证券研究报告 环旭电子 (601231 CH) 投建光模块海外产能，协同日月光打 造一体化 AI 封装平台 | 华泰研究 | | | 更新报告 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 12 月 | 29 日│中国内地 | 消费电子 | 目标价(人民币): | 39.60 | 我们预测公司 25-27 年归母净利润为 16.9/25.3/33.1 亿元，对应 EPS 为 0.75/1.13/1.48 元。下调 25 年归母净利润预测幅度为 4%，主要由于通讯类 产品物料采购成本下降而影响售价；上调 26/27 年归母净利润预测 15%/21%，主要是考虑到 AI 眼镜业务和 AI 加速卡业务均承接大客户订单， 营收有望显著增长。考虑到公司 AI 眼镜和算力新业务成长潜力，且中长期 与日月光具有战略协同优势，给予公司 26 年 35 倍 PE（可比公司一致预期 均值 29 倍），上调目标价为 39.6 元（前值 16.0 元，对应 25 年 20x PE）。 维持买入。 环旭电子 12 月 17 日宣布在越南海防厂投建 ...

Market Performance - The A-share market showed mixed results on December 29, with the Shanghai Composite Index rising by 0.04% to 3965.28 points, marking a nine-day consecutive increase, while the Shenzhen Component Index fell by 0.49% to 13537.1 points, and the ChiNext Index decreased by 0.66% to 3222.61 points [1]. Fund Manager Changes - From December 27 to December 29, a total of 63 fund managers experienced changes in their positions, with 83 fund products announcing departures of fund managers during this period, involving 32 managers [3]. - Over the past 30 days (November 29 to December 29), 696 fund products saw changes in their fund managers, indicating significant turnover in the industry [3]. - The reasons for the changes included 26 managers leaving due to job changes, one due to personal reasons, four due to product expiration, and one due to resignation [3]. Fund Manager Performance - Dai Jie from Pengyang Fund currently manages assets totaling 298 million yuan, with the highest return of 235.16% achieved by the Hui'an Fengze Mixed A fund (003889) during his tenure of 6 years and 147 days [5]. - Zhang Xun, also from Pengyang Fund, manages assets of 10.543 billion yuan, with the highest return of 129.11% from the Pengyang Digital Economy Pioneer Mixed A fund (012456) over a tenure of 1 year and 124 days [5]. Fund Company Research Activity - In the past month (November 29 to December 29), Huaxia Fund conducted the most company research, engaging with 39 listed companies, followed by Southern Fund, Bosera Fund, and Huitianfu Fund, which researched 34, 32, and 31 companies respectively [7]. - The most researched industry was specialized equipment, with 146 instances, followed by the computer equipment industry with 111 instances [7]. Recent Fund Research Focus - In the last week (December 22 to December 29), Lingyi Zhizao, a company in the consumer electronics sector, was the most researched, receiving attention from 40 fund institutions [9]. - Other companies with significant research interest included Pulite, Nord Shares, and Desai Xiwai, with 28, 23, and 22 fund institutions respectively [9].

Core Viewpoint - The upcoming CES 2026 will showcase Hisense's advancements in RGB-Mini LED technology, positioning the company as a leader in the high-end display market against major competitors like Samsung, Sony, and LG [1][3]. Group 1: Hisense's Innovations and Market Position - Hisense is recognized as the pioneer of RGB-Mini LED technology, having launched the first RGB-Mini LED TV, the UX, at CES 2025 [2]. - The company has developed a diverse product lineup targeting various consumer segments, including ultra-flagship models priced from 10,000 to 100,000 yuan, significantly impacting the high-end television market [2]. - During the 2025 Double 11 shopping festival, RGB-Mini LED TVs captured nearly half of the sales in the 20,000 yuan and above segment for 85-inch models, establishing a market dominance where one in two high-end TVs sold is RGB-Mini LED [2]. Group 2: Industry Trends and Competitive Landscape - The RGB-Mini LED sector is experiencing heightened competition, with major global brands now entering the fray, indicating a shift from Chinese brand leadership to a global contest [3]. - Hisense's early market entry and technological advancements are reshaping the competitive landscape in high-end displays, making RGB-Mini LED TVs a critical factor in the market [2][3]. - Predictions suggest that RGB-Mini LED TV shipments could reach 500,000 units in 2026, representing a staggering 25-fold year-on-year growth, marking the beginning of a new era for RGB-Mini LED technology [2].

