基带芯片是一种用于无线电传输和接收数据的数字芯片，是移动通信设备的基础元器件，主要的功能是 把数据变成天线可以发出的电磁波，再把接收到的电磁波解码成所需要的数据。 基带芯片技术壁垒高，需要长期累积，因此全球只有极少数厂家拥有此项技术，如高通、联发科、三 星、紫光展锐和英特尔。高通是其中的主导者，并为苹果iPhone产品生产组件。截至目前，苹果大部分 机型在基带上依旧使用高通产品，但最终苹果的目的是全面摆脱高通基带。 每经记者｜王晶 每经编辑｜文多 今年以来，苹果在自研基带芯片上持续发力。继2月在主打中端市场的iPhone 16e上首次搭载自研基带芯 片C1后，本月发布的 iPhone Air也采用了升级版C1X。这意味着，苹果正逐步摆脱对高通在基带领域的 依赖。同时，外界也认为这将给高通的财务带来一定的影响。 9月24日，《每日经济新闻》记者就如何应对苹果自研基带芯片带来的影响，采访了高通中国区董事长 孟樸。他介绍："苹果用自研芯片，时间表都是透明的，我们2027年以后的规划里面没有苹果（有关） 生意的部分。从高通来讲有两个方面（的应对思路）：怎么能更多地（与）安卓厂商加强合作，以此取 代iOS的份额；另一方 ...

Core Viewpoint - As of August 25, 2025, the stock price of Blue Shield Optoelectronics is reported at 27.44 yuan, reflecting a decrease of 0.90% from the previous trading day [1] Company Overview - Blue Shield Optoelectronics specializes in the manufacturing of instruments and meters, with involvement in aerosol detection and other related fields [1] - The company holds a stake in Shanghai Star Semiconductor Co., Ltd., which primarily focuses on baseband chip design [1] Business Applications - Currently, Blue Shield Optoelectronics has indicated that its business is not yet applied in the smartphone sector [1] - The related chips from the invested company, Shanghai Star Semiconductor, are applicable in products such as 5G CPE, satellite smartphone prototypes, and low-orbit satellite communication terminals [1] Market Activity - On August 25, 2025, the trading volume for Blue Shield Optoelectronics was 134,739 hands, with a transaction amount reaching 368 million yuan, resulting in a turnover rate of 8.90% [1]

Core Viewpoint - The company, Blue Shield Optoelectronics (300862), currently does not apply its business to smartphones, but has a stake in Shanghai Star Semiconductor, which designs baseband chips applicable to various advanced communication products [1] Group 1 - The company has clarified that its current business operations are not involved in the smartphone sector [1] - Shanghai Star Semiconductor, a company in which Blue Shield Optoelectronics holds a stake, specializes in baseband chip design [1] - The baseband chips designed by Shanghai Star Semiconductor can be utilized in products such as 5G CPE, satellite smartphone prototypes, low-orbit satellite communication terminals, satellite IoT terminals, and satellite joint measurement terminals [1]

Group 1 - The company Blue Shield Optoelectronics stated on August 20 that its current business does not involve commercial aerospace construction [1] - The company's affiliated entity, Shanghai Star Semiconductor Co., Ltd., is a baseband chip design company [1] - The relevant chips designed by the affiliated company can be applied in products such as 5G CPE, satellite smartphone prototypes, low-orbit satellite communication terminals, satellite IoT terminals, and satellite joint measurement terminals [1]

Core Viewpoint - The company, Blue Shield Optoelectronics (300862.SZ), has stated that its current business does not involve commercial aerospace construction [1] Group 1: Business Operations - The company has a stake in Shanghai Star Thinking Semiconductor Co., Ltd., which is a baseband chip design company [1] - The related chips can be applied in various products, including 5G CPE, satellite smartphone prototypes, low-orbit satellite communication terminals, satellite IoT terminals, and satellite joint measurement terminals [1]

Core Viewpoint - Qualcomm reported its Q3 earnings for the period ending June 29, 2023, showing a revenue of $10.365 billion, a 10% year-over-year increase, but below analyst expectations of $10.62 billion. Adjusted net profit was $2.67 billion, up 25% year-over-year. Despite solid growth, Qualcomm's stock fell 4.7% post-earnings due to concerns over its smartphone chip business and potential revenue impacts from Apple's shift to in-house modem chips [2][5]. Group 1: Financial Performance - Qualcomm's QCT (Qualcomm CDMA Technologies) segment generated $8.993 billion in revenue, a year-over-year increase of 11%. Revenue from smartphone chips was $6.328 billion, up 7%, slightly below analyst expectations of $6.48 billion. Automotive chip revenue was $984 million, up 21%, while IoT revenue grew 24% to $1.681 billion [3][4]. - The QTL (Qualcomm Technology Licensing) segment reported revenue of $1.318 billion, a 4% year-over-year increase [4]. Group 2: Business Diversification - Qualcomm's diversification strategy is showing results, with automotive and IoT revenues reaching $2.665 billion, accounting for approximately 30% of QCT revenue. This growth in niche markets helps reduce Qualcomm's reliance on smartphone business [4]. - CEO Cristiano Amon expressed confidence in the company's diversification strategy and long-term revenue goals [4]. Group 3: Competitive Landscape - Apple is accelerating its move away from Qualcomm, having introduced its first in-house modem chip, C1, in the iPhone 16e. This shift raises concerns about future revenue impacts for Qualcomm [5][8]. - Qualcomm is preparing for a potential complete transition of Apple to in-house modem chips, focusing on growth from Android and other emerging markets [8].

Macro Strategy - The economic resilience in May is highlighted by a year-on-year industrial added value growth of 5.8% and a service production index growth of 6.2%, indicating a slight weakening in industrial supply and a slight strengthening in the service sector [1][18] - Retail sales increased by 6.4% year-on-year, surpassing the previous month's growth by 1.3 percentage points, while fixed asset investment showed a cumulative year-on-year growth of 3.7%, down 0.3 percentage points from the previous month [1][18] - The report identifies three distinct economic narratives: (1) sectors supported by policy, such as infrastructure and durable goods consumption, (2) new productive forces with strong endogenous momentum, and (3) real estate and non-subsidized consumption, which are relatively weaker [1][18] Industry Insights - The solid-state battery industry is accelerating its 0-1 industrialization, with significant policy support and application advancements, including the establishment of a standard system for solid-state batteries by the Ministry of Industry and Information Technology [9][10] - Equipment manufacturers are expected to benefit from the ongoing optimization and iteration of solid-state battery production equipment, with companies like Xianlead Intelligent and Winbond Technology actively advancing their equipment layouts [10] - The report emphasizes the importance of self-research in baseband chips for major manufacturers, as it is crucial for brand influence and achieving competitive technological levels [12][13] Financial Products - The Guangfa CSI Hong Kong Stock Connect Non-Bank ETF (513750.SH) is noted for its strong liquidity and active trading, with a net subscription of 4.74 million units in Q1 2025, reflecting increasing market interest [11] - The ETF has demonstrated excellent performance with a cumulative return of 22.1% and an annualized return of 49.2%, positioning it favorably among non-bank financial products [11] Recommendations - The report recommends companies in the oil service equipment and gas turbine sectors to benefit from high oil prices, highlighting firms like Jereh and Neway as key players [14] - In the real estate sector, it suggests focusing on companies like China Resources Land and Poly Developments, which are expected to stabilize and recover in the current market environment [14] - The report also identifies opportunities in the gas industry, particularly for companies with strong long-term contracts and cost advantages, such as New Hope Energy and China Gas [15]