今年（2025 年）年初，OpenAI 宣布与 Jony Ive 合作，正式布局智能终端。 此举是在 5 月 24 日谷歌 I/O 大会之后公开的。尽管 OpenAI 自收购 iO 后一直 没有显著进展，但一个月前，Sam Altman 卸任了 OpenAI CEO，并将重心转 向硬件开发、融资和脑机接口等领域。OpenAI 作为全球流量入口，其月活跃 用户已接近 10 亿，需要通过广告和智能终端等方式变现。 OpenAI 在智能终端市场的挑战和机遇是什么？ 智能终端市场对传统互联网公司和软件公司来说一直是个挑战，包括微软、谷 歌等巨头都未能成功进入该市场。然而，OpenAI 通过引入 Jony Ive 来解决创 意设计问题，并计划依赖中国供应商的生产资源来解决产业链问题。这一策略 可能使其在硬件方面取得突破，但仍需面对大模型与智能终端结合带来的技术 端侧 AI 算力部署旨在获取更多用户数据，实现个性化推理模型应用，并 降低算力成本。OpenAI 计划快速铺开第一代低价位硬件，收集数据， 迭代模型，形成用户粘性并最终变现。 国内企业深度参与 OpenAI 新一代产品供应链，立讯精密、歌尔股份、 瑞声科技、领益 ...

据The Information9月19日消息，近日，OpenAI已与苹果公司的设备组装商立讯精密签署协议，共同打 造一款消费级设备。据悉，该款设备目前仍处于原型开发阶段，预计能与OpenAI的人工智能模型深度 协作。 值得注意的是，立讯精密可能并非唯一参与其中的苹果供应商。同样为苹果代工AirPods、HomePod及 Apple Watch组件的歌尔股份，或被邀请为OpenAI的首款消费级硬件产品提供扬声器模块。 长城证券则认为，AI与物联网的结合使得下游行业能够提供更加个性化的服务和体验。Counterpoint的 数据显示，到2030年，AI嵌入式蜂窝模组预计将占所有物联网模组出货量的25%，复合年增长率为 35%。ABIResearch预测，至2029年蜂窝模组全球出货量可达7.05亿片，收入可达92.39亿美元。在端侧 AI等新技术趋势下，构建多元化市场布局、提升本地化服务能力，将成为决定企业能否在全球竞争中 站稳脚跟的关键。 公司方面，除立讯精密、歌尔股份外，华泰证券表示SoC芯片恒玄科技、瑞芯微、晶晨股份、乐鑫科技 等也是智能硬件核心。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示 ...

Group 1 - The core viewpoint is that the launch of the Horizon SuperDrive (HSD) solution by the company marks a significant change in the high-end autonomous driving market, with the ET5 model expected to be released in November 2025 [1] - The company has achieved a production milestone of over 10 million units for its Journey series chips, with a target of reaching 10 million units for HSD production in the next 3-5 years [1] - The company has established a European headquarters in Munich and is building deep connections with international clients such as Bosch, Continental, and Volkswagen, which may help expand its autonomous driving solutions globally [1] Group 2 - In the first half of 2025, the company achieved a market share of 45.8% in basic ADAS and 32.4% in overall ADAS solutions, leading the Chinese market [2] - The company saw a doubling of J-series chip shipments to 1.98 million units year-on-year, with shipments of chips supporting NOA functionality increasing fivefold to 980,000 units [2] - The company has secured nearly 90 new model designations, with over 15 models featuring mid-to-high level ADAS solutions entering mass production [2] Group 3 - The company has been included in the Hang Seng Composite Index and the Hang Seng Tech Index, enhancing its visibility and attracting passive fund inflows [2] - Revenue forecasts for 2025-2027 have been adjusted upwards, with expected shipments of 4 million, 5.04 million, and 7 million units, representing year-on-year growth of 38%, 26%, and 39% respectively [2] - Projected revenues for 2025, 2026, and 2027 are 3.62 billion, 5.85 billion, and 8.39 billion yuan, with year-on-year growth rates of 52%, 62%, and 43% respectively [2] Group 4 - The company is positioned as a rare third-party full-stack autonomous driving solution provider in China, benefiting from trends in domestic substitution, automotive intelligence, and edge AI development [3] - The target price for the company is set at 12.44 HKD, with a target PS of 27 times for 2026, corresponding to a target market value of 158 billion yuan [3] - Comparisons with peer companies suggest a PS of 21, 32, and 26 times for Nvidia, ARM, and Cambricon respectively for 2026 [3]

