Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company has established a joint laboratory with Lenovo Motorola to advance its 3D printing capabilities, focusing on the lightweight and complex structural design needs of communication devices, which is expected to become a significant growth driver [1] - The company is strategically positioning itself in the entire 3D printing industry chain, anticipating a future explosion in the consumer market for 3D printing [2] - The company is diversifying its business into semiconductor metal heat sinks and optical communication components, as growth in its traditional consumer electronics segment is limited [3] Summary by Sections 3D Printing Initiatives - The joint laboratory with Lenovo Motorola aims to enhance the economic and precision aspects of manufacturing complex structural components, potentially shortening the product development cycle and fostering innovation [1] - The company’s subsidiary has developed 3D printing equipment capable of printing titanium and aluminum, which supports mass production capabilities [2] Semiconductor and Optical Communication - The company is entering the semiconductor metal heat sink market, which is crucial for managing heat in advanced semiconductor devices, especially as chip technology advances [3] - The company has expanded its operations to include manufacturing and sales of optical communication devices, leveraging its automation capabilities to improve production efficiency [3] Financial Projections - Projected revenues are expected to grow from 830.33 million in 2024 to 2,410 million by 2027, with a compound annual growth rate of approximately 41.68% [10] - The net profit is projected to turn positive in 2025, reaching 52.29 million, and further increasing to 248.04 million by 2027 [10]

龙旗科技公告，公司正在进行申请发行境外上市股份（H股）并在香港联合交易所有限公司主板挂牌上 市的相关工作。香港联交所上市委员会于2025年12月17日举行上市聆讯，审议公司本次发行上市的申 请。 ...

另外，该工作人员还强调，存储空间所剩无几时，还可能造成电池的健康度下降，设备温度也会升高，这些都会使手机运行迟缓，并建议用户平时多关注手 机电池的健康度。如最大容量已低于80%，且日常使用频繁、每天充电次数多于两次，可考虑更换电池，具体可根据自身使用情况判断。 有媒体向苹果方面咨询时，一名苹果工作人员表示，当iPhone没有多余的存储空间时，无法预测是否会死机，但系统会出现卡顿等现象。 上述工作人员还表示，要保证iPhone系统流畅稳定运行，至少需要1GB的存储空间。如果达不到该数字，建议用户主动删除一些占用空间的软件，以后有需 要时再下载回来。 近日，"iPhone存储空间用完就坏""千万不要把iPhone存满"等话题在社交平台上持续发酵。此前，曾有部分iPhone用户称，设备因存储耗尽导致意外关机、 系统崩溃甚至无法开机。 公开信息显示，苹果官网在售iPhone 17 Pro Max从256GB版本至2TB顶配，差价高达6000元。按照闪存市场行情，这部分成本增量不足1500元，溢价率超过 300%。这种"存储即利润"的定价策略，使库克时代苹果的服务与配件业务毛利率长期维持在55%以上。 值得一提的是，上 ...

从资金流向上来看，当日消费电子板块主力资金净流入3.79亿元，游资资金净流出2.67亿元，散户资金 净流出1.11亿元。消费电子板块个股资金流向见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，12月19日消费电子板块较上一交易日上涨0.45%，科森科技领涨。当日上证指数报收于 3890.45，上涨0.36%。深证成指报收于13140.22，上涨0.66%。消费电子板块个股涨跌见下表： ...

Group 1: Financial Performance - In the first three quarters of 2025, the company achieved a revenue of 2.056 billion CNY, a decrease of 4.16% compared to the same period last year [2] - The gross profit margin was 40.28%, showing a slight increase year-on-year [2] - In Q3 2025, the revenue was 738 million CNY, indicating a further increase compared to the previous quarter [2] Group 2: Product Development and Market Strategy - The company launched several new products, including the TWS X1 Evo earphones weighing only 3.8g and the Lolli ANC earphones with upgraded noise-cancellation algorithms [3] - The company is focusing on high-end, differentiated, and scenario-based audio products, which have helped boost speaker revenue [2][3] - The open-ear headphone market is rapidly growing, with the company planning to invest heavily in various forms of open-ear headphones, having already launched over ten models [6] Group 3: International Expansion and Marketing - The company is enhancing its overseas operations and expanding international e-commerce channels, resulting in rapid growth in export business [2] - A dual-line endorsement strategy was implemented in 2025, partnering with local celebrities in Thailand and popular actors in Japan to reach core Asian markets [6] Group 4: Technological Innovations - The company has completed the filing of its "Edifier Summary Extraction Algorithm" and "Edifier Machine Translation Algorithm" with the National Internet Information Office [5] - New AI features are being developed and integrated into products, such as real-time language translation and AI meeting transcription capabilities [5]

基于高频次的真实环境测试与"金标"设备的数据对比，小米在可穿戴算法模型上取得了显著的数据修正 成果。最新数据显示，经过实验室的持续优化，小米可穿戴设备在卡路里消耗准确性上提升了17%，最 大摄氧量准确性提升15%；在健康监测维度，出入睡时间准确性提升11%，深睡浅睡分期准确性提升 14%，相关检测指标已逐步逼近专业医疗设备标准。 在产学研合作方面，该实验室已与北京大学第三医院、北京体育大学、首都医科大学同仁医院等多家顶 级医疗与高校机构建立深度合作。研究课题覆盖女性生理周期智能预测、心脏健康、睡眠呼吸暂停风险 筛查以及晕动症干预等前沿领域。目前，实验室已获得T V 南德、SGS-CSTC等权威机构的专业测试资 质认证，未来将持续向行业输出可穿戴设备的底层技术成果。 凤凰网科技讯 12月19日 小米运动健康实验室今日正式对外揭晓。该实验室占地面积超5000m ，定位为 大规模、多场景的运动健康专业研究机构，主要承担算法调优、技术预研与产研合作职能。作为小米在 可穿戴设备技术研发领域的最新布局，该实验室的投入使用旨在通过系统化的数据采集与分析，提升智 能穿戴产品的检测精度与算法可靠性。 实验室内部构建了41类专业 ...

