 to 270 per cabinet [5]. Section: CPO Development - The Quantum 3400 X800 CPO will be NVIDIA's first mass-produced CPO product, featuring advanced multi-plane technology and a total switching capacity of 115.2T [6]. Section: Power Supply Innovations - The new power supply design for GB300 is expected to integrate supercapacitors and BBU, reducing the size by 50-70% and weight by 50-60%, while enhancing charging speed by five times [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [5]. Core Insights - The company is expected to achieve rapid growth in 2024, with projected revenue of 18.56 billion yuan, representing a year-on-year increase of approximately 33.90%. The net profit attributable to shareholders is forecasted to reach 540 million yuan, a significant increase of 495.33% compared to the previous year [1][3]. - The overall demand in the IoT market is recovering, driven by advancements in edge computing, mixed reality, and large models, which are increasingly integrating with IoT technologies [1]. - The global IoT connections are estimated to grow from 15.7 billion in 2023 to 38.8 billion by 2029, with cellular IoT connections expected to rise from 3.4 billion to 6.7 billion in the same period [1]. Summary by Sections Financial Performance - The company forecasts a revenue of 18.56 billion yuan for 2024, with a growth rate of 33.90%. The net profit is expected to be 540 million yuan, reflecting a growth rate of 495.33% [1][4]. - The revenue and net profit projections for 2025 and 2026 are 21.87 billion yuan and 25.29 billion yuan, and 701 million yuan and 888 million yuan respectively [4][9]. Product Development - The company has developed over 50 models of 5G modules, including industrial-grade, Android smart, and automotive-grade products, along with corresponding antenna products and certification testing services [3]. - The introduction of new smart module products aims to enhance applications in smart payments, electronic cash registers, handheld terminals, automotive devices, and robotics [3]. Market Trends - The report highlights the significant role of edge computing and XR (Extended Reality) in driving growth within the IoT sector, with the company actively exploring and innovating in these areas [2]. - The integration of 5G, big data, and cloud computing technologies is expected to further propel the development of IoT solutions [2].

Group 1: Macro Insights - The stock market has shown a structural rally in the technology sector since the Spring Festival, with overall stock prices improving, although a significant number of individual stocks remain in a correction phase [4] - Leverage funds and public funds have rapidly increased their positions, reflecting a strong optimistic sentiment in the market [4] - Continued market momentum may require additional incremental capital inflows; otherwise, the market may need to undergo a "high cut low" process to digest the recent gains [4] Group 2: Fixed Income and REITs - As of February 28, 2025, the number of public REITs in China reached 63, with a total issuance scale of 168.374 billion [5] - The weighted REITs index closed at 129.63, with a monthly return rate of 1.05%, indicating a fluctuating trend in secondary market prices [5] - Compared to other major asset classes, the return rates ranked from high to low are: convertible bonds > A-shares > gold > REITs > pure bonds > US stocks > crude oil [5] Group 3: Industry Trends - The engineering machinery sector has seen unexpected sales and construction activity, establishing a strong start for the 2025 peak season, supported by favorable policies from the Two Sessions [7] - The demand for the engineering machinery industry is expected to continue recovering in the medium term, aided by ongoing internationalization and electrification trends [7] Group 4: Company Performance - China Overseas Macro Group achieved a sales revenue of 40.11 billion in 2024, a year-on-year decrease of 6.3%, with an average monthly sales of 3.34 billion [8] - In January and February 2025, the company recorded a cumulative sales of 4.37 billion, down 3.8% year-on-year, with an average sales price of 12,000 per square meter, reflecting a 5.6% increase [8] - The rapid growth of Yiyuan Communication is highlighted, with a projected revenue of 18.56 billion in 2024, representing a year-on-year increase of approximately 33.9%, and a net profit of 540 million, up 495.33% [9] - Aimeike plans to acquire 85% of the shares of REGEN Biotech, Inc., enhancing its influence in the domestic regenerative medical market [10]

Core Viewpoint - The company is expected to achieve significant revenue and profit growth in 2024, driven by the recovery in the IoT market and the integration of advanced technologies [2]. Group 1: Company Performance - In 2024, the company anticipates a revenue of 18.56 billion yuan, representing a year-on-year increase of approximately 33.90% [2]. - The forecasted net profit attributable to shareholders is 540 million yuan, reflecting a staggering year-on-year growth of 495.33% [2]. Group 2: IoT Industry Development - The global IoT connections are projected to grow from 15.7 billion in 2023 to 38.8 billion by 2029, with cellular IoT connections increasing from 3.4 billion to 6.7 billion in the same period [3]. - The recovery in the IoT market is supported by advancements in infrastructure and technologies such as ChatGPT, 5G Advanced, edge computing, satellite IoT, and multimodal large models [3]. Group 3: Edge Computing and XR Growth - The integration of 5G and high computing power is becoming a crucial development direction, with intelligent modules being essential components of IoT devices [4]. - The company has been innovating in the IoT sector, particularly in edge computing and XR hardware and software ecosystems since 2022 [4]. Group 4: Product Development - The company has developed over 50 models of 5G modules covering various applications, including industrial, automotive, and Android smart modules [5]. - The introduction of new smart modules and solutions aims to enhance applications in smart payments, electronic cash registers, handheld devices, and robotics [5]. - The company plans to launch a combination module BC680Z in the first half of 2024, supporting mainstream NB frequency bands and GNSS positioning [5].

