牧原股份：2025年半年度每10股派9.3元，分红总额50.02亿元 今日提示 北交所新股奥美森（920080）今日上市 央行公开市场今日有6000亿元14天期逆回购到期 重要新闻提示 国家发展改革委和市场监管总局发布《关于治理价格无序竞争 维护良好市场价格秩序的公告》 照明龙头时空科技：筹划重大资产重组，公司股票10月9日起停牌 国家统计局今日公布流通领域重要生产资料市场价格变动情况 中央国债登记结算有限责任公司、全国银行间同业拆借中心今日将联合推出集中债券借贷业务 第13届中国移动全球合作伙伴大会将于10月10日—12日举办 2025中国国际电池应用大会暨第三届中国国际新型储能发展峰会10月10日—12日在深圳举办 财经新闻 1.10月9日，中国人民银行以固定利率、数量招标方式开展6120亿元7天期逆回购操作。由于当日有 20633亿元逆回购到期，实现净回笼14513亿元。从逆回购到期情况看，10月10日还有6000亿元逆回购到 期，本周逆回购到期量合计为2.66万亿元。为保持银行体系流动性充裕，央行在国庆假期后首个工作日 开展10月首次买断式逆回购操作。（详见报道《央行大动作！1.1万亿元+6120亿元 ...

近期，OpenAI 发布Sora 2，迅速登顶App Store免费应用榜首。华泰证券认为，Sora2及其配套社交应用 的发布标志着AI视频生成与社交互动进入融合阶段，有望重塑内容创作和分发生态，或迎来AI视频生 成的ChatGPT时刻。随着多模态AI大模型能力持续提升，视频/社交/游戏/广告/电商等产业或迎来效率提 升与商业模式变革。建议关注AI应用侧进展。华创证券指，哔哩哔哩为稀缺PUGV中视频平台，AI改善 内容创作想象空间大。 消息面上，今年9月10日，哔哩哔哩首曝了三国题材休闲非对称竞技卡牌新游戏《三国：百将牌》，并 定档10月开启测试。招商证券指其有望于明年初正式上线贡献增量。该行认为，公司2024年上线独家代 理SLG游戏《三国：谋定天下》表现优秀，后续多款游戏产品储备有望持续贡献业绩增量，多行业广告 份额提升明显，商业化潜力充足。 智通财经APP获悉，哔哩哔哩-W(09626)涨超7%，截至发稿，涨7.23%，报237.2港元，成交额13.54亿港 元。 ...

华泰证券研报称，Sora2及其配套社交应用的发布，标志着AI视频生成与社交互动进入融合阶段，有望 重塑内容创作和分发生态。随着多模态AI大模型能力持续提升，视频、社交、游戏、广告、电商等产 业或迎来效率提升与商业模式变革。建议关注AI应用侧进展，产业链相关公司包括：AI视频、影视内 容及工具厂商，AI广告营销，AI电商，AI游戏相关公司。 ...

