温晗静 中金公司科技硬件分析师: 那我是中金公司科技硬件组分析师温涵静，欢迎大家在每周日的晚上 8:30 来参加我们的 电子掘金会议。我们这周的主题，还是聚焦在两个方面吧。一方面是聚焦在大家比较关心 的，最近波动比较大的这个海外算力链。另一方面，可能更多的会聚焦在近期大家比较关 心的这个光模块，包括 CPU 的一些话题上。所以我们今天的汇报也会分成这两个部分。 那在第一个部分海外算力的部分，会由我和同事佳彤一起向各位汇报一下近期围绕算力定 的一些分歧。一方面我们看到海内外的这个模型其实是在加速发布的，不管是说海外的新 的这个模型，以及世界模型等等。 另外一方面，国内包括像，C 这其他的一些国内的这个外卖大战，包括所谓的这个 AI 的 变化还是比较多的。但是从另一方面来讲，我们看到上周的这个美股的市场也是有一个巨 幅的波动。那随着算力链的公司财报陆续发布，其实我们也看到了很多的这个 CSP 的资本 开支的继续上修。那在这样的一个分歧比较大的情况下，我们还是去聚焦在对海外算力链 的一个关注上，去汇报一下我们的基本的观点。首先从上周的整个的海外算力链的波动的 角度来看的话，目前我们看到大家没有一个一致的这个答案，可 ...

Core Viewpoint - Apple is expected to launch a series of new products in the coming weeks, including the iPhone 17e, upgraded iPad, and a new Mac, which has positively impacted the electronic ETF related to Apple's supply chain [1][10]. Group 1: Market Performance - The electronic ETF (515260), heavily weighted by Apple's supply chain, saw an intraday increase of 1.77%, currently up by 1.18%, recovering the 10-day moving average and aiming for a fourth consecutive daily gain [1][10]. - Notable stock performances include Chipone Technology leading with a 9.60% increase, followed by Haiguang Information at 6.17%, and several other companies in the electronic sector showing gains of over 3% [4][13]. Group 2: Apple Financial Performance - In the first quarter of fiscal year 2026, Apple reported iPhone revenue of $85.27 billion, Mac revenue of $83.9 billion, and iPad revenue of $8.6 billion, with CEO Tim Cook highlighting unprecedented market demand driving record performance across all regions [3][12]. - Analysts from CMB International express optimism regarding Apple's ongoing "iPhone cycle and pricing cycle," particularly with the upcoming iPhone Fold/18 upgrade cycle [3][12]. Group 3: Industry Outlook - Apple is anticipated to gradually introduce new products in 2026, including foldable phones and innovative devices like smart glasses and lightweight headsets, which are expected to boost demand for upstream equipment in Apple's supply chain [3][12]. - The electronic ETF (515260) tracks the electronic 50 index, focusing on key sectors such as semiconductors and consumer electronics, with significant weightings in major tech companies like Apple, Nvidia, and Google [6][15].

Core Insights - The conference held in Hangzhou on February 9 highlighted the achievements of Ningbo in the field of scientific and technological innovation, with a record number of awards received by local enterprises and institutions [1] Group 1: Award Achievements - Ningbo's enterprises and institutions led 26 awarded projects, including 5 first prizes, marking a five-year high, with a total of 7 second prizes and 13 third prizes [1] - The awarded projects cover key areas such as new materials, high-end equipment, biomedicine, and digital technology, showcasing both foundational research breakthroughs and industry technology advancements [1] Group 2: Private Sector Innovation - Private enterprises demonstrated significant innovation, with two projects from Ningbo's private sector winning first prizes for the first time since 2020, reflecting the vibrant innovation capabilities of these companies [2] - The projects include a green non-excavation pile technology and a high-precision immunodiagnostic reagent, both of which have been successfully applied in major engineering projects and medical institutions, generating substantial economic benefits [2] Group 3: Youth Talent and Research Platforms - The recognition of young scientists, such as the "90s" researcher Jiang Qiuping, emphasizes the role of youth in scientific research, with his project receiving a first prize in natural sciences [3] - The project has been highly praised internationally and has applications in consumer electronics and intelligent manufacturing, highlighting the innovative potential of Ningbo's youth [3] Group 4: Innovation Ecosystem Optimization - Ningbo's continuous efforts to optimize its innovation ecosystem are evident, with a focus on building a distinctive technological innovation system and implementing talent development programs [4] - The establishment of various innovation platforms, including national and provincial laboratories, supports enterprise innovation and talent development, creating a virtuous cycle of technology, industry, and talent [4]