Core Viewpoint - Samsung plans to launch its first mobile product featuring LPW DRAM memory by 2028, which is expected to significantly enhance performance and reduce power consumption in mobile devices [1][15]. Group 1: HBM in Automotive Sector - The automotive industry is increasingly adopting HBM memory due to the rising demand for real-time data processing and high-resolution image handling in advanced driving assistance systems and smart cockpit systems [2][4]. - SK Hynix's HBM2E has already been integrated into Waymo's autonomous vehicles, marking a significant entry of HBM into the automotive sector [3]. - The global automotive storage chip market is projected to grow from $4.76 billion in 2023 to $10.25 billion by 2028, with demand for HBM in automotive applications expected to surpass that in data centers [5]. Group 2: HBM in Mobile Devices - The rapid advancement of AI and 5G technologies is driving the need for high-performance memory in mobile devices, as they require higher bandwidth and lower latency for complex applications [7][9]. - Mobile HBM, developed by Samsung and SK Hynix, utilizes advanced 3D stacking technology to significantly increase memory bandwidth, achieving data transfer rates of hundreds of GB/s [9][10]. - Samsung's LPW DRAM is expected to achieve a bandwidth of over 200GB/s, a 166% increase compared to existing LPDDR5x, while reducing power consumption to 1.9pJ/bit, which is 54% lower than LPDDR5x [16]. Group 3: Competitive Landscape - Samsung and SK Hynix are competing in the mobile HBM market, with Samsung focusing on high bandwidth designs and SK Hynix prioritizing low power consumption and cost-effectiveness [20][21]. - The development of mobile HBM is expected to shift from a supplier-centric model to a demand-driven approach, allowing for customized solutions tailored to specific customer needs [21]. - As both companies advance their technologies, the competition will likely influence the market dynamics for mobile HBM, impacting the performance of smartphones, PCs, and AR/VR devices [20][26].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1][7]. Core Insights - The company is a leading provider of IoT solutions in China, holding a dominant position in the global IoT module market, with products spanning cellular modules, automotive pre-installed modules, and smart modules, among others [5][19]. - The IoT industry is experiencing significant growth, driven by clear development paths and a well-defined industrial chain, with continuous expansion in IoT connections across various application fields [5][61]. - The company is entering a rapid expansion phase, with its modular products penetrating emerging fields, supported by a robust global R&D network and a diverse product matrix [6][20]. Summary by Sections Company Overview - The company, founded in 2010, has established a comprehensive global service network and has launched various successful IoT products, including GSM/GPRS modules and multi-mode LPWA modules [20][21]. - The revenue has shown a strong growth trajectory, with a five-year CAGR of 38.69%, despite a temporary decline in 2023 due to external economic factors [23][24]. Industry Analysis - The IoT market in China is projected to grow significantly, with a market size increase from 351.52 billion yuan in 2019 to an estimated 508.90 billion yuan in 2023, reflecting a CAGR of 9.69% [52][54]. - The report highlights the importance of policy support for the IoT sector, emphasizing its role in digital transformation and the integration of new technologies [45][46]. Financial Projections - The company is expected to achieve revenues of 185.64 billion yuan, 225.49 billion yuan, and 267.26 billion yuan for the years 2024 to 2026, with corresponding net profits projected at 5.48 billion yuan, 7.11 billion yuan, and 9.04 billion yuan [7][9]. - The report anticipates a significant increase in net profit growth rates, with projections of 503.77% in 2024, followed by 29.88% and 27.16% in the subsequent years [7][9]. Competitive Positioning - The company is positioned as a leader in the IoT module market, with a strong emphasis on R&D and a diverse product offering that includes AI and smart modules, which are expected to drive future growth [59][60]. - The report notes that the company has a stable shareholding structure and a management team with extensive technical and managerial experience, which is crucial for navigating the competitive landscape [39][42].

半导体创新是改善我们生活的技术的核心所在。在半导体领域，各公司正采取灵活的策略，以获取 更高的投资资本回报率（ROIC）。此外，在芯片结构中，与供应链的合作变得比以往任何时候都更 加必要。我们还注意到，硬件也在发生变化，以适应 GenAI 应用场景以及用户界面的改变。 2025-2027 年，谁在推动什么？ 业务咨询 Rick Cui / 客户服务总监 电话: +86 13801127537 邮箱:rick@counterpointresearch.com 没有完美的解决方案 ：动态随机存取存储器（DRAM） 解决方案有其自身的优缺点。这些技术改善 了带宽、延迟、速度、容量和功耗/热量等特性，但也带来了成本和时效性方面的挑战。为了降低与 创新相关的风险，客户需要作出承诺，而制造商则需要减轻成本负担。 智能手机与 Apple ：短期内，最具创新性的解决方案是处理内存（PIM），但其数量有限，主要支 持神经处理单元（NPU）。移动高带宽内存（HBM）有望提升性能，但应用场景尚不明确。预计到 2026 年，Apple 将从封装堆叠（PoP）转向分立封装，在 iPhone Pro Max 和折叠手机中提高带宽。 此外 ...