雷军表示，2026年小米技术创新有望迎来全新的突破。"今年我们有希望在一款终端产品上实 现自研芯片、自研OS、自研AI大模型的'大会师'，同时我们的机器人业务也会有新的进展。" 他表示，作为小米开年首件大事，本次千万技术大奖竞争创历年之最，吸引10大部门150余个 项目角逐，最终底层核心技术类项目成为最大赢家，覆盖芯片、手机、汽车、AI、材料等关键 领域。 其中，小米自研芯片玄戒O1斩获本次大奖最高荣誉，雷军盛赞"当之无愧"，并鼓励团 队再接再厉推出更优作品。 雷军在发言中强调两大核心原则：一是技术立业是小米穿越周期的关键支撑，在坚守模式、场 景、产品创新优势的基础上，必须持续推进硬核技术创新；二是工程师思维是小米核心价值 观，公司将为优秀人才搭建顶尖平台，持续提升工程师的获得感与幸福感。据披露，过去五年 小米已超额完成1000亿研发投入承诺，实际投入达1050亿元，当前研发人员总数超24000人， 本次获奖成果均为前期持续投入的重要产出。 面向2026年，雷军透露小米技术创新将迎来关键突破，有望在一款终端产品上实现自研芯片、 自研OS、自研AI大模型的"大会师"，机器人业务也将有新进展。 作者丨雷晨 编辑丨 ...

Core Insights - Meta Platforms Inc. is delaying the international rollout of Ray-Ban Display smart glasses due to overwhelming domestic demand in the U.S., which has led to customer waitlists extending into 2026 [1] - The company initially planned to launch in markets such as the U.K., France, Italy, and Canada by early 2026, but will now prioritize fulfilling U.S. orders first [1] Product Development - Meta is positioning the Ray-Ban Display as a versatile wearable, integrating it with a wrist-worn "Neural Band" for gesture control and introducing features like a teleprompter mode and gesture-based writing at CES 2026 [2] - The company has expanded pedestrian navigation support to additional U.S. cities, enhancing the glasses' utility in everyday settings [3] Supply Chain and Competition - The delay in the international rollout highlights the challenges of scaling production in the smart glasses market, with manufacturing partner EssilorLuxottica planning to increase capacity to meet demand [4] - Competition is intensifying, with Alphabet collaborating with Warby Parker on smart glasses and OpenAI reportedly working with Apple on AI eyewear [6] - Meta aims to scale production of Ray-Ban Meta glasses to 10 million units annually by 2026 while focusing on higher-value AI wearables [6]

Summary of Key Points from the Conference Call Industry Overview - **AI Hardware Market**: The AI hardware market is expected to grow significantly, with GPU AI server shipments projected to increase at a 31% CAGR from 2025 to 2027, leading to a total server market value of approximately US$650 billion by 2027 [1][17][20]. - **Data Center Investments**: Over US$800 billion in data center investments are planned, but potential delays may arise due to infrastructure readiness, policy changes, and labor shortages, which could impact AI capital expenditures in 2027 [1][20]. Company-Specific Insights Delta Electronics - **Rating**: Outperform with a price target of NT$1,300. - **Growth**: Expected EPS CAGR of 34% from 2025 to 2027, driven by a broad power portfolio and increased in-house liquid cooling production [5][8]. Luxshare - **Rating**: Outperform with a price target of RMB 74. - **Market Position**: Anticipated to ramp up server component shipments to U.S. customers, benefiting from strong sentiment in the Apple supply chain [5][12]. Chroma ATE - **Rating**: Outperform with a price target of NT$970. - **Long-term Outlook**: Positive long-term prospects due to the ability to capitalize on global tech trends, with EPS estimates raised for 2026-27 [5][9]. Unimicron Technology - **Rating**: Outperform with a price target of NT$270. - **Market Momentum**: Expected strong stock performance in the near term due to favorable substrate pricing and improving HDI yield [5][10]. Quanta Computer - **Rating**: Underperform with a price target of NT$250. - **Challenges**: Anticipated margin pressures due to the buy-sell model for AI servers, with AI server mix expected to represent 60%-65% of total revenue in 2026-27 [5][11]. Sunny Optical - **Rating**: Outperform with a price target of HK$88. - **Revenue Mix**: Growth in non-smartphone revenue is expected to support margins, despite concerns over memory pricing impacts [5][13]. Largan Precision - **Rating**: Market-Perform with a price target of NT$2,600. - **Short-term Opportunity**: Tactical long opportunity ahead of the iPhone 18 launch, but long-term caution due to limited diversification beyond smartphones [5][14]. Market Dynamics - **Power Components**: The total addressable market (TAM) for NVIDIA server power components is expected to grow by 70-85% year-over-year in 2026-27, with strong demand for liquid cooling and HDI providing margin support for leading suppliers [2][31]. - **Competition**: Rising competition in cooling components is expected to pressure pricing in the second half of 2026, particularly if NVIDIA standardizes the L10 board for Vera Rubin [2][32]. Consumer Electronics Insights - **Apple vs. Android**: The Apple supply chain is viewed as more attractive than Android's, with iPhone shipments expected to grow at a low-to-mid-single digit rate in 2026-2027, driven by new product launches and enhanced AI features [3][39]. - **AI Glasses Market**: The market for AI glasses is projected to grow significantly, with shipments expected to reach approximately 10 million units in 2025 and close to 20 million by 2029 [41][50]. Investment Implications - **Overall Sentiment**: The investment sentiment remains positive for companies like Delta, Luxshare, and Chroma, while caution is advised for Quanta due to margin pressures. The overall outlook for the AI hardware market is robust, with significant growth expected in the coming years [5][8][12][11].

