Core Insights - The article discusses the emergence of numerous keywords in the AI product sector by 2025, highlighting transformative AI products that are leading the market [4] - The "AI 100" list by Quantum Bit Think Tank aims to evaluate and recognize the top AI products in China, reflecting the industry's evolution and future trends [4][12] Group 1: AI 100 List Overview - The "AI 100" list is divided into three main categories: "Flagship AI 100," "Innovative AI 100," and the top three products in ten popular sub-sectors [6] - The "Flagship AI 100" will focus on the strongest AI products of 2025, showcasing those that have achieved significant technological breakthroughs and practical application value [7] - The "Innovative AI 100" aims to identify products that are expected to emerge in 2026, representing cutting-edge AI technology and potential industry disruptors [8] Group 2: Sub-sector Focus - The ten hottest sub-sectors for the top three products include AI Browser, AI Agent, AI Smart Assistant, AI Workbench, AI Creation, AI Education, AI Healthcare, AI Entertainment, Vibe Coding, and AI Consumer Hardware [9] Group 3: Application and Evaluation - The evaluation of the "AI 100" list employs a dual assessment system combining quantitative and qualitative measures, focusing on user data and expert evaluations [13] - Quantitative metrics include user scale, growth, activity, and retention, while qualitative assessments consider long-term potential, technology, market space, and user experience [13]

这不是荣耀第一次在AI领域释放信号。过去5年，从Magic系列开始，荣耀便在端侧AI能力上持续投 入，尝试让手机从"执行指令"转向"主动服务"。而ROBOT PHONE的出现，更像是这种思路的物理化延 伸：它融合了AI大脑、可动机械云台与影像系统，成为一个能自主转动、追踪、交互的终端。 吴晓波在演讲中回顾了荣耀5年来的AI技术积累。自2022年提出平台级AI战略，到2024年开启手机"自 动驾驶"时代，再到2025年又迎来一个关键节点：Magic OS 10及其自进化AI系统的落地。该系统驱动的 首款自进化AI原生手机荣耀Magic8，其搭载的YOYO智能体，已能自动执行3000多个场景，从智能日程 规划到无缝出行提醒等，实现了从"人找服务"到"服务找人"的转变。 在影像层面，Magic8同样展现出AI原生的深度赋能，凭借端侧AI影像算法与全焦段镜头配置，可实现 暗光环境下细节清晰可辨，动态场景对焦精准，展现出强大的影像实力。 据悉，荣耀的创新成果已获得国际权威认可。此前，荣耀"青海湖刀片电池"与"端侧AI换脸检测技术"双 双入选《时代》周刊2025年"最佳发明"榜单，成为唯一斩获主榜两项大奖的中国品牌。 【 ...

兆易创新 603986.SH 公司研究 | 动态跟踪 | | | 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 2.47、3.96、5.00 元（原 25-26 年预测为 2.38、3.04 元），主要调整了营业收入与费用率。根据可比公司 26 年平均 65 倍 PE 估值，给予 257.40 元目标价，维持买入评级。 风险提示 需求复苏不及预期、价格上涨不及预期、新产品进展不及预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 5,761 | 7,356 | 9,452 | 12,461 | 15,871 | | 同比增长 (%) | -29.1% | 27.7% | 28.5% | 31.8% | 27.4% | | 营业利润(百万元) | 120 | 1,117 | 1,678 | 2,751 | 3,585 | | 同比增长 (%) | -94.6% | 832.8% | 50.2% | 63.9% | 3 ...

今年以来广和通已经3次登上龙虎榜，最近一次登上龙虎榜为12月2日，当日龙虎榜净买入-9252.83万 元；买入总计4.17亿元 ，占总成交额比6.73%；卖出总计5.09亿元 ，占总成交额比8.23%。 资料显示，深圳市广和通无线股份有限公司位于广东省深圳市南山区西丽街道西丽社区打石一路深圳国 际创新谷六栋A座10-14层,香港湾仔皇后大道东248号大新金融中心40楼，成立日期1999年11月11日，上 市日期2017年4月13日，公司主营业务涉及从事无线通信模块及其应用行业的通信解决方案的设计,研发 与销售服务。主营业务收入构成为：无线通信模块99.38%，其他(补充)0.62%。 12月29日，广和通盘中下跌2.02%，截至14:28，报27.68元/股，成交6.14亿元，换手率4.12%，总市值 249.27亿元。 资金流向方面，主力资金净流出9359.75万元，特大单买入2322.10万元，占比3.78%，卖出6381.55万 元，占比10.40%；大单买入1.19亿元，占比19.39%，卖出1.72亿元，占比28.03%。 广和通今年以来股价涨39.79%，近5个交易日涨1.54%，近20日跌14. ...

