公众号记得加星标⭐️，第一时间看推送不会错过。 1. 手机摄像头及市场趋势 疫情过后，由于每部手机摄像头数量的持续增长，CMOS图像传感器（CIS）市场正在缓慢复苏。此 外，为了提供更高质量的图像，人们越来越倾向于采用更高分辨率的摄像头，例如最近的2亿像素摄 像头。为了将更多像素集成到纤薄手机的紧凑尺寸中，像素级的缩小是不可避免的，例如最近推出的 0.5微米深亚微米像素。随着可折叠手机在市场上的普及，对薄型摄像头模块的需求不断增长，这一 趋势将持续下去。 2. 像素光学微缩之旅 从根本上讲，随着像素面积的减小，每个像素的灵敏度也会下降。像素光学架构已经发展到可以增加 信号（接收光子）并降低噪声（光学串扰），使得信噪比（SNR）即使像素缩放也能保持可比性：从 正面照明（FSI）、光导、背面照明（BSI）、背面深沟槽隔离（DTI）到全深度DTI。 尽管架构不断演变，但一微米像素对于主摄像头来说仍然不够，直到合并彩色滤光片技术出现，例如 四像素（2x2），可以在明亮时通过重新镶嵌图像信号处理（ISP）技术提供全分辨率图像，在黑暗 条件下提供更亮的图像。该技术继续向四像素（4x4）延伸，实现0.5微米等深亚微米像素缩 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Views - The company is a leading domestic supplier of CMOS image sensors (CIS), with a strong focus on high-performance CIS development and design. It has established a balanced business structure across smart security, smartphones, and automotive electronics, driving significant revenue growth [7][11]. - The company is expected to maintain high growth rates in the coming years, driven by its advancements in high-end smartphone CIS and the expanding automotive electronics market [9][11]. Summary by Sections Company Overview - The company, established in April 2017, initially focused on the security sector and has since expanded into smartphone and automotive applications, achieving a balanced business model across these sectors [18]. - It has become a prominent player in the CIS market, with significant market share in smart security, smartphones, and automotive electronics [18]. Financial Performance - In 2024, the company achieved a revenue of 5.968 billion RMB, a year-on-year increase of 108.87%, with a net profit of 393 million RMB, reflecting a staggering growth of 2662.76% [6][28]. - The smartphone segment has become a major revenue driver, with 2024 smartphone revenue reaching 3.291 billion RMB, up 269.05% year-on-year, accounting for over 55% of total revenue [7][30]. Business Segments - **Smartphone Business**: The company has successfully penetrated the high-end smartphone market, with significant sales of high-pixel products. The high-end 50MP products have seen substantial growth, contributing to over 50% of smartphone revenue [7][50]. - **Automotive Electronics**: The automotive CIS business is expected to grow significantly, with 2024 revenue reaching 527 million RMB, a 79.09% increase year-on-year. The company is well-positioned to benefit from the increasing demand for intelligent driving technologies [7][31]. - **Smart Security**: The security business remains a stronghold, with 2024 revenue of 2.15 billion RMB, reflecting a nearly 30% increase year-on-year, supported by product iterations and strong market demand [28][30]. Profitability and Valuation - The company forecasts net profits of 897 million RMB, 1.353 billion RMB, and 1.733 billion RMB for 2025, 2026, and 2027, respectively, with corresponding growth rates of 128.47%, 50.73%, and 28.10% [6][8]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 43.59, 28.92, and 22.58, respectively, indicating a favorable valuation compared to peers [6][8].

Market Overview - US stock indices showed mixed performance, with the Dow Jones down 0.51% at 43,968.64 points, S&P 500 down 0.08% at 6,340 points, and Nasdaq up 0.35% at 21,242.7 points [1] Federal Reserve and Economic Outlook - Trump nominated Stephen Milan to fill the vacant Federal Reserve Board position, with a term ending on January 31, 2026 [3] - The number of Americans filing for unemployment benefits has surged to the highest level since November 2021, indicating a weakening labor market [3] - Goldman Sachs reported a 30% chance of a US economic recession, although the global market remains vibrant and US stocks are near historical highs [3] Technology Sector Developments - OpenAI launched a more powerful GPT-5 model, enhancing its AI capabilities [4] - Major tech stocks mostly rose, with Apple up over 3%, Nvidia up 0.75%, and Tesla up 0.74% [5] Semiconductor Industry - Samsung Electronics announced plans to produce Apple's next-generation chips at its Austin, Texas facility, marking the introduction of innovative chip manufacturing technology in the US [7] Oil Market Dynamics - Crude oil prices hit their lowest closing level in over two months, with WTI crude futures closing below $64 per barrel, marking the longest consecutive decline since December 2023 [9] Pension Investment Changes - Trump signed an executive order allowing alternative assets like private equity, real estate, and cryptocurrencies to be included in 401(k) retirement savings plans, signaling a significant shift in US pension investment strategies [11]

