Core Viewpoint - The electronic ETF (515260) has shown strong performance, with a peak increase of 2.71% and currently up 2.39%, indicating a bullish reversal signal in the market [1][9]. Semiconductor Sector - In the semiconductor segment, companies like Jinghe Integrated Circuit have surged over 8%, while Zhuosheng Microelectronics has increased by more than 7% [3][11]. - The electronic ETF heavily invests in semiconductor and consumer electronics sectors, focusing on AI chips, automotive electronics, 5G, and cloud computing [5][15]. PCB and Storage Chip Insights - The PCB (Printed Circuit Board) sector is experiencing significant value enhancement due to AI servers, with the NVIDIA DGX H100 single GPU corresponding to a PCB value of $211, a 21% increase from previous generations. The domestic high-end PCB capacity is expected to be released in 2026, with local material manufacturers accelerating their breakthroughs [4][14]. - The storage chip market has seen a "historic" price surge since Q3, with DRAM and NAND Flash prices increasing over 300% since September. This price rise is driven by the shift towards AI applications and the "compute-to-storage" technology, with supply shortages expected to persist for the next couple of years [4][14]. Market Trends and Policy Support - The global AI technology transition from training to inference is driving hardware industry upgrades, with cloud service providers and sovereign AI initiatives boosting the demand for AI infrastructure [4][14]. - The Chinese government is pushing for self-sufficiency in the semiconductor supply chain, and AI is reshaping consumer electronics, enhancing user experiences. The electronic sector is poised for growth due to supportive national policies and industry initiatives [5][15].

中国银河证券主要观点如下： 1)折叠屏：2025年12月2日，三星电子在韩国首尔举行全球发布会，正式推出首款三折叠屏手机 GalaxyZTriFold。12月11日，华为发布全新一代折叠屏旗舰华为MateX7。2)AI/AR眼镜：10月24日，阿 里巴巴旗下的夸克AI眼镜S1正式在各大电商平台开启预售，产品将于12月初陆续发货。2025年12月3 日，在"理想科技日"发布会上，理想汽车正式推出旗下最具突破性的智能终端产品——理想AI眼镜 Livis。12月9日，谷歌AI眼镜原型机首次用上谷歌NanoBanana图像编辑能力。 板块跟踪 1)近一个月消费电子指数表现：从涨跌幅水平来看，消费电子行业指数跑赢沪深300指数0.74个百分 点，跑输电子指数1.60个百分点。从具体数据来看，消费电子行业指数涨跌幅为-2.08%，电子行业指数 涨跌幅为-0.48%，沪深300指数涨跌幅为-2.82%。2)近一年消费电子指数表现：从涨跌幅水平来看，消 费电子行业指数跑赢沪深300指数20.93个百分点，跑输电子指数3.09个百分点。从具体数据来看，消费 电子行业指数涨跌幅为35.28%，电子行业指数涨跌幅为38.37%，沪 ...

Core Viewpoint - Xiaomi has officially launched and open-sourced a new model called "MiMo-V2-Flash," which has garnered significant attention due to its capabilities in deep thinking and online search functions, making it useful for real-time data, latest updates, and information verification scenarios [1] Group 1 - Xiaomi Technology Co., Ltd. applied for the registration of multiple "XIAOMI MIMO" trademarks in April this year, covering international classifications including advertising sales, scientific instruments, and transportation tools, with all trademarks currently registered [1]

