Group 1 - The article highlights the company's strategic positioning in the AI server market through its multi-business lines, including AI server cooling, high-speed connectors, and optical modules, which are expected to drive significant growth [1] - The company is also expanding its presence in the precision transmission market through robotics, leveraging its comprehensive layout in motors, reducers, joint modules, and control algorithms, showcasing a high degree of self-manufacturing capability for core components [1]

立讯精密 20260106 摘要 Q&A 立讯精密在 AI 通讯业务方面有哪些重要发展和布局？ 立讯精密在过去十几年间，从高速连接器和铜缆供应商逐步发展成为涵盖铜、 光、热、电等多个领域的一体化方案提供商。其 AI 通讯业务主要通过立讯技术 和汇聚科技开展。立讯技术成立于 2017 年，覆盖铜、光、热、电各类产品； 汇聚科技则于 2022 年被收购，主要业务包括电线组件、光纤跳线以及服务器 整机组装。 在铜连接领域，公司早在 2012 年就收购了科尔通，成为华为和爱 默生的通信连接器供应商，并持续开发高速连接器等产品。目前公司已升级到 224G 的高速连接器，并开始预研 48G 的连接器及 448G 的 CPC 方案。在光 连接领域，公司已交付 800G 产品给北美多家 AI 客户，1.6T 光模块正在客户 验证阶段。此外，公司在 LPO 和 CPO 等前沿光互联技术领域也有前瞻性研发。 热管理方面，自 2022 年起公司实现了数据中心液冷全面布局，包括液冷板、 分水器、快接头及 CDU 等新技术。电源管理方面，自 2024 年起公司实现了数 据中心电源管理产品全面布局，目前主要服务国内 CSP 客户。 立讯 ...

消费电子 | | | 执业证书编号：S0740521120002 分析师：洪嘉琳 执业证书编号：S0740524090003 Email：hongjl@zts.com.cn | 总股本(百万股) | 7,285.75 | | --- | --- | | 流通股本(百万股) | 7,269.27 | | 市价(元) | 56.71 | | 市值(百万元) | 413,174.61 | | 流通市值(百万元) | 412,240.16 | Email：wangfang02@zts.com.cn 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 1、《立讯精密：25Q3 归母超预期， 端+云 AI 打开成长空间》2025-10-31 2、《消费电子稳健增长，AI 算力& 汽车打开增量空间》2025-08-26 3、《24 年业绩符合预告，25H1 预 计保持 20%+增长》2025-04-28 立讯精密 AI 通讯业务深度 ——全面布局铜光热电，深度受益 AI 浪潮 立讯精密（002475.SZ） 证券研究报告/公司深度报告 2026 年 01 月 05 日 | 评级： ...

Investment Rating - The report recommends a positive investment outlook for the technology sector, specifically highlighting key stocks for January 2026 [6]. Core Insights - The report identifies several key companies within the technology sector, including Eastcompeace, Jincheng Electronics, Xinyi Technology, Tax Friend, Haiguang Information, Giant Network, and Perfect World, as potential investment opportunities [6][8][9][10][11][12][13][14]. Summary by Category Electronics - **Eastcompeace**: The company is entering a growth phase driven by AI technology breakthroughs, leading to increased capital expenditure from cloud vendors and a surge in demand for data servers. The acquisition of Solstice Optoelectronics enhances its position in optical communication [8]. - **Jincheng Electronics**: The company reported a revenue of 889 million yuan in Q3 2025, a year-on-year increase of 25.4%. The semiconductor business is expected to grow significantly, with an order backlog of approximately 1.791 billion yuan [9]. Communication - **Xinyi Technology**: As a leading manufacturer of high-speed optical modules, the company has made significant inroads with major clients like Amazon and is expected to see substantial profit growth from 2025 to 2027, with projected net profits of 94.97 million yuan, 166.16 million yuan, and 217.76 million yuan respectively [10]. - **Huafeng Technology**: The company is positioned to benefit from the high demand for AI applications and is expected to see net profits grow from 3.53 million yuan in 2025 to 8.73 million yuan by 2027 [10]. Computer - **Tax Friend**: The company is a leader in the financial IT sector, leveraging AI and big data to provide comprehensive solutions for businesses. It aims to enhance its product offerings and customer engagement through innovative AI-driven solutions [11]. - **Haiguang Information**: The company is a key player in the domestic high-end CPU market, expected to benefit from the growing demand for AI computing power. It aims to establish a comprehensive AI computing platform [12]. Media - **Giant Network**: The company is experiencing stable commercialization with new game releases and updates expected to drive user engagement and revenue growth [13]. - **Perfect World**: The company is preparing for the launch of its new game "Yihuan," which has shown strong pre-launch interest, and is also focusing on expanding its esports business [14].