数据来源：wind 截至2025年12月19日 13:17，中证消费电子主题指数(931494)上涨0.29%，成分股电连技术(300679)上涨 3.77%，信维通信(300136)上涨3.72%，传音控股(688036)上涨3.72%，安克创新(300866)上涨2.61%，领 益智造(002600)上涨2.41%。消费电子ETF(561600)上涨0.35%，最新价报1.15元。 数据显示，截至2025年11月28日，中证消费电子主题指数(931494)前十大权重股分别为立讯精密 (002475)、寒武纪(688256)、工业富联(601138)、中芯国际(688981)、京东方A(000725)、澜起科技 (688008)、兆易创新(603986)、豪威集团(603501)、东山精密(002384)、亿纬锂能(300014)，前十大权重 股合计占比56.39%。 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题ETF发起式联接E：024557)。 消息面上，存储芯片短缺与涨价成为 ...

NEWS ◆ 苹果新动向 ◆ 苹果在日本开放第三方应用商店后，Epic CEO 斯威尼痛批「还在收垃圾费」 12 月 18 日消息，苹果宣布为日本 iPhone 开放第三方应用商店和支付体系后，Epic Games CEO 蒂姆・ 斯威尼迅速公开表达不满，直指苹果设置的垃圾费用将直接阻止《堡垒之夜》回归 iOS 平台。 | | | 在斯威尼看来，苹果的开放只是表面文章。他在 X 平台发文称，苹果在允许第三方应用商店存在的同 时，仍对通过竞争性商店分发的应用收入加收所谓的垃圾费用，具体做法是对相关收入额外征收 5% 的 费用，并通过强制接口监控交易行为。 斯威尼认为，这种垃圾费用本质上仍是对分发和支付环节的控制，与开放初衷背道而驰，而且类似做法 此前已被美国法院认定违法。基于这一收费结构，Epic Games 已决定放弃在 2025 年将《堡垒之夜》带 回日本 iOS 平台的计划。（新闻来源：IT之家） 苹果全能视觉 AI 模型 UniGen 1.5 亮相，看图、修图、绘图三合一 12 月 19 日消息，科技媒体 9to5Mac 昨日（12 月 18 日）发布博文，报道称苹果研究团队近日发布多模 态 AI 模型 ...

Core Viewpoint - Jiahe Intelligent (300793.SZ) is committed to being a one-stop supplier of acoustic solutions, actively following industry trends and continuously delivering products for customers in the OWS headphones and smart glasses sectors [2] Group 1 - The company emphasizes its open-minded approach and willingness to listen to investor suggestions [2] - The company aims to leverage its technological advantages to steadily advance its strategic layout [2]

Core Insights - The report highlights that the macroeconomic environment in 2026 will be influenced by U.S. midterm election pressures, defense demands in Europe and Japan, and China's focus on stable growth, leading to continued policy easing in the first half of the year [2] - The AI boom is expected to enhance efficiency and stock valuations but may also exacerbate job losses and economic K-shaped divergence [2] - The report suggests that the second half of 2026 may see a rebound in inflation due to global liquidity easing, a weaker dollar, and China's anti-involution efforts, potentially causing volatility in high-valuation assets [2] Industry Outlook Chinese Internet Software - 2026 is seen as a critical year for competing for user attention in the AI era, with a focus on lowering usage barriers, enhancing decision-making efficiency, and creating real value [2] - Companies with stable cash flows supporting AI investments and strong operational capabilities are expected to have higher long-term investment value [5] Semiconductor - The report maintains four core investment themes for 2026: AI-driven structural growth, China's semiconductor self-sufficiency trend, high-yield defensive allocations, and industry consolidation [7] - The global semiconductor market is projected to grow by 26% to $975 billion in 2026, with AI-related segments leading the growth [7] Technology - The global tech industry is expected to experience demand differentiation and accelerated AI innovation, with a focus on AI computing infrastructure and end-user AI products [8] - Key companies to watch include Apple, which is anticipated to have a year of innovation with new AI products [8] Consumer Sectors Essential Consumption - The report identifies three main investment themes: deepening consumption stratification, focusing on essential survival needs, and leveraging overseas expansion to hedge against domestic uncertainties [10][20] - Companies in the food and beverage sector, such as Nongfu Spring and China Resources Beverages, are recommended due to their stable demand and attractive valuations [21] Discretionary Consumption - The outlook for the discretionary consumption sector is cautious, with expected retail sales growth of about 3.5% in 2026, slightly down from 4% in 2025 [11] - The report suggests a focus on survival-type consumption and low-cost emotional comfort products, with recommendations for companies like Luckin Coffee and Bosideng [11][21] Automotive - The Chinese automotive industry is expected to show resilience despite pressures from subsidy reductions and tax incentives, with retail sales of passenger vehicles projected to remain stable [12] - Key trends include intensified competition and the introduction of new models, particularly in the new energy vehicle segment [12] Pharmaceuticals - The innovative drug sector has seen significant growth driven by overseas licensing deals, but future catalysts are expected to shift from upfront payments to milestone achievements [13] - The CXO industry is anticipated to continue its recovery in 2026, supported by a rebound in domestic R&D demand [13] Real Estate - The report forecasts a continued contraction in the real estate market, with total residential sales expected to decline by 8% in 2026 [16][17] - Investment themes include focusing on stock market service providers and companies with strong operational capabilities in commercial assets [18][19]