Core Insights - Lenovo's Tianxi Personal Super Intelligent Agent represents a significant advancement in the "hybrid AI" strategy, evolving AI from a passive tool to an intelligent partner with perception, cognition, and autonomous action capabilities [1][2] - The agent is built on a "cloud-edge integrated" architecture, featuring three technological pillars: reasoning acceleration engine, Super Connectivity 3.0, and a trusted security platform, facilitating a revolutionary interaction shift from "people finding services" to "services finding people" [1][2] - The market response has been positive, with the agent being fully integrated into Lenovo's AI PCs and smartphones, receiving international awards and recognition for its role in promoting AI adoption and ecosystem integration [1][2] Industry Context - The global AI landscape is transitioning from technological breakthroughs to widespread application, highlighting a gap between the powerful capabilities of general large models and the fragmented, high-threshold user experiences [1][2] - Lenovo's proactive approach to "hybrid AI" aims to bridge this gap, positioning it as a necessary path for AI proliferation [2] Technological Advancements - The Tianxi AI 3.5 version has achieved three major upgrades: true personalization, enhanced action capabilities, and seamless multi-device experiences [6][7] - True personalization is enabled by "always-on proactive memory" and "holistic personal knowledge management," allowing the agent to integrate user interactions across devices and time [6] - The leap in action capabilities allows the agent to autonomously manage complex tasks, coordinating various applications and systems to deliver comprehensive solutions [7] - The seamless experience across devices is facilitated by Super Connectivity 3.0, enabling intuitive cross-device interactions [7] Ecosystem Development - Lenovo has built a vast open ecosystem around the Tianxi intelligent agent, incorporating over 5,000 intelligent agents and AI applications across various life, work, and learning scenarios [8] - The Tianxi platform is designed to evolve through five stages, currently progressing towards creating a personalized, trustworthy, and deeply collaborative "AI Twin" for users [8] Practical Applications - The Tianxi intelligent agent is transforming productivity and user experiences through interfaces like "AI Sui Xin Window," "AI Ling Long Platform," and "AI Ru Ying Frame," automating tasks for knowledge workers and enhancing daily life for general users [9] - Specific products, such as the Lenovo YOGA Pad Pro 14.5 AI and the moto razr 60 Ultra, showcase the practical applications of AI in creative and travel contexts [9] Market Validation - The Tianxi intelligent agent has received recognition from industry authorities, including the "Leading Achievement in Digital Intelligence Application" award from the Global Digital Economy Alliance [11] - Lenovo's AI PCs and smartphones have seen significant sales growth, with over 1 million units sold in the previous fiscal year, indicating strong market demand [12] - Initiatives like the "Super AI Elite Challenge" aim to foster innovation among young developers, further enhancing the platform's ecosystem and potential for future growth [14]

智通财经APP获悉，摩根士丹利发布研报称，小米集团-W(01810)发布开源大模型MiMo-V2-Flash。 MiMo-V2-Flash总参数309B(激活15B)，并被认为在市场上具有与主流大型语言模型竞争的能力。该行 相信，小米发布最新的大模型，表明公司对人工智能研究与开发的承诺。该行预期公司未来在云端人工 智能和边缘人工智能方面将取得更明显的进展。该行予公司目标价62港元，评级为"增持"。 ...

要闻提示 1.美国CEO薪酬惊人，苹果库克7小时收入超普通工人年薪 2.帮周鸿祎做数十亿假账？360集团回应：完全失实 3.华为终端董事长调整 4.小鹏、理想获L3级自动驾驶道路测试牌照，鸿蒙智行在深圳开启L3内测 5.昆仑芯完成股改，有望在2026年上半年港股上市 6.法拉第未来晒 FX Super One 工厂组装现场，网友：纯手搓，草台班子 7.魏建军：隐藏式门把手风阻降了0.001但增重8公斤，后来我们就不用了 8.欧洲人玩不转电动车！欧盟将放弃2035年燃油车禁令 今日头条 美国CEO薪酬惊人，苹果库克7小时收入超普通工人年薪 12月16日消息，据报道，美国一些收入最高的首席执行官（CEO）在几小时内就能赚到普通工人一年的 工资。苹果公司CEO蒂姆·库克2024年的总薪酬达到7460万美元，较2023年增长18%。其中，包括5810万 美元的股票奖励、1200万美元的非股权激励计划薪酬和150万美元的其他报酬。尽管库克的薪酬已处于高 位，但与2022年其获得的近1亿美元薪酬相比仍有所下降。当时，苹果公司称这是对其"卓越领导力"的认 可。然而，2023年在员工和部分股东的反对下，库克主动建议调整薪酬方 ...

