Summary of Key Points from Conference Call Records Industry Overview - The current economic environment is showing signs of gradual improvement, with the Producer Price Index (PPI) growth rate narrowing year-on-year in August, indicating a potential recovery phase in the economy [1][3] - Market liquidity remains loose, with overall interest rates low and short-term rates declining, which is conducive to increased trading volume [1][6] Core Insights and Arguments - The technology and growth sectors are currently favored as the main investment themes, particularly in the context of a market rally during an economic bottoming phase [1][6] - The AI hardware sector is primarily driven by computing power, with key components including optical modules, PCBs, and server manufacturing [1][8] - Companies such as Shenghong Technology, Dongshan Precision, and Huidian Co. are recommended within the computing hardware sector due to their strong performance and core competitiveness [2][10] Market Dynamics - Historical patterns indicate that market corrections are normal in bull markets, with recent A-share index corrections being minor and short-lived [4][7] - The transition from financial sectors to technology growth sectors has been observed since July, driven by macroeconomic changes and earnings expectations [7] Investment Opportunities - Shenghong Technology is highlighted as a key player in the PCB sector, benefiting from high order volumes and strong technological capabilities, particularly in collaboration with NVIDIA [8][9] - The AI hardware terminal market is expected to grow, with significant opportunities in traditional consumer electronics chains (e.g., Apple supply chain) and new AI terminal products like AI glasses [11][12] - Specific companies within the Apple supply chain, such as Zhongshi Technology, Zhuhai Guanyu, Lens Technology, and Luxshare Precision, are recommended for investment [12][13] Emerging Technologies - The orthogonal backplane technology in the PCB sector is gaining attention, with successful collaborations with major North American clients [9] - The semiconductor sector is focusing on self-sufficiency and edge AI, with companies like SMIC, Cambrian, and Haiguang being key players [15][16] Future Trends - The demand for computing power is high, driven by advancements in large models and their applications, with companies like Cambrian and Haiguang showing significant market share growth [19] - The special electronic fabric sector is expected to benefit from AI-driven demand, with companies like Feilihua and Zhongcai Technology positioned well for future growth [24][25] Conclusion - The overall sentiment in the technology and growth sectors remains positive, with numerous investment opportunities identified across various sub-sectors, particularly in AI hardware and semiconductor industries. The market is expected to continue its upward trajectory as economic conditions improve and technological advancements drive demand.

Core Viewpoint - September is recognized as "Consumer Electronics Month" in the A-share market, highlighted by Apple's annual fall event where new products are unveiled, generating significant anticipation in the tech industry [1] Product Launches - Apple introduced the iPhone 17 series and the Air model, along with AI-supported real-time translation features in AirPods Pro 3 [2] - Several domestic brands, including Lenovo, Red Magic, Redmi, and Huawei, have launched high-performance compact tablets to meet diverse consumer needs [2] Market Performance - The Consumer Electronics Index has shown varying performance from September to October over the past six years, with notable increases in 2019 and 2024, while experiencing declines during the pandemic years [3] - The index performance from September to October is as follows: - 2019: 15.82% - 2020: -7.10% - 2021: -0.99% - 2022: -16.18% - 2023: 5.13% - 2024: 23.56% [3] Policy Support - The central government's subsidy policy for replacing old electronics is set to distribute 300 billion yuan in subsidies by October, with the fourth batch of 69 billion yuan covering various electronic products [4] - The back-to-school season is expected to drive demand for essential electronic devices among new university students [4] Investment Opportunities - The "fruit chain" index is recommended for investment, as Apple continues to explore opportunities in smart wearables and accessories, which are expected to contribute to growth despite pressure on overall device sales [5] - The "fruit chain" concentration is higher in the Guozheng Consumer Electronics Theme Index compared to the Zhongzheng Consumer Electronics Index, with key players like Luxshare Precision, BOE Technology, and GoerTek [6][7] Index Comparison - The Guozheng Consumer Electronics Index focuses on the entire consumer electronics supply chain, while the Zhongzheng index includes sectors like lithium batteries and solar energy, making it more diversified [7] - Historical performance shows that the Zhongzheng index has outperformed in the long term, while the Guozheng index offers more short-term volatility [7] ETF Products - The only ETF tracking the Guozheng Consumer Electronics Index is the Huaxia Guozheng Consumer Electronics Theme ETF, with a scale exceeding 4 billion yuan [11] - The Zhongzheng Consumer Electronics Index has multiple ETF products, including E Fund and Fortune ETFs, which have been tested in the market [11] Additional Indices - The Zhongzheng 5G Communication Theme Index has shown significant returns, with a one-year increase of 116.65%, indicating strong potential for future growth [12] - The Zhongzheng Electronic 50 Index covers the largest 50 listed companies in the electronics and semiconductor sectors, reflecting a high overlap with the "fruit chain" [13] - The Zhongzheng Smart Consumer Theme Index includes a diverse range of sectors, with a concentration of over 20% in "fruit chain" related stocks [14] Market Outlook - Institutions are optimistic about the future of the industry, with expectations of policy support and product innovation from major players like Apple, particularly in AI-related investments [15]

