消息面上，据RoboSense速腾聚创官方信息，真正的机器人操作之眼AC2将在CES2026中面向全球机器 人市场展出。据悉，AC2是业界首款同时集成全固态dToF激光雷达、双目RGB相机、IMU的超级传感器 系统，将帮助目前机器人突破跨复杂场景精细操作难题，可广泛应用于人形机器人、仓储AGV、家庭 机器人、数字孪生等场景。 速腾聚创(02498)涨超4%，截至发稿，涨4.12%，报38.96港元，成交额4.01亿港元。 国信证券指出，车端，受益于ADAS及高阶智驾快速发展，公司在手订单充沛。目前，公司已累计获得 32家车企及Tier1的144款车型定点。机器人端，公司依托硬件、芯片、AI等技术，为机器人提供增量零 部件及解决方案。国盛证券（002670）认为AC系列打开长期增长空间，看好速腾聚创激光雷达产品的 订单需求和商业化潜力。 ...

丘钛科技 20251217 摘要 秋泰科技摄像头模组业务增长显著，尤其 3,200 万像素以下模组受益于 韩系客户合作，成为其最大供应商，虽目前集中于低端项目，但未来有 望拓展至中高端，越南工厂奠基进一步加强合作紧密度。 指纹识别模组出货量同比增长 31.3%至 1.84 亿颗，超声波指纹识别模 组占比提升至 30%以上，月均出货超 500 万颗，产品规格和数量提升 有助于提高产能利用率和盈利能力。 非手机摄像头模组业务增长迅猛，月均出货超 300 万颗，11 月创 370 万颗新高，1-11 月同比增长 111%，远超预期，上半年收入占比已达 23.9%，有望实现五年战略目标，IoT 领域核心大客户销售强劲，垂直 整合供应商地位稳固。 车载业务下半年表现突出，单月出货达七位数，改善盈利能力，与关键 客户合作紧密并获交付奖项，拓展至激光雷达产品，预计 2026 年贡献 车载业务。 垂直整合方面，新巨科技在 IoT 业务上取得突破，获北美核心客户项目 认证。实控人收购 TDK 全球马达业务预计 2026 年一季度完成，关联交 易采购金额提升，反映高端产品需求增长及终端客户认证。 Q&A 秋泰科技在手机摄像头模组 ...

Core Viewpoint - The report from Dongxing Securities highlights that Huace Navigation, a leader in high-precision navigation applications, is poised to benefit from the "15th Five-Year Plan" and the Beidou system's advantages, with self-developed chips and new product innovations solidifying its lead in both domestic and international markets [1] Revenue Growth Projections - The company is expected to achieve revenue growth rates of 22.6%, 20.2%, and 18.4% for the years 2025, 2026, and 2027 respectively [1] - Corresponding net profits attributable to the parent company are projected to be 742 million yuan, 933 million yuan, and 1.158 billion yuan for the same years [1] Market Position and Product Reception - The successful expansion into overseas markets and positive market response to new RTK measurement products and LiDAR products reinforce the company's competitive position [1] - The industry in which Huace Navigation operates is characterized by long-term growth potential, supported by the company's effective scientific management mechanisms [1] Valuation and Target Price - Based on the valuation of the CSI 500 index and the communication equipment industry index, the company is assigned a price-to-earnings ratio (PE) of 30X-35X for 2026 [1] - This corresponds to a target price range of 35.7 to 41.7 yuan, indicating a potential upside of 16% to 36% from the current market capitalization [1] Investment Recommendation - The report initiates coverage with a "Buy" rating for the company, reflecting confidence in its growth trajectory and market positioning [1]

Core Viewpoint - The company has confirmed that its lidar products for optical recognition in intelligent driving have been sent for verification and small batch supply to downstream module manufacturers and end automotive companies [1] Group 1 - The company is actively engaging with the intelligent driving sector through its lidar products [1] - The lidar products have reached the stage of sample verification and small-scale supply [1]

Core Viewpoint - Company Sanan Optoelectronics (600703.SH) has begun sample verification and small batch supply of its lidar products for intelligent driving optical recognition to downstream module manufacturers and terminal automotive companies [1] Group 1 - The company is actively engaging with downstream module manufacturers and automotive companies for its lidar products [1] - The lidar products are specifically designed for the intelligent driving optical recognition sector [1]

Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,990.49, down 0.97%, and the Shenzhen Component Index at 13,216.03, down 1.93% [2] Industry Commentary - The non-bank financial sector is experiencing a positive trend, with the capital market's dual opening deepening and broker fundamentals improving [4][7] - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention and high-quality development while planning more substantial opening measures for the capital market [7] - Brokerages have seen significant improvements in performance in Q3 2025, with expectations for steady growth through both external and internal development strategies [7] Company Performance Yuanyuan Group - In Q3 2025, Yuanyuan Group reported revenues of $6.017 billion, a year-on-year decrease of 1.0%, and a net profit of $279 million, down 16.0% [6][9] - The company maintains its profit forecast for 2025-2027, expecting revenues of $8.135 billion, $8.588 billion, and $9.051 billion, with corresponding net profits of $353 million, $380 million, and $411 million [9] Huace Navigation - Huace Navigation reported a revenue of $2.618 billion in Q1-Q3 2025, reflecting a year-on-year increase of 15.47%, with a net profit of $493 million [11] - The manufacturing business saw a revenue of $4.232 billion, up 2.3%, with a production capacity utilization rate of 93% [11] Investment Recommendations - The report suggests focusing on investment opportunities in the brokerage sector due to improving fundamentals and potential for growth [7] - For Yuanyuan Group, the recommendation is to maintain a "Buy-A" rating based on its stable profit forecasts and market positioning [9] - The report highlights the importance of companies with technological barriers and clinical implementation capabilities in the brain-computer interface sector, suggesting a "Buy-A" rating for key players [15]

Core Viewpoint - The company has confirmed that its laser radar products are a key technology and product, utilized in various applications such as terrain surveying, power inspection, power line surveying, and riverbed morphology measurement [1] Summary by Categories Product Performance - The company has received inquiries regarding the sales performance of its laser radar products and whether its production capacity is sufficient [1] Applications - Laser radar technology is applied in multiple business areas including terrain surveying, power inspection, power line surveying, and riverbed morphology measurement [1] Communication with Investors - The company encourages investors to refer to its periodic reports for detailed information regarding its technology products [1]

Core Insights - Yuwei Optics has successfully won the bid for the first "Leading Technology" project from China Coal Technology and Engineering Group, focusing on the "Mine Anti-Seismic Radar and Sensor Integration" technology [1] - The company specializes in the research and industrialization of LiDAR and optical sensing technologies, holding over 200 core intellectual property rights and achieving industry-leading levels in key metrics such as distance measurement, precision, and speed [1] - Yuwei Optics has established stable partnerships with major state-owned enterprises, including China National Railway Group, State Power Investment Corporation, and Sinopec, indicating strong market presence [1] Company Overview - Yuwei Optics has eight core technology platforms covering high-speed hardware, precision optics, and spatial algorithms, enabling customized LiDAR products for various industries [1] - The company's products are widely used in smart highways, industrial automation, electric power, and smart cities, showcasing its diverse application range [1] Industry Context - The Nanshan Zhiyuan Chongwen Park, where Yuwei Optics is located, is a key high-tech industrial cluster in Nanshan District, focusing on cutting-edge industries such as integrated circuits and artificial intelligence, providing a significant development platform for innovative companies [1] - The successful bid reinforces Yuwei Optics' market position in the high-end sensing field and supports the goal of achieving "transparent mining" [1]

Core Viewpoint - Hesai Technology (02525) announced a global offering of approximately 19.55 million shares, with a share price of HKD 212.80, raising about HKD 4.005 billion [1] Group 1: Offering Details - The offering consists of 10% for public sale in Hong Kong and 90% for international sale [1] - The public offering in Hong Kong was oversubscribed by 168.65 times, while the international offering was oversubscribed by 14.09 times [1] Group 2: Trading Information - Trading on the Hong Kong Stock Exchange is expected to commence on September 16, 2025, at 9:00 AM [1] - Class B ordinary shares will be traded in lots of 20 shares, with the stock code 2525 [1]

Core Viewpoint - Hesai Technology (HSAI.US) shares rose over 5%, reaching $29.2, following the announcement of its Hong Kong IPO pricing at HK$212.8 per share, aiming to raise at least HK$36.2 billion [1] Summary by Categories IPO Details - Hesai Technology's Hong Kong IPO is priced at HK$212.8 per share [1] - The company aims to raise a minimum of HK$36.2 billion through this IPO [1] Subscription and Demand - The total margin financing for Hesai Technology reached approximately HK$468 billion [1] - The public offering portion is expected to raise HK$3.88 billion, with the overall subscription being oversubscribed nearly 120 times [1]