期数： 2 0 2 5年11月刊 分类： 会员服务—触控技术月度市场发展趋势概况 主题： 2 0 2 5年三季度消费电子市场持续回暖，触控显示上市公司业绩整体向好 概要： 内容涵盖全球主要触控显示行业上市公司2 0 2 5年三季度营收以及营业利润数据变化情 况，并对其关键业务进行概括说明。 2 . Q3 ' 2 5触控显示行业上市公司营收及营业利润情况对比 3 . Q1 ' 2 3 -Q3 ' 2 5长信科技营收、营业利润趋势及主营业务构成 4 . Q1 ' 2 3 -Q3 ' 2 5联创电子营收、营业利润趋势及主营业务构成 5 . Q1 ' 2 3 -Q3 ' 2 5业成光电营收、营业利润趋势及主营业务构成 6 . Q1 ' 2 3 -Q3 ' 2 5宸鸿科技营收、营业利润趋势及主营业务构成 7 . Q1 ' 2 3 -Q3 ' 2 5莱宝高科营收、营业利润趋势及主营业务构成 8 . Q1 ' 2 3 -Q3 ' 2 5蓝黛科技营收、营业利润趋势及主营业务构成 9 . Q1 ' 2 3 -Q3 ' 2 5蓝思科技营收、营业利润趋势及主营构成 1 0 . Q1 ' 2 3 -Q3 ' 2 5信濠光电营收、营业 ...

| | 地区 | 2025 | 2024 | 增量 | 名义 | | --- | --- | --- | --- | --- | --- | | | | 前三季度 | 前三季度 | | 增长率 | | ー | 上海市 | 40721.17 | 38716 | 2005.17 | 5.18% | | 2 | 北京市 | 38415.9 | 36393.2 | 2022.7 | 5.56% | | 3 | 深圳市 | 27896.44 25934.28 | | 1962.16 | 7.57% | | 4 | 重庆市 | 24449.36 | 23347 | 1102.36 | 4.72% | | 5 | 广州市 | 23265.65 22149.95 | | 1115.7 | 5.04% | | 6 | 成都市 | 18226.86 16734.18 | | 1492.68 | 8.92% | | 7 | 天津市 | 13416.08 | 13056 | 360.08 | 28 向前景 | 区域经济的竞争，从来不只是数字的比拼，更是战略布局与产业动能的深度较量。2025年前三季度GDP数据近日揭晓，上海、北京、深 ...

中国证监会要求华勤技术补充说明三点事项。 一是，说明实际控制人支配的股东持有公司的股份存在质押的具体情况，并结合偿债能力等情况说明本次发行完成前后，股份质押情况是否可能导致控制权 发生变化，是否构成《境内企业境外发行证券和上市管理试行办法》第八条规定的境外发行上市禁止性情形。 二是，按照《监管规则适用指引——境外发行上市类第2号：备案材料内容和格式指引》要求说明本次发行上市方案，以及募集资金的境内外具体用途及相 应比例，是否涉及具体的募投项目，是否已履行必要的审批、核准或备案程序。 三是，说明公司及下属公司业务涉及智能驾驶辅助控制器的具体情况及产品用途。 资料显示，华勤技术成立于2005年，是一家专业从事智能硬件产品的研发设计、生产制造和运营服务的平台型公司。公司产品线涵盖智能手机、笔记本电 脑、平板电脑、智能穿戴、AIoT产品及服务器等智能硬件产品。 今年9月初，华勤技术实际控制人邱文生在业绩说明会明确表示，港股市场上市会为公司带来几个层面的协同，包括"向国际资本市场传递华勤的核心价值， 促进国际业务拓展，提升全球范围内影响力"，以及"搭建国际资本运作平台"，"有助于公司在后续再融资、海外收并购等项目上的稳 ...

