格隆汇1月13日丨信维通信(300136.SZ)在互动平台表示，谷歌是公司的重要客户之一，公司已为其硬件 产品提供各类天线、射频连接器、精密结构件等解决方案。 ...

Group 1 - The event "The 9th Shenzhen Business Convention and 20 Years of China Entrepreneurs Club" focused on themes such as industrial innovation, technological breakthroughs, ecological construction, and social responsibility [1] - Notable entrepreneurs shared insights on technology innovation and development paths, highlighting China's evolution from a follower in the global supply chain to a pioneer in new strategic industries [3] - The global competition in technology is intensifying, with artificial intelligence transitioning from concept to deep industrialization, becoming a key driver of future economic growth [3] Group 2 - Companies like TCL, iFlytek, and XPeng Motors discussed their advancements in AI, automotive technology, and the importance of core technology autonomy for long-term success [3][4] - The Chinese automotive industry is moving from "electrification" to "intelligent competition," with breakthroughs in autonomous driving and smart cockpit technologies being crucial for gaining a competitive edge globally [3] - The concept of ESG (Environmental, Social, and Governance) has become a significant guiding principle for high-quality corporate development, emphasizing the integration of sustainability into business strategies [4]

Central Banks and Federal Reserve - A group of central banks expressed support for Fed Chair Jerome Powell, emphasizing the importance of central bank independence for economic stability [1] Trade and Tariffs - President Trump announced a 25% tariff on trade with any country doing business with Iran, impacting U.S. trade relations [2] Interest Rates and Economic Outlook - New York Fed President John Williams stated that interest rates are well-positioned to stabilize the labor market and achieve the Fed's 2% inflation target, highlighting the benefits of the Fed's independence [3] - Market expectations indicate a 95% chance of no rate change and a 5% chance of a 25 basis point rate cut at the January FOMC meeting [2] Stock Market Performance - Wall Street's main stock indexes closed higher, with the S&P 500 reaching a new record high, driven by gains in data storage companies like Western Digital and Seagate Technology [4] - Walmart's stock rose 3% after being announced as a new addition to the Nasdaq 100 Index [4] - Credit card companies and bank stocks declined following Trump's proposal for a cap on credit card interest rates [4] Earnings Reports and Market Reactions - JPMorgan Chase reported better-than-expected Q4 results, leading to a 0.5% rise in its stock during pre-market trading [16] - Intel and Advanced Micro Devices saw stock increases after being upgraded by KeyBanc [17] Inflation Data and Economic Indicators - The U.S. consumer inflation report is anticipated to show a December CPI of 2.7% year-over-year, unchanged from November, with core CPI expected to rise slightly to 2.7% [6] - New Home Sales data for October is expected to show sales of 716K, incorporating previously delayed September figures [8] International Market Trends - Asian stock markets showed mixed results, with Japan's Nikkei 225 Index closing sharply higher amid speculation of a snap election [11][13] - China's Shanghai Composite Index retreated from a 10-year high, with significant turnover indicating potential market overheating [12]

Core Viewpoint - The report from Everbright Securities highlights that Shannon Semiconductor has developed a dual approach of "distribution + products" in the high-end storage sector, which has become its main revenue source [1] Group 1: Company Overview - Shannon Semiconductor has established capabilities in providing electronic components such as data storage devices, control chips, and modules, which are widely used in cloud computing storage (data center servers) and mobile phones [1] - As of the third quarter of 2025, the company's inventory stands at 1.813 billion yuan, indicating potential benefits from rising storage product prices [1] Group 2: Financial Projections - The company maintains a forecast for net profit attributable to shareholders of 605 million yuan for 2025 [1] - Due to increased capital expenditures from internet clients and the price increase cycle of storage chips, the net profit forecast for 2026 has been raised to 1.043 billion yuan, reflecting a 48% increase [1] - A new net profit forecast of 1.251 billion yuan for 2027 has been introduced [1] Group 3: Investment Rating - The report maintains a "buy" rating for the company [1]

Core Viewpoint - The company, 雷电微力 (301050.SZ), has indicated that its millimeter-wave system is a versatile technology that can be applied in the environmental perception segment of humanoid robots, providing support for high-precision distance measurement and dynamic obstacle recognition. However, it is important to note that the company currently has no projects related to humanoid robots [1]. Group 1 - The millimeter-wave system relies on beam control and anti-interference perception technology characteristics [1]. - The technology is designed to support close-range high-precision distance measurement and dynamic obstacle recognition for robots [1]. - The company has not yet initiated any projects related to humanoid robots [1].

