来源：环球网 【环球网科技报道 记者 李文瑶】1月6日至9日，2026年国际消费电子展（CES）在美国拉斯维加斯盛大 开幕。作为全球科技界的年度风向标，本届CES以"Smarter AI for All"为主题，共吸引超过4500家国际 科技企业参展，集中呈现当前最具前瞻性的科技突破与商业创新。 当全球科技界的年度风向标CES再度揭幕，一个清晰且不容忽视的趋势已然成型：中国企业正从展台的 参与者，转变为技术的定义者与舞台的中心。在超过4900平方米的净展出面积上，207家中国公司不仅 展示了数量上的集群优势，更呈现了从底层技术到顶层应用、从硬件创新到生态构建的全面突破。 展会现场，宇树科技G1人形机器人，正流畅复刻迈克尔·杰克逊的太空步，引得观众驻足惊叹。而在另 一端的海信展区，全球首款116英寸RGB-Mini LED电视UX以颠覆性的画质，重新定义着视觉体验的极 限。从北馆机器人"军团"的集体舞动，到中央大厅显示技术的巅峰对决，中国科技企业正在多条赛道上 同步实现从"跟跑"到"并跑"乃至"领跑"的跨越。 韩国《中央日报》的报道标题直白写道："中国领跑，韩国落后"。这一判断背后，是摩根士丹利报告中 的数据支 ...

12月29日，福建省电子信息集团与TCL华星光电举行福建兆元光电有限公司 （以下简称"兆元光 电"） 引进战略投资者签约 仪式。 图片来源：兆元光电 福建省电子信息集团表示， 本次签约是双方在半导体显示产业链的深度合作。兆元光电作为福建 省重点布局的LED芯片制造企业，在技术研发、产能规模和市场拓展方面具备良好基础。TCL华星 是全球半导体显示行业龙头企业之一，拥有深厚的技术积累、丰富的市场资源和先进的运营经 验。双方将围绕技术迭代、产能协同与市场拓展等方面开展深度合作，共同助力兆元光电迈入新 发展阶段。 据了解，该合作此前已有披露。12月26日，TCL科技宣布，子公司TCL华星光电已成功竞得兆元 光电80%股权及相关债权项目，最终交易价格为4.9亿元。交易完成后，兆元光电将成为公司控股 子公司。 资料显示，兆元光电成立于2011年3月，注册资本14.37亿元，主要从事LED外延片、LED芯片的 研发、生产和销售业务，拥有完整的LED芯片生产线、规模产能和业务基础。2024 年实现营业收 入8.8亿元，净亏损3.89亿元。2025 年 1-10 月实现营业收入7.1亿元，净亏损2.99亿元。 ▶ 关于集邦 上 ...

长江商报消息 ●长江商报记者 江楚雅 TCL科技（000100.SZ）持续加码核心业务布局。 继日前宣布60.45亿元收购华星半导体10.77%股权后，12月26日，TCL科技再发公告，旗下子公司TCL华星以4.9亿 元摘牌收购福建兆元光电80%股权及相关债权。两轮重磅并购，彰显TCL科技强化半导体显示全产业链优势的决 心。 长江商报记者注意到，TCL科技持续进行产业布局，其成效已在业绩端充分显现。2025年三季报显示，TCL科技 前三季度实现营业收入1359.43亿元，同比增长10.50%；归母净利润30.47亿元，同比激增99.75%，扣非净利润更 是大幅增长233.33%至24.29亿元。 加码收并购强化核心主业 在全球显示产业格局优化、供需关系趋向健康的行业背景下，TCL科技以精准的资本运作强化核心资产控制力， 构建自主可控的产业生态。 12月26日，TCL科技发布公告称，旗下子公司TCL华星以4.9亿元交易价格，摘牌收购福建兆元光电80%股权及相 关债权，其中包括截至2025年3月31日的17.59亿元债权，以及2025年4月1日至2026年3月31日产生的1.43亿元新增 利息与罚息。交易完成后， ...

公告显示，本次交易标的资产由福建省电子信息(集团)有限责任公司（以下简称"福建电子信息集团"）于2025年11月28日在福建省产权交易中心挂牌转让， 包括兆元光电80%股权、截至2025年3月31日的17.59亿元债权，以及债权本金16.4亿元自2025年4月1日至2026年3月31日的新增利息、罚息1.43亿元，挂牌价 同为4.9亿元。TCL科技于12月25日审议通过参与竞买的相关议案，并授权董事长及其授权人士处理后续事宜。截至公告日，TCL华星已收到福建省产权交 易中心发送的《竞价结果通知单》，确认成为最终竞买成功方，后续将按要求与转让方签署《股权及债权转让合同》。 12月26日，TCL科技发布公告，宣布其子公司TCL华星光电技术有限公司（以下简称"TCL华星"）成功竞买摘牌福建兆元光电有限公司（以下简称"兆元光 电"）80%股权及相关债权项目，最终交易价格为49,000万元。本次交易完成后，兆元光电将成为TCL科技控股子公司。 TCL科技表示，本次交易旨在实现TCL华星自主掌握LED芯片设计与制造环节，打造从LED芯片到显示模组的全产业链垂直整合，构建自主可控的供应链体 系。作为全球半导体显示龙头，TC ...