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 article discusses the significant administrative restructuring in Chongqing, where the two existing districts, Jiangbei and Yubei, have been merged into the newly established Liangjiang New Area, marking a transition from an economic function zone to an official administrative district [5][6][9]. Group 1: Administrative Restructuring - On November 6, Chongqing announced a major administrative restructuring approved by the State Council, merging Jiangbei and Yubei districts into Liangjiang New Area, reducing the total number of districts from 38 to 37 [6]. - Liangjiang New Area, previously an economic function zone, now serves as a formal administrative district, addressing issues of management overlap and fragmentation that hinder regional development [9][10]. - The new Liangjiang New Area covers approximately 1,360 square kilometers and has a population of about 3.52 million, with a projected GDP exceeding 600 billion yuan, positioning it as the largest economic and population center in the central and western regions of China [10]. Group 2: Economic Significance - The restructuring is seen as a strategic move to enhance Chongqing's role as a "strong provincial capital," similar to Chengdu, which has seen significant economic growth and population influx due to its provincial capital status [12][13]. - Liangjiang New Area contributes around 20% of Chongqing's GDP while occupying less than 2% of the city's area, highlighting its importance as the economic heart of the city [14][15]. - The area is home to key infrastructure such as Jiangbei International Airport and Guoyuan Port, making it a central hub for Chongqing's development as an inland open gateway [15]. Group 3: Industrial Development - Chongqing's manufacturing sector is robust, producing nearly 50% of the world's laptops and ranking second in automotive production in China, with significant contributions from companies like Changan and Seres [16][17]. - The city is implementing a "33618" modern manufacturing cluster system, focusing on three trillion-level leading industries, three five-hundred billion-level supporting industries, six thousand billion-level characteristic industries, and eighteen emerging industries [18]. - Liangjiang New Area is pivotal in this strategy, housing two of the three leading trillion-level industries: intelligent connected new energy vehicles and next-generation electronic information manufacturing [20]. Group 4: Automotive and Electronics Industry - As the heart of Chongqing's automotive industry, Liangjiang New Area is expected to produce 1.25 million vehicles in 2024, with nearly 580,000 of those being new energy vehicles, accounting for about 58% of the city's total output [21][22]. - The area is also a hub for the new generation of electronic information manufacturing, with a complete industrial chain from display panels to smart terminals, driven by companies like BOE and Unisoc [26][28]. - The integration of the automotive and electronics sectors is anticipated to create a synergistic effect, particularly in the development of intelligent connected vehicles, which is projected to become a trillion-yuan market by 2025 [29][30].

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].

中经记者 陈佳岚 广州报道 全球消费电子市场的未来前景正因存储价格的飙升而蒙上阴影。存储元器件价格持续攀升，以智能手 机、笔记本电脑为代表的消费电子产品未来生产出货预期被下调。 11月17日，《中国经营报》记者从TrendForce集邦咨询获悉，该机构下修2026年全球智能手机及笔记本 电脑的生产出货预测，从原先的年增0.1%及1.7%，分别调降至年减2%及2.4%。 根据TrendForce集邦咨询的观点指出，2026年全球市场仍面临不确定性，通胀持续干扰消费市场表现， 更关键的是，存储器步入强劲上行周期，导致整机成本上扬，并将迫使终端定价上调，进而冲击消费市 场。基于此，下修手机和笔记本电脑2026年的生产出货量预测。此外，该机构表示，若存储器供需失衡 加剧，终端产品售价上调幅度或超出预期，生产出货预测仍有进一步下修风险。 存储价格持续上涨 终端厂商被传暂缓采购 存储芯片市场价格持续上涨不仅向终端产品定价传导压力，也引发了市场对终端厂商采购策略的关注。 近日，有媒体报道称，多家手机厂商已经暂缓了本季度的存储芯片采购，小米、OPPO、vivo等厂商相 关库存普遍低于两个月，部分厂商DRAM（动态随机存取存储 ...

