Group 1 - Honor launched its flagship products including Honor MagicV5, MagicPad3, MagicBookART142025, Watch 5 Ultra, and Earbuds, showcasing its commitment to AI terminal ecosystem development [1] - CEO of Honor stated that the newly released AI product lineup represents the company's dedication and craftsmanship in building an AI ecosystem [1] - The launch is a tangible outcome of Honor's Alpha strategy aimed at enhancing its AI terminal ecosystem [1] Group 2 - Honor MagicV5 is the thinnest foldable smartphone globally at 8.8mm and weighs only 217g, setting new industry records [2] - The device features advanced manufacturing techniques, flagship performance, and AI capabilities, potentially reshaping the competitive landscape of the AI ecosystem [2] - Key AI technologies implemented in MagicV5 include a comprehensive personal knowledge base, multi-agent collaboration, and cross-brand connectivity [2] Group 3 - Honor MagicBookArt142025 received upgrades with Intel's second-generation Ultra processor and an anti-reflective AR film, enhancing user experience and productivity [3] - MagicPad3 introduces a free one-click PPT generation feature, facilitating AI productivity and supporting seamless file transfer across iOS, HarmonyOS, and Android [3] - The Watch 5 Ultra integrates DeepSeek's YOYO voice assistant, improving its ability to understand user commands through advanced data processing [3] - The flagship products are positioned in the mid-to-high-end market, with the MagicBookArt142025 starting at a promotional price of 6799.2 yuan [3]

Group 1 - The report highlights the frequent release of new products by companies like Xiaomi and Honor, emphasizing the importance of the domestic production process for new materials [5][6] - The Chinese government is supporting equipment upgrades in the petrochemical and chemical industries with a funding of 200 billion yuan, which is expected to accelerate the modernization of these sectors [5][6] - The introduction of new products, such as Xiaomi's first SUV and Honor's latest smartphones, is seen as a significant advancement in China's consumer electronics sector, potentially driving the domestic supply chain and high-end material development [6][9] Group 2 - The report indicates that the securities sector may experience upward momentum after a period of consolidation, with technical indicators showing positive trends [11][12] - The Shanghai Composite Index has shown resilience, maintaining above key moving averages despite recent fluctuations, suggesting potential for further gains [19][20] - The report notes that large capital inflows into the market indicate strong buying interest, which may support continued upward movement in the securities sector [15][19] Group 3 - The report tracks industry performance, noting that the petrochemical index has underperformed compared to the broader market, while the basic chemical index has outperformed [7][22] - Specific sub-sectors such as membrane materials and other plastic products have shown significant price increases, indicating strong demand and potential investment opportunities [7][22] - The report emphasizes the importance of selecting resilient and advantageous sectors within the chemical industry, particularly those benefiting from supply-side reforms and domestic production initiatives [9][10]

7月2日，荣耀发布新一代折叠机MagicV5和AI平板MagicPad3等AI旗舰产品。其中，MagicPad3轻至 595g，薄至5.79mm，创LCD平板轻薄纪录；八大绿洲护眼技术，12450mAh青海湖电池；可与iOS、鸿 蒙、安卓三大系统手机无缝互传，行业内首家免费开放一键生成PPT功能；并发布AI平板升级计划， MagicPad3和MagicPad2支持三个大版本迭代升级，前者将支持更新至MagicOS 12.0；此外，凡购买过荣 耀平板V7系列、V8系列、MagicPad13超过半年的老用户，都会在荣耀商城收到价值一千元换机抵用 券，7月4日24:00前抵扣使用，并可叠加国补优惠。 ...

东海证券近日发布基础化工行业周报：在2024年9月工业和信息化部公布的《工业重点 行业领域设备更新和技术改造指南》(以下简称《指南》)中明确了设备更新的重点行业和领 域，涉及石化化工行业、电子元器件和电子材料行业、锂电池行业、光伏行业、石化通用装 备等。我们认为此举有助于石化化工等行业供给侧结构进一步优化，落后产能有望进一步出 清，头部企业具有资金和技术优势，有望优先受益。 以下为研究报告摘要： 投资要点： 本周重点新闻跟踪： 1）超长期特别国债资金支持陆续落地，石化化工等设备更新有望加速。6月26日，在国 家发展改革委6月份新闻发布会上，国家发展改革委政策研究室副主任、委新闻发言人李超 表示，设备更新方面，超长期特别国债资金支持力度为2000亿元，第1批约1730亿元资金已 按照"地方审核、国家复核"的原则，安排到16个领域约7500个项目，第2批资金正在同步开 展项目审核筛选。在2024年9月工业和信息化部公布的《工业重点行业领域设备更新和技术 改造指南》(以下简称《指南》)中明确了设备更新的重点行业和领域，涉及石化化工行业、 电子元器件和电子材料行业、锂电池行业、光伏行业、石化通用装备等。我们认为此举有 ...

