此外，招银国际近日发布研报称，预期瑞声科技上半年收入及净利润分别同比增长24%及66%，主要由 美国主要客户的声学及触觉产品规格升级、散热产品订单增加、汽车声学客户订单获取，以及光学业务 盈利能力改善所推动。展望今年下半年及2026年，凭藉在多条产品线的技术领先优势，该行认为瑞声科 技已具备充分条件，能把握AI手机、AI眼镜、车用声学和光学产品，以及机械人等领域的新商机和规 格升级趋势。 瑞声科技(02018)再涨超6%，截至发稿，涨5.17%，报43.54港元，成交额2.66亿港元。 消息面上，7月31日，瑞声科技宣布已完成对Premium Sound Solutions公司(PSS)第二批次股份收购， PSS现已成为瑞声科技的间接全资附属公司。据悉，瑞声科技去年2月完成对PSS公司首批80%股权收 购。公开资料显示，PSS为欧洲老牌汽车声学公司，其车载扬声器早已占据欧美一线车厂市场，被瑞声 科技收购后，已成功向理想、小米、吉利、小鹏等国内新能源车企供货。 ...

证券日报网讯中光学（002189）8月1日在互动平台回答投资者提问时表示，公司先进光学技术和相关部 件产品将积极参与AI人工智能时代的发展浪潮。 ...

Core Viewpoint - Moody's has confirmed AAC Technologies Holdings Inc.'s "Baa3" issuer rating and senior unsecured debt rating, upgrading the outlook from stable to positive, reflecting the company's leading position in acoustic and haptic components, improving business diversification, and strong capital structure and liquidity [1] Group 1: Financial Performance and Projections - Moody's expects AAC Technologies' revenue to grow approximately 10% annually over the next 12-18 months, driven by a strong product portfolio and increasing customer penetration [1] - The EBITDA margin is projected to remain around 19% in 2024, with the adjusted debt-to-EBITDA ratio expected to decrease to about 2.0 times by the end of 2025 due to increasing EBITDA and stable debt levels [1] Group 2: Business Segments - In the optical business, AAC Technologies has established itself as a key supplier, with significant contributions expected from high-end products and improved operational efficiency over the next 12-18 months [2] - The automotive business is benefiting from synergies gained from the acquisition of Premium Sound Solutions (PSS), enhancing product diversification and market exposure [2] - The optical business has achieved a CAGR of 36% since 2019, with revenue expected to exceed 5 billion RMB in 2024, and the company ranks among the top three globally in optical lens shipments [2] - The automotive acoustic business is also experiencing rapid growth, with projected revenue of 3.52 billion RMB and a gross margin of 24.8% in 2024, with products widely used by both traditional and luxury car brands [3]

参展商中约半数为中国企业。中国公司凭借高性价比产品与灵活的定制能力受到高度关注，成为现场最 活跃、最受关注的国际展商之一，不少企业在现场即与巴方客户达成初步合作意向。 新华财经圣保罗7月31日电（记者杨家和）为期三天的2025年拉美国际光学展（Latam International ptica Fair）31日在巴西圣保罗落幕。该展会于7月29日至31日在圣保罗主干道保利斯塔大街举办，涵盖镜 架、镜片、光学设备及配件等多个细分领域，吸引多国参展商与大量巴西本地采购商。 业内人士指出，随着巴西光学市场逐步消除政策壁垒，中国制造迎来"走出去"新机遇。在全球供应链加 速重构背景下，拉美正成为中国光学企业海外布局的重要方向，而巴西作为该地区最大经济体，其市场 开放信号具有强烈示范效应。 巴西曾于2007年起对中国光学镜架产品实施反倾销措施，直至2018年10月1日正式取消。尽管2019年曾 短暂向国际参展商开放，但此后相关展会再度恢复限制政策，使得中国企业进入巴西市场步履维艰。 此次展会旨在为全球光学制造商与拉美市场搭建新的对接平台。主办方EBC表示，展会将于2026年全面 扩容，力争打造拉美地区规模最大、最具国际影 ...