来源：环球网 【环球网科技综合报道】8月7日消息，据路透社报道，苹果公司近日宣布，其新一代芯片将由三星电子 位于美国得克萨斯州奥斯汀的芯片代工厂负责生产。双方正携手在该半导体工厂共同研发一项创新芯片 制造技术，这也是该技术在全球范围内的首次应用，同时标志着其首次登陆美国。 不过，三星方面目前尚未对相关细节予以确认。（纯钧） 苹果方面表示，通过该工厂生产的芯片，将有效优化其旗下产品的功耗与性能表现，这一提升将惠及包 括在全球市场销售的iPhone在内的多款产品。据行业观察人士推测，这款新一代芯片很可能是用于下一 代iPhone的CMOS图像传感器（CIS）。 ...

Core Viewpoint - The company is planning to issue overseas listed shares (H-shares) and list on the Hong Kong Stock Exchange to enhance its international strategy, accelerate overseas business development, and improve its overall competitiveness and international brand image [1][3]. Group 1: Company Overview - The company specializes in 12-inch wafer foundry services and has achieved mass production of various products including display driver ICs (DDIC), CMOS image sensors (CIS), microcontrollers (MCU), power management ICs (PMIC), and logic applications [3]. - The company's revenue for 2024 is projected to be approximately 9.249 billion yuan, a year-on-year increase of 27.69%, with a net profit of about 482 million yuan, reflecting a significant year-on-year growth of 304.65% [3]. Group 2: Product Development - In the OLED sector, the company has successfully mass-produced 40nm high-voltage OLED display driver chips and is making progress in the development of 28nm OLED display driver chips [4]. - The company is also developing Micro OLED technology for AR/VR applications and has successfully lit up a panel with its 110nm Micro OLED chip [4]. Group 3: Strategic Investments - Recently, Huakin Technology Co., Ltd. acquired 120,368,109 shares of the company, representing 6.00% of its total share capital, for approximately 2.392 billion yuan (about 239.3 million) [4][5]. - This transaction reflects Huakin Technology's confidence in the company's future development and long-term investment value, aiming to enhance resource integration and collaboration within the industry [5]. Group 4: Shareholder Structure - The top four shareholders of the company are Hefei Construction Investment Holding Group Co., Ltd. (23.35%), Lijian Innovation Investment Holding Co., Ltd. (19.08%), Hefei Chip-Screen Industry Investment Fund (16.39%), and Midea Innovation Investment Co., Ltd. (2.54%) [5].

Core Insights - The CMOS image sensor (CIS) market is expected to experience strong growth in 2024, driven by the rebound in smartphone demand and needs in security, defense, aerospace, and consumer electronics. Revenue is projected to grow by 6.4% in 2024, following a 2.3% increase in 2023, with a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030 [1][4]. Market Trends - The market volume is anticipated to rise from 7 billion units to 9 billion units by 2030, with mobile, security, and automotive applications being the primary growth drivers [1]. - The average selling price (ASP) remains stable above $3, supported by high-end features in mobile and automotive sectors [1]. - Wafer production is expected to grow by 8.9% in 2024, with a steady increase projected until 2030 [1]. Competitive Landscape - Chinese company Smartsens leads the market with a significant year-on-year growth of 105.7%, expanding into mobile and automotive sectors. Sony's market share has also increased by nearly 50%, while SK Hynix has reduced its focus on CIS, concentrating on memory products [4]. - Companies like ON Semiconductor, Teledyne, and STMicroelectronics have seen revenue declines due to slowdowns in industrial and medical markets, as well as reduced design orders in consumer electronics [4]. - Despite trade tensions, the CIS sector remains resilient due to the adoption of mature nodes, with domestic demand and government support bolstering production in China [4]. Technological Innovations - The CIS industry is evolving through innovations that enhance performance, integration, and sensing capabilities, including higher signal-to-noise ratios, improved low-light sensitivity, compact designs, and lower power consumption [7]. - Sony's three-layer stacked sensors are being adopted in mainstream smartphones, marking a shift towards intelligent sensing rather than just resolution [7]. - Advances in 22nm logic stacking technology aim for ultra-low power consumption and expanded computational capabilities, with FDSOI technology expected to be utilized for neuromorphic sensing [7]. Future Projections - By 2030, global CIS wafer capacity is projected to meet demand with a capacity of 638k wpm and a utilization rate of 72% [4]. - The industry is witnessing a transition towards multi-stacking architectures, with BSI (Backside Illumination) technology leading the way [8].

