（原标题：瑞声科技(02018.HK)入选"港交所科技100指数"） 12月9日，香港交易及结算所有限公司宣布推出香港交易所科技100指数。该指数在编制规则中明确设置 流动性硬指标与研发成长性软门槛：成分股需满足过去六个月日均成交额不低于2000万港元，且过去两 年研发投入占比超3%或营收年增超5%。 消息面上，瑞声科技(2018.HK)近期迎来多项重要业务进展。近期全资收购芬兰光波导企业Dispelix，携 手全球头部移动终端生态系统构建者，参与开发下一代XR参考设计硬件平台；并正在与多家全球头部 厂商，开发下一代AR设备。同时，瑞声科技拿下"豆包 AI 手机"与夸克 AI 眼镜的合作，在X轴线性马 达、声学系统及创新拾音方案等领域提供关键支持，强化"AI + 感知"布局。 高盛近日发布报告，看好公司端侧AI设备在其零部件(如声学器件、微机电系统麦克风、触觉反馈器 件、等)终端市场的应用不断拓展，认为未来几年 AR 眼镜中摄像头数量的增加以及光学合束器(如光波 导)的应用，将为瑞声科技带来新的增长机遇。预计未来几年瑞声科技将充分受益于端侧AI设备的发展 浪潮，维持买入评级，12个月目标价为68.6港元；中邮 ...

Core Viewpoint - Goldman Sachs maintains a positive outlook on AAC Technologies (02018) due to the expanding applications of edge AI devices in its components, including acoustic devices, MEMS microphones, and haptic feedback devices [1] Group 1: AI Smartphone Solutions - The collaboration between ZTE and ByteDance's Doubao has led to the launch of the AI smartphone prototype Nubia M153, enhancing the importance of acoustic devices in AI smartphones [2] - AAC Technologies provides solutions such as X-axis linear motors and dual speakers to optimize user experience when interacting with AI assistants via voice commands [2] - The increased computational power of AI smartphones is driving growth in thermal management needs, benefiting AAC Technologies' vapor chamber (VC) business [2] Group 2: AI/AR Glasses - Voice commands play a crucial role in AI/AR glasses, exemplified by Alibaba's new AI glasses, Quark S1, which utilize a multi-microphone setup for voice interaction [3] - The design characteristics of miniaturization, thinness, and lightweight features are critical for user comfort and battery life, directly impacting daily usage time [3] - AAC Technologies can achieve miniaturization and low power operation without sacrificing voice performance, positioning the company favorably in the market [3] - The anticipated increase in camera numbers and the application of optical combiners in AR glasses present new growth opportunities for AAC Technologies [3] Group 3: Innovative Edge AI Devices - Continuous upgrades of foundational large models are generating various innovative edge AI devices, broadening AAC Technologies' terminal market [4] - Voice commands are identified as a core function for all edge AI devices, benefiting AAC Technologies' acoustic and microphone businesses [4] - The company can customize solutions for AI devices, such as a 70 dB high-quality low-power microphone and a "three-in-one" prism solution for enhanced visual signals [4] - Observations indicate that AI foundational model suppliers are developing customized versions for edge devices, aiming for low-latency operation and enhanced AI functionalities [4] Group 4: Valuation - Goldman Sachs assigns a "buy" rating to AAC Technologies with a 12-month target price of HKD 68.6 [5]

Core Viewpoint - Goldman Sachs maintains a positive outlook on AAC Technologies (02018) due to the expanding application of edge AI devices in its components, including acoustic devices, MEMS microphones, and haptic feedback devices [1] Group 1: AI Smartphone Solutions - The collaboration between ZTE and ByteDance's Doubao has led to the launch of the AI smartphone prototype Nubia M153, enhancing the importance of acoustic devices in AI smartphones [2] - AAC Technologies provides solutions such as X-axis linear motors and dual speakers to optimize user experience when interacting with AI assistants via voice commands [2] - The increased computational power of AI smartphones is driving growth in thermal management needs, benefiting AAC Technologies' vapor chamber (VC) business [2] Group 2: AI/AR Glasses - Voice commands play a crucial role in AI/AR glasses, exemplified by Alibaba's new AI glasses, Quark S1, which utilize a multi-microphone solution for voice interaction [3] - The design requirements for AI/AR glasses emphasize miniaturization, thinness, and low power consumption, which directly affect user comfort and battery life [3] - AAC Technologies can achieve small, thin, and lightweight designs without compromising voice performance, presenting growth opportunities in the AR glasses market [3] Group 3: Innovative Edge AI Devices - Continuous upgrades of foundational large models are creating various innovative edge AI devices, expanding AAC Technologies' terminal market [4] - Voice commands are identified as a core function for all edge AI devices, benefiting AAC Technologies' acoustic and microphone businesses [4] - Customized solutions for AI devices, such as a 70 dB high-quality low-power microphone and a "three-in-one" prism solution for enhanced visual signals, are being developed [4] Group 4: Valuation - Goldman Sachs has assigned a "buy" rating to AAC Technologies with a 12-month target price of HKD 68.6 [4]