生态构建 将RISC-V开源生态纳入专项支持政策，先行开放20余个城市应用场景，全球首个基于RISC-V架构的 RDSA产业联盟成立 珠海拥有全志科技、炬芯、中科蓝讯等一批市场化和产业化能力很强的企业，涵盖平板、蓝牙耳机、音 频产品等细分领域 未来蓝图 今年以来，珠海全力打造国家级RISC-V生态创新中心——粤港澳大湾区RISC-V开源生态发展中心 02·头条 产业基础 ...

进入小程序领取补贴 （上下详情↓） 福利抢先看 活动时间：2025年11月20日-12月31日。 参与平台：微信搜索"乐购湖北""荆彩无限"直达原"湖北以旧换新"小程序，或登录淘宝天猫、唯品会的"湖北专区"。 核心福利：政府出资1个亿，叠加企业补贴，超2亿现实巨惠，买得多省得多，先到先得，用完即止。 补贴详解 总有一款适合你 | 家电专区 | | | | | --- | --- | --- | --- | | 电视机 | 발 冰箱 | 洗衣机 | 空调 | | 电脑 | 热水器 | 抽油烟机 | 燃气灶 | | 00 微波炉 | 10 净水器 | 洗碗机 | 电饭煲 | | 3C数码专区 | | | | | 手机 | 平板 | 手表 | | | 1.家电焕新·巨惠到家 | | --- | | 覆盖12大类：空调、电视机、冰箱（含冷柜）、洗衣机（含洗烘一体）、抽油烟机、燃气灶、热水器、电脑、微波炉、净水器、洗碗机、电饭煲等统统涵 盖！ | | 补贴给力：单品满1500元立享20%补贴，单件最高省1000元！ | | 次数加码：同一品类每人最高可享3次补贴，换新无忧！ | | 2.数码潮流·极速体验 | | 覆盖 ...

机构：平安证券 研究员：王德安/王跟海/杨钟/徐勇 事项： 智能手机业务受存储涨价，2026 年成本端略有压力。三季度公司手机出货量超过4300 万台（同比 +0.5%），智能手机业务营收达到460 亿元（同比-3.1%），营收端下降主要是由于智能手机ASP 下降所 致，三季度公司智能手机ASP 达到1062.8 元（同比-3.6%），海外市场ASP 下降对公司手机业务造成一 定压力，但部分被中国大陆高端智能手机出货量占比提高带动ASP 上升抵消。毛利率方面，三季度公 司智能手机业务毛利率为11.1%，同比下降约0.6 个百分点。展望后续，受全球内存市场持续涨价的影 响，我们预计公司智能手机、平板、笔记本电脑在2026 年或将面临成本端的压力，其毛利率将有所承 压。 三季度IoT 与生活消费品业务营收增速回落，主要是由于国补退坡导致智能大家电收入同比减少。三季 度IoT 业务营收达到276 亿元，同比增加5.6%。其中若干生活消费产品收入同比增加20.4%，可穿戴产 品收入同比增加22.5%，智能大家电收入同比减少15.7%，这主要是由于中国大陆出货量因国家补贴退 坡及竞争加剧而减少。小米智能家电工厂已正式竣 ...

Core Viewpoint - The company, Deep Tianma A, announced on November 20 that the target market for the 8.x generation AMOLED production line is primarily focused on medium-sized IT products such as tablets and laptops [1] Group 1: Market Focus - The industry is concentrating on medium-sized displays for IT products, including tablets and laptops [1] - The company is closely monitoring market developments in this area [1] Group 2: Technology Development - The company is actively promoting flexible OLED technology in the automotive and IT sectors for medium-sized displays [1] - Future new line layouts will be determined based on the company's strategic planning and market demand [1]