【环球网科技综合报道】11月25日，华为在Mate 80系列与Mate X7全场景新品发布会上，正式推出华为 MateBook Fold 非凡大师"瑞红"配色。我们能看出， 华为正在努力将科技产品的竞争疆域从参数与功能的"硬赛道"，延伸至情感共鸣与文化叙事的"软实力"战场。 "瑞红"，在中国传统文化中寓意祥瑞、喜庆与希望。它是春节窗花上的主色调，是婚嫁礼服中的点睛之笔，更是千百年来中国人对美好生活的视觉化寄托。 然而，在全球化语境下，如何让这样一种具有强烈地域文化属性的颜色，被不同文化背景的消费者所理解、接纳甚至喜爱？这正是华为此次设计突破的关键 所在。 瑞红升维：从传统色彩到时尚符号的设计转译 其次，国际顶级工业设计的介入，让"瑞红"实现了辨识度与情感温度的双重提升。华为将"瑞红"色调与折叠形态的科技感完美融合，素皮机身的温润与玄武 水滴铰链的精密形成视觉平衡，锦瑞结纹理成为画龙点睛的文化符号，既保证了商务场景的专业性，又彰显了个人审美格调。这种设计让"瑞红"从传统色彩 中走出，成为兼具文化辨识度与现代时尚感的视觉符号，满足了全球用户对个性化、情感化产品的核心需求。 这种设计哲学，本质上是对"文化转译"能力 ...

Group 1 - Lin Bin plans to sell up to $5 billion of Class B common stock every 12 months starting from December 2026, with a total sale cap of $20 billion (approximately 14 billion RMB) [3] - The proceeds from the sale are intended to establish an investment fund focusing on emerging technologies and sports industries [3] - Lin Bin expressed confidence in Xiaomi Group's business prospects and stated his intention to continue serving the company long-term [3] Group 2 - This is not Lin Bin's first reduction of Xiaomi shares; previous reductions occurred in 2019, 2020, and 2024, with the 2024 reduction explained as being for charitable purposes [4] - The market reacted sensitively to the early disclosure of this long-term reduction plan, with Xiaomi's stock price opening lower and dropping over 3% on the following day, leading to a market capitalization below 1 trillion HKD [6] - As a co-founder of Xiaomi Group, Lin Bin is viewed as the "number two" figure in the company, holding a significant amount of shares, with the planned $20 billion reduction representing about 10% of his total share value [7]

【环球网科技综合报道】12月29日消息，小米集团发布公告称，公司联合创始人、执行董事、副董事长 林斌计划自2026年12月起，在符合相关法律法规及香港联交所上市规则要求的前提下，每12个月出售金 额不超过5亿美元的公司B类普通股，累计减持总金额不超过20亿美元。 来源：环球网 公告显示，林斌此次减持计划所得款项主要用于成立投资基金公司。同时，林斌明确表达了对小米集团 业务前景的充分信心，并承诺将长期服务于集团。（思瀚） ...

Core Viewpoint - The consumer electronics sector is experiencing growth driven by advancements in AI technology, with companies launching innovative products that enhance user experience and functionality [1][2]. Group 1: Market Performance - As of December 29, 2025, the CSI Consumer Electronics Theme Index (931494) increased by 0.94%, with notable gains from companies such as Chipone Technology (688521) up 7.45% and Cambricon Technologies (688256) up 5.54% [1]. - The Consumer Electronics ETF (561600) rose by 0.83%, with the latest price reported at 1.22 yuan [1]. Group 2: Product Innovations - Quark AI recently launched an affordable AI glasses model, G1, priced at 1999 yuan, which offers features like voice Q&A, real-time translation, and information queries, promoting the adoption of AI glasses [1]. - Lenovo plans to unveil its first global "AI Super Intelligence" device at the 2026 CES, which will integrate across multiple devices including smartphones, PCs, tablets, and wearables, emphasizing smart collaboration capabilities [1]. Group 3: Industry Trends - According to招商证券, the AI operating system (AIOS) upgrade in 2026 is significant, with Apple expected to introduce unexpected solutions in the first half of the year, while the Android ecosystem is anticipated to diversify [2]. - The AI PC market is projected to continue its growth cycle into 2026, driven by a wave of Windows 11 upgrades and the introduction of more local AI functionalities by independent software developers [2]. - In the wearables and IoT sector, new forms of AI-enabled devices such as headphones, glasses, and home robots are becoming focal points for innovation, with products like Meta's Ray-Ban Display gaining traction in the AR market [2]. Group 4: Index Composition - As of November 28, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index (931494) include Luxshare Precision (002475), Cambricon Technologies (688256), and Industrial Fulian (601138), collectively accounting for 56.39% of the index [3]. - The Consumer Electronics ETF closely tracks the CSI Consumer Electronics Theme Index, which comprises 50 listed companies involved in component production and brand design within the consumer electronics sector [2].

