投资要点： 风险提示：1)客户集中风险2)新业务商业化进度不及预期风险3)下游需求不及预期4)iPhone 折叠屏手机 推出存在不确定性 蓝思科技积极打造高度垂直整合的具身智能硬件核心制造平台。1）蓝思科技展示了人形机器人的高自 由度仿生灵巧手与头部总成；2）公司集成了自研的行星滚珠丝杠、谐波减速器等核心传动部件，采用 镁铝合金轻量化骨架与液态金属精密结构件，在力控精度及工业级耐久性方面取得了关键突破。3）公 司永安园区具备50 万台具身智能机器人年产能。2025 年，蓝思人形机器人出货量已达3000 台，四足机 器狗超10000 台。 蓝思科技推出全栈液冷解决方案。本次展会同步亮相的TGV 玻璃基板，凭借优异的平整度、高热稳定 性与低信号损耗特性，成为延续摩尔定律的关键支撑材料。这款产品不仅能为E 级超算提供核心硬件保 障，更有望推动AI 算力综合成本降低超30%。 公司在消费电子领域持续开拓创新。1）公司依托原子级制造工艺推出3D 曲面玻璃、液态金属及新一代 VC 散热技术，实现产品极致轻薄与AI 算法稳定运行的双重目标。2）交互革命端，推动行业从屏幕时 代迈向无感交互，新一代AI/AR 眼镜实现数字信息 ...

Core Viewpoint - Lens Technology (300433) (06613) experienced a nearly 6% increase in stock price, currently trading at 25.3 HKD with a transaction volume of 228 million HKD, following the announcement of its high-freedom dexterous hand and head assembly for humanoid robots to be unveiled at CES 2026 [1] Group 1: Product Development and Market Strategy - The company will debut its high-freedom dexterous hand and head assembly for humanoid robots at CES 2026, showcasing its commitment to innovation in robotics [1] - Lens Technology offers flexible cooperation models ranging from complete machine customization to independent supply of core modules, enhancing its market adaptability [1] - The company aims to achieve an annual production capacity of 500,000 embodied intelligent robots at its Yong'an Park, indicating significant scaling in production capabilities [1] Group 2: Future Goals and Industry Positioning - According to the company's "Three-Year Offensive Plan," it targets to maintain a leading position in global shipments of humanoid robots and quadruped robotic dogs by 2027 [1] - The company plans to continuously reduce overall machine costs through large-scale manufacturing, which will facilitate the commercialization of the industry [1] - The CES exhibition will highlight the company's transition from precision manufacturing to an ecosystem approach involving "hardware + algorithms + scenarios," potentially leading to a revaluation of the global technology supply chain [1]

Core Viewpoint - Lens Technology (06613) is set to unveil its high-freedom dexterous hand and head assembly for humanoid robots at CES 2026, indicating a significant step in its strategic focus on AI hardware and robotics [1] Group 1: Company Developments - Lens Technology's stock rose nearly 6% towards the end of trading, currently at 25.3 HKD with a trading volume of 228 million HKD [1] - The company aims to produce 500,000 embodied intelligent robots annually at its Yong'an Park, showcasing its manufacturing capabilities [1] - By 2027, Lens Technology plans to rank among the top global suppliers of humanoid robots and quadruped robotic dogs as part of its "three-year offensive plan" [1] Group 2: Industry Impact - The CES 2026 presentation will address pain points in AI hardware evolution, covering areas such as embodied intelligence, AI data centers, consumer electronics, and smart cockpits [1] - Lens Technology's transition from precision manufacturing to an ecosystem approach combining hardware, algorithms, and scenarios may lead to a revaluation of the global technology supply chain [1] - The company's future goal is to become a leading manufacturer in the AI edge hardware sector, emphasizing its commitment to innovation and market leadership [1]

Core Insights - The storage chip sector in A-shares is experiencing a significant upward trend, with companies like Jiangbolong rising over 18% and others like Jucheng and Baiwei Storage increasing by more than 10% [1] - The semiconductor industry is leading the market, with several semiconductor-themed ETFs rising over 15% last week, indicating a new upward cycle in the storage chip market [1] - Major manufacturers are shifting production from DDR4 to DDR5 and HBM, leading to price increases for DRAM and NAND Flash, with expectations for further price hikes in Q4 [1] Industry Dynamics - AI hardware and terminal devices are seeing increased catalytic activity, with Alibaba Cloud making comprehensive advancements in computing power and application layers, which may accelerate the domestic AI hardware ecosystem [1] - In the semiconductor equipment sector, advancements are ongoing, with Zhongwei Company launching new equipment for plasma etching and atomic layer deposition, indicating a strong growth momentum driven by downstream expansion and domestic substitution [2] - The leading semiconductor ETF has reached a new high in scale at 4.707 billion, with significant net inflows over the past five trading days, indicating strong investor interest [2]