Investment Rating - The report maintains a "Recommended" investment rating for Xiaomi Group-W (1810.HK) [1][6]. Core Insights - In Q3 2025, Xiaomi achieved a revenue of 113.1 billion yuan, representing a year-on-year increase of 22.3%, with an adjusted net profit of 11.3 billion yuan, up 80.9% year-on-year [3]. - The automotive business turned profitable in Q3, with a delivery volume of 108,796 units, a year-on-year increase of 173.4%, and automotive revenue reaching 28.3 billion yuan, up 197.9% year-on-year [5]. - The smartphone business faced pressure from rising storage costs, with Q3 smartphone shipments exceeding 43 million units, a slight increase of 0.5% year-on-year, and revenue of 46 billion yuan, down 3.1% year-on-year [5]. - The IoT and consumer products segment saw a revenue increase of 5.6% year-on-year, with smart home appliances experiencing a decline due to reduced government subsidies [5]. Financial Projections - Revenue projections for Xiaomi are set at 365.9 billion yuan for 2024, 471.1 billion yuan for 2025, and 601.1 billion yuan for 2026, with year-on-year growth rates of 35.0%, 28.7%, and 27.6% respectively [4][11]. - Net profit forecasts are adjusted to 44.1 billion yuan for 2025, 52.4 billion yuan for 2026, and 65.3 billion yuan for 2027, reflecting a significant increase from previous estimates [6][11]. - The gross margin for the automotive business reached 25.5% in Q3, while the smartphone business gross margin was 11.1%, down approximately 0.6 percentage points year-on-year [5]. Key Financial Ratios - The report highlights a projected return on equity (ROE) of 19.0% for 2025, with a price-to-earnings (P/E) ratio of 21.9 and a price-to-book (P/B) ratio of 4.2 [4][11].

东海证券认为，10月份全球半导体需求持续改善，PC、平板保持小幅增长，TWS耳机、可穿戴腕式设 备、智能家居快速增长，AI服务器保持高速增长，需求在11月或将继续复苏。供给端看，尽管短期供 给仍相对充裕，企业库存水位较高，但已出现下降趋势，同时整体价格涨幅扩大，预计11月供需格局将 继续向好。当前全球AI算力投入仍在大幅增长，存储结构性缺货局面仍在持续。短期内外部政策下， 部分依赖美国进口的产业成本高升，长期来看，半导体国产化有望继续加速。 平安证券认为，1)2025年，在AIGC和消费类下游需求向好的加持下，半导体行业将继续向好发展，同 时我国半导体产业国产化进程有望进一步提速。2)国内半导体行业正掀起并购热潮，产业链多领域企业 纷纷布局收并购计划，推动行业加速迈向新阶段。并购覆盖半导体材料、设备、EDA、封装、芯片设 计等各个领域。企业通过横向并购扩大规模、纵向并购完善产业链，国内半导体产业格局在重塑。 第二十七届高交会亚洲半导体与集成电路产业展于11月14日至16日在深圳举办。 ...

Core Insights - Central Huijin's significant investments in high-profit consumer stocks indicate a strategic focus on undervalued, high-net-margin companies in the consumer sector [3][5][10] Group 1: Central Huijin's Investment Strategy - Central Huijin holds over 3 trillion yuan in assets and has invested in 152 stocks, with a total market value of 3.02 trillion yuan as of Q1 2025 [3] - The investment strategy emphasizes large-cap stocks and industry leaders, particularly those with strong profitability and dividend levels [3][10] - The consumer sector is highlighted as a key area of focus, with a notable recovery in the CPI and core CPI, signaling a potential resurgence in consumer spending [3][5] Group 2: Performance of Key Consumer Stocks - Leading companies in the liquor industry, such as Kweichow Moutai, have exceptionally high profit margins, with a gross margin of 91.9% and a net margin of 52.2% [5] - Other prominent liquor brands like Wuliangye and Luzhou Laojiao also exhibit strong profitability, with net margins of 38% and 47% respectively [5] - In the home appliance sector, Midea Group shows a net margin of 10.64% and a price-to-earnings ratio of 12.1, indicating solid financial health [5] Group 3: Retail and Consumer Electronics - Retail companies like Dashang Group and Chongqing Department Store have net margins of 10.24% and 8.62%, respectively, showcasing their profitability [7] - The consumer electronics sector is experiencing a rebound, driven by new product categories such as AI smartphones and smart wearables, supported by recent subsidy policies [8] - The resilience of leading consumer companies is evident, with the CSI Consumer 50 Index constituents showing a 19.82% year-on-year increase in net profit for the first three quarters of 2025 [10] Group 4: Market Valuation and Future Outlook - The CSI Consumer 50 Index is currently at a historical low valuation, with a price-to-earnings ratio of 17.39, indicating potential for growth [10] - The average dividend yield of the index's constituents is 3.84%, surpassing the yield of ten-year government bonds, making it an attractive investment [10] - Continued government support for consumer spending, including subsidies for appliances and vehicles, is expected to drive growth in the retail sector [8][10]