Group 1 - Sony has partnered with bolttech to launch My Sony Care+, an embedded protection program that offers extended coverage for selected devices, supported by Tokio Marine [1][2] - The program will initially be available in Hong Kong for Sony cameras and lenses starting mid-December, with plans to expand coverage in 2026 to include additional products such as Xperia smartphones and televisions [2] - My Sony Care+ provides an extended warranty of up to one or two additional years beyond the original manufacturer warranty, allowing unlimited repairs for mechanical and electrical faults [3][4] Group 2 - The program includes complimentary accidental and liquid damage insurance for eligible customers, with service limits set at two repairs under a one-year plan and three repairs under a two-year plan [5] - Repairs are conducted by Sony authorized repair centers, with on-site technicians available for televisions and home theater products [4]

Summary of Key Points from the Conference Call Industry Overview - Focus on the Asia technology (hardware) sector, particularly the AI supply chain, as a priority investment area for 1H26 due to its significant influence on earnings growth amid concerns over smartphone/PC demand and auto production recovery [2][12] Core Themes and Stock Recommendations 1. **AI Supply Chain Investment**: - Emphasis on investing in the AI supply chain, which is expected to drive earnings growth despite potential slowdowns in other sectors [2][12] - Anticipation of clearer benefits from AI for earnings in 2026, with no signs of slowdown heading into 2027 [12] 2. **Under-the-Radar AI Themes**: - Five notable themes identified: 1. **Power Consumption**: Opportunities in power supply, power rack products, capacitors, and power semiconductors. Companies to watch include Delta Electronics, Panasonic HD, Murata Mfg., Taiyo Yuden, and Renesas Electronics [6][25] 2. **Data Transmission**: Advancements in large-scale data transmission technologies, with companies like Fujikura and Mitsubishi Electric highlighted [6][25] 3. **Niche Components**: Price stabilization and increases in demand for components like MLCCs and substrates, with key players including Murata Mfg. and SEMCO [6][25] 4. **Physical AI Integration**: Companies like Hitachi and Mitsubishi Electric are leading in embedding AI into industrial applications [6][27] 5. **Software/Services Disruption**: Generative AI's potential to improve productivity in Japan's software industry, with Fujitsu and NEC as key players [6][27] 3. **High-Profile Sub-Sectors**: - Continued growth in foundry, memory, semiconductor production equipment, AI servers, and edge AI, with recommended stocks including TSMC, Samsung Electronics, and Hon Hai [30][31] Market Dynamics and Risks - **Top-Down Risks**: - Concerns regarding valuations, implementation risks, over-investment, monetization challenges, and funding sources, particularly with emerging players in the market [13] - **Bottom-Up Perspective**: - Fundamentals differ from the IT bubble of 2000, with a larger scale and longer timeline for AI infrastructure development, and sound supply chain management in Asian hardware [14][16] Technological Advancements - **Power Consumption Trends**: - Significant rise in power consumption for AI servers, with expectations for voltage increases to 800V and beyond, creating business opportunities for power-related products [33][38] - **Data Transmission Innovations**: - Transition to higher communication speeds (800-1.6Tbps) and co-packaged optics (CPO) expected to enhance industry value [58][59] Conclusion - The Asia technology sector, particularly the AI supply chain, presents substantial investment opportunities driven by technological advancements and evolving market dynamics. Key players and themes are positioned to benefit from these trends, while investors should remain cautious of potential risks associated with rapid market changes.

Group 1 - Anthropic has implemented stricter technical safeguards to prevent third-party tools from masquerading as the official Claude Code client, leading to the interruption of functionalities in AI programming tools like OpenCode and Cursor, and the banning of some developer accounts [2] - Google announced a collaboration with Walmart and other retailers to expand the shopping capabilities of its Gemini AI model, introducing an "instant checkout" feature that allows consumers to complete purchases directly within the chat interface [2] - High德红外 unveiled its new generation infrared imaging technology, ApexVision, at CES, which integrates a new series of infrared detectors, a high-performance processing platform, and intelligent algorithms for various applications in industrial manufacturing and scientific research [2] - China FAW Group has published a new patent for a brain-machine interface that enhances intention recognition in complex driving scenarios, aiming to improve driver comfort and operational efficiency [2]

据统计，2025年，贵州达沃斯海外出口占比提升至40%，实现了海外市场连续三年增长。 专注一块"屏"，贵州达沃斯光电研发项目负责人李振兴带领研发团队，在3A、3D等多项技术上取得了突破。 在他看来，"屏"的关键在材料。 转自：贵州日报 贵州达沃斯光电有限公司生产车间。 鲍贝贝 摄 贵州日报天眼新闻记者 鲍贝贝 近日，在贵州达沃斯光电有限公司内，工人身着防静电无尘服，通过风淋室清除附着尘埃后有序进入生产车 间，一块块透明基板沿着全自动生产线缓缓流动，开启从原材料到智能触摸屏的蜕变。 这家专注于"做屏"的企业，2012年从深圳入驻贵阳市高新区，历经十余年的发展，目前已在贵阳设立沙文、 花溪2个生产厂区。且通过在"屏"上深耕技术创新，贵州达沃斯还实现了从单一生产到全产业链布局的跨越式 发展，成长为全国领先实现全尺寸电容式触摸屏生产的核心供应商。 "公司的触摸屏，小到智能手环，大到教室用的黑板，涵盖了1英寸到110英寸。"贵州达沃斯人事行政中心总 监唐雷介绍，当前，达沃斯全尺寸的电容式触摸屏覆盖了消费电子、商用显示、工业控制、车载、医疗等全 场景，服务于海康威视、TCL、传音等头部企业。同时，还远销日韩、欧美等地。 ...

Group 1 - Amphenol (APH) is recognized as a leader in the artificial intelligence data center sector, experiencing significant stock performance by surpassing a new buy point with heavy trading volume [1] - The company, based in Wallingford, Connecticut, specializes in manufacturing interconnect products, fiber-optic connectors, antennas, sensors, and specialty cables [1] - According to Bank of America, Amphenol ranks as the world's second-largest manufacturer of electronic and electrical components [1]