12月29日，中科蓝讯盘中上涨3.55%，截至09:35，报129.12元/股，成交8873.16万元，换手率1.56%，总 市值155.72亿元。 资金流向方面，主力资金净流入268.80万元，特大单买入252.66万元，占比2.85%，卖出452.42万元，占 比5.10%；大单买入939.35万元，占比10.59%，卖出470.80万元，占比5.31%。 中科蓝讯今年以来股价跌0.29%，近5个交易日涨2.08%，近20日跌15.14%，近60日跌9.13%。 今年以来中科蓝讯已经2次登上龙虎榜，最近一次登上龙虎榜为9月23日，当日龙虎榜净买入-3813.97万 元；买入总计2.16亿元 ，占总成交额比10.80%；卖出总计2.54亿元 ，占总成交额比12.70%。 机构持仓方面，截止2025年9月30日，中科蓝讯十大流通股东中，嘉实上证科创板芯片ETF（588200） 位居第一大流通股东，持股109.26万股，相比上期减少4.97万股。香港中央结算有限公司位居第二大流 通股东，持股106.52万股，相比上期增加50.68万股。民生加银持续成长混合A（007731）位居第三大流 通股东，持股85.00万 ...

Core Viewpoint - The consumer electronics sector has experienced a 47.5% increase year-to-date, slightly underperforming the electronic index by 0.6 percentage points, while outperforming the CSI 300 index by 29.1 percentage points. Despite concerns over rising storage prices affecting terminal demand, the sector's fundamentals are expected to remain low, with a clear trend of accelerated AI innovation in 2026-2027 driven by major companies like Apple, Google, and OpenAI [1][2][18]. Group 1: 2025 Market Review - The consumer electronics SW industry index increased by 47.5% year-to-date, underperforming the electronic SW industry index by 0.6 percentage points and outperforming the CSI 300 index by 29.1 percentage points [2][28]. - The market saw steady growth due to the launch of the DS-R1 open-source model and expectations of accelerated AI deployment, but concerns over storage price increases began to affect demand towards the end of Q3 [2][28]. - In terms of sub-sectors, PCB and consumer electronic components outperformed the electronic industry index, driven by AI computing demand, while optical components and brand consumer electronics lagged behind [2][30]. Group 2: Terminal Demand and Innovation Tracking - In the smartphone sector, 2026 will see significant AIOS innovations, with storage price increases potentially impacting overall sales, particularly for mid-range Android devices, while iPhone demand remains manageable [3][19]. - The PC and tablet market is expected to benefit from Windows 11 upgrade cycles, with a focus on AI PCs and the impact of storage price increases on demand in 2026 [4][19]. - The wearables and IoT sectors will see innovations in AI headphones, glasses, and home robots, with significant attention on Apple's AI camera headphones and the anticipated releases from major players like Meta and Google [4][20]. Group 3: Industry Chain Tracking - Major brands like Apple, Google, and OpenAI are expected to lead AI innovation in 2026, while Android brands face challenges from rising storage prices [8][9]. - The assembly sector is positioned to benefit from the long-term AI cloud-side innovation cycle, with companies like Luxshare Precision and BYD Electronics expected to gain from AI product launches [9][10]. - The storage chip sector is experiencing upward cycles, with domestic companies projected to see continued performance improvements due to favorable supply-demand dynamics [10][11]. Group 4: Investment Strategy for 2026 - Despite the headwinds from rising storage prices, the AI terminal market is expected to accelerate innovation, with major companies focusing on AI hardware and software integration [18][19]. - Key areas of investment include AI PCs, wearables, smart home devices, robotics, and smart vehicles, with a particular emphasis on the supply chain for high-quality components [18][21].

Investment Rating - The report maintains an "Overweight" rating for the electronic industry, indicating a positive outlook for the sector in the next six months [1]. Core Insights - The report emphasizes the growth potential of edge AI, particularly through the strategies of companies like Zhiyu Huazhang and MiniMax, which focus on B-end to C-end user engagement [8][19]. - Zhiyu Huazhang's strategy revolves around serving B-end clients, leveraging their platforms to indirectly reach C-end users, which aligns with the B-end dominated structure of the Chinese large model market [8][19]. - MiniMax's approach to edge AI products highlights the importance of customized user experiences and efficient inference capabilities, which are crucial for C-end applications [19][20]. Summary by Sections 1. Zhiyu Huazhang's Development Strategy - The company focuses on B-end clients while indirectly accessing C-end users through partnerships with consumer electronics manufacturers and internet platforms [8]. - The growth framework positions edge AI as a critical infrastructure for connecting B-end and C-end users, with plans to enhance their model matrix for comprehensive scenario coverage [8][10]. - The report outlines the company's commitment to building a complete model system that spans cloud, edge, and end [10]. 2. Insights from MiniMax's Prospectus - MiniMax's product strategy emphasizes high-efficiency inference technology and customized product offerings for C-end applications, which serve as a reference for future edge AI applications [19][20]. - The company has successfully established a business model that integrates technology with product offerings, leading to increased revenue and user engagement [19][24]. - MiniMax's focus on low-cost, high-efficiency inference aligns with the core demands of C-end applications, enhancing user experience and operational efficiency [19][20]. 3. Market Dynamics and Growth Path - The report identifies a dual-driven market structure where both C-end and B-end applications are advancing simultaneously, with a strong emphasis on model capability iteration [20]. - The B2B2C model is highlighted as a key growth narrative, allowing the company to leverage B-end client channels to efficiently reach a vast number of C-end users [17][18]. - The report notes that the company plans to prioritize sectors like consumer electronics and IoT for model deployment, with long-term aspirations to expand into education and healthcare [18][32].

