Core Viewpoint - The article emphasizes the transformative impact of AI large models and AI agents on work and life, highlighting the need for efficient, secure, and cost-effective deployment of AI solutions in various industries [1][28]. Group 1: Event Overview - AMD, in collaboration with 36Kr, hosted the "AMD Mini AI Workstation Industry Solution Summit" on July 10 in Shenzhen, focusing on "large model edge deployment" [1]. - The summit showcased over 30 Mini AI workstations powered by the AMD Ryzen AI MAX+ 395 processor and featured more than 200 partners from the ecosystem [1][27]. Group 2: AMD's Strategic Positioning - AMD's executives articulated the company's commitment to the edge AI era, viewing it as a strategic opportunity for industry collaboration [2]. - The AMD Ryzen AI MAX+ 395 processor is designed with a tri-architecture of CPU, GPU, and NPU, featuring 16 cores and 32 threads, and a memory architecture that supports up to 96GB, enabling the deployment of large AI models [4][25]. Group 3: Industry Applications and Innovations - Various partners presented solutions leveraging AMD Mini AI workstations across different sectors, enhancing departmental efficiency and data security [6][10]. - The "Linglong Star Core" AI host by Shanghai Shijie Technology aims to provide a seamless AI experience for individual users, addressing high costs and data security concerns [8]. - ChatExcel's local deployment solution allows secure data analysis for sensitive departments, showcasing the potential of AMD-powered workstations in enhancing productivity [10]. Group 4: Ecosystem Development - AMD announced the "AMD Mini AI Workstation Empowering Industry Plan" to support partners in innovating and implementing solutions based on AMD hardware [17]. - The latest version of AMD's open-source AI software stack, ROCm 7, aims to provide developers with an efficient and open AI development environment [23]. Group 5: Future Outlook - The summit highlighted the rapid expansion of edge AI applications and the collaborative efforts required for industry transformation [17][28]. - AMD's strategy focuses on building a comprehensive edge AI ecosystem, integrating hardware, software, and application innovations to drive market value [27].

如果您希望可以时常见面，欢迎标星收藏哦~ 当手机进化为"数字分身"，能在本地自主处理复杂指令——预约餐厅、处理邮件、规划行程，数据 始终安全在手；当PC化身为"智能伙伴"，在本地高效完成文档处理、数据建模等任务；当家庭服 务机器人能捕捉老人的细微表情，预判需求，主动提供温暖服务；当智能座舱基于多模态大模型， 精准识别语音、手势、眼神，行车中的交互不再冰冷，而是如同与老友对话般自然流畅。 在端侧AI时代浪潮中，上海光羽芯辰科技有限公司（以下简称"光羽芯辰"）——这家成立仅一年 的端侧AI芯片创业公司，于近日宣布半年内完成多轮融资，在端侧AI市场崭露锋芒。 1 火箭速度，从数人"芯"火到行业领跑者 光羽芯辰初创于张江时，团队仅有寥寥数人，怀着对端侧AI市场的坚定信心，毅然踏上了筚路蓝 缕的创业征程。 "创业拼的就是速度，市场瞬息万变。但这只是起点，要真正把公司做好，不仅要快，还要把资源 和生态聚拢起来。"创始人周强博士深有体会。 这位兼具芯片大厂高管经验与创业公司开拓经历的AI软硬件研发专家，深知速度和资源整合对初 创公司的重要性。早在公司筹备期，光羽就联合了业内头部公司共创生态，并将所有的日程进度精 确到"天" ...

DeepSeek的横空出世，让大模型走出"洞穴"，迈向了端侧AI的广阔天地。 在端侧AI高歌猛进的这几个月里，整个领域已然呈现出燎原之势。乐鑫、瑞芯微、全志等企业乘势而 上，交出了令人瞩目的答卷。但嘉楠却在这个时间点，砍掉了AI芯片业务。 瑞芯微：上半年业绩非常抢眼 7月8日，瑞芯微发布上半年业绩预告，营业收入和净利润暴增，引发市场对于端侧AI SoC芯片的进一 步关注。 公告显示，预计2025年半年度实现营业收入约204,500万元，与上年同期相比，将增加约79,640万元，同 比增长约64%；归母净利润52,000万元到54,000万元，与上年同期相比，将增加33,723 万元到35,723万 元，同比增长185%到195%；扣非归母净利润50,500万元到52,500万元，与上年同期相比，将增加32,815 万元到34,815万元，同比增长186%到197%。 瑞芯微的RK3588堪称AIoT经典，几乎是嵌入式工程师人手一颗的芯片。瑞芯微RK系列芯片的发展，是 一部在市场夹缝中寻找生机、以生态建设破局的进阶史。RK3588的成功并非偶然，而是十年技术积累 与生态信任的必然。从RK3288在消费电子市场遇 ...

