最终协议主要条款: 重组完成后 ， 宁波奥来以其持有的上海奥来的全部股权作价出资认购歌尔光学的股权 ； 认购事项完成后 ， 宁波奥 来将持有认购事项完成后的歌尔光学股权约33.33% 。 认购事项的理由及裨益: 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 舜宇光学科技(集团)有限公司 根据上市规则第13.09条及香港法例第571章证券及期货条例第XIVA部项下内幕消息条 文作出 。 董事会宣布 ， 于二零二五年八月二十一日 （ 交易时段后 ） ， 本集团若干成员公司与歌尔股份及歌尔光 学订立谅解备忘录 。 谅解备忘录订约方包括: | 版 权 ： 本 文 部 分 素 材 源 自 网 络 ， 版 权 归 原 作 者 所 有 ， 观 点 代 表 作 者 本 人 ， 不 代 表 本 号立 场 | 转 载 ： 须 本 号 授 权 ， 请 联 系 主 编 人工智能( " AI " )正在全球迅速发展 ， 部分新AI产品 ， 例如AI智能眼镜和增强现实( " AR " )硬件受到广泛关注 ， 因此普遍预期该等AI及AR产品将在未来数年迅速发展 。 认 ...

智通财经APP讯，舜宇光学科技(02382)发布公告，于2025年8月21日，本集团若干成员公司与歌尔股份 (002241.SZ)及歌尔光学订立谅解备忘录。 歌尔光学多年来专注于高精度光学相关领域，并建立一支经验丰富的技术团队，尤其在光波导组件方 面，并具有广泛的客户群。 根据谅解备忘录，订约方同意进一步磋商，以就认购事项订立最终协议，其主要条款如下： 人工智能(AI)正在全球迅速发展，而部分新AI产品，例如AI智能眼镜和增强现实(AR)硬件，受到广泛关 注，因此普遍预期该等AI及AR产品将在未来数年迅速发展。 上海奥来多年来深耕晶圆级微纳光学领域，并已建立坚实而具竞争力的基础，拥有一支经验丰富的技术 人员团队，配备先进的工具、设备及机械。 (i)当重组完成后，宁波奥来以其持有的上海奥来的全部股权作价出资认购歌尔光学的股权;及 (ii)于认购事项完成后，宁波奥来将持有认购事项完成后的歌尔光学股权约33.33%。 董事会认为，认购事项(倘落实)将促进上海奥来与歌尔光学的优势互补，显著增强在认购事项完成后歌 尔光学在光波导及其他晶圆级微纳光学器件(特别是用于AI及AR产品上)等领域内的核心竞争力。 ...

永豐金證券亞洲研究部晨訊 2025/8/21 | 麥嘉嘉 | 研究部主管 | avis.mak@sinopac.com | | --- | --- | --- | | 張雪婷 | 研究部經理 | samantha.cheung@sinopac.com | | 林仲全 | 研究部資深專員 | kobe.lin@sinopac.com | 1 永豐金證券亞洲研究部晨訊 永豐金證券亞洲研究部 -今日市埸焦點及策略 今日市埸主要焦點 股市及產品投資策略 2 • 美股回調｜科企估值憂慮升溫，標指連跌四日 • 十年債息下行｜美國10年期債息跌至4.275厘 • A股升浪｜受流動性改善、政策預期升溫、居民資金入市與科技創 新板塊強勁表現等多重利好因素推動 • 兩融餘額（融資融券總額）持續攀升｜兩融餘額突破2.1萬億元人 民幣，創三年新高，反映投資人風險偏好提升及市場活躍度增加 • A股日股ETF ｜ A股、日經創高，可部署A股、日股ETF短線操作 • A股布局主軸｜以「品質成長＋主動管理＋主題輪動」為布局主軸 • 結構性產品｜選用具Airbag或低參考價型掛鈎商品對沖市況急劇波動 • 策略主軸｜分散、多元資產組合，靈活調整 ...