Group 1 - Oracle's strong performance has ignited global AI enthusiasm, leading to significant gains in the A-share Apple supply chain, with the electronic ETF (515260) surging by 6.87% and a trading volume exceeding 330 million yuan [1] - The A-share Apple supply chain stocks have shown remarkable performance, with nine stocks hitting the daily limit up, including Haiguang Information and Shengyi Technology [1] - The electronic ETF has a 42.78% weight in Apple supply chain stocks, indicating a strong correlation with Apple's product launches [3] Group 2 - Dongwu Securities believes that the recent surge in the "domestic computing power" market is not over, and the current market adjustment is preparing for a healthier next round of growth [3] - The report highlights three main logical points for the anticipated large-scale market: alignment with AI trends, a strong shift towards AI chip perspectives, and the positive correlation between domestic and overseas markets [3] - The upcoming Apple product launch is expected to create investment opportunities for the supply chain, with potential increases in orders and performance for related companies [3][4] Group 3 - The ETF managers expect that the Apple launch will meet expectations without price increases, focusing on new ultra-thin phones and significant product updates [4] - The electronic ETF covers semiconductor and Apple supply chains, tracking the electronic 50 index, and includes key players in AI chips, automotive electronics, and 5G [5]

Core Viewpoint - Apple concept stocks experienced a significant rise following the announcement of new products, including the iPhone 17 series, AirPods Pro 3, and Apple Watch Series 11, set to be unveiled in the fall of 2025 [1] Group 1: Stock Performance - Hongteng Precision (06088) rose by 10.27%, trading at 4.83 HKD [1] - FIH Mobile (02038) increased by 4.61%, trading at 16.55 HKD [1] - Q Technology (01478) saw a rise of 3.01%, trading at 15.04 HKD [1] - GoerTek (01415) gained 2.94%, trading at 32.9 HKD [1] Group 2: Product Highlights - The core highlights of the new Apple products include the iPhone Air model, blood pressure detection in watches, and AI real-time translation features in headphones [1] - Citic Securities noted that Apple maintains a relatively stable pricing strategy for the new iPhone models, with a starting price consistent with previous generations despite upgrades in specifications [1] Group 3: Market Outlook - Tianfeng Securities expressed optimism regarding investment opportunities in edge AI, driven by supportive policies and the upcoming product launch [1] - The recent developments from Apple indicate a strong commitment to product innovation in edge AI, which may exceed expectations in terms of user experience and sales [1] - Ping An Securities highlighted the traditional peak season for mobile phones in the fourth quarter, suggesting a favorable outlook for consumer electronics in the context of AI integration [1]

Group 1 - Apple concept stocks saw significant gains, with Hongteng Precision rising by 10.27% to HKD 4.83, FIH Mobile up by 4.61% to HKD 16.55, and others following suit [1] - Apple announced the launch of the iPhone 17 series, AirPods Pro 3, and Apple Watch Series 11 at its 2025 fall product launch event, highlighting features such as blood pressure monitoring in watches and AI real-time translation in headphones [1] - CITIC Securities noted that Apple maintained a relatively stable pricing strategy for the new iPhone models, with a starting price consistent with previous generations despite upgrades in specifications [1] Group 2 - Tianfeng Securities expressed optimism regarding investment opportunities in edge AI, driven by supportive policies and the upcoming product launch, indicating potential for exceeding expectations in user experience and sales [1] - Ping An Securities highlighted the traditional peak season for mobile phones in Q4, suggesting a favorable outlook for consumer electronics under the backdrop of AI integration [1]

