01、克制公告背后的伏笔 据行业报道，此次收购消息公布后，获得了来自Meta、Samsung、依视路(EssilorLuxottica)、SCHOTT、 歌尔光学、水晶光电、Lumus、WaveGuide等众多行业领军人物的点赞，显示出行业人士对该交易的关 注与祝福。 这起备受瞩目的跨国并购，不仅是瑞声科技在XR领域加码的关键举措，其公告中还隐藏着更值得注意 的关键信息：瑞声科技正与全球头部移动终端生态系统构建者合作，参与开发下一代XR参考设计硬件 平台，并与Dispelix联合多家一线OEM厂商共同研制下一代AR设备。 早在数月前，行业就传出瑞声科技将并购国际头部光波导公司，以构建XR核心能力。11月18日，该传 闻落地，瑞声科技正式宣布收购芬兰AR衍射光波导技术领军企业Dispelix。 Dispelix专注于消费级与企业级AR设备的透明光波导技术研发，其产品作为AR设备近眼显示系统的核 心组件，可实现现实世界与虚拟场景的无缝融合。而瑞声科技凭借数十年在声学、光学、触感、精密制 造领域的技术积淀，已构建起覆盖智能手机、智能汽车等多场景的解决方案能力。 瑞声科技管理层曾表示，公司将以"构建核心技术平台、实现 ...

Market Overview - The main board saw significant gains with notable performers including Rongji Software (+10.05%), Langchao Software (+10.02%), and Dawi Co. (+10.01%) [1] - The ChiNext board led the gains with Liantech (+14.48%), Saiwei Electronics (+10.16%), and Sichuang Medical (+7.78%) [1] - The Sci-Tech Innovation board also showed strong performance with Tengjing Technology (+8.88%), Yingfang Software (+7.98%), and Guangyun Technology (+4.68%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+1.57%) and SW Electronic Chemicals III (+0.58%) [1] Domestic News - Aibang announced the acquisition of shares and other equity securities of Dispelix Oy, a leader in AR diffraction optical waveguide technology, to enhance global market leadership [1] - Suteng Juchuang secured exclusive orders exceeding 500,000 units for high-performance digital laser radar from a North American EV manufacturer and multiple models from a major European automotive company [1] - Jingdong Fang responded to disputes with Samsung Display regarding intellectual property, indicating a resolution and plans to withdraw related investigations [1] - Xiaomi's Lu Weibing mentioned a supply agreement for 2026 to mitigate rising storage prices, potentially through price increases and product upgrades [1] Company Announcements - Neusoft Group received a notification from a major domestic automotive manufacturer to supply smart cockpit domain controllers, with an estimated total supply amount of 4.2 billion RMB over a lifecycle of approximately 6 years [2] - Junyi Digital disclosed a voluntary investment announcement, increasing its stake in Guanghong Precision to 60% with a total investment of 120 million RMB [2] - Fuguang Co. announced a share buyback plan with a minimum investment of 80 million RMB and a maximum of 150 million RMB within 6 months [2] - Huahai Qingke's major shareholder plans to reduce holdings of up to 3,534,051 shares, representing 1% of total equity, due to personal financial needs [2] International News - STMicroelectronics launched the STM32V8, a new high-performance microcontroller designed for demanding industrial applications, produced using advanced 18nm technology [3] - Microsoft introduced the Azure Cobalt 200, optimized for common customer workloads, with broader deployment expected in 2026 [3] - Nvidia and Microsoft announced a potential investment of up to 15 billion USD in Anthropic, a competitor to OpenAI, with commitments for significant computing power purchases [3] - Wolfspeed unveiled two new 1200V silicon carbide power module series for electric vehicle traction inverters, aiming to set new industry standards for performance and reliability [3]

Core Viewpoint - Citigroup's research report indicates that AAC Technologies has signed an agreement to acquire shares and other equity interests in AR diffractive waveguide technology company Dispelix Oy, with the transaction expected to be completed in the first half of 2026 [1] Group 1: Acquisition Details - The acquisition will expand AAC Technologies' product portfolio and solution capabilities in the XR field, covering areas such as acoustics, haptic feedback, micro-electromechanical systems, camera lenses and modules, structural components, and waveguide technology [1] - AAC Technologies has been collaborating with Dispelix for several years on R&D strategies, jointly developing next-generation AR devices with several leading original equipment manufacturers (OEMs) [1] Group 2: Market Positioning - The company aims to shift its focus from primarily serving domestic AR glasses clients to seizing future global opportunities in AI and AR glasses development [1] - Citigroup has set a target price of HKD 56 for AAC Technologies and maintains a "Buy" rating [1]

