Core Insights - The valuation adjustment of commercial real estate in core cities has led to increased interest in high-quality properties, with many publicly listed companies accelerating the acquisition of office buildings and R&D spaces to optimize asset structures and reduce long-term operational costs [1] Group 1: Company Acquisitions - Several listed companies have announced the purchase of office buildings and R&D spaces this year, primarily in first-tier and key second-tier cities such as Shenzhen, Shanghai, Beijing, and Zhuhai [1] - Aier Eye Hospital announced the acquisition of a 60% stake in Shenzhen Guangsheng Digital Technology Co., including the "Guangsheng Science and Technology Innovation Building" for approximately 650 million yuan, to be used as a long-term medical facility [2] - Lexin Technology plans to purchase a technology office building in Shanghai for about 436 million yuan to expand its R&D center, addressing space constraints and rising rental costs [2] - Founder Securities acquired an office property in Shanghai for over 100 million yuan to enhance its market penetration in East China [3] - Light Media announced a 1.22 billion yuan investment to acquire a 100% stake in a company to secure office space in Beijing, aligning with its strategic growth plans [3] Group 2: Market Trends - The current period of commercial real estate valuation adjustment has led to a decline in rental and sale prices for high-quality properties in core cities, making it more feasible for companies to upgrade their self-owned office properties [4] - The trend of companies purchasing properties is concentrated in core business districts or emerging industrial parks, indicating a rational approach to asset allocation with a focus on long-term usage value [4] - The stable operation of core businesses and sufficient cash flow support the strategic acquisition of office buildings, signaling a positive outlook for the market [5] - With the continuous decline in domestic benchmark interest rates, many properties are providing stable cash flows, making them more attractive than various financial products [5]

点击 关注我们 核心观点 证券研究报告 | 2025年05月19日 报告发布日期：2025年5月19日 报告名称: 《AI眼镜系列专题报告（二）：AI眼镜新品爆发元年，国产SoC主控崭露头角》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 证券分析师:胡慧 021-60871321 huhui2@guosen.com.cn S0980521080002 证券分析师:叶子 0755-81982153 yezi3@guosen.com.cn S0980522100003 证券分析师:张大为 021-61761072 zhangdawei 1 @guosen.com.cn S0980524100002 证券分析师:詹浏洋 010-88005307 zhanliuyang@guosen.com.cn S0980524060001 AI眼镜系列专题报告 (二) AI眼镜新品爆发元年, ...

Group 1 - Xiaomi announced the upcoming launch of its self-developed 3nm processor chip, Xuanjie O1, becoming the fourth company globally to release a 3nm mobile processor after Apple, Qualcomm, and MediaTek [1] - This development marks a significant breakthrough in 3nm chip design in mainland China, enhancing Xiaomi's negotiating power with chip suppliers [1] Group 2 - NVIDIA introduced the NVIDIA RTX PRO server at the COMPUTEX 2025, designed to accelerate the transformation of enterprise IT data centers into AI factories [2] - The server supports up to eight RTX PRO 6000 Blackwell GPUs and integrates NVIDIA BlueField-3 data processing units (DPU) and PCIe Gen 6 switches, positioning itself as a core component for AI factories [2] - NVIDIA aims to solidify its core position amid uncertainties regarding the sustainability of data center spending [2] Group 3 - The Ministry of Industry and Information Technology and eight other departments issued a joint opinion to accelerate the high-quality development of the technology service industry [3] - The focus will be on comprehensive development in areas such as research and development, technology transfer, and enterprise incubation, promoting the integration of advanced green technologies [3] - Key implementation aspects include building regional collaborative mechanisms, cultivating interdisciplinary talents, and protecting intellectual property rights to avoid the hollowing out of high-end services [3]

根据美国证券交易委员会(SEC)披露，沙特最大规模主权财富基金——公共投资基金(PIF)递交了截至2025年3月31日的第一季度美股持仓报告(13F)。 芯片设计领域领导者ARM(ARM.US)看涨期权位列第五，持仓约890万股，持仓市值约为9.5亿美元，占投资组合比例为3.72%，持仓数量环比降低9.06%。 | BY CHANGE IN % PORTFOLIO | BY LARGEST VALUE | BY CHANGE IN % PORT | | --- | --- | --- | | Name | % Change | Name | | SYK Stryker Corp (CALL) | 0.46% | BKNG Booking Holo | | HCA HCA Healthcare Inc (CALL) | 0.41% | SBUX Starbucks Co | | ZTS Zoetis, Inc (CALL) | 0.4% | PYPL PayPal Holdin | | ASML ASML Holding NV (CALL) | 0.31% | ARM Arm Holdings | | BAC ...