华泰证券指出，Sora2及其配套社交应用的发布标志着AI视频生成与社交互动进入融合阶段，有望重塑 内容创作和分发生态，或迎来AI视频生成的ChatGPT时刻。随着多模态AI大模型能力持续提升，视频/ 社交/游戏/广告/电商等产业或迎来效率提升与商业模式变革。建议关注AI应用侧进展，产业链相关公司 包括：1）AI视频/影视内容及工具厂商；2）AI广告营销；3）AI电商；4）AI游戏相关公司。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][5]. Core Insights - The company has shown robust growth in the first half of 2025, with revenue reaching 11.546 billion yuan, a year-on-year increase of 39.98%. The net profit attributable to shareholders was 471 million yuan, up 125.03% year-on-year [2][3]. - The company is diversifying its module product lines and enhancing operational efficiency, which has contributed to improved profitability [2][3]. - The company continues to invest heavily in research and development, with R&D expenses amounting to 882 million yuan in the first half of 2025, representing 7.64% of revenue [3]. Financial Summary - Revenue projections for 2025-2027 are 23.755 billion yuan, 29.644 billion yuan, and 36.415 billion yuan, respectively, with growth rates of 27.8%, 24.8%, and 22.8% [4]. - The net profit attributable to shareholders is forecasted to be 902 million yuan in 2025, 1.131 billion yuan in 2026, and 1.413 billion yuan in 2027, with growth rates of 53.4%, 25.3%, and 24.9% respectively [4]. - The company's P/E ratio is projected to decrease from 27.4 in 2025 to 17.5 in 2027, indicating a potentially attractive valuation as earnings grow [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The demand in the IoT market is gradually recovering, and the company is accelerating the promotion of derivative products and solutions based on its module business. It is believed that the downstream prosperity of the IoT industry is continuously recovering in the short term, and as the company transitions from product-oriented to solution-oriented, the added value of its products is expected to continue to increase, benefiting in the long term [2][10] Financial Performance - In the first half of 2025, the company achieved operating revenue of 11.546 billion yuan, a year-on-year increase of 39.98%, and a net profit attributable to the parent company of 471 million yuan, a year-on-year increase of 125.03%. In the second quarter of 2025, the company achieved operating revenue of 6.325 billion yuan, a year-on-year increase of 47.28%, and a net profit attributable to the parent company of 259 million yuan, a year-on-year increase of 67.68% [4][10] Business Strategy - The company, as a global leader in IoT solutions, continues to focus on customer needs, expanding market coverage and actively exploring new growth points. It has established a "1+N" business matrix, with modules as the foundation, and diversified businesses such as antennas, ODM, intelligent solutions, and software service platforms working in synergy [10] - The company is deepening its layout in the automotive module and solution sectors, responding to the increasing demand for integrated cockpit SoC and connectivity in the automotive industry. It has introduced new products and solutions to support the intelligent upgrade of the automotive industry [10] Product Development - The company is focusing on the diversification of its module product line, leveraging technological innovation and global compliance to maintain a leading position in the integration of 5G and AI. Its intelligent module products are fully integrated with advanced AI models, enhancing user experience [10] - The antenna business is addressing customer pain points with customized solutions, achieving significant breakthroughs in various fields, including smart metering and public utilities [10] Profit Forecast - The company is expected to achieve net profits attributable to the parent company of 848 million yuan, 1.063 billion yuan, and 1.595 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 44%, 25%, and 50%, respectively. The corresponding price-to-earnings ratios are projected to be 27x, 21x, and 14x [10][15]

Group 1: Financial Forecasts - Major companies in the multi-modal AI sector are expected to report significant growth in net profits for 2023, with Dainian Co. projected to have a lower limit of 7.37 billion yuan and a growth rate of 217% [1] - Other notable forecasts include Hengsheng Electronics with a net profit of 1.344 billion yuan and a growth rate of 23%, and Keda Xunfei with a net profit range of 645 million to 730 million yuan, reflecting a growth rate between 15% and 30% [1] - Companies like Vision China and Chinese Online are also expected to show positive growth, while several firms, including Tuoerli and Juechada, are projected to report losses [1] Group 2: Market Demand Background - The IC suppliers in Shenzhen are facing unprecedented delivery pressures due to explosive growth in smart wearable devices and IoT terminals by 2025 [1] - Common industry pain points include delivery delays causing production line stoppages and smaller clients being squeezed out by larger manufacturers [1] - A specific case highlighted a drone startup that had to delay a product launch by three months due to waiting for a microcontroller unit (MCU) [1] Group 3: Product and Technology Overview - Current mainstream demand is focused on three types of chips: low-power Bluetooth SoCs for smartwatches and AR glasses, edge computing AI acceleration chips for localized data processing, and highly integrated PMICs for multi-voltage systems [1] - These chips are primarily manufactured using 28nm to 12nm process nodes and utilize Chiplet designs to reduce development costs [1] - An example of innovation includes a domestic RISC-V chip that has achieved a 40% improvement in energy efficiency through dynamic voltage frequency adjustment technology [1] Group 4: Supply Chain Solutions - To address market fluctuations, a three-tier defense system is recommended: channel verification mechanisms, safety stock strategies maintaining 6-8 weeks of rolling inventory, and pre-research on alternative solutions [2] - A specific case of a medical device manufacturer successfully reducing BOM shortage rates from 12% to below 3% through strategic supply chain management is noted [2] Group 5: Industry Competitive Landscape - The IC design industry is characterized by strong specialization and numerous sub-markets, with significant technical barriers between different segments [4] - Smaller companies typically focus on specific sub-markets to build technical barriers and product advantages, while larger traditional firms leverage their resources for rapid technology accumulation and product promotion [4] - This results in a competitive landscape where both large manufacturers and small enterprises coexist [4] Group 6: Company Profiles - Chip Origin Co., established in 2001, provides comprehensive IC customization services and semiconductor IP licensing, focusing on advanced chip design capabilities [6] - Guoxin Technology, also founded in 2001, specializes in embedded CPU technology and aims to support national strategic needs in information security and automotive electronics [6] - Chuangji Technology, established in 2006, focuses on the development and sales of communication core chips, providing application solutions and technical support [6]