Core Viewpoint - Baseus has launched its new 200W dual-line power bank (Baseus EnerGeek GR11) on JD.com, featuring a 25000mAh battery and a price of 429 yuan, with some regions offering a subsidy bringing the price down to 377.52 yuan [1][24]. Product Features - The power bank features a silver color design with an LED digital display, including one retractable USB-C cable and one detachable USB-C cable. Both USB-C cables and ports support 100W output, while the USB-A port supports 22.5W output. In dual-port mode, it can achieve a combined output of 100W + 100W [4][27]. - It supports multiple fast charging protocols including PPS, UFCS, PD 3.1, and QC 3.0, making it compatible with major brands of smartphones, laptops, tablets, and other devices [12][35]. Technical Specifications - The power bank has a total capacity of 25000mAh, with a rated capacity of 14000mAh at 5V=3A. It weighs approximately 640g and is made from PC+ABS material [21][41]. - The input specifications for the USB-C ports include various voltage and current ratings, allowing for flexible charging options [22][42]. Charging Performance - The device can provide up to 33W for Huawei Mate 80 Pro and up to 45W for Vivo X200 Pro, showcasing its capability to charge high-demand devices efficiently [15][35]. - The power bank can display real-time input or output power, and it can estimate the remaining discharge or charging time based on its current state [9][10].

2月10日，雷军在微博发文表示，前段时间一辆小米YU7在美国加州高速公路上行驶，悬挂当地测试车牌。针对外界关于小米是否准备进入美国市场的猜 测，他澄清称小米汽车目前暂无进军美国市场的计划，并推测该车辆可能是美国同行或供应商购买的对标测试车。 ...

Core Viewpoint - The "Guangdong Goods Going Global" initiative represents a significant step in Guangdong's strategy to enhance its global trade presence, focusing on high-quality development and industrial upgrades, while leveraging local cultural elements to strengthen brand identity and market reach [2][3][9]. Group 1: Industrial Foundation - Guangdong has maintained its position as China's largest foreign trade province for over 30 years, accounting for about one-quarter of the national total, establishing itself as a core hub for international market engagement [3]. - The province has developed a comprehensive industrial ecosystem, particularly in consumer electronics, new energy vehicles, and home appliances, with thousands of specialized enterprises and leading companies [3][4]. - Shenzhen is highlighted as a global innovation center for consumer electronics, with major companies like Huawei and OPPO driving rapid responses to global demand through efficient industrial clusters [4][5]. Group 2: Challenges and Opportunities - Despite impressive export volumes, Guangdong's "Guangdong Goods" face challenges such as a lack of core technologies and global brand recognition, with many small enterprises relying on OEM models [4][5]. - The need for deeper cultural communication and adaptation to international standards is emphasized, as well as the importance of overcoming barriers related to green trade and geopolitical tensions [4][9]. Group 3: Policy and Platform Support - The Guangdong government has implemented supportive policies, including export tax rebates and R&D subsidies, to alleviate financial and logistical pressures on enterprises [5][10]. - The Canton Fair serves as a national-level platform facilitating global connections, attracting numerous international buyers and enhancing trade opportunities [5][10]. Group 4: Cultural Empowerment - Cultural elements are integrated into the branding and marketing strategies of "Guangdong Goods," enhancing their appeal in international markets [7][8]. - The initiative promotes a dual approach of "product + culture," allowing for a richer narrative that resonates with global consumers, as seen in the marketing of local agricultural products and traditional crafts [7][8]. Group 5: Strategic Collaboration - The dual-wheel drive strategy, combining industrial strength and cultural communication, is essential for overcoming the "big but not strong" dilemma faced by Guangdong's exports [9][10]. - Successful examples from companies like Xiaopeng and DJI illustrate the effectiveness of this collaborative approach in enhancing brand recognition and market penetration [9][10]. Group 6: Future Outlook - The "Guangdong Goods Going Global" initiative marks a new starting point for transforming Guangdong into a global brand leader, emphasizing the importance of maintaining quality and innovation while fostering cultural confidence [11].

| 编纂 項下的 编纂 數目 | :: | [编纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | 编纂 數目 | "," | [编纂]股H股(可予調整) | | 编纂 數目 | : : | 编纂 股H股(可予調整及視乎 编纂 行使與否而定) | | 譜泰 | .. | 每股H股 编纂 港元,另加1.0%經紀佣金、0.0027% | | | | 證監會交易徵費、0.00565%聯交所交易費及 | | | | 0.00015%會財局交易徵費(須於申請時以港元繳 | | | | 足,多繳款項可予退還) | | 面值 | | 每股H股人民幣1.00元 | | 股份代號 | : ● | | 据招股书，该公司是全球化的聚焦界面增强技术及相关材料工程的科技公司，为消费电子、智能汽车及 新兴领域的全球领先客户提供服务。 据港交所2月9日披露，维达力科技股份有限公司(简称：维达力科技)向港交所主板递交上市申请书，中 金公司（601995）、德意志银行为其联席保荐人。根据灼识咨询的资料，以2024年收益计，该公司为全 球最大消费电子金属组件PVD界面增强解决方案提供商，并位列全球消费电子玻璃 ...