Core Insights - Goldman Sachs is divesting $20 billion in outstanding card balances to JPMorgan Chase, with a discount exceeding $1 billion, after over a year of negotiations [3] - The transition will take 24 months, during which Goldman Sachs will continue to manage the Apple business [3] Company Strategies - JPMorgan Chase aims to leverage the Apple brand's global recognition and customer base to enhance its product offerings and customer service [4][5] - The deal allows JPMorgan Chase to utilize its excess capital effectively and gain access to new customers for cross-selling opportunities [5] Financial Implications - The $20 billion card portfolio represents only 1.4% of JPMorgan's total loans, indicating a manageable size for the bank while still being a significant business opportunity [6] - JPMorgan plans to reserve $2.2 billion in the fourth quarter of 2025 for anticipated portfolio losses related to this transaction [7]

Core Insights - The 2026 CES highlights Shenzhen's dominance in the tech industry, with over 400 companies from the region representing a third of Chinese exhibitors and nearly 10% of global participants, showcasing a wide array of smart hardware products [4][20] - The focus of this year's CES has shifted from the capabilities of AI to its practical applications in daily life and industry processes, marking a transition from software-driven AI to "physical AI" that integrates into tangible products [5][20] Industry Trends - The emergence of "physical AI" signifies a shift in AI's value from mere communication to actionable capabilities, with products designed to be tangible and experiential, integrating AI into everyday devices [5][11] - Shenzhen's robust supply chain and engineering capabilities have been revitalized by the proliferation of AI models, allowing for rapid product iteration and development in hardware [4][15] Product Innovations - Notable products showcased include TCL's AI-integrated displays and the first consumer-grade AR glasses with independent communication capabilities, reflecting the trend of AI becoming embedded in various consumer electronics [6][10] - Innovations in robotics, such as the TORA-ONE humanoid robot and the DM-EXton2 data collection system, demonstrate advancements in tactile sensing and data acquisition, essential for the evolution of intelligent hardware [12][14] Competitive Landscape - Shenzhen's smart hardware sector is experiencing collective growth rather than isolated successes, driven by a comprehensive industrial network that supports rapid prototyping and production [15][16] - The ability to translate technology into user-friendly experiences is becoming crucial for global market appeal, as companies focus on addressing specific consumer needs rather than merely showcasing technical prowess [16][20] Future Challenges - The next phase for Shenzhen's smart hardware industry involves overcoming challenges related to core components and technologies, transitioning from hardware products to integrated system services, and enhancing global operational capabilities [19][20] - Establishing a sustainable competitive advantage will require ongoing investment in key technologies and a shift towards creating long-term brand loyalty through service-oriented business models [19][20]

特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 近 期 ， 小 米 科 技 有 限 责 任 公 司 申 请 注 册 " 小 米 粒 子 引 擎 " 商 标 ， 国 际 分 类 为 科 学 仪 器 、 网 站 服 务、通讯服务等，当前商标状态均为等待实质审查。 "粒子引擎"本身是一个成熟的技术概念。在计算机领域，它特指用于模拟和渲染大量微小颗粒 （如烟雾、火焰、灰尘、流体等）行为的软件系统，是创造复杂视觉特效的核心工具。 在"科学仪器"类别申请商标，也可能意味着探索在科研模拟、数据可视化甚至人工智能训练等 更专业的领域应用该技术。 | 版 权 ： 本 文 部 分 素 材 源 自 网 络 ， 版 权 归 原 作 者 所 有 ， 观 点 代 表 作 者 本 人 ， 不 代 表 本 号 立 场 发 文 不 易 ， 请 帮 小 编 点 下 "❤️" ↓ | 转 载 ： 须 本 号 授 权 ， 请 联 系 主 编 | 来 源 ： 仪 器 信 息 网 | 责 编 ： 安 安 | 视 觉 ： 长 艳 柱 子 ...