据"独角兽早知道"独家消息源，兆易创新已于本周完成港股上市前PDIE(Pre-Deal Investor Education)，目标交易规模约为5亿至8亿美元，预期将于下周启 动招股。兆易创新已通过港交所主板上市聆讯，中金公司、华泰国际为联席保荐人。 据招股书，兆易创新是一家多元芯片的集成电路设计公司。公司为客户提供包括Flash、利基型动态随机存取存储器（DRAM）、微控制器（MCU）、模 拟芯片及传感器芯片等多样化芯片产品，可用于消费电子、汽车、工业应用（如工业自动化、储能及电池管理）、个人计算机（PC）及服务器、物联 网、网络通信等领域，满足客户各种需求，以及包括相应算法、软件在内的一整套系统及解决方案。 兆易创新采用无晶圆业务模式，意味着公司聚焦于集成电路的设计和研发，同时将集成电路的制造外包给外部晶圆厂及外包半导体组装及测试（封测代 工）合作伙伴。 兆易创新成立于2005年，深耕专用型存储芯片行业二十年，MCU领域十四年，成为了中国内地专用型存储芯片和MCU知名企业，打造了具有全球影响力 的专用型存储芯片和MCU品牌。公司始终专注于为客户创造价值，形成了遍布全球的优质客户群。 根据弗若斯特沙利文的资 ...

成立仅七年，便摘得"全球Scaler行业第二、ASIC Scaler行业第一"的桂冠，深圳曦华科技股份有限公司（简称"曦华科技"）的成 长速度足以惊艳半导体行业。 近期，这家国家级重点"小巨人"企业正式递交港交所招股书，开启IPO冲刺之路。然而，光环之下，是不到四年累计亏损4.26亿 元的财务压力，是前五大客户贡献超八成收入的结构脆弱性。 作为半导体领域的"后起之秀"，曦华科技的崛起精准踩中了智能终端产业升级的风口。成立于2018年8月的曦华科技，专注于智 能显示芯片、智能感控芯片及解决方案的研发与供应，产品已广泛渗透至智能汽车、手机、可穿戴设备和机器人等核心市场， 形成了以AI Scaler、STDI芯片为核心的智能显示产品线，以及涵盖TMCU、通用MCU的智能感控产品线。凭借自主研发的全球 首款ASIC架构Scaler芯片，其在视觉无损压缩、画质增强等关键技术领域构建了核心竞争力，据弗若斯特沙利文报告显示， 2024年曦华科技Scaler芯片出货量达3700万颗，以18.8%的市场份额位居全球第二，在AI Scaler细分赛道更是以55%的市场份额稳 居全球第一，连续三年实现该领域中国区收入榜首。 当前， ...

今年以来广和通已经3次登上龙虎榜，最近一次登上龙虎榜为12月2日，当日龙虎榜净买入-9252.83万 元；买入总计4.17亿元 ，占总成交额比6.73%；卖出总计5.09亿元 ，占总成交额比8.23%。 资料显示，深圳市广和通无线股份有限公司位于广东省深圳市南山区西丽街道西丽社区打石一路深圳国 际创新谷六栋A座10-14层,香港湾仔皇后大道东248号大新金融中心40楼，成立日期1999年11月11日，上 市日期2017年4月13日，公司主营业务涉及从事无线通信模块及其应用行业的通信解决方案的设计,研发 与销售服务。主营业务收入构成为：无线通信模块99.38%，其他(补充)0.62%。 12月26日，广和通盘中上涨2.01%，截至13:24，报28.49元/股，成交5.81亿元，换手率3.91%，总市值 256.56亿元。 资金流向方面，主力资金净流出3715.55万元，特大单买入2012.48万元，占比3.46%，卖出3202.78万 元，占比5.51%；大单买入1.04亿元，占比17.90%，卖出1.29亿元，占比22.24%。 广和通今年以来股价涨43.88%，近5个交易日涨5.13%，近20日涨5.60 ...