Core Viewpoint - The company, Tailin Microelectronics, is actively developing versatile edge AI chips for various applications, including audio, smart home, and medical fields, with significant progress in production and sales [1] Group 1: Product Development - The company has launched a general-purpose edge AI chip that can be applied across multiple sectors [1] - Currently, there are leading audio clients that have entered mass production, while projects in automotive, modules, gaming, and some initiatives with Google are in small batch production [1] - Several other projects are still in the design phase [1] Group 2: Financial Performance - In the second quarter of this year, the company's sales reached a scale of tens of millions of RMB [1]

Group 1 - The core viewpoint of the report is that Horizon Robotics (09660) is positioned to benefit from the trends of domestic substitution, automotive intelligence, and edge AI development, with a target price set at HKD 12.44 and a "Recommended" rating maintained [1] - The company anticipates significant growth in its core forecasts for 2025-2027, with expected shipments of 4 million, 5.04 million, and 7 million units respectively, representing year-on-year increases of 38%, 26%, and 39% [1] - Revenue projections for the same period are set at CNY 36.2 billion, 58.5 billion, and 83.9 billion, with year-on-year growth rates of 52%, 62%, and 43% [1] Group 2 - The HSD (Horizon SuperDrive) solution is set for mass production, marking a significant change in the high-level autonomous driving market, with the first vehicle featuring this solution expected to launch in November 2025 [1] - The company has established a European headquarters in Munich and is building deep connections with international clients such as Bosch, Continental, and Volkswagen, which may help to expand its global reach [1] - In the first half of 2025, the company achieved a market share of 45.8% in basic ADAS and 32.4% in overall ADAS solutions, leading the Chinese market [2] Group 3 - The company has been included in the Hang Seng Composite Index and the Hang Seng Tech Index, enhancing its visibility and investment appeal in the Hong Kong market [3] - The company is recognized as a rare AI-related stock in the Hong Kong market, with both configuration value and risk appetite on the rise [3] - The stock's inclusion in the indices is expected to attract passive fund inflows, positively impacting its stock performance [3]

Core Viewpoint - The report from Huachuang Securities sets a target price of HKD 12.44 for Horizon Robotics-W (09660) and maintains a "Recommended" rating, highlighting the company's positive revenue outlook and its role as a rare third-party full-stack intelligent driving solution provider in China [1] Group 1: Revenue and Market Position - The company is expected to ship 4 million, 5.04 million, and 7 million units of its solutions in 2025-2027, representing year-on-year growth of 38%, 26%, and 39% respectively [1] - Revenue projections for the same period are set at CNY 36.2 billion, 58.5 billion, and 83.9 billion, with year-on-year growth rates of 52%, 62%, and 43% [1] - The company holds the largest market share in China for basic ADAS and overall ADAS solutions at 45.8% and 32.4% respectively [2] Group 2: Product Development and Partnerships - The HSD (Horizon SuperDrive) solution is set for mass production, with the first vehicle featuring this technology, the Chery Star Era ET5, expected to launch in November 2025 [1] - The company has established a European headquarters in Munich and is building deep connections with international clients such as Bosch, Continental, and Volkswagen [1] - The company has achieved a significant increase in chip shipments, with 1H25 seeing a doubling of J series chip shipments to 1.98 million units and a fivefold increase in shipments of chips supporting NOA functionality [2] Group 3: Index Inclusion and Investment Appeal - The company was included in the Hang Seng Composite Index and the Hang Seng Technology Index in March 2025, enhancing its visibility and investment appeal [3] - The company is considered a rare AI-related stock in the Hong Kong market, with both configuration value and risk appetite on the rise [3]