Core Viewpoint - India's antitrust watchdog argues that a law calculating fines based on a company's global turnover will deter multinational corporations from violating regulations, specifically in the context of Apple's legal challenge against this measure [1] Group 1 - The law in question is designed to impose fines on multinationals based on their global revenue, which is expected to enhance compliance with antitrust regulations [1] - Apple's challenge to the law highlights the ongoing tensions between multinational corporations and regulatory bodies in India [1]

Core Viewpoint - The launch of the ROBOT PHONE at CES 2026 marks the introduction of the world's first robotic smartphone, showcasing innovative features and a new direction for smart devices [1][4]. Group 1: Product Features - The most notable design feature of the ROBOT PHONE is its integrated hidden three-axis mechanical arm gimbal, which allows for flexible rotation, intelligent tracking, and professional-grade stabilization [3][7]. - This mechanical gimbal solution offers greater physical compensation angles compared to traditional optical image stabilization (OIS) or electronic image stabilization (EIS), effectively reducing image shake in dynamic shooting scenarios without sacrificing image quality [3][7]. - The ROBOT PHONE is equipped with Honor's self-developed edge-side large model, YOYO, which possesses emotional perception and proactive service capabilities, enabling the system to recognize user emotions, habits, and environmental conditions through multi-modal sensors [3][7]. Group 2: Production and Strategic Importance - Although the current displayed model of the ROBOT PHONE is still an engineering prototype, it is close to its final production form, with plans for mass production set for the first half of 2026 [4][7]. - As a core project of Honor's Alpha strategy, the ROBOT PHONE is perceived as a new intelligent entity that retains traditional smartphone usage habits while incorporating capabilities that allow it to "move," "see," and "think," thus gently envisioning the future of smart terminals [4][7].

Core Insights - Changhong and Qualcomm jointly launched the AI TV Q10Light at CES 2026, focusing on edge AI applications for a new smart experience that ensures rapid response, offline usability, and privacy protection [1][2] Group 1: Product Features - The AI TV Q10Light eliminates reliance on cloud services, addressing user pain points related to network limitations while ensuring data privacy through local processing [1] - It features an edge AI subtitle translation model that provides real-time translation and subtitle synchronization for various content types, including foreign speeches and international sports events, without needing a network connection [1] - The product also includes a video recognition model that allows users to identify key elements like people and products in real-time, facilitating instant shopping and knowledge queries while optimizing image quality [2] Group 2: Industry Impact - The collaboration between Changhong and Qualcomm is expected to reshape the competitive landscape of the smart TV industry by combining hardware manufacturing strengths with AI technology [2] - The maturity of edge AI technology is anticipated to push the smart home ecosystem into a new phase characterized by "local intelligence + scenario closure," enhancing consumer experience [2]

Group 1 - The 2026 CES in Las Vegas opened on June 6, featuring CEOs from major tech companies like Nvidia, Intel, AMD, and Qualcomm discussing collaboration in personal computing, data centers, and cloud computing, as well as accelerating AI deployment globally [1] - Lenovo held an innovation technology conference at the Las Vegas Sphere, showcasing a series of innovative products, technologies, and solutions centered around hybrid AI, along with updates on global AI deployment in collaboration with partners [1] - Lenovo announced a partnership with Nvidia to launch the "Lenovo AI Cloud Super Factory" and revealed plans to utilize hybrid AI for the 2026 World Cup, including the "Lenovo Football AI Super Agent" to efficiently analyze vast amounts of data for coaches, players, and analysts [1] Group 2 - Lenovo's CEO Yang Yuanqing emphasized that integrating personal, enterprise, and public intelligence through hybrid AI is crucial for promoting personalized and diverse AI development, accelerating its widespread adoption [1] - Hybrid AI is expected to enhance the collaboration between technology and humans, facilitating a deeper integration of the digital and physical worlds [1] - The CES event will continue until June 9, attracting thousands of companies from over 155 countries and regions [2]