智通财经APP获悉，据港交所2月9日披露，维达力科技股份有限公司(简称：维达力科技)向港交所主板 递交上市申请书，中金公司、德意志银行为其联席保荐人。根据灼识咨询的资料，以2024年收益计，该 公司为全球最大消费电子金属组件PVD界面增强解决方案提供商，并位列全球消费电子玻璃组件PVD界 面增强解决方案提供商前三名。 | 编纂 項下的 编纂 數目 | :: | [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | --- | | ■纂 數目 | "," | [编纂]股H股(可予調整) | | 编纂 數目 | = | 编纂 股H股(可予調整及視乎 编纂 行使與否而定) | | 譜泰 | : | 每股H股[編纂]港元,另加1.0%經紀佣金、0.0027% | | | | 證監會交易徵費、0.00565%聯交所交易費及 | | | | 0.00015%會財局交易徵費(須於申請時以港元繳 | | | | 足,多繳款項可予退還) | | 面值 | | 每股H股人民幣1.00元 | | 股份代號 | : .. | | 据招股书，该公司是全球化的聚焦界面增强技术及相关材料工程的科技公司，为消费电子、智 ...

Core Viewpoint - The rapid development and widespread adoption of mobile payment technology, particularly "no-password payment," has simplified transaction processes and significantly reduced transaction times, enhancing consumer payment experiences. However, it has also led to new fraud schemes, as evidenced by recent incidents of unauthorized transactions [1][2]. Group 1: Incidents of Fraud - A consumer in Wuhan, Hubei, experienced unauthorized transactions totaling 2,592 yuan after being misled into providing her Apple ID and password to fraudsters [2]. - Reports indicate that many consumers have fallen victim to similar scams involving "no-password payment," often after being lured into purchasing low-cost membership services or vouchers [2][3]. - A significant number of complaints regarding Apple ID theft have been recorded, highlighting the ease with which funds can be stolen without requiring additional authentication steps [3]. Group 2: Consumer Complaints and Issues - Data from the "Black Cat Complaints" platform shows over 1,000 complaints related to Apple ID theft, emphasizing the risks associated with "no-password payment" systems [3]. - Consumers have reported difficulties in canceling "no-password payment" services, with many finding the process convoluted and time-consuming compared to the ease of activation [9][10]. - Complaints have also surfaced regarding automatic enrollment in "no-password payment" during promotional activities, leading to unexpected charges [7][12]. Group 3: Regulatory and Expert Opinions - Legal experts have indicated that the inducement of consumers to activate "no-password payment" may violate relevant laws, particularly when done without clear consent [8]. - The China Payment and Clearing Association has called for improved security management of "no-password payment" services, advocating for measures such as eliminating default activation and providing easy cancellation options [12][16]. - Experts stress the importance of prioritizing user consent and financial security in the implementation of "no-password payment" systems, suggesting that not all platforms should offer this service without adequate security measures [12][16]. Group 4: Recommendations for Improvement - Recent regulations emphasize the need for platforms to clearly present options for "no-password payment" and to facilitate easy cancellation processes [12]. - The industry is encouraged to adopt a "one-click cancellation" feature and to enhance risk management through technology, such as monitoring unusual transaction patterns [12][16]. - A comprehensive approach involving regulatory oversight, industry standards, and consumer protection measures is necessary to ensure that "no-password payment" systems do not infringe on consumer rights [17].

来源：观点地产网 观点网讯：2月9日，维达力科技股份有限公司向港交所提交上市申请书，联席保荐人为中金公司、德意 志银行。 据招股书显示，维达力是全球化的聚焦界面增强技术及相关木材料工程的科技公司，为消费电子、智能 汽车及新兴领域的全球领先客户提供服务。 维达力的绝大部分收益来自为智能手机、平板电脑及笔记本电脑、智能可穿戴设备、智能汽车及新兴智 能终端提供界面增强解决方案。2023年、2024年以及2025年前九个月，维达力分别实现收入34.81亿 元、51.99亿元以及46.18亿元。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 根据灼识咨询的资料，以2024年收益计，维达力是全球最大消费电子金属组件PVD界面增强解决方案提 供商,并位列全球消费电子玻璃组件PVD界面增强解决方案提供商前三名。 ...