Core Viewpoint - The recent traffic accident involving Xiaomi's SU7 has led to significant public scrutiny and criticism, prompting the company to reassess its responsibilities as a major player in the automotive industry [1][2]. Group 1: Company Response to Crisis - Xiaomi's CEO Lei Jun acknowledged the unexpected severity of the public's reaction to the SU7 accident, emphasizing the need for the company to meet higher expectations as it has grown in scale and influence [1][2]. - The company recognizes that it is no longer a newcomer in the automotive sector and must adopt higher standards and goals, particularly in vehicle safety [2]. - Lei Jun stated that Xiaomi aims to become a leader in automotive safety, exceeding industry standards rather than merely complying with them [2]. Group 2: Internal Reflections and Future Plans - In the wake of the accident, Xiaomi's management has held numerous meetings to systematically address the issues and improve governance to meet public expectations [3]. - The company had planned various celebrations for its 15th anniversary, but many of these have been canceled in light of recent events, prompting a focus on reflection and learning from the past five years [3]. Group 3: Research and Development Focus - Xiaomi's R&D investment for 2024 is projected to be 24.1 billion yuan, a 25.9% increase year-on-year, with plans to exceed 30 billion yuan in 2025 and over 100 billion yuan in total R&D investment from 2022 to 2026 [10]. - The company is committed to developing its own chips, with a focus on AI algorithms, chips, and terminal applications as key areas for future research [10]. - Xiaomi's self-developed chips, including the Surge C1 imaging chip and Surge P1 power management chip, have been introduced to enhance mobile device performance [10].

Group 1 - The core viewpoint is that the China Securities Regulatory Commission (CSRC) is expediting a comprehensive policy package to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, aiming to enhance the scale and proportion of medium to long-term capital entering the market [1] - The People's Bank of China and four other departments are implementing policies to support technological innovation, encouraging financial institutions to expand first-time financing and equipment renewal loans for tech companies [1] - Guoyuan Securities believes that under high global technological barriers, companies on the Sci-Tech Innovation Board are pursuing independent innovation across various sectors, including chip design, biomedicine, high-end equipment, and new energy, positioning themselves as pioneers in the international value chain [1] Group 2 - As of April 30, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board 100 Index account for 25.04% of the index, with companies like Hengxuan Technology and BeiGene among the leaders [2] - The Sci-Tech 100 ETF fund has shown a positive performance, with notable increases in the stock prices of several constituent companies, indicating a favorable market sentiment [1]

在这种复杂的市场环境下，投资者的决策变得更加谨慎。尽管科技股的表现为市场提供了一定的支撑，但 医疗保健和材料等板块的下跌显示出市场的分化态势。投资者在等待更多经济数据和政策信号的同时，也 在密切关注贸易局势的发展。特朗普的中东之行和相关经济协议的达成，为市场带来了一些积极信号，但 全球经济复苏的不确定性和贸易政策的潜在变化仍然让投资者保持警惕。 ETOMARKETS认为周三美股市场的表现反映了市场的复杂情绪和多方面的不确定性。科技股的上涨显示 出市场对技术创新和经济合作的乐观预期，而医疗保健和材料等板块的下跌则反映出市场对经济复苏的谨 慎态度。随着美联储主席鲍威尔即将发表讲话，市场将继续关注货币政策的走向，以及贸易局势和全球经 济数据的最新动态。在这种背景下，投资者可能会继续调整投资组合，以应对市场的波动和不确定性。 从板块表现来看，标普500指数的11个主要板块中有八个收跌。医疗保健股成为表现最差的板块，下跌 2.31%，这可能与市场对制药行业未来增长前景的担忧有关。材料股也表现不佳，下跌0.96%，反映出市场 对全球经济复苏的谨慎态度。然而，通信服务板块和科技板块则表现突出，分别上涨1.6%和0.96%。 ...