Key Insights - The report highlights the importance of geopolitical factors and AI as catalysts for investment opportunities in overseas markets [1][2] - The upcoming release of OpenAI's GPT-5 is expected to enhance AI capabilities across various applications, potentially impacting multiple sectors [3][10] - The report recommends a diversified portfolio of stocks, focusing on companies with strong growth potential in AI, consumer goods, and real estate [4][20] Recent Key Events - The third round of US-China trade talks took place in Sweden, with significant global attention on the outcomes [1][8] - The World Artificial Intelligence Conference (WAIC 2025) in Shanghai gathered over 1,572 leaders and scholars to discuss the future of AI [2][9] - The H20 chip export ban was lifted, allowing for renewed trade with China, which could influence tech companies [2][9] Market Situation - The Hong Kong and US stock markets saw significant gains in July, with the Hang Seng Index rising from 24,072 points to 25,524 points, a 6.0% increase [11] - Net inflows from southbound trading reached 110.8 billion HKD in July, indicating strong investor interest in Hong Kong stocks [12][13] Current Portfolio Recommendations - **Pop Mart (9992.HK)**: Strong growth in overseas business with a 475%-480% increase in international revenue in Q1 2025 [21][22] - **Jintai Holdings (2228.HK)**: Positioned as a leader in AI for Science, with significant growth potential in the pharmaceutical sector [26][27] - **China Qinfa (0866.HK)**: Improved balance sheet with a net profit increase of 150.5% in 2024, driven by loan restructuring [30][33] - **Greentown China (3900.HK)**: Despite a decline in profits, the company is expected to stabilize and lead the industry due to strong land acquisition strategies [36][39] - **Alibaba (9988.HK)**: Revenue growth of 7% in Q4 2025, with a strong focus on AI and cloud services [40][41] - **Kuaishou-W (1024.HK)**: Significant growth in e-commerce and advertising revenue, driven by innovative marketing strategies [44][46] - **Xiaomi Group-W (1810.HK)**: Record revenue of 111.3 billion CNY in Q1 2025, with a strong performance in both mobile and AIOT sectors [47]

Core Viewpoint - The global camera module market is expected to grow from $36 billion in 2023 to $46 billion by 2029, driven by innovations in optics, the acceleration of automotive intelligence, and the increasing popularity of new consumer imaging devices [1] Group 1: Mobile Phones - The focus of competition in mobile phone configurations is shifting towards optical technology upgrades, with innovations such as periscope cameras and OIS optical stabilization penetrating mid-range models [2] - New technologies like variable apertures and hybrid lenses are expected to accelerate penetration into high-end models, driven by industry leaders [2] - Continuous attempts by mobile manufacturers to innovate in optical technology are likely to sustain steady growth in the mobile optical market [2] Group 2: Smart Imaging Devices - Optical systems are a crucial component of smart imaging devices, with professional drones typically equipped with around six cameras, and optical lenses accounting for nearly 60% of the BOM cost of handheld smart imaging devices [3] - Companies like DJI, Insta360, and GoPro are continuously innovating their products, and the demand for short video creation is driving the growth of drones and handheld smart imaging devices [3] - The increase in shipments of drones and handheld smart imaging devices is expected to accelerate the expansion of the related optical module market [3] Group 3: Automotive - The "intelligent driving equality" era is expected to begin in 2025, with companies like BYD leading the way, marking a turning point for high-level intelligent vehicles [4] - The number of cameras used in high-level intelligent vehicles is projected to increase from 3-8 to 8-12, with pixel requirements rising from 2M to 8M [4] - The growth in sales of high-level intelligent vehicles is anticipated to drive significant revenue growth for companies in the optical industry chain [4] Group 4: XR Devices and Robotics - Optical modules are essential for creating immersive experiences in XR devices, with major manufacturers pushing for technological upgrades and market maturity [5] - The global demand for VR/AR cameras is expected to rise from 60 million units in 2024 to 227 million units by 2029 [5] - Robotics companies like Tesla and UTree Technology are advancing humanoid robot technology, which is expected to open up consumer applications and growth potential in the optical industry chain [5]