Core Viewpoint - Shenzhen has enhanced its outbound tax refund services by adding the Luohu Port as a new land exit tax refund port, increasing the total number of such ports to six, thereby maintaining its leading position in China for the number and variety of exit tax refund ports [2][7]. Group 1: Tax Refund Port Expansion - The addition of Luohu Port marks a significant step in optimizing Shenzhen's exit tax refund policy and expanding inbound consumption [4]. - Luohu Port is recognized as a historical and high-traffic land port, with over 33.7 million inbound and outbound travelers expected in the first half of 2025, reflecting an 11.7% year-on-year increase [3][4]. Group 2: Tax Refund Process Improvement - The tax refund process at Luohu Port has been streamlined, with refunds credited to travelers within minutes, enhancing the overall consumer experience [3]. - Shenzhen has implemented innovative measures this year, including the "one order, one package" model, which significantly reduces the time required for tax refund processing [5]. Group 3: Growth in Tax Refund Business - In the first half of this year, Shenzhen's tax refund scale surged, with sales of tax refund goods and the number of transactions increasing by 160% and 390% year-on-year, respectively [5]. - The number of tax refund stores has exceeded 1,000, with 12 "immediate refund" business districts established, placing Shenzhen at the forefront nationally [5]. Group 4: Future Plans and Innovations - Shenzhen aims to establish itself as a benchmark city for exit tax refunds, with plans to further enhance service levels and expand the number of tax refund ports [6]. - The city is also focusing on optimizing the tax refund management mechanism and increasing the variety of tax refund products available, including local heritage items [6].

Core Insights - TINNOVE's TTi AI cockpit and TTi App Agent technology were showcased at the "2025 TIME DAY" and the "21st Shanghai International Automobile Industry Exhibition" [1][2] - The TTi Vision 3D HUD was launched, featuring advanced technologies for enhanced user experience [3][4] Group 1: TINNOVE's Innovations - TINNOVE presented the TTi AI cockpit with six business lines, emphasizing AI-driven features such as customizable themes and voice-controlled services [2] - The TTi App Agent technology utilizes multimodal AI to provide end-to-end services, allowing users to perform various tasks through voice commands [2] Group 2: Product Launches - The TTi Vision 3D HUD, utilizing nano-imprint grating technology, offers a 100-inch display and features like AR navigation and 3D driving information [3] - The MAZDA EZ-60 was the first vehicle to feature the TTi Vision 3D HUD and the TTi AI cockpit 2.0 solution, integrating Tencent's social and entertainment services [4] Group 3: Future Directions - TINNOVE aims to continue its mission of connecting intelligent automotive futures, focusing on smart ecosystems and emotional computing [4] - The company plans to deepen its technological innovations in the smart cockpit sector and collaborate with more partners to advance the intelligent automotive field [4]