Core Viewpoint - Meig Smart is a leading global provider of wireless communication modules and solutions, recently submitted an application for listing on the Hong Kong Stock Exchange, with CICC as its sole sponsor. The company ranks fourth in the global wireless communication module industry with a market share of 6.4% and holds the top position in high-performance intelligent modules with a market share of 29% [1][2]. Group 1: Company Performance - The company has shown strong performance over the past two years, with revenue growth rates of -6.9%, 36.98%, and 73.57% from 2023 to Q1 2025, while net profit growth rates were -49.5%, 110.6%, and 616% respectively [1][2]. - The intelligent module business has seen a compound annual growth rate (CAGR) of 39% from 2022 to 2024, with its revenue share increasing by 21.4 percentage points to 62.9% [5][6]. Group 2: Market Trends - The global edge AI market is expected to reach a scale of 251.7 billion yuan in 2024, with a five-year CAGR of 29.3%, projected to grow to 1.22 trillion yuan by 2029, with a CAGR of 39.6% [1][2]. - The high-performance intelligent module market is projected to grow from 2.4 billion yuan in 2024 to 11.5 billion yuan by 2029, benefiting from the explosion of edge AI applications [3][4]. Group 3: Competitive Position - The global wireless communication module market is relatively concentrated, with the top five manufacturers holding 76.8% of the market share. Meig Smart ranks fourth with a 6.4% market share [3][4]. - The company leads in specific segments, holding a 35.1% market share in 5G vehicle-mounted modules and a 29% market share in high-performance intelligent modules [3][4]. Group 4: Financial Health - The company maintains a stable gross margin between 16% and 18% over the past three years, with the intelligent module business contributing over 70% of gross profit [8][9]. - As of March 2025, the company has a debt-to-asset ratio of 47.6% and cash reserves of 460 million yuan, although it has experienced negative cash flow in recent years [8][9]. Group 5: Investment Outlook - The company is well-positioned to capitalize on the AI development wave, with strong product offerings in 5G vehicle-mounted modules and high-performance intelligent modules expected to drive sustained revenue growth [9][10]. - The average dividend payout ratio from 2022 to 2024 is 26.4%, indicating a commitment to returning value to shareholders [9].

智通财经APP获悉，多次精准提前透露iPhone更新细节的苹果产品爆料人马克·古尔曼(Mark Gurman)最 新发文称，根据知情人士透露的最新消息，继挖走OpenAI多位核心研究员之后，扎克伯格掌舵的Meta Platforms"砸钱挖人之手"已经彻底伸向苹果。 古尔曼表示，知情人士称苹果公司(AAPL.US)负责人工智能大模型开发与部署的最高主管跳槽至 Facebook母公司Meta Platforms(META.US)，这对于苹果更加个性化的 Siri AI语音助手延期一年，以及 对于苹果在整个人工智能领域本已步履维艰的开发步伐而言，无疑又是一记重击。而在此次AI大模型 最高主管被Meta挖走之前，已有多位与AI和机器学习业务相关的高管宣布离开苹果。 知情人士透露，全球最杰出AI工程师之一——来自苹果基础模型团队(Apple foundation models，简称 AFM)的负责人，掌舵苹果人工智能大模型项目的Ruoming Pang即将离开苹果公司。 据了解，Ruoming Pang在 2021 年从谷歌母公司Alphabet Inc.加入苹果，在当时引发硅谷轰动，AI领域专 业人士普遍认为Pan ...

Core Viewpoint - The article highlights significant positive developments in the semiconductor sector, particularly focusing on companies like 瑞芯微 (Rockchip), 工业富联 (Industrial Fulian), and 长鑫存储 (Changxin Storage), indicating strong growth potential and upcoming IPOs that could enhance market sentiment and investment opportunities in the tech industry [2][16]. Group 1: Company Performance - 瑞芯微 (Rockchip) expects a net profit increase of 185-195%, with a median net profit of 530 million, reflecting a market capitalization of 641 billion [2][4]. - 乐鑫科技 (Espressif) anticipates a net profit growth of 65.0%-78.0%, with a projected net profit of 260 million, corresponding to a market cap of 214 billion [3][4]. - 工业富联 (Industrial Fulian) forecasts a net profit increase of 36.84-39.12%, estimating around 12 billion in net profit, driven by a 60% year-on-year growth in AI server demand [8][9]. Group 2: Market Trends and Expectations - The semiconductor sector is experiencing a robust growth phase, particularly in the端侧 SoC (System on Chip) market, driven by the increasing demand for AI applications [6][16]. - The overall market sentiment is expected to improve, with a potential upward adjustment in valuations across the semiconductor supply chain due to strong performance indicators from key players [10][11][16]. Group 3: IPO Developments - 长鑫存储 (Changxin Storage) has initiated IPO counseling, with expectations to complete the IPO within a year, potentially raising around 26 billion, which could significantly impact the semiconductor equipment and materials sectors [12][14]. - The anticipated production of HBM (High Bandwidth Memory) by mid-next year is expected to create substantial market excitement and growth opportunities [14][15].