Core Viewpoint - Both TCL Electronics and Crystal Integrated are expected to report significant profit growth for the first half of 2025, driven by advancements in technology and market strategies [1][8]. TCL Electronics - For the first half of 2025, TCL Electronics anticipates a net profit of approximately HKD 9.5 billion to HKD 10.8 billion, representing a year-on-year growth of about 45% to 65% [2]. - The substantial profit increase is attributed to two main factors: 1. Increased investment in high-end display technologies like Mini LED and artificial intelligence, enhancing product competitiveness and supporting a global mid-to-high-end strategy [3]. 2. Digital transformation initiatives that improve operational efficiency in manufacturing and logistics, alongside a reduction in overall expense ratios [3]. - TCL's TV sales data for the first half of 2025 shows strong performance in large-size TVs, with global shipments of 65 inches and above increasing by 29.7%, and 75 inches and above also growing by 29.7% [4]. - The average size of TCL TVs shipped globally increased by 1.5 inches to 53.4 inches, with Mini LED TV shipments reaching 1.37 million units, a 6.6 percentage point increase to 10.8% of total shipments [4]. - In international markets, TCL TV shipments grew by 8.7%, with significant increases in large-size products, particularly in Europe and emerging markets [6]. - In North America, despite an overall shipment decline of 7.3%, large-size TV shipments saw a notable increase, with 65 inches and above growing by 60.5% [7]. - In China, TCL TV shipments increased by 3.5%, with Mini LED TV shipments benefiting from government policies, showing a year-on-year increase of 154.2% [7]. Crystal Integrated - For the first half of 2025, Crystal Integrated expects revenue between CNY 5.07 billion and CNY 5.32 billion, reflecting a year-on-year growth of 15.29% to 20.97% [8]. - The anticipated net profit is projected to be between CNY 260 million and CNY 390 million, indicating a growth of 39.04% to 108.55% [8]. - The growth is attributed to: 1. Increased product sales and high capacity utilization due to the recovering industry environment [9]. 2. Strengthening of the company's position in display driver ICs (DDIC) and the rise of CMOS image sensors (CIS) as a key product [9]. 3. A 15% increase in R&D investment, leading to the mass production of advanced chips, including 40nm high-voltage OLED display driver chips [9].

Core Viewpoint - The article discusses the recent approval of NVIDIA to resume sales of H20 computing cards in China and the introduction of new GPU products tailored for the Chinese market, highlighting the rapid progress of domestic semiconductor companies in the context of increasing local competition [1] Group 1: Market Dynamics - The loosening of restrictions is driven by the need to prevent overseas giants from losing market share in China due to the accelerated advancement of local competitors [1] - In the CMOS image sensor (CIS) sector, Sony has postponed its target of achieving a 60% market share by 2025 due to lower-than-expected sales from major clients and intensified competition in the high-end Chinese market [1][21] - Geke Micro has successfully captured the second position globally in terms of product sales, emerging as a significant competitor to Sony [1][21] Group 2: Geke Micro's Performance - Geke Micro achieved a revenue of 6.383 billion yuan in 2024, marking a year-on-year growth of 35.90%, while the first quarter of 2025 saw an 18.21% increase in revenue [3] - Despite high revenue growth, Geke Micro reported a net loss in the first quarter, attributed to strategic investments aimed at seizing technological leadership and optimizing product mix [3][5] - The company significantly increased its R&D expenditure to 952 million yuan in 2024, a 19.66% increase, with Q1 2025 R&D expenses surging to 262 million yuan, reflecting a 30% increase [3] Group 3: Strategic Shifts - Geke Micro's high-end product line, particularly those with pixel counts of 13 million and above, has become a key revenue growth driver, contributing approximately 40% to its mobile CIS business in 2024 [6] - The successful mass production of 50MP CIS products has allowed Geke Micro to penetrate mainstream Android brand supply chains, altering market perceptions of its reliance on low-end products [8][6] - The company’s management expressed confidence that the mass shipment of 50MP products will lead to a recovery in gross margins, supported by a stock incentive plan tied to revenue growth from high-pixel products [9] Group 4: Fab-Lite Model - Geke Micro's Fab-Lite model, which combines elements of traditional fabless and IDM strategies, is crucial for maintaining supply chain security and enhancing long-term competitiveness [10][12] - The shift towards the Fab-Lite model is evident among leading domestic chip design companies, aiming to secure core processes and ensure supply chain stability [12][14] - Geke Micro's self-built production lines enable close integration of design and manufacturing, facilitating rapid iteration and optimization of high-pixel products [15][16] Group 5: Market Position and Future Outlook - The semiconductor sector has faced significant volatility, with Geke Micro's stock performance reflecting broader industry trends [19] - Despite recent challenges, Geke Micro has demonstrated resilience, continuously enhancing its technological capabilities and market share [20] - The article concludes that the ability of domestic companies to build irreplaceable core technologies and capacities will determine the competitive landscape in the semiconductor industry [22]