Group 1: Core Concept - The DOE (Department of Energy) certification aims to promote energy efficiency and reduce energy consumption in electronic and electrical products, thereby contributing to lower energy demand and mitigating greenhouse gas emissions [1]. Group 2: Products Requiring DOE Certification - Products that require DOE certification include small battery charging systems (e.g., Bluetooth headphones, smartphones), power supplies (e.g., chargers), televisions, audio/video devices (e.g., DVD players), information devices (e.g., set-top boxes), transformers, household appliances (e.g., refrigerators, air conditioners), motors, and bathroom products (e.g., faucets, toilets) [4][5][6][7][8][9][10][12]. Group 3: Water Efficiency Requirements - The DOE mandates water efficiency standards for bathroom products, with specific flow rate limits: - Bathroom/kitchen faucets: maximum flow rate of 2.2 gallons per minute (approximately 8.3 liters per minute) at a pressure of 60 psi (414 kPa) [13]. - Showerheads: maximum flow rate of 2.5 gallons per minute (approximately 9.5 liters per minute) at a pressure of 80 psi (552 kPa) [13]. - Urinals: maximum water usage of 1.6 gallons (approximately 6.0 liters) per flush for trough urinals [14]. Group 4: DOE Certification Process - The certification process involves several steps: 1. Confirm if the product falls under DOE certification requirements. 2. Prepare necessary documentation and samples, including specifications and circuit diagrams. 3. Select a compliance organization and apply for certification services. 4. Conduct sample testing for energy efficiency. 5. Obtain a detailed energy efficiency test report from the laboratory. 6. Register with the DOE by submitting the test report and required information online. 7. Update the Amazon backend with certification documents and energy efficiency labels [16].

Core Viewpoint - TCL Technology held a performance briefing for Q3 2025 on October 31, highlighting significant growth in various business segments driven by the T9 production line and product optimization [1] Group 1: Business Performance - The T9 production line's capacity ramp-up and product structure optimization have greatly enhanced the company's overall competitiveness [1] - In the IT sector, MNT sales increased by 10% year-on-year, maintaining a leading position in the esports market [1] - Notebook (NB) sales surged by 63% year-on-year, indicating strong growth momentum [1] Group 2: Market Share and Rankings - In the mobile terminal sector, LCD smartphone shipments rose by 28% year-on-year, with market share increasing by 4 percentage points to 14% [1] - The tablet market share reached 13%, up by 6 percentage points year-on-year, with the global ranking improving from fifth to second [1] - The automotive display segment saw a 47% year-on-year increase in shipment area, with market share rising by 3 percentage points to 11% [1] Group 3: Future Outlook - The T9 production line is expected to continue contributing positively to the company's performance, with anticipated improvements in profitability driven by product structure optimization and operational efficiency [1]

Core Points - The Guangdong provincial government has launched the "Enjoy Warm Winter, Travel Guangdong" consumption season activity, which will run from November 1, 2025, to the end of March 2026 [1] - The initiative includes the distribution of "Guangdong Quality Products Purchase" vouchers for consumers purchasing various categories of products, including new energy vehicles, home appliances, electronic products, and sports equipment [1] Group 1 - The consumption season aims to stimulate local economic activity through targeted subsidies and promotions [1] - Specific details of the program will be formulated by the provincial government, with local cities responsible for implementation [2] - Participating enterprises are encouraged to offer additional discounts based on valid credentials such as sports event tickets [2]