证券之星消息，2025年7月30日茂莱光学(688502)发布公告称兴全基金、国金证券、富国基金、国海证券、长江证 券、华泰柏瑞基金、华泰保兴基金、景顺长城于2025年7月29日调研我司。 具体内容如下： 公司在遵守信息披露相关规定的前提下与投资者进行交流，交流内容不涉及未披露的重大信息。具体交流内容如下： 除以上问题外，其余交流内容已在之前发布的投资者关系活动记录表中披露，本次不再重复披露。 风险提示：本记录表如有涉及对外部环境判断、公司发展战略、未来计划等方面的前瞻性陈述内容，均不构成本公司 对投资者的实质承诺，敬请广大投资者理性投资，注意投资风险。 茂莱光学(688502)主营业务：专注于精密光学器件、光学镜头和光学系统的研发、设计、制造及销售。 茂莱光学2025年一季报显示，公司主营收入1.42亿元，同比上升28.23%；归母净利润1664.1万元，同比上升 288.73%；扣非净利润1327.2万元，同比上升455.51%；负债率20.33%，投资收益96.02万元，财务费用-128.25万元， 毛利率50.49%。 第一部分：公司情况介绍 第二部分：交流环节问：公司在研发阶段的毛利率是不是低于量产 ...

Summary of Fuzhijian Technology Conference Call Company Overview - Fuzhijian Technology is a leading global player in the nonlinear crystal market, holding over 70% market share with core products including BBO and LBO crystals invented by the Institute of Physics, Chinese Academy of Sciences [2][5][12] - The company’s product line includes nonlinear optical crystals, precision optical components, and laser devices, with applications in laser systems, semiconductor equipment, LiDAR, and communication systems [2][8] Financial Performance - The company has maintained a revenue growth rate of 10%-20% over the past few years, with an overall gross margin around 50% and an operating profit margin between 20%-30% [2][13] - Fuzhijian Technology expects to achieve over 200 million RMB in profit by 2025, with continued steady growth projected for 2026 [3][21] - The subsidiary Zhixi Photon is expected to see rapid revenue growth, projecting revenues of 150 million RMB by 2025, more than doubling from previous figures [20] Market Dynamics - The laser market is closely tied to the overall economic and industrial recovery, with Fuzhijian Technology benefiting from both domestic and international markets [2][14] - The advanced semiconductor market remains a core focus, with significant attention on advanced processes and related equipment such as photolithography machines [4] Competitive Advantages - Fuzhijian Technology's unique advantages in the optical field include its strong position in nonlinear crystals and its focus on high-precision optical components, which are critical for domestic high-end semiconductor equipment [5][14] - The company produces key laser materials such as LBO, BBO, and KTP, which are essential for high-end semiconductor applications due to their unique wavelength characteristics [15][16] Product Applications - The company’s products are categorized into three main types: nonlinear optical crystals, precision optical components, and laser devices, with extensive applications across various fields [8] - Nonlinear and laser crystals are used for frequency conversion and power amplification, while precision optical components are crucial in various applications including eyewear, laser systems, and communication systems [9][10] Technical Challenges - Crystal growth involves significant technical challenges, requiring high precision to ensure the final product is transparent and defect-free [17] Future Outlook - Fuzhijian Technology is well-positioned to capitalize on the increasing demand for high-end precision optical components driven by the semiconductor equipment market [21]