Group 1 - The core viewpoint of the article highlights a significant rise in Hong Kong's Apple-related stocks, driven by the anticipation of a potential upgrade cycle for iPhone users as new models are released [1] - Wedbush analysts estimate that approximately 315 million out of 1.5 billion global iPhone users have not upgraded their devices in over four years, indicating a substantial upgrade opportunity for Apple [1] - Analysts suggest that Apple's focus on product efficiency, along with innovative redesigns and practical new features, may lead the company into a "super upgrade cycle" within the next 12 to 18 months [1] Group 2 - Tianfeng Securities expresses optimism regarding investment opportunities in edge AI, supported by favorable policies and the influence of major players, with Apple's recent developments showcasing its commitment to innovation in edge AI products [1] - The report indicates that Apple's advancements in edge AI could exceed expectations in terms of user experience and sales, prompting a recommendation to pay attention to the Apple supply chain [1]

一键覆盖半导体+苹果产业链的电子ETF（515260）及其联接基金（A类：012550 / C类：012551）被动 跟踪电子50指数，重仓半导体、消费电子行业，在计算机设备、光学光电子、元件等领域亦有布局；全 面覆盖AI芯片、汽车电子、5G、云计算、印制电路板（PCB）等热门产业；一键布局A股电子核心资 产，如立讯精密、中芯国际、海光信息、寒武纪-U等。 消息面上，9月10日凌晨，苹果 2025 秋季新品发布会正式举行，最受瞩目的iPhone 17系列如期登场， iPhone Air取代了往年的Plus机型，其5.6mm的厚度成为迄今最薄的iPhone，同时该机型还采用了eSIM 技术。 业内人士指出，每次苹果新品发布，都可能为果链概念股带来投资机会。新机若销量、创新超预期，相 关公司订单或增加，业绩也可能提升。数据显示，截至8月底，电子ETF（515260）成份股中，苹果产 业链个股权重占比达42.78%。 电子ETF基金经理蒋俊阳、曹旭辰认为，苹果发布会符合预期，且售价并未上调，亮点在全新超薄手 机、整体手机外观大改和耳机手表新品。由于端侧AI发展的相对缓慢，今年电子ETF在AI板块中呈现 出补涨状态， ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved Core Insights - The industry is witnessing a shift towards "CPU-first" on-device AI, emphasizing efficiency and practicality, with Arm's SME2 architecture reallocating tasks from GPU/NPU to CPU, significantly reducing latency for real-time applications [2][13] - Arm is transitioning from traditional IP licensing to a platform-based delivery model, exemplified by the Lumex Mobile Computing Subsystem, which integrates hardware and software solutions, reducing design cycles and costs for OEMs [3][14] - The mobile experience is improving, with notable performance gains in processors, but memory bandwidth and cache hit rates remain bottlenecks for large model inference, necessitating a collaborative architecture involving CPU, GPU, and NPU [4][15] - The rapid development of China's on-device AI ecosystem is driven by diverse application scenarios and strong industry collaboration, with companies like vivo and Alibaba Cloud leading the way [5][16] Summary by Sections Event Overview - On September 10, 2025, Arm held the "Arm Unlocked" event, showcasing the Armv9.3 architecture and SME2 in mobile platforms, and introduced the Arm Lumex Mobile Computing Subsystem [1][12] Commentary on AI Architecture - The "CPU-first" approach for on-device AI reflects a trend towards efficiency, allowing for significant reductions in latency for applications like camera and voice processing, with zero code modification required for existing applications [2][13] Structural Changes in Delivery Model - Arm's shift to platform-based delivery reduces design cycles and system integration costs, enhancing product development timelines and market responsiveness for device manufacturers [3][14] Mobile Experience Insights - Processor performance improvements are practical, with significant gains in C1-Ultra and G1-Ultra, but memory bandwidth remains a critical issue for large models, necessitating a collaborative architecture among CPU, GPU, and NPU [4][15] Ecosystem Development in China - The growth of China's on-device AI ecosystem is supported by a complete closed loop from chip architecture to application, with a strong user base facilitating model iteration and testing [5][16]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved Core Insights - The Arm Lumex platform integrates CPU, GPU, and System IP for enhanced performance and energy efficiency, achieving double-digit IPC improvements for six consecutive years and boosting on-device AI inference performance by up to 5x and energy efficiency by 3x through SME2 technology [1][2][3] - The Mali G1-Ultra GPU features a new hardware ray tracing architecture, claiming a 2x increase in ray tracing performance and a 20% improvement in gaming and AI performance, which redefines the efficiency of art budgets and power consumption in mobile devices [3][15] - SME2 technology enhances on-device AI capabilities, allowing for significant performance improvements in various applications while maintaining the CPU as a versatile execution vehicle for AI tasks [4][16] - Arm emphasizes the importance of ecosystem standardization and collaboration with OEMs to promote scalable AI PC/tablet solutions, addressing challenges such as memory and bandwidth constraints [6][19] Summary by Sections Event Overview - On September 10, 2025, Arm's Unlocked event focused on the development of on-device AI and introduced the Lumex platform, which features a C1 CPU cluster and Mali G1 series GPU, achieving significant performance and efficiency improvements [1][13] Platform Engineering - The Lumex platform represents a shift from traditional CPU/GPU configurations to a co-optimized system, with various CPU tiers designed for different performance needs, corroborated by real-world performance metrics [2][14] GPU Advancements - The Mali G1-Ultra GPU's new architecture allows for high-quality rendering and user-generated content creation, with a focus on stable power control and predictable image quality improvements [3][15] AI Development - SME2 technology supports a full-stack software ecosystem, enhancing development efficiency and enabling various AI applications to run effectively on CPUs, while allowing for GPU offloading in high-load scenarios [4][16][18] Ecosystem and Standardization - Arm identifies key development directions in the AI PC/tablet domain, focusing on system standardization, collaboration with domestic solution providers, and leveraging software compatibility to enhance performance and reduce costs [6][19]