Core Viewpoint - Microsoft has hired Mustafa Suleyman, one of the founders of Google's DeepMind, to enhance its position in the AI competition, actively recruiting top talent from his former employer [1] Group 1: Recruitment Strategy - Suleyman is emulating Meta Platforms CEO Mark Zuckerberg's strategy by personally calling potential recruits to promote Microsoft's AI department as a more agile and startup-like environment compared to DeepMind [1] - Microsoft has successfully recruited at least 24 executives and other employees from Google in recent months, most of whom previously worked at DeepMind [1] Group 2: Compensation and Opportunities - Suleyman is offering more attractive compensation packages and the opportunity to help develop Microsoft's Copilot chatbot into a stronger competitor against OpenAI's ChatGPT [1] - Notable recruits include former DeepMind engineer Adam Sadovsky and former Google engineering vice president Amar Subramanya [1]

Group 1 - The core viewpoint is that the Chinese market is expected to present a "dual bull" scenario for stocks and bonds in the second half of 2025, driven by structural investment opportunities in the new economy and a low-interest-rate environment leading to an asset shortage in the bond market [1][3] - The A-share market, despite uncertainties, is supported by a loose liquidity environment and recognition from decision-makers of the stock market's impact on public confidence and consumption [1][3] - Emerging markets, particularly the Greater China region, are seen as attractive investment opportunities, with structural opportunities in cyclical sectors like non-ferrous metals and stable performance in the industrial manufacturing sector [2][3] Group 2 - The bond market is influenced by significant changes, including the volatility of the US dollar index and the strengthening of the RMB, which historically correlates with better performance of domestic stock assets [2][3] - The current low-interest-rate environment, with one-year fixed deposit rates below 1%, is prompting a shift towards diversified asset allocation, including fixed income, stocks, overseas short-term bonds, and gold [3] - The bond market is expected to continue playing a stabilizing role in investment portfolios, with a favorable macro environment supporting its performance, despite declining yields [3]

Core Viewpoint - Yuntian Lifei is a leading AI company in China, focusing on the research, design, and commercialization of AI inference chips, aiming to create a complete closed-loop from infrastructure to product design and commercialization [3]. Industry Overview - The AI inference chip market in China is experiencing rapid growth, with the market size projected to increase from RMB 11.3 billion in 2020 to RMB 162.6 billion by 2024, representing a compound annual growth rate (CAGR) of 94.9%. It is expected to continue growing at a CAGR of 53.4% from 2024 to 2029, reaching RMB 1,383 billion by 2029 [3]. - Yuntian Lifei ranks among the top three providers of AI inference chip products and services in China based on revenue projections for 2024 [3]. Company Products and Technology - Yuntian Lifei's IFIC platform enables algorithm chip integration, allowing the company to develop optimized chips for various applications. The company has launched NPU products such as Nova, DeepEye, DeepEdge, and is working on DeepVerse and DeepXBot [4]. - The Hy3 CAN hardware tool and IFIE software platform support the operation of AI inference chips, providing a unified programming interface and a controlled development environment for large model applications [4]. Financial Performance - For the fiscal years ending March 31, 2022, 2023, 2024, and the first quarter of 2025, Yuntian Lifei reported revenues of approximately RMB 546.2 million, RMB 506.0 million, RMB 917.4 million, and RMB 264.0 million, respectively. Corresponding gross profits were approximately RMB 174.1 million, RMB 119.0 million, RMB 192.1 million, and RMB 76.0 million [5][6]. - The company has shown a trend of increasing revenue, with a notable jump in 2024, while gross profit margins have varied, indicating potential challenges in cost management [5][6].

Core Insights - The U.S. real estate market has experienced its worst spring sales season in over a decade, with significant inventory issues and buyer hesitation due to economic uncertainties [1][3] - Traditional spring sales, typically a peak season, have been severely impacted by high mortgage rates and prices, leading to a pessimistic outlook for the upcoming seasons [3][4] - Despite some signs of recovery, such as a slight decrease in mortgage rates, the overall market remains stagnant with sellers withdrawing from the market, limiting supply [3][4] Market Performance - According to Redfin, the national contract signings from April to June reached the lowest level since 2012, indicating a significant downturn in market activity [3] - The economic outlook has worsened, with fears of high rates and prices persisting, leading to a decline in buyer confidence [3][4] - The rental market is showing signs of recovery as potential buyers struggle with affordability, with the purchasing power at its lowest since the 1980s [3][4] Regional Variations - There is a notable increase in active listings in areas like Las Vegas, where active listings surged by over 38% year-on-year, but sales dropped by 15% [4] - In contrast, regions with severe inventory shortages, such as the Northeast and Midwest, continue to see rapid price increases, while markets in Florida and Texas are experiencing declines [3][4] - The coastal town of Narragansett in Rhode Island has seen a significant drop in competitive offers, reflecting a broader trend of increasing price reductions across the state [5]