（全球TMT2025年12月29日讯）近期，荣耀、小米、月之暗面、大晓机器人、网易、中国移动、苹果、三星电子、Groq、OpenAI、亚马逊、 Meta、英特尔、格芯、coupang、DXC等公司高管变动。 月之暗面联创张予彤被任命为总裁 月之暗面联合创始人张予彤已被任命为月之暗面Kimi总裁，目前张予彤主要负责公司战略与商业化，包括融资等工作。作为月之暗面创始人杨植 麟清华校友，张予彤曾在金沙江创投时期主导投资了杨植麟联合创办的循环智能，去年以联合创始人身份加入月之暗面。此前，张予彤曾投资过 小红书，无问芯穹，星海图，LibLib等科技公司。 商汤王晓刚出任大晓机器人董事长 商汤科技联合创始人、执行董事王晓刚出任大晓机器人（ACE ROBOTICS）董事长，世界级AI科学家陶大程院士担任首席科学家。 网易高管丁迎峰退休 中国 荣耀CMO郭锐离职 荣耀公司EMT成员，公司品牌营销总裁郭锐已离开荣耀。在加入荣耀之前，他曾于2017年至2021年担任华为终端大中华区CMO。2021年8月，郭 锐以创始管理团队成员身份加入独立后的新荣耀，出任品牌营销部总裁，统一管理品牌与营销体系。 小米中国区人事调整 小米近日宣布 ...

Group 1 - The index focuses on the smart electric vehicle sector, which is expected to become a representative direction for embodied intelligence, covering various industry chain links such as power systems, perception systems, decision systems, execution systems, communication systems, and vehicle production [2] Group 2 - The consumption electronics ETF, managed by E Fund, tracks the CSI Consumption Electronics Theme Index, which focuses on AI hardware as a major category of smart terminal products, including companies involved in component production and complete machine brand design and manufacturing [4] - As of the midday close, the CSI Consumption Electronics Theme Index increased by 1.4% [4]

小米联合创始人林斌再次计划减持。 12月28日，小米（1810.HK）公告称，获公司联合创始人、执行董事、副董事长林斌通知，林斌计划自2026年12月开始，在符合相关法律法规以及香港联 合交易所有限公司证券上市规则相关要求的前提下，每12个月出售金额不超过5亿美元的本公司B类普通股，累计出售总金额不超过20亿美元的本公司B类 普通股。 小米指出，林斌减持计划所得款项主要用于成立投资基金公司。林斌对本集团业务前景充满信心并将长期服务于本集团。 根据小米2025年中期报告披露，林斌直接或间接持有小米约18.81亿股B类股份以及约4.49亿A类股票，按照最新股价39.22港元计算，持有市值约913.83亿 港元。 小米集团官网信息显示，林斌2010年和雷军一起共同创办公司，出任公司总裁直至2019年，之后出任副董事长。证券时报记者注意到，在小米集团管理层 排名中，林斌位居第二位，仅次于创始人、董事长兼CEO雷军。 事实上，这并非林斌首次减持小米，此前他已累计套现超85亿港元。 早在2019年8月，林斌曾连续减持小米股票，合计卖出4131.34万股，套现约3.7亿港元。随后，小米集团发布公告称，收到林斌的承诺函，承诺 ...