Group 1 - Key Point 1: 基石药业-B (02616) rose over 5% after its drug for lung cancer,舒格利单抗, received long-term survival data recognition in The Lancet Oncology, reinforcing its position as a first-line treatment in Europe [2] - Key Point 2: 海昌海洋公园 (02255) increased by over 4% as a major shareholder, 祥源控股, is set to acquire a 38.6% stake for HKD 22.95 billion, potentially alleviating liquidity pressures [2] - Key Point 3: 冠忠巴士 (00306) surged 27% with a projected 143% increase in annual pre-tax profit to HKD 165 million, driven by revenue growth, reduced fuel costs, and autonomous driving licenses [2] Group 2 - Key Point 1: 东方表行 (00398) fell over 5% due to a 5.2% decline in revenue and a 20% drop in net profit, attributed to weak luxury goods demand amid geopolitical conflicts and interest rate fluctuations [2] - Key Point 2: 北森控股 (09669) plummeted over 17% as its adjusted annual EBITDA was only HKD 28.9 million, with Everbright Securities lowering revenue forecasts by 10%-15% due to growth challenges [3] - Key Point 3: 顺丰控股 (06936) rose over 6% to a new high, with May express delivery revenue increasing by 13.4%, and the scaling of unmanned delivery vehicles potentially opening up future profit opportunities [3] Group 3 - Key Point 1: 中国中免 (01880) increased by over 5% as it accelerates the expansion of its duty-free stores, with 4 already opened and 9 more in preparation, benefiting from favorable policies [3] - Key Point 2: 华虹半导体 (01347) rose over 7% with a capacity utilization rate of 102.7%, and Tianfeng Securities optimistic about future contributions of USD 1.28 billion from its 9th factory [3] - Key Point 3: 网龙 (00777) increased over 3% after showcasing AI digital human presentation technology at a UN conference, launching the "EDA Education Metaverse" strategy, which catalyzed a revaluation of AI [4]

Core Viewpoint - The article highlights the success of Future Intelligent in the AI headset market, emphasizing its rapid growth, user retention, and commitment to practical AI applications in office environments [1][2][19]. Group 1: Company Performance - Future Intelligent's iFLYBUDS series has achieved over 200,000 units in offline shipments and surpassed 1 million users, maintaining a user retention rate above 70% [1]. - The company has experienced consecutive years of revenue doubling, positioning itself as one of the few profitable firms in the industry [1][2]. - Future Intelligent aims to expand its product offerings while maintaining a focus on user needs and practical applications [2][19]. Group 2: Product Features - The latest iFLYBUDS Pro 3 offers features like active assistant services, automatic meeting summaries, and personalized content extraction based on user profession [3][5]. - The Pro 3 supports seamless cross-language communication and offline recording capabilities, enhancing user experience in various scenarios [5][11]. - Future Intelligent emphasizes the importance of sound quality, aiming for HiFi-level audio performance while ensuring comfort and usability in professional settings [7][11]. Group 3: User-Centric Approach - Future Intelligent's high user retention rate of 70% is attributed to its focus on user feedback and continuous product improvement [7][9]. - The company conducts thorough user research to address pain points, leading to the development of products that meet real user needs [9][11]. - The design of the iFLYBUDS Air 2 reflects user preferences for comfort and functionality, incorporating features like multi-device connectivity and real-time translation [11][12]. Group 4: AI Ecosystem and Future Plans - Future Intelligent envisions a comprehensive AI ecosystem that integrates hardware and software to enhance user experience in office settings [12][15]. - The company's v i a im brain serves as the foundation for its AI capabilities, enabling intelligent data processing and user interaction [15][16]. - Future Intelligent plans to expand its product line to include visual and tactile AI applications, further integrating AI into everyday work scenarios [18][19].

Core Viewpoint - Huawei's CloudMatrix 384 super node claims to rival Nvidia's NVL72, but there are discrepancies in the hardware descriptions and capabilities between CloudMatrix and the UB-Mesh paper, suggesting they may represent different hardware forms [1][2][8]. Group 1: CloudMatrix vs. UB-Mesh - CloudMatrix is described as a commercial 384 NPU scale-up super node, while UB-Mesh outlines a plan for an 8000 NPU scale-up super node [8]. - The UB-Mesh paper indicates a different architecture for the next generation of NPUs, potentially enhancing capabilities beyond the current 910C model [10][11]. - There are significant differences in the number of NPUs per rack, with CloudMatrix having 32 NPUs per rack compared to UB-Mesh's 64 NPUs per rack [1]. Group 2: Technical Analysis - CloudMatrix's total power consumption is estimated at 500KW, significantly higher than NVL72's 145KW, raising questions about its energy efficiency [2]. - The analysis of optical fiber requirements for CloudMatrix suggests that Huawei's vertical integration may mitigate costs and power consumption concerns associated with fiber optics [3][4]. - The UB-Mesh paper proposes a multi-rack structure using electrical connections within racks and optical connections between racks, which could optimize deployment and reduce complexity [9]. Group 3: Market Implications - The competitive landscape may shift if Huawei successfully develops a robust AI hardware ecosystem, potentially challenging Nvidia's dominance in the market [11]. - The ongoing development of AI infrastructure in China could lead to a new competitive environment, especially with the emergence of products like DeepSeek [11][12]. - The perception of optical modules and their cost-effectiveness may evolve, similar to the trajectory of laser radar technology in the automotive industry [6].