本次交易完成后，一方面，TCL华星将基于标的公司现有资产和业务基础加快推进LED垂直产业链体系的搭建与整合，加速TCL 华星Mini/Micro LED高端显示技术进程及其在高端电视、商用大屏、车载显示等高质量新型显示场景的产业化应用；另一方 面，TCL华星将在制造、技术、市场等方面充分赋能，协同公司直显、车载及背光等现有业务和技术资源，导入大客户资源， 提高产品竞争力和规模效应，改善其盈利水平。 根据公开资料，福建兆元光电有限公司成立于2011年，主要专注于LED外延片、LED芯片的研发、生产和销售，拥有完整的 LED芯片生产线、规模产能和业务基础，在背光、Mini LED直显、车载照明等高价值领域已达到行业领先水平，相对竞争力突 出。 12月26日晚，TCL科技公告透露，拟以4.9亿元收购兆元光电80%股权及债权等，正式涉足LED芯片领域。此次交易旨在完善 TCL华星在新一代显示技术领域的布局，强化核心技术储备，构建可持续竞争力。本次交易完成后，福建兆元光电有限公司将 成为公司控股子公司。 TCL科技在公告中表示，本次参与竞买摘牌旨在实现TCL华星自主掌握LED芯片设计与制造环节，打造LED芯片到显示模组 ...

Core Viewpoint - The company aims to enhance its vertical integration efficiency across the entire industry chain through smart manufacturing upgrades and foundational capability innovations, while accelerating the strategic expansion of its diversified business to become the preferred partner for global brand clients in multiple fields [1] Group 1 - The company will leverage dual drivers of smart manufacturing upgrades and foundational capability innovations [1] - The focus is on improving the efficiency of vertical integration across the entire industry chain [1] - The strategic goal includes accelerating the expansion of diversified business operations [1]

Core Insights - BYD's stock price increased by 2.11% on November 13, closing at 99.83, with a trading volume of 580,000 lots and a market capitalization of 910.17 billion [1][5] Group 1: Company Performance - BYD's recent sales performance shows a significant increase, with a forecast of monthly sales reaching 20,000 to 30,000 units in the coming months and potentially 40,000 to 50,000 units next year [1][5] - The company's overseas sales reached 790,000 units from January to October 2025, marking a 135% year-on-year increase, indicating strong global market expansion [1][5] - The launch of the Tengshi N8L model resulted in a surge in orders and attention, enhancing market confidence in BYD's products [1][6] Group 2: Market Sentiment - The overall sentiment regarding BYD is predominantly positive, with 69% of the 8,005 total online discussions being positive, while only 1.5% were negative [1][3] - The primary platform for discussion was Weibo, accounting for 19.8% of the total mentions [3] Group 3: Strategic Developments - BYD plans to leverage its mother brand for export business and develop high-end brand channels, which may enhance its global market presence [1][5] - The company is focusing on improving product safety indicators, which is expected to bolster its brand image and market confidence [5][6] Group 4: Competitive Landscape - BYD's strong performance in the energy storage sector positions it as a competitive player, with its storage system shipments ranking third globally [10] - The company faces competition from Tesla and others, but its vertical integration and focus on lithium iron phosphate technology provide a competitive edge [10]