"（美国）在财政与货币双宽松的格局下，货币宽松更值得期待。" "今年恒指上涨主要靠风险溢价回落，企业盈利（EPS）没有太多贡献，但明年EPS和无风险收益率受益于美国降息和中国名义GDP改善，中国牛市会继 续。" "当前AI浪潮遭遇的质疑很像1997年初互联网行情调整时的情况，数月调整之后又是数年上涨。AI行情目前在泡沫质疑中前行，2026年美国"放水"后，行 情会进一步聚焦能实现价值转换的领域。" "美元会进一步贬值，但幅度会收敛。人民币汇率明年有可能回到6字头，甚至升值到6.8，特别是下半年。2026年内外资会形成合力增持中国股市。" "明年行情节奏肯定没那么简单，不是无脑买入的大牛市，行情仍将充满波折。" "明年得真刀真枪找结构、挖机会，行情会像登山火炬一样时亮时灭、时强时弱，一定要提前布局新共识，别追高抱团旧共识。" "冬至（12月20日）一到，春天还会远吗？冬至前后行情或将利空出尽，现在'流泪撒种'，明年一定有丰收的收获。" "明年传统产业会比今年略好，但不是行业整体的贝塔机会，而是阿尔法机会。" "成长方向，科技行情依然明年中美产业共振的明确主线。AI应用（港股互联网）、端侧AI（关注消费电子）及游 ...

苹果正在酝酿 iPhone 产品线有史以来最大规模的扩张。 The Information 从多位苹果产品及供应商的有关人士了解到，苹果计划在未来两年内，将 iPhone 产品线从目前的 5 款扩张到至少 7 款之多，新产品中还 将包括苹果近年来最大胆的设计革新——可折叠 iPhone，以及四曲面 iPhone。 可折叠 iPhone，原来是「阔折叠」 多位直接参与项目的人士透露，首款可折叠 iPhone 将于 2026 年秋季发布。 这款内部代号为 V68 的折叠 iPhone，与目前市面上的主流折叠手机明显不同，采用的是横向折叠方案。展开后屏幕比例更偏横向，形态更接近一台 iPad，而非当下大多数折叠手机展开后近似正方形的设计。 具体来看，V68 在折叠状态下的外屏约为 5.3 英寸，比例更接近正方形。这个甚至比 iPhone mini 还要小的尺寸，再叠加略显特殊的屏幕比例，可能会在 一定程度上限制其折叠状态下的实用性。不过，相关人士也表示，最终的尺寸和比例仍存在调整空间。 折叠 iPhone 的前置摄像头将嵌入屏幕的左上角，配备光线、距离等传感器，但不具备面容 ID 功能，手机将大概率采用侧边指纹解锁 ...

苹果公司没有立即回应媒体的置评请求。CG Semi则表示，公司不对市场猜测或与特定客户的讨论发表 评论，并称"当有具体事项可以分享时，我们将作出适当披露"。 将部分芯片后端制造环节移至印度的讨论，与此前苹果公司加速实现供应链多元化的宏观战略吻合。据 路透社今年4月报道，苹果的目标是到2026年底，将在美国销售的大部分iPhone转由印度工厂生产。 据媒体周三援引知情人士消息报道，苹果公司正与印度芯片制造商进行早期商谈，讨论为iPhone组装和 封装组件。这一动向表明，苹果在印度的布局可能从现有的终端产品组装，进一步向上游延伸至更复杂 的半导体封测领域。 此前苹果与印度的合作主要集中在iPhone、AirPods等终端产品的最终组装环节。 据称，苹果已与Murugappa集团旗下的CG Semi进行了会谈。该公司目前正在古吉拉特邦的萨纳恩德 （Sanand）建设一座外包半导体封测（OSAT）工厂。报道补充说，目前尚不清楚将在该工厂封装哪些 芯片，但很可能是用于iPhone的显示芯片。 苹果公司正探索在印度进行半导体组装和封装，这是其首次在该国涉足芯片制造的后端环节。 风险提示及免责条款 市场有风险，投资需谨慎。 ...

摩根士丹利发表研究报告指，小米发布开源大模型MiMo-V2-Flash。MiMo-V2-Flash总参数309B(激活 15B)，并被认为在市场上具有与主流大型语言模型竞争的能力。该行相信，小米发布最新的大模型，表 明公司对人工智能研究与开发的承诺。该行预期公司未来在云端人工智能和边缘人工智能方面将取得更 明显的进展。该行予公司目标价62港元，评级"增持"。 ...