Core Viewpoint - The article highlights the importance of internal audit systems in promoting the healthy development of private enterprises in Ningbo, emphasizing the integration of policy support, digital technology, and best practices to enhance governance and risk management [1][2][28]. Group 1: Policy and Government Support - The Ningbo government prioritizes the establishment of internal audit systems as a key component for improving risk management and corporate governance in private enterprises [3][28]. - A combination of policies, including financial incentives and recognition awards, is employed to encourage private enterprises to develop internal audit systems [4][5]. - The number of participating enterprises in internal audit evaluations has increased nearly threefold from 2020 to 2023, indicating a growing recognition of internal audit as a standard for excellence [6]. Group 2: Association's Role - The Ningbo Internal Audit Association plays a crucial role in facilitating the development of internal audit systems by providing professional guidance and fostering resource sharing among enterprises [8][9]. - In 2023, the association provided consulting services to 87 private enterprises, addressing over 200 specific issues related to internal audit system construction [11]. - The association has organized numerous exchange activities, with participation from over a thousand enterprises, promoting a culture of mutual learning [12]. Group 3: Best Practices from Leading Enterprises - Leading private enterprises in Ningbo have developed various effective models for internal audit system construction, serving as benchmarks for others [14][15]. - By the end of 2023, 68% of private enterprises with annual revenues exceeding 500 million yuan have established dedicated internal audit departments, a 40% increase from three years ago [16]. - The shift from traditional financial auditing to value-added auditing is a common trend among leading enterprises, enhancing their operational efficiency and risk management [18]. Group 4: Digital Transformation in Auditing - Ningbo is actively promoting the integration of digital technologies, such as big data and artificial intelligence, into internal audit practices to enhance efficiency and value creation [23][24]. - By 2023, 35% of private enterprises with annual revenues over 1 billion yuan have established dedicated digital audit systems, a fivefold increase since 2020 [24]. - The application of big data analysis has opened new avenues for internal auditing, allowing enterprises to identify cost-saving opportunities and improve customer satisfaction [25]. Group 5: Lessons and Future Directions - The Ningbo experience demonstrates the effectiveness of a supportive ecosystem involving government guidance, association facilitation, enterprise initiative, and technological support in developing internal audit systems [28][29]. - Key insights include the need for tailored strategies based on enterprise characteristics, the importance of technology in enhancing audit effectiveness, and the necessity of a robust talent development framework [29]. - The ongoing digital transformation and the increasing focus on ESG (Environmental, Social, and Governance) factors are expected to further shape the future of internal auditing in Ningbo [30].

Core Insights - The report highlights the ongoing trends in the domestic financial market, with a focus on stock indices and sector performance [4][12]. - It emphasizes the recent actions taken by regulatory bodies to address issues within the agricultural and pesticide industries, aiming to curb low-price competition [6][8]. Industry Updates - The report notes significant price increases in manganese products due to reduced production in Ghana and efforts by leading companies to combat internal competition [8]. - A government initiative has been launched to effectively expand agricultural product consumption, impacting related stocks positively [8]. - Breakthroughs in optical tensor processors have been reported, with energy consumption reduced by a factor of one hundred, indicating potential investment opportunities in related companies [8]. Company Focus - Dongshan Precision (东山精密) plans to invest up to $1 billion in a high-end printed circuit board project [10]. - Guangshengtang (广生堂) has successfully enrolled the first subject in a Phase III clinical trial for its innovative hepatitis B treatment [10]. - Shenkai Co., Ltd. (神开股份) is increasing its investment in a deep-sea robotics company, indicating a strategic move into advanced technology [10]. - Yitian Intelligent (亿田智能) is collaborating with professional institutions to establish a private equity fund focused on artificial intelligence and computing power [10]. Market Review and Outlook - On July 28, the total trading volume in the two markets was 1.7423 trillion yuan, with 2,674 stocks rising and 2,285 falling, indicating a slight market recovery [12]. - The report suggests that the market is experiencing a narrow range of fluctuations, with a focus on small-cap stocks showing slight outperformance [12]. - It notes that the overall market is in a state of weak recovery, with a potential for further upward movement if trading volumes do not continue to decline [12][13].