Group 1 - The overnight surge in U.S. storage companies, with Micron Technology and SanDisk rising over 5%, and Western Digital increasing by over 4%, reaching historical highs [1] - SK Hynix executives expressed optimism about AI orders, predicting sustained high growth until 2030, which is expected to benefit the storage industry chain due to increasing AI computing power demand [1] - The global DRAM market is anticipated to expand continuously, supported by strong HBM shipment momentum and the ongoing supply gap in niche DRAM as major manufacturers cease DDR4 production [1] Group 2 - Customized storage is becoming the preferred solution for edge AI, with Nanya Technology aiming to complete validation by the end of 2025 and start mass production in 2026, targeting applications in AI servers, AIPC, AI smartphones, AI robots, and AI vehicles [2] - Zhaoyi Innovation's subsidiary, Qingyun Technology, is focusing on providing customized solutions based on customer needs in terms of capacity, bandwidth, and energy consumption, reshaping edge storage [2] Group 3 - Companies involved in HBM include Yishitong and Lianrui New Materials, while storage chip companies include Hengshuo Co., Baiwei Storage, Jiangbolong, and Demingli [3]

每经记者｜朱成祥 每经编辑｜董兴生 在AI（人工智能）旺盛的需求下，存储芯片价格或将起飞。 近日，有报道称，美国内存芯片公司美光科技向渠道发出通知，所有DDR4（第四代内存规格）、 DDR5、LPDDR4、LPDDR5等存储产品全部暂停报价，协议客户价格全部取消，且相关产品价格或将 上调20%至30%。不过，对此，美光相关人士对《每日经济新闻》记者表示："美光目前并没有官方宣 布调价。" 利基市场（Niche Market小众市场）方面，有业内人士向记者表示："兆易创新Nor Flash（非易失闪存技 术之一）已经全线涨价。" 另一全球头部Nor Flash厂商普冉股份工作人员也告诉记者："普冉Nor Flash还没有全线涨价，SLC NAND（单层单元闪存）目前供需关系比较紧张，三季度、四季度都会涨价。" AI创造庞大的数据量，带来存储持续红火 存储主要分为内存和闪存，2025年以来，DRAM（内存）价格涨势凶猛，而NAND（闪存）涨幅相对温 和。 图片来源：CFM闪存市场 这是因为，2025年4月，海外原厂接连宣布将停产DDR4、LPDDR4X等旧制程DRAM产品。存储市场资 讯平台"CFM闪存市场"表示 ...

Group 1 - The China Securities Regulatory Commission has issued a notice regarding the overseas issuance and listing of Shenzhen Guanghetong Wireless Co., Ltd., allowing the company to issue up to 155,342,200 overseas listed ordinary shares and list on the Hong Kong Stock Exchange [1][2] Group 2 - Guanghetong is a leading global provider of wireless communication modules, with product offerings including data transmission modules, smart modules, and AI modules [4] - The company provides customized solutions based on its module products, including edge AI solutions, robotic solutions, and other applications [4] - Guanghetong's products and solutions cover a wide range of application scenarios, primarily in automotive electronics, smart home, consumer electronics, and smart retail [4] - According to Frost & Sullivan, Guanghetong is the second-largest wireless communication module provider globally, holding a market share of 15.4% based on revenue from continuing operations in 2024 [4]

9月15日，北京君正集成电路股份有限公司（简称"北京君正"）向港交所递交了IPO申请。 作为一家无晶圆厂（fabless）模式的芯片公司，北京君正集成专注于"计算+存储+模拟"三大核心领域，产品覆盖汽车电子、工业医疗、AIoT（人工智能物 联网）和智能安防等高增长市场。 京君正的核心战略构建在"计算+存储+模拟"芯片的全方位产品组合，这三者协同工作，构成了几乎所有现代智能设备的基石。 - 计算芯片（设备的大脑）：这是执行指令和处理数据的核心。 北京君正创始人刘强生于1969年，北京人。1988年考入清华大学，并在中国科学院计算技术研究所工学博士学位。 上世纪末，国内计算机整机企业因缺乏核心芯片自主技术，多数局限于低附加值的加工组装环节。为突破这一技术瓶颈，科研院所和企业聚焦芯片自主研 发。 1999年，刘强加入倪光南院士推动的国产首个CPU研发项目"方舟"。两年后，该团队成功研制国内首颗可商用嵌入式CPU——方舟一号，填补了国内嵌入 式CPU领域的技术空白。 此后，因方舟芯片生态体系尚未成熟，且刘强与当时方舟科技董事长在芯片技术路线与发展方向上存在分歧，2005年，刘强带领方舟科技核心研发团队创 业，北京君正 ...