Summary of Conference Call Records Industry Overview - The conference call discusses advancements in the autonomous driving industry, particularly focusing on L3 and L4 levels of automation. The expectation is that 2026 will mark a significant year for autonomous driving technology adoption [1][2]. Key Points on Autonomous Driving Technology - **L3 and L4 Levels**: L3 automation allows for hands-free driving under specific conditions, while L4 represents fully autonomous driving capabilities. The transition from L3 to L4 will involve a gradual shift from human-operated to fully autonomous systems [3][4]. - **Market Expectations**: The market is optimistic about L3 technology, with several domestic and international automakers, including Mercedes and various Chinese companies, actively pursuing development and testing [2][5]. - **Key Hardware Requirements**: High-level autonomous driving relies on essential hardware such as cameras, LiDAR, high-speed connectors, and advanced driving chips, with processing capabilities starting from 500 TOPS [6]. Commercial Applications - **Robotaxi Development**: Robotaxi services, based on L4 technology, are being piloted in several cities and are seen as a crucial component of future smart mobility solutions [8]. - **Logistics and Mining Applications**: L4 technology is primarily applied in logistics and mining sectors, with expectations for significant market growth. The logistics autonomous vehicle market is projected to reach a penetration rate of 20% by 2030, with a market potential of 60 billion RMB [9][11]. Company Insights - **Key Players**: Major companies in the logistics autonomous vehicle sector include Jiushi Intelligent, New Stone, and White Rhino, with Jiushi Intelligent leading in operational scale and market share [13]. - **Financial Performance**: Jiushi Intelligent reported operating over 14,000 vehicles with significant delivery volumes, while other companies like Yikong Zhijia and Xidi Zhijia are also notable players in the mining autonomous vehicle market, though they have yet to achieve profitability [26][27]. Market Dynamics - **Investment Trends**: There is a growing investment interest in logistics autonomous vehicles, with significant funding rounds reported for companies like Jiushi Intelligent and New Stone [10]. - **Pricing Strategies**: Companies are adjusting pricing models to cover costs and improve profit margins, with examples of new pricing strategies being implemented by Jiushi Intelligent [17]. Future Outlook - **Market Growth Potential**: The logistics autonomous vehicle market is expected to grow rapidly, with a projected market space of 600 billion RMB by 2030. The demand for autonomous vehicles is driven by reduced operational costs and increased efficiency [11][12]. - **Challenges and Regulations**: The lack of unified regulations at the national level poses challenges for the widespread adoption of L4 technology, necessitating local government coordination [11]. Conclusion - The autonomous driving industry is on the cusp of significant advancements, with L3 and L4 technologies poised for broader adoption. Key players are actively developing solutions, and the market is expected to see substantial growth in the coming years, particularly in logistics and mining applications.

证券日报网讯12月18日，长盈精密（300115）在互动平台回答投资者提问时表示，公司的高速连接器产 品可满足PCIe Gen5/Gen6性能，且公司将积极推进下一代PCIe7.0标准的产品研发。 ...

Group 1 - The company, Shaanxi Huada, is expanding its product range in the commercial aerospace sector to meet customer demands [1] - The product offerings include RF connectors, RF components, micro rectangular connectors, high-speed connectors, harnesses, and optical fiber components [1] - The value per satellite is continuously increasing, and commercial aerospace orders are being delivered as per customer requirements [1]

陕西华达在互动平台表示，公司紧跟客户需求，不断扩充商业航天的产品种类，配套射频连接器、射频 组件、微矩形连接器、高速连接器、集束线束、光纤组件等多种产品，单星价值量不断提升，公司在商 业航天重点项目均有配套，商业航天订单按客户要求正常交付。 ...

①谷歌+算力+机器人，高速连接器已进入谷歌、英伟达供应链体系，获得T公司、M公司认证和项目定 点，这家公司针对北美人形机器人龙头F公司的新品进入转量产准备阶段。 ②碳酸锂+固态电池，锂资源 自给率超50%，锂资源业务有望持续放量，这家公司储能电芯满产并布局固态电池产能。 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 前言 ...

（文章来源：证券日报） 证券日报网讯 12月17日，陕西华达在互动平台回答投资者提问时表示，公司紧跟客户需求，不断扩充 商业航天的产品种类，配套射频连接器、射频组件、微矩形连接器、高速连接器、集束线束、光纤组件 等多种产品，单星价值量不断提升。公司在火箭配套产品与卫星配套产品因应用场景及功能需求不同略 有差异。 ...