全球消费电子市场的未来前景正因存储价格的飙升而蒙上阴影。存储元器件价格持续攀升，以智能手 机、笔记本电脑为代表的消费电子产品未来生产出货预期被下调。 11月17日，《中国经营报》记者从TrendForce集邦咨询获悉，该机构下修2026年全球智能手机及笔记本 电脑的生产出货预测，从原先的年增0.1%及1.7%，分别调降至年减2%及2.4%。 根据TrendForce集邦咨询的观点指出，2026年全球市场仍面临不确定性，通胀持续干扰消费市场表现， 更关键的是，存储器步入强劲上行周期，导致整机成本上扬，并将迫使终端定价上调，进而冲击消费市 场。基于此，下修手机和笔记本电脑2026年的生产出货量预测。此外，该机构表示，若存储器供需失衡 加剧，终端产品售价上调幅度或超出预期，生产出货预测仍有进一步下修风险。 存储价格持续上涨终端厂商被传暂缓采购 存储芯片市场价格持续上涨不仅向终端产品定价传导压力，也引发了市场对终端厂商采购策略的关注。 近日，有媒体报道称，多家手机厂商已经暂缓了本季度的存储芯片采购，小米、OPPO、vivo等厂商相 关库存普遍低于两个月，部分厂商DRAM（动态随机存取存储器）库存低于三周，在犹豫是否接 ...

编辑：王永乐 广告等商务合作，请点击这里 二是外贸"朋友圈"越来越大。2025年前10个月，东盟为重庆第一大贸易伙伴，重庆对东盟进出口1096.2 亿元，同比增长24.5%。同期，对共建"一带一路"国家进出口2960.9亿元，同比增长13.7%。 三是西部陆海新通道进出口快速增长。2025年前10个月，重庆经西部陆海新通道进出口450.3亿元，同 比增长1.9倍。 四是出口量稳质升势头巩固。2025年前10个月，重庆笔记本电脑出口1263.2亿元，出口值保持全国第1 位；手机、汽车、摩托车等传统优势产品出口继续上行，分别出口478.5亿元、402.2亿元、219.1亿元， 同比分别增长43.5%、13.6%、33.7%。(完) 来源：中国新闻网 前10月重庆外贸进出口近6500亿元 同比增12.2% 中新网重庆11月18日电 (张旭)重庆海关18日发布消息称，据统计，2025年前10个月，重庆外贸进出口总 值6490.6亿元(人民币，下同)，同比增长12.2%。 据重庆海关介绍，2025年前10个月，重庆外贸进出口主要有四个方面的特点。 一是外贸主体活力持续增强。2025年前10个月，有进出口实绩的企业首次超 ...

Core Viewpoint - The storage chip market is experiencing a significant price surge, driven by increased demand from AI data centers, leading to higher costs for end products and potential price hikes in consumer electronics [1][11][12]. Price Surge and Market Dynamics - The price of memory modules has increased dramatically, with some products seeing a nearly 70% rise in just one month [3]. - A specific DDR5 memory module rose from approximately 1000 RMB to 1679 RMB within a month, indicating a strong upward trend in pricing [3]. - The current market conditions are characterized by a lack of inventory, with many products showing as out of stock, leading to rapid price fluctuations [4]. Supply Chain and Manufacturer Impact - Chip procurement is becoming increasingly volatile, with prices changing daily and significant increases noted in the cost of storage materials [4][5]. - Major manufacturers like Samsung and SK Hynix are benefiting from this price increase, reporting substantial revenue and profit growth [7][8]. - The financial performance of storage module manufacturers has also improved significantly, with companies like Jiangbolong and Bawei Storage reporting revenue increases of over 50% [8]. Consumer Electronics and Pricing Pressure - The rising costs of storage components are expected to lead to increased prices for smartphones and laptops, with estimates suggesting a 5-15% increase in retail prices [9][10]. - Several smartphone manufacturers have already begun raising prices, citing increased storage costs as a primary factor [10]. Future Outlook and Demand Trends - The demand for storage products is expected to remain strong, particularly due to the ongoing growth in AI and data center requirements, with projections indicating that this trend will continue until at least the end of 2026 [11][13]. - Analysts predict that the fourth quarter will see further price increases for DRAM and NAND flash memory due to limited supply and heightened demand from cloud service providers [12].