与收入端的表现有所不同，龙旗科技的盈利表现在24年出现了短期承压的情形。招股书显示，22-24 年，龙旗科技的毛利分别为23.65亿元、25.9亿元、27.06亿元，虽然利润规模持续增加，但对应毛利率 分别为8.1%、9.5%及5.8%，未能同步走高。也是在24年，龙旗科技的净利润为4.93亿元，对应净利率为 1.1%，这亦低于前两年水准。值得一提的是，根据龙旗科技此前披露的一季报，25Q1公司实现营收 93.78亿元，同比减少9.27%；归母净利润1.54亿元，同比增加了20.33%，利润已恢复增长。 按产品类型划分，智能手机是龙旗科技的主要收入来源，22-24年该类产品的收入占比分别为82.7%、 80.3%、77.9%。受到终端消费者对于智能产品的需求的影响，23年公司的智能手机业务贡献收入出现 了同比下滑，不过次年便显著回升，并创出新高。 在报告期内，龙旗科技的AIoT及其他产品的收入规模及占比连续走高，这也是这三年里公司唯一一个 业务收入保持连续增长的业务板块。数据显示，22-24年，该业务的收入分别为18.87亿元、25.11亿元、 55.73亿元，对应收入占比6.5%、9.2%、12%。同期，龙 ...

证券研究报告 2025 年 7 月 4 日 湘财证券研究所 行业研究 电子行业 2025 年度中期策略 端侧 AI 继续升级，ASIC 需求景气高企 相关研究： 1.《小米发布AI眼镜，功能超越 Ray-Ban Meta》 2025.06.27 2.《鸿蒙6.0开发者版本发布，端 侧AI再升级》 2025.06.23 3.《Marvell上调算力ASIC市场规 模预期，算力ASIC需求强劲》 2025.06.21 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 5.28% 0.18% 22.70% -20.00% 0.00% 20.00% 40.00% 60.00% 24-07 24-08 24-09 24-10 24-11 24-12 25-01 25-02 25-03 25-04 25-05 25-06 25-07 电子(申万) 沪深300 注：相对收益与沪深 300 相比 分析师：李杰 证书编号：S0500521070001 Tel：(8621) 50293525 Email：lijie5@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10 ...

全栈式个人知识库、多智能体协同、全品牌互联互通三大AI闭环核心技术都在荣耀Magic V5落地应 用。在该款机型上，用户可以实现"一语PPT、一语编程、一语搜索、一语传送、一语打车、一语识 物、一语看屏、一语记忆"8大一语AI应用，实现从被动响应到主动服务的转变，打破应用与场景的限 制，为用户开启高效便捷的智慧生活办公新体验。 新推出的荣耀Magic V5厚度8.8毫米、重量217克，6100毫安的青海湖刀片电池能量密度达901瓦时／ 升。 "荣耀Magic V5可释放个人电脑PC级生产力。"李健说，人工智能的下一个竞争焦点，不再只是发生在 算力中心、数据中心，以及某个大模型，而是发生在用户的口袋、桌面与生活场景中，进入可以为用户 带来价值、解决问题的层面。让AI走进生活，才能真正释放AI的潜力。 荣耀终端股份有限公司2日晚在深圳发布了轻薄折叠旗舰新机型荣耀Magic V5，这是荣耀转型AI终端生 态公司的首款旗舰产品。该公司CEO李健在接受新华财经采访时说，荣耀在人工智能时代将试图打通设 备孤岛、数据孤岛、服务孤岛，通过端侧AI模型实现端云协同、软硬协同、算网协同。 （文章来源：新华财经） "荣耀Magic ...

甬矽电子专注于中高端先进封装和测试业务，"Bumping+CP+FC+FT"的一站式交付能力不断提升，成功 突破联发科、瑞昱等头部客户，募资提升多维异构封装产能，当前先进封装产线稼动率持续上升，成熟 产线稼动率饱满，业绩有望实现稳步增长。 公司拟向不特定对象发行可转债募集资金总额不超过11.65 亿元，其中多维异构先进封装技术研发及产 业化项目拟投入募集资金9 亿元，2.65 亿元用于补充流动资金及偿还银行借款。项目建成后，公司将开 展"晶圆级重构封装技术（RWLP）"、"多层布线连接技术（HCOS-OR）"、"高铜柱连接技术（HCOS- OT）"、"硅通孔连接板互联技术（HCOS-SI/AI）"等方向的研发及产业化，并在完全达产后形成封测 Fan-out 系列和2.5D/3D系列等多维异构先进封装产品9 万片/年的生产能力。公司预计项目达产后可实现 年营收12.39 亿元，净利润3.96 亿元。 公司已形成以各细分领域知名芯片设计企业及龙头公司为主的核心客户群，与恒玄科技、晶晨股份、富 瀚微、联发科、北京君正、汇顶科技、韦尔股份、唯捷创芯、翱捷科技、昂瑞微、星宸科技等企业建立 了合作关系，并多次获得客户授予 ...