Group 1 - TCL participated in CES 2026 with a booth area of 2,453 square meters, making it the largest Chinese brand at the event for several consecutive years [1] - The company showcased the TCL X11L SQD-Mini LED TV and the world's first printed OLED car display, which utilizes over 90% material efficiency and targets high-end smart cockpit interaction scenarios [1] - TCL's subsidiary, Thunderbird Innovation, launched the Thunderbird X3 Pro Project eSIM, a consumer-grade AR glasses with independent communication capabilities, supporting 4G networks without needing a mobile phone [1] Group 2 - From 2019 to 2024, TCL's cumulative R&D investment exceeded 60 billion yuan, with a total of 119,352 patents filed as of November last year [2] - In the North American market, TCL ranks second in TV shipments and has established an R&D center in Silicon Valley, along with a manufacturing base in Mexico [2] - According to Counterpoint Research, Thunderbird Innovation held a 24% market share in the global AR glasses market in Q3 2025, leading in shipment volume for two consecutive quarters [1]

Group 1 - The core business of Luxshare Precision (SZ002475) is progressing smoothly and as planned, with no abnormal situations affecting its normal operations and development [1] - Luxshare Precision is the largest connector manufacturer in China and a leader in precision manufacturing for consumer electronics, focusing on the R&D, production, and sales of connector products [2] - In September 2025, OpenAI was reported to have signed an agreement with Luxshare Precision to jointly develop a consumer-grade device that is expected to deeply collaborate with OpenAI's AI models, leading to a temporary market capitalization surge above 500 billion yuan [2] Group 2 - An industry insider noted that significant innovative terminal products typically maintain a stable assembly and core supply chain during the prototype and mass production preparation stages, making sudden changes in supply arrangements uncommon [2] - Luxshare Precision indicated that there is currently no single product form that perfectly matches AGI (Artificial General Intelligence), with glasses and headphones being considered the closest hardware products to AI carriers [3] - The evolution of AI hardware is expected to undergo significant changes and explosive growth between 2026 and 2027, closely tied to the development cycle of AI technology [3]

Core Viewpoint - Alibaba's DingTalk is reportedly working on a secret project called "D Plan," which may involve entering the hardware market with a rumored "Doubao phone" [1][4] Group 1: Project Overview - The "D Plan" has recently gained attention within DingTalk and its supply chain, suggesting a potential shift from software to hardware integration [1][4] - The project was hinted at during the AI 1.0 product launch in August, where the term "DingTalk Real" briefly appeared, raising speculation about its significance for the upcoming AI 1.1 version release on December 23 [1][4] Group 2: Market Implications - Industry observers view the exposure of the "D Plan" as a critical step for DingTalk in exploring next-generation enterprise-level AI hardware, indicating a strategic move towards hardware integration [4] - The announcement of the year-end release event is expected to heighten external expectations, especially in a competitive collaborative office market where AI and hardware convergence is becoming increasingly important [4]

Group 1: Market Overview - In November, the A-share market experienced a volatile adjustment, yet public fund institutions maintained high enthusiasm for research activities [1] - A total of 154 public fund institutions participated in A-share market research, covering 506 stocks across 30 Shenwan first-level industries, with a total of 4,298 research instances [1] Group 2: Industry Focus - 17 Shenwan first-level industries received attention from public fund institutions in November, with each industry having no fewer than 50 research instances, and 7 industries exceeding 100 instances [1] - The electronics industry led with 974 research instances, covering 88 stocks, significantly outpacing other industries [1] - The machinery equipment industry followed with 819 research instances across 71 stocks, while the pharmaceutical and biotechnology industry ranked third with 403 instances across 38 stocks [1] Group 3: Key Stocks - Luxshare Precision (立讯精密) was the most researched stock in November, with 142 instances, focusing on electronic connectors and related components [2] - Other notable stocks included Huichuan Technology (汇川技术), Boying Special Welding (博盈特焊), and Jerry Holdings (杰瑞股份), which were among the top researched stocks in the machinery equipment sector [3] - The top ten researched stocks were primarily concentrated in the machinery equipment, electronics, and pharmaceutical industries, with four stocks from the machinery equipment sector [3] Group 4: Company Insights - Luxshare Precision indicated that both traditional hardware brands and domestic and international AI software companies are exploring the integration of AI with hardware, with a significant focus on eyewear and headphones as potential AI carriers [2] - The company anticipates a significant transformation and explosive growth in AI hardware between 2026 and 2027, emphasizing the importance of user-friendly and privacy-conscious products [2] - Public fund institutions focused on the growth drivers and future potential of Huichuan Technology's automation business, the market prospects for Boying Special Welding's waste incineration, and Jerry Holdings' expansion in natural gas equipment [3]

Core Insights - The company is focusing on the development of vertical AI models, particularly in the education sector, which requires overcoming technical barriers such as model distillation and domain-specific data training [1][2] - The company has achieved an annual shipment of over 20 million units of smart hardware, including AI lamps, smart pens, and wearable devices [1] - The company emphasizes the importance of high-quality data training and model compression driven by scene demands in the development of vertical models [1] Company Strategy - The company has a team of approximately 200 employees, with 70% being research and development personnel [2] - The financing strategy will be adjusted based on business needs, and the company is currently collaborating with local governments to create new educational formats like "AI self-study rooms," with pilot projects launched in Guangxi and Jiangxi [2] - The company acknowledges the potential of the AI toy market but highlights challenges such as low price points and immature business models that need to be addressed for scalability [2] Technology and Product Development - The company has over 7 years of experience in integrating AI with hardware, utilizing a "semi-offline semi-online" technology solution to balance cost and performance [1] - The company’s hardware products are designed to upgrade traditional devices with AI capabilities, considering market size, cost of technology solutions, and user acceptance [1]