Core Viewpoint - The establishment of advanced semiconductor design centers in India, focusing on 3nm chip design, marks a significant milestone in enhancing India's semiconductor innovation capabilities and positions the country as a leader in the global semiconductor landscape [1][3]. Group 1: Semiconductor Design Centers - The new design centers in Noida and Bangalore, inaugurated by Minister Shri Ashwini Vaishnaw, are dedicated to cutting-edge 3nm chip design, representing a new frontier in semiconductor technology [1]. - The Indian government is actively promoting the development of semiconductor design centers to strengthen the semiconductor ecosystem [3]. Group 2: Education and Talent Development - A new semiconductor learning kit has been launched to enhance the hardware practical skills of engineering students, with over 270 academic institutions already receiving advanced EDA software tools [3]. - The integration of software and hardware learning is aimed at cultivating industry-ready engineers, emphasizing long-term talent development alongside infrastructure investment [3]. Group 3: Industry Growth and Demand - The semiconductor industry in India is poised for exponential growth due to increasing demand from various sectors, including smartphones, laptops, servers, medical devices, defense equipment, and automotive electronics [4]. - The CEO of Renesas Electronics highlighted India's strategic importance for the company, focusing on expanding end-to-end semiconductor capabilities and supporting over 250 academic institutions and startups through government-backed initiatives [4].

Core Points - The 2024 Annual General Meeting (AGM) of Aojie Technology Co., Ltd. is scheduled for May 20, 2025, at 10:00 AM in Shanghai, China, with a combination of on-site and online voting methods [4][5] - The company emphasizes the importance of maintaining order and protecting the rights of shareholders during the AGM, with specific procedures for attendance and voting outlined [1][2][3] Meeting Procedures - Only registered shareholders and authorized representatives are allowed to attend the meeting, and they must sign in at least 30 minutes before the start [1][2] - The meeting will follow a predetermined agenda, allowing shareholders to express their opinions and vote on various proposals [2][3] - Voting will be conducted through both on-site and online methods, with results announced after the meeting [3][4] Financial Performance - In 2024, the company achieved a revenue of 3.39 billion yuan, representing a 30.23% increase compared to the previous year [50] - The net profit attributable to shareholders was a loss of 693 million yuan, which is a deterioration compared to the previous year's loss [50] - The company’s R&D investment was approximately 1.24 billion yuan, accounting for 36.68% of its revenue, indicating a strong focus on innovation [31] Business Development - The company reported significant growth in its core chip products, particularly in cellular baseband chips, which accounted for 89.01% of total revenue [27][28] - The custom chip design business saw a revenue increase of 48.38% year-on-year, highlighting the company's ability to meet diverse client needs [31] - Aojie Technology has established partnerships with over 350 operators globally, enhancing its market presence and product credibility [34] Governance and Compliance - The company is committed to maintaining high standards of corporate governance, with a focus on transparency and effective communication with investors [38][39] - The board of directors and various committees have been actively involved in overseeing the company's operations and ensuring compliance with legal requirements [39][41] - The company has implemented a share buyback plan to boost market confidence and support employee stock ownership [36][37]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Views - The company is a leading provider of AI and multimedia chip solutions in China, focusing on video encoding and decoding, solid-state storage, and IoT products. It is actively expanding into automotive computing chips and SerDes chips, which opens up further market opportunities [1][16]. - The company is expected to achieve a compound annual growth rate (CAGR) of 28.26% in revenue from 2020 to 2024, with projected revenues of CNY 1.978 billion in 2024, reflecting a 53% year-on-year decline due to a reduction in sales of low-margin products [1]. Summary by Sections Video Encoding Chips - The global IPC SoC market is projected to reach USD 1.09 billion by 2026, with the company expanding its product offerings to cover a full range of self-developed products from high-end to low-end [2]. - The company’s video encoding chips are designed to meet the increasing performance demands driven by AI trends in the security monitoring sector [2]. Video Decoding Chips - The company’s video decoding chips are evolving towards ultra-high-definition applications, with products supporting 4K and 8K resolutions, catering to the growing demand in broadcasting and commercial display markets [3]. Automotive Electronics Chips - The global market for automotive camera chips is expected to grow from USD 2.28 billion in 2021 to USD 8.79 billion by 2026. The company has successfully tested its automotive AI chips and SerDes chips, which are now being introduced to customers [4]. Solid-State Storage Chips - The company’s self-developed solid-state storage controller chips have achieved dual certification for national security and measurement, marking a significant step towards domestic substitution in the SSD market [5]. IoT Chips - The company has expanded its IoT business into wireless LAN chips, with its Wi-Fi 6 chip development completed and customer onboarding in progress [10]. Financial Forecast and Investment Suggestion - The company is expected to generate revenues of CNY 2.493 billion, CNY 3.067 billion, and CNY 3.635 billion in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 26.0%, 23.0%, and 18.5% [10]. - The projected net profit for the same years is CNY 140 million, CNY 226 million, and CNY 314 million, with significant growth rates of 44.3%, 61.2%, and 39.0% [10].