Core Viewpoint - The recent Apple product launch has significantly boosted the performance of related concept stocks, leading to a surge in the consumer electronics market and capital markets, with many Apple-related stocks doubling in value this year [1][3][5]. Stock Performance - On September 10, several Apple concept stocks hit their daily limit, including Dongshan Precision, Industrial Fulian, and Bojie Co., with year-to-date gains for 13 Apple concept stocks exceeding 100% [1][3]. - Dongshan Precision's stock price reached a new high, while Industrial Fulian and Bojie Co. also saw significant increases [3]. - Notably, Honghe Technology led the gains with a 329.1% increase year-to-date, followed by Longyang Electronics and Jieput with over 200% increases [3]. Fund Holdings - As of the end of Q2, Industrial Fulian was heavily held by 126 funds, with a total holding value of 3.431 billion yuan, while Luxshare Precision was held by 569 funds with a total holding value of 23.556 billion yuan [4]. - Other notable holdings include Lens Technology and BOE Technology, with total holdings of 3.664 billion yuan and 3.111 billion yuan, respectively [4]. Market Dynamics - The launch of new products, including the iPhone 17 series and AirPods Pro 3, has driven excitement in the market, with the iPhone 17 starting at $799 and AirPods Pro 3 at $249 [3]. - Analysts suggest that while the Apple supply chain may benefit from the new product innovations, there will be a differentiation among stocks, with top companies likely to strengthen their technical capabilities and partnerships with Apple [5][6]. Future Outlook - The continuous innovation from Apple is expected to sustain the upward trend in the stock prices of related companies, although some smaller companies may struggle due to weaker product innovation capabilities [6][7]. - The demand for Apple products remains strong, which is a catalyst for the continued strength of stocks like Industrial Fulian [6].