智通财经APP获悉，根据TrendForce集邦咨询最新调查，2025年全球电子产业市场呈现分化，由数据中 心建置驱动的AI Server需求一枝独秀，但智能手机、笔电、可穿戴式设备、电视等终端产品，由于高通 胀压力、缺乏创新商品，叠加国际形势的不确定性，普遍陷入成长困境。预期2026年整体电子产业的增 长动能将更加趋缓，正式进入低速成长的调整期。 TrendForce集邦咨询预估，2025年AI Server的出货量将年增逾20%，随着CSP纷纷集中资本支出在 NVIDIA(英伟达)高阶GPU与自研ASIC芯片，这种情形也将排挤通用型Server的采购预算。 与云端AI的火热相比，应用于终端装置的边缘AI (edge AI)话题已明显降温。尽管品牌厂尝试在终端产 品中加入AI功能，目前仍停留在话题营销阶段，尚待杀手级应用出现。据此，TrendForce集邦咨询预 估2025年智能手机与笔电的出货量将持平去年或仅年增1~2%，电视出货量将年减1.1%，可穿戴设备市 场可能面临负成长2.8%的收缩。 展望2026年，预估多数消费性产品出货将持平前一年或仅温和成长1%上下，可穿戴设备与汽车市场可 能衰退。即便是近 ...

Core Insights - The global electronics industry is experiencing a divergence in 2025, with AI Server demand driven by data center construction standing out, while traditional consumer electronics like smartphones, laptops, wearables, and TVs face growth challenges due to high inflation, lack of innovative products, and geopolitical uncertainties [2][3] - A slowdown in overall growth momentum is expected in 2026, marking a transition into a low-growth adjustment period for the electronics industry [2] Industry Trends - Significant early inventory pull-in has been observed across the electronics supply chain in 2025, with shipments of servers, tablets, laptops, monitors, and automotive products shifting from the traditional peak season in the second half to the first half of the year, leading to a near 50:50 shipment ratio for the year [2] - This early pull-in may boost revenue for manufacturers in the first half but poses risks for the second half, as a depletion of this momentum could result in shrinking order volumes and high channel inventory destocking pressures in Q4 [2] Market Forecast - AI Server shipments are projected to grow over 20% year-on-year in 2025, as cloud service providers focus capital expenditures on high-end NVIDIA GPUs and self-developed ASIC chips, which may crowd out budgets for general-purpose servers [2] - In contrast, the smartphone and laptop markets are expected to see flat shipments or only a 1-2% increase, while TV shipments may decline by 1.1%, and the wearables market could contract by 2.8% [3] - Looking ahead to 2026, most consumer electronics are anticipated to maintain flat shipments or experience mild growth of around 1%, with wearables and automotive markets potentially facing declines [3] - Even the previously strong-performing AI Server segment is expected to slow down after two years of rapid expansion and high base effects [3]

证券代码：688200 证券简称：华峰测控 北京华峰测控技术股份有限公司 关于本次募集资金投向属于科技创新领域的说明 （修订稿） 北京华峰测控技术股份有限公司（以下简称"华峰测控"或"公司"）根据 《上市公司证券发行注册管理办法》等有关规定，结合公司本次向不特定对象 发行可转换公司债券方案及实际情况，对向不特定对象发行可转换公司债券募 集资金投向是否属于科技创新领域进行了研究，编制了《关于本次募集资金投 向属于科技创新领域的说明（修订稿）》（以下简称"本说明"）。 在本次发行可转换公司债券募集资金到位之前，公司将根据募集资金投资 项目实施进度的实际情况通过自筹资金先行投入，并在募集资金到位后按照相 关法律、法规规定的程序予以置换。 （二）募集资金投资项目的必要性及可行性分析 如无特别说明，本说明中相关简称与术语具有与《北京华峰测控技术股份 有限公司向不特定对象发行可转换公司债券预案（修订稿）》中相同的含义。 一、公司的主营业务 公司主营业务为半导体自动化测试系统的研发、生产和销售。产品主要用 于模拟、数模混合、分立器件和功率模块等集成电路的测试，销售区域覆盖中 国大陆、中国台湾、美国、欧洲、日本、韩国、东南亚 ...