Core Viewpoint - The establishment of Ningbo Oriental Institute of Technology, funded by Yu Renrong, marks a significant investment in higher education in China, with a total investment exceeding 30 billion yuan aimed at creating a new model of research-oriented university focused on internationalization and specialized education [1][4][9]. Group 1: University Establishment - Ningbo Oriental Institute of Technology has recently received approval from the Ministry of Education to establish the university, which is positioned as a private institution in Zhejiang Province [2][6]. - The university aims to develop a specialized academic system focusing on four main disciplines: science, engineering, information technology, and business, while also incorporating humanities and social sciences [8][9]. Group 2: Financial Investment - The Ningbo municipal government has allocated 16 billion yuan for the campus site, with a total planned area of approximately 2,300 acres (about 1.5 million square meters) [9]. - Yu Renrong's education foundation will invest 10 billion yuan in infrastructure and over 20 billion yuan in operational funding, bringing the total investment to over 30 billion yuan [9]. Group 3: Academic Development - The university plans to enroll its first batch of undergraduate students this year, offering programs in foundational sciences, intelligent manufacturing engineering, electronic science and technology, and computer science [9][10]. - The institution has already established a high-level faculty team, attracting 16 academicians and 52 national-level talents, and has partnered with renowned universities for graduate training [11]. Group 4: Research Focus - The university emphasizes its mission to serve national development and social progress, focusing on foundational research and cutting-edge interdisciplinary fields such as artificial intelligence, integrated circuits, and new energy [10][11].

Core Viewpoint - Sony Group's imaging and sensing solutions division (I&SS) anticipates a revenue increase in FY2024 but expects its market share to remain unchanged due to lower-than-expected sales from major clients and intensified competition in the high-end Chinese market [1][2][5]. Group 1: Financial Performance - For FY2024, Sony's sales are projected to reach 1.799 trillion yen, a 12% year-on-year increase, with operating profit expected to hit 261.1 billion yen, marking a 35% increase, both achieving historical highs [2]. - The actual market share for 2024 is expected to remain stable at 53%, with a forecasted increase to 56% in 2025 [2][5]. Group 2: Market Competition - The competition in the high-end market in China has intensified, impacting Sony's performance [3][5]. - Counterpoint Research predicts that global smartphone CMOS image sensor (CIS) shipments will grow by 2% in 2024, reaching 4.4 billion units, with Sony maintaining its leading position [6][8]. Group 3: Strategic Initiatives - Sony Semiconductor's president emphasized the need to balance various functional axes such as sensitivity/noise, dynamic range, resolution, readout speed, and power consumption to enhance product competitiveness [5]. - The company aims to accelerate the development of high-pixel products, including 50-megapixel sensors, to strengthen its product lineup [8]. Group 4: Market Dynamics - The average number of cameras per smartphone is expected to decrease from 3.8 in 2023 to 3.7 in 2024, which may contribute to a decline in CIS demand [9]. - SK Hynix's exit from the CIS market by March 2025 may create new growth opportunities for Chinese suppliers like GalaxyCore and OmniVision [8][9].