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a revenue of 53.663 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 16.1%, and a net profit attributable to shareholders of 2.843 billion yuan, up 19.9% year-over-year [1] - In Q3 2025, the company achieved a revenue of 20.702 billion yuan, marking a year-over-year increase of 19.2% and a quarter-over-quarter increase of 30.2%, reaching the highest level for the same period in history [1] - The company is benefiting from new product launches and increased orders in the consumer electronics sector, particularly with foldable screens, which are expected to open up future growth opportunities [1][2] - The company is making steady progress in the smart automotive sector, with ultra-thin laminated glass expected to enter mass production soon, meeting the demand for hundreds of thousands of vehicles [2] - The company is diversifying its growth through emerging fields such as robotics, AR glasses, and AI servers, with significant advancements in each area [2] Summary by Sections Financial Performance - For Q3 2025, the gross profit margin was 19.1%, showing a year-over-year decline of 2.35 percentage points, primarily due to the increased proportion of lower-margin assembly business [1] - The company plans to maintain its profit forecast, expecting net profits of 5.16 billion, 6.99 billion, and 8.64 billion yuan for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 42.4%, 35.5%, and 23.6% [3][4] Business Segments - The consumer electronics business is seeing strong demand following new product releases from major North American clients, leading to an increase in production staff to nearly 170,000 [1] - The smart automotive business is set to contribute significantly to revenue, with the first production line for ultra-thin laminated glass expected to meet the needs of tens of thousands of vehicles [2] - The company has made significant strides in robotics, with plans to deliver 3,000 humanoid robots and over 10,000 quadruped robots in 2025 [2] Valuation Metrics - The company’s projected P/E ratios for 2025, 2026, and 2027 are 30.4, 22.5, and 18.2 respectively, indicating a favorable valuation outlook [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company has shown steady revenue and profit growth, with Q3 2025 achieving a revenue of 20.70 billion yuan, a year-on-year increase of 19.25% and a quarter-on-quarter increase of 30.23% [1]. - The company is benefiting from high-quality development in its main businesses, including consumer electronics and smart automotive sectors, which are expected to continue driving growth [1][4]. - The company is positioned to benefit from the development of AI technology across various business lines, with projected revenue growth rates of 32%, 23%, and 18% for 2025, 2026, and 2027, respectively [4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 53.66 billion yuan, a year-on-year increase of 16.08%, and a net profit attributable to shareholders of 2.84 billion yuan, up 19.91% year-on-year [1]. - In Q3 2025, the company reported a net profit of 1.70 billion yuan, reflecting a year-on-year increase of 12.62% and a quarter-on-quarter increase of 138.20% [1]. Consumer Electronics - The company is deepening its layout in AI edge hardware, benefiting from the accelerated replacement cycle of smartphones and computers due to AI technology [2]. - The company has gained market share and profitability in high-end mobile phone components, with successful mass production of several new flagship models [2]. Smart Automotive - The company is enhancing its product matrix and market penetration in smart cockpit products, with successful integration of ultra-thin laminated car window glass into production systems of leading domestic automakers [2]. - The company is expected to see a rapid increase in the value per vehicle as it expands its production capacity for car window glass [2]. Emerging Fields - The company is expanding its collaboration with leading North American clients in the smart headset and robotics sectors, with significant production capabilities in humanoid and quadruped robots [3]. - The company is also exploring new technologies in foldable devices and AI servers, with plans for large-scale production in the near future [3]. Profit Forecast and Investment Advice - The company is expected to achieve revenues of 92.0 billion yuan, 113.1 billion yuan, and 133.9 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 5.24 billion yuan, 6.80 billion yuan, and 8.13 billion yuan [4][6]. - The current stock price corresponds to a PE ratio of 30, 23, and 19 for 2025, 2026, and 2027, respectively, indicating a favorable investment opportunity [4].

Core Viewpoint - Guangdong Jingsheng New Energy Co., Ltd. (Jingsheng New Energy) has refiled its listing application on the Hong Kong Stock Exchange amid a challenging period for the lithium battery industry, characterized by price declines and intensified competition, while the company aims to leverage its resource recycling technology to tell a new story in the capital market [1]. Company Overview - Jingsheng New Energy is a leading global provider of lithium battery recycling and regeneration solutions, recognized as the second-largest in the world by revenue from recycling sales in 2024, and the largest third-party service provider in this sector [2]. - The company's recycling business covers mainstream battery systems, including ternary lithium batteries and lithium iron phosphate batteries, with products widely used in electric vehicles, energy storage systems, and consumer electronics [2]. Financial Performance - The company has reported cumulative losses exceeding 1 billion RMB over the past three and a half years, with a 56.5% year-on-year revenue decline in the first half of 2025 [2][3]. - Revenue figures for the fiscal years 2022 to 2025 (up to June 30) are approximately 2.905 billion RMB, 2.892 billion RMB, 2.157 billion RMB, and 995 million RMB, respectively, with net profits showing a significant downturn [3][4]. Market Dynamics - The lithium battery metal market has experienced extreme volatility, with lithium carbonate prices plummeting over 80% from a peak of 426,900 RMB per ton in 2022 to 80,100 RMB in 2024, and further dropping to 62,300 RMB in the first half of 2025 [5]. - The company has faced significant pressure on profitability due to the drastic decline in metal prices, leading to a situation where product prices fell below production costs [4][5]. Strategic Initiatives - Jingsheng New Energy is pursuing an aggressive vertical integration strategy to mitigate the impacts of price volatility and financial losses by enhancing upstream black powder production capacity and expanding downstream into cathode material manufacturing [7][8]. - The company plans to increase its capacity for processing retired batteries to 80,000 tons per year and aims to produce 10,000 tons of lithium iron phosphate cathode materials, marking its entry into the manufacturing sector [7][8]. Risks and Challenges - The company faces execution risks related to technological barriers in transitioning from recycling to cathode material production, as well as financial pressures from capital expenditures amid tight cash flow [9]. - Customer concentration is a growing concern, with the top five customers accounting for 67.3% of revenue in the first half of 2025, indicating a high dependency on a limited number of clients [9][10]. - The average collection period for trade receivables has increased from 38 days in 2022 to 56 days in the first half of 2025, suggesting potential liquidity issues and a weakening ability of customers to pay [10].