Core Viewpoint - Morgan Stanley's report indicates that Microsoft's risk-reward profile is attractive due to its leading position in artificial intelligence, robust core business growth, and operational efficiency, supporting a medium to high single-digit total return in the long term [1] Group 1: Financial Performance and Projections - Microsoft is expected to achieve a total return rate of 15%-20% driven by its extensive investments in generative AI and strong operational cost management [2] - The company reported a strong performance in Q3 2025, with Azure achieving a 35% growth rate, surpassing the expected 31% [3] - For Q4 2025, Azure is projected to maintain a growth rate of 34%-35%, contributing significantly to Microsoft's revenue growth [3][4] Group 2: Azure Cloud Services - Azure is anticipated to achieve a 35%-36% year-over-year growth in Q4 2025, supported by positive feedback from channel partners and increased AI server production [4] - The demand for Azure remains strong, with 52% of CIOs planning to deploy workloads on the platform, indicating a stable spending intention [4] Group 3: Microsoft 365 Business Cloud - Microsoft 365 is expected to see approximately 15% year-over-year growth in Q4 2025, driven by average revenue per user [5] - The Microsoft 365 Copilot tool is gaining traction, with 72% of CIOs planning to use it in the next 12 months, indicating a growing adoption rate [5][6] Group 4: Security Business - Microsoft's security business is projected to grow by 9.8% in enterprise security spending, significantly outpacing overall software spending growth [7] - The demand for security solutions is driven by the increasing attack surface and regulatory compliance requirements, positioning Microsoft as a preferred choice for integrated security tools [7]

Group 1 - The core viewpoint of the GIC's annual report indicates an increase in the five-year annualized return rate from 4.4% to 6.1%, reflecting a strategic shift towards U.S. investments and a focus on artificial intelligence [1] - The report highlights a rise in U.S. investment proportion from 44% to 49%, while the Asia-Pacific investment share decreased from 28% to 24%, and Europe, the Middle East, and Africa remained stable at 20% [1] - The allocation to equities increased from 46% to 51%, while fixed investments decreased from 32% to 26%, and asset investments rose from 22% to 23% [1] Group 2 - The CEO emphasizes the need for vigilance in response to unprecedented uncertainties, including fragmented global trade systems, AI advancements, and climate change [1] - The Chief Investment Officer notes that despite the shift away from the Asia-Pacific region, there are still investment opportunities, particularly in Japan, India, and China, with GIC participating as a cornerstone investor in recent IPOs in Hong Kong [1] - GIC acknowledges China's shift towards more expansive fiscal and monetary policies, which may accelerate economic growth and boost investor confidence, particularly in the technology and AI sectors [2]

Group 1 - The State Council Information Office held a press conference to discuss the construction of the Hainan Free Trade Port, featuring key officials from various government departments [1] - The Ministry of Public Security provided updates on high-level security measures to ensure the successful completion of the 14th Five-Year Plan [2] - The China Meteorological Administration announced an upcoming press conference to discuss national weather patterns and climate trends for July and August, including flood prevention strategies [3] Group 2 - The 2025 China Internet Conference will take place in Beijing, focusing on cutting-edge technologies such as AI and 5G-A/6G, aiming to explore industrial upgrades driven by AI [4] - The 2025 International Low-Altitude Economy Expo will showcase revolutionary breakthroughs in low-altitude technology, featuring nearly 300 leading global companies [5] Group 3 - A total of 21.6 million shares from five companies will be unlocked today, with a combined market value of 1.422 billion yuan, highlighting significant unlock volumes from companies like Demingli and Fuling Co. [6] - 24 companies reported progress on stock repurchase plans, with notable amounts proposed by companies such as Aoxing Packaging and Zhaoyi Innovation [7] Group 4 - The People's Bank of China will have 520.1 billion yuan in 7-day reverse repos maturing today, indicating ongoing liquidity management in the financial system [8] - Upcoming data releases include the annualized total of existing home sales in the U.S. for June and the weekly EIA crude oil inventory figures [9]