随着端侧AI技术快速迭代，消费电子产业正经历硬件升级与生态重构的双重变革。智能体技术推动终 端交互方式革新，多设备协同加速商业模式转型，厂商在核心技术创新与产业链整合中构筑新护城河。 终端厂商加速构建AI生态闭环，荣耀转型路径成行业样本 荣耀近期密集的AI布局揭示了终端厂商转型的典型路径。通过累计100亿元研发投入形成的2100项AI专 利，其智能体技术已在折叠屏手机MagicV5实现多屏协作、文档转化等生产力场景突破，推动设备从单 一工具向"桌级AI终端"演进。MagicV5搭载的跨应用开放生态智能体，标志着终端厂商正从硬件提供商 向AI服务运营商转型。 这种转型需要硬件与系统的深度耦合。荣耀通过"端-近端-云"架构突破算力限制，在折叠屏设备上实现 AI并线处理与多模态交互，验证了智能体技术对硬件形态的反向塑造能力。市场反馈显示，搭载AI智 能体的荣耀Power系列助推品牌重返国内销量前三，证实技术投入对市场份额的撬动效应。 核心厂商的整合动作折射出产业竞争维度的变化。当硬件创新进入异构计算、多模态交互深水区，具备 跨领域技术整合能力的企业更能应对AI终端对散热、传感、能源管理的复合需求。这种"技术纵深+生 ...

证券研究报告 "科技自立自强"，重视自主可控 ——每周主题、产业趋势交易复盘和展望 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 2025年6月28日 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 目录 1、本周市场回顾 2、产业趋势交易回顾与展望 3、风险提示 2 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 数据来源：Wind，东吴证券研究所 一：大盘表现 1. 本周市场回顾 注：本周交易日为6月23日-27日 （如无特殊说明）后文同 3 注：本报告所涉及个股/公司仅代表与产业或交易热点有关联，所引述资讯/数据/观点仅以展示为目的，不构成投资建议，个股层面请参照东吴证券研究所各行业组所推荐标的。 一：大盘表现 ✓ 上证指 ...

经过一年多的准备，荣耀终端股份有限公司(以下简称"荣耀")IPO迎来实质性进展。6月26日，荣耀获深 圳证监局上市辅导备案，迈出A股IPO的关键一步。这一动作不仅标志着荣耀"二次创业"进入资本化新 阶段，更可能成为A股市场迎来"AI终端生态第一股"的标志性事件。 在经历了深刻的组织革新后，荣耀迎来了发展历程中的跃升期。在此关键时段，荣耀获得深圳证监局上 市辅导备案，是荣耀自身发展的关键一步，也或将加快推动中国科技品牌全球化探索。AI战略将成为 荣耀当前及未来几年发展的重中之重。 对于荣耀而言，过去的这半年可谓不易。经历了内部组织焕新、战略方向调整等多重变革，当前，荣耀 正处于转型期，面临着全球终端行业格局剧变、海外市场仍待打开等诸多挑战。 "荣耀若成功上市将成为A股首家以'AI终端生态'为核心定位的科技公司。荣耀AI生态协同效应与战略纵 深布局初见成效，但在提升手机市场地位与扩充多元化业务仍需多重发力，上市仅是一个开始。"工信 部信息通信经济专家委员会委员刘兴亮对《证券日报》记者表示。 "通过一系列架构重组，荣耀有意通过资本运作与组织变革的多轮驱动，突破传统手机厂商定位，以具 身智能实验室和生态联盟抢占AI市 ...

证券研究报告 | 行业周报 2025 年 06 月 24 日 机械 5 月我国工程机械出口额同比+8.5%，叉车 5月销量同比+11.8% 行业要闻：5月我国工程机械出口额同比+8.51%。据海关数据，2025 年 5 月我国工程机械进出口贸易额 52.38 亿美元，同比+8.1%，其中：进口额 2.14 亿美元，同比-0.74%；出口额 50.24 亿美元，同比+8.51%。1-5 月我国工程 机械进出口贸易额 241.85 亿美元，同比+8.49%。其中进口额 10.9 亿美元， 同比-0.86%；出口额 230.95 亿美元，同比+8.98%。按人民币计价，5 月出 口额 361.68 亿元，同比+10.1%。1-5 月出口额 1659.1 亿元，同比+10.2%。 5 月工程机械行业主要产品销售快报二发布。据中国工程机械工业协会统计， 2025 年 5 月当月销售 1）平地机：649 台，同比-3.28%，其中国内销量 112 台，同比+31.8%；出口量 537 台，同比-8.36%；2）汽车起重机：1748 台， 同比-8.1%，其中国内销量 978 台，同比-3.36%；出口量 770 台，同比 ...