IT之家 11 月 18 日消息，瑞声科技官微今日宣布，其近日已签署最终协议，收购 AR 衍射光波导技术企业 Dispelix Oy 的股 份及其他权益类证券。此次交易预计将于 2026 年上半年内完成，交易完成后 Dispelix 将成为瑞声科技的子公司。 Dispelix 首席执行官兼联合创始人 Antti Sunnari 表示，此次合作将进一步增强其大规模交付高性能 AR 组件的能力，加速面 向消费级和企业级可穿戴设备的光波导技术全球商业化进程。 双方已联合多家一线原始设备制造商（OEM）客户共同开发下一代 AR 设备，同时还与全球头部移动终端生态系统构建者 合作，参与开发下一代 XR 参考设计硬件平台。收购完成后，Dispelix 的产品将拓展、补充瑞声科技 XR 产品组合及解决方 案能力，可提供更全面的系统设计与集成、规模化量产支持。 IT之家查询获悉，Dispelix 总部位于芬兰，专注于研发并提供面向企业级和消费级 AR 设备的透明光波导产品。先进的光波 导产品在 AR 设备中可用作透视显示器，能在用户视野内将现实世界与虚拟世界相融合。 ...

11月18日，瑞声科技宣布，已签署最终协议，收购总部位于芬兰的AR衍射光波导技术企业Dispelix Oy 的股份及其他权益类证券。此次交易预计将于2026年上半年内完成，交易完成后Dispelix将成为瑞声科 技的子公司。目前双方已联合多家一线原始设备制造商（OEM）客户共同开发下一代AR设备。 ...

Core Viewpoint - The consumer electronics sector is experiencing a wave of mergers and acquisitions, with GoerTek's recent acquisitions being particularly noteworthy, totaling over 10 billion yuan, marking the largest scale of mergers in the company's history [2][3] Mergers and Acquisitions - GoerTek announced plans to acquire Mia Precision and Changhong Industrial, followed by a loan acquisition of UK-based Plessey, and a proposed acquisition of 100% equity in Shanghai Aolai Optical [2] - The acquisition of Mia Precision and Changhong Industrial, valued at approximately 10.4 billion HKD (95 billion yuan), is significant as it marks GoerTek's first foray into the precision structural components business [2][3] Business Expansion - Post-acquisition, GoerTek aims to expand its business scale in precision components and extend its reach into emerging fields such as automotive electronics and wearable devices, thereby opening new growth avenues [3] - The acquisitions are expected to deepen GoerTek's collaboration with Apple, enhancing the company's future development value beyond the acquisition cost [3] Focus on Emerging Markets - GoerTek's smaller acquisitions also target clients like META, which remains dominant in the global AI glasses market, with META's partnership with Ray-Ban expected to yield over 1.5 million units in 2024 [5] - The acquisition of Plessey, a leading Micro-LED company, is strategically aimed at strengthening ties with META, which holds a significant market share in AR products [6] Strategic Shift - GoerTek is transitioning from being solely an Apple OEM to a diversified AI hardware manufacturer, aiming to reduce reliance on a single client and mitigate performance volatility [7][9] - The company plans to increase its R&D expenditure to 6.27% in the first half of 2025, focusing on acoustic, optical, and diversified smart hardware products [9] Technological Advancements - GoerTek has achieved breakthroughs in optical and acoustic technologies, providing advanced solutions for clients like Meta and Sony [10] - The acquisition of Plessey will enable GoerTek to control the entire supply chain from chip design to module packaging, ensuring high product yield and cost reduction [10] Global Market Position - In the first half of 2025, 84.63% of GoerTek's revenue came from overseas markets, highlighting the company's focus on regions with higher commercial maturity and consumer willingness to pay [11] - GoerTek's subsidiary, GoerTek Microelectronics, is set to go public in Hong Kong, which could serve as a bridge to overseas capital markets [12][13]