Gaming Industry - Beijing Municipal Bureau of Press and Publication issued support measures for the high-quality development of the gaming and esports industry, including financial rewards for hosting major esports events, with up to 5 million yuan for international events and 300,000 yuan for national events [1] - The domestic gaming market's actual sales revenue reached 85.7 billion yuan in Q1 2025, a year-on-year increase of 18%, with mobile game revenue at 63.6 billion yuan, up 20% [1] - The gaming industry is expected to see improved competition dynamics and attractive valuations, especially with the integration of AI applications [1] Robotics Industry - The first 5G-A humanoid intelligent robot was launched by Leju in collaboration with China Mobile and Huawei, addressing technical challenges in high-concurrency scenarios [2] - The 5G-A technology enhances multi-machine collaboration and real-time decision-making, supporting various application scenarios and reducing development cycles for humanoid robots [2] - The humanoid robot market is expected to expand rapidly due to advancements in AI and 5G-A technology [2] Rare Earth Industry - The Ministry of Commerce emphasized the acceleration of export license applications for rare earths, aiming to stabilize global supply chains [3] - Some rare earth magnetic material companies have received export licenses, which is crucial for the production of electric vehicle motors [3] - The recovery of rare earth exports is anticipated to narrow the price gap between domestic and international markets, benefiting the profitability of magnetic material companies [3] Solid-State Battery Industry - The 5th China International Solid-State Battery Technology Conference highlighted advancements in solid-state battery technology and related materials [4] - The industry is experiencing accelerated commercialization, with significant investments and pilot projects from major automotive companies [4] - The solid-state battery sector is expected to see continuous innovation and capacity expansion, with a critical period for industrialization approaching in 2025-2026 [4] Audiovisual Electronics Industry - A joint notification was issued by multiple government departments to promote high-quality development in the audiovisual electronics industry, focusing on new application scenarios [5] - The industry is driven by technological iterations and market demand, with significant growth expected in new display technologies and AI-enhanced audio devices [5] Foldable Smartphone Market - Apple is set to begin production of its first foldable iPhone by late Q3 or early Q4 2025, with initial production estimates in the millions [6] - The foldable smartphone market is viewed as a structural opportunity, with significant growth potential in China, projected to reach 10 million units by 2025, a 53.2% year-on-year increase [6]

Core Viewpoint - Ambarella, Inc. reported stronger-than-expected first-quarter fiscal 2026 results, with significant revenue growth and improved earnings, indicating successful execution of its edge AI strategy despite market volatility [1][2][3]. Financial Performance - Non-GAAP earnings for the first quarter were 7 cents per share, exceeding the Zacks Consensus Estimate of 4 cents, and a notable improvement from a loss of 26 cents per share in the same quarter last year [1][2]. - Revenues increased by 57.6% year over year to $85.9 million, surpassing the Zacks Consensus Estimate of $84 million, and were at the higher end of management's guidance of $81-$87 million [2][3]. - Gross margin on a non-GAAP basis was 62.0%, slightly above the guided range of 61-62.5% due to a favorable product mix [6]. Revenue Drivers - Record Edge AI revenues accounted for over 75% of first-quarter revenues, marking the fourth consecutive quarter of record AI sales [3]. - The automotive segment showed over 20% growth year over year, despite a low single-digit sequential decline [3]. Customer Contributions - One logistics and original design manufacturer customer contributed more than 10% to total revenues, with WT Microelectronics accounting for 63.1% of first-quarter revenues [4]. Future Guidance - For the second quarter, Ambarella forecasts revenues between $86 million and $94 million, with expected mid-single-digit sequential growth in IoT applications and slight growth in automotive revenues [8]. - The consensus estimate for second-quarter non-GAAP earnings per share is 4 cents [9]. Cash Flow and Balance Sheet - At the end of the first quarter, cash, cash equivalents, and marketable debt securities totaled $259.4 million, up from $250.3 million in the prior quarter and $203.3 million year over year [7]. - Operating cash flow generated during the first quarter was $14.8 million, with free cash flow of $10.2 million [7].