（文章来源：证券日报） 证券日报网讯 1月6日，商络电子在互动平台回答投资者提问时表示，公司客户涵盖西门子、霍尼韦 尔、菲尼克斯等工业巨头，分销产品包含工业AIoT关键的通信模块、SOC芯片等，但该领域的芯片技 术服务布局尚处拓展初期。子公司风算智能在工业AIoT领域目前已开发了机器人关节模组、电机驱动 类的解决方案，收购立功科技后，立功在工业AIoT的技术积累及客户资源，将与风算智能相关解决方 案形成协同，形成"芯片分销+解决方案开发"综合服务，既可以深入工业AIoT赛道开拓其他新客户，亦 可复用现有客户切入其相关供应链，形成新的业务增长点。 ...

Core Insights - The SOC (System on Chip) industry is experiencing significant growth due to its high integration, low power consumption, and enhanced performance, with the market size in China projected to increase from 221 billion yuan in 2020 to 341.2 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 11.5% [1][9]. SOC Chip Industry Overview - SOC chips integrate all components required for an electronic system into a single chip, including CPU, GPU, memory, and power management units, allowing for a complete microcomputer system [3]. - The applications of SOC chips span across various sectors, including consumer electronics, automotive electronics, IoT, and AI [3]. SOC Chip Industry Chain - The SOC chip industry chain consists of three segments: upstream (chip IP cores, EDA software, semiconductor materials), midstream (chip design, wafer manufacturing, packaging), and downstream (applications in consumer electronics, automotive electronics, IoT, and AI) [5]. SOC Chip Industry Competitive Landscape - The global SOC chip market is highly competitive, with major players like Tesla, NVIDIA, and Qualcomm leading in technology and market share. Domestic companies such as Unisoc, Horizon Robotics, and Huawei HiSilicon are also emerging as significant competitors [9]. SOC Chip Industry Development Trends - Continuous technological innovation is expected to enhance SOC chip performance, with increased R&D investments aimed at achieving higher computing power and lower power consumption [11]. - The trend of domestic substitution is strengthening, with local manufacturers gradually replacing foreign companies in the market, particularly in the smart cockpit SOC chip sector [12]. - The industry has substantial growth potential driven by global digital transformation, 5G proliferation, AI applications, and the rise of IoT devices [14].

Group 1 - The company, Gongda Electronics, stated that its SOC chips are currently sourced externally [1] - The SOC chips are widely used in various consumer electronics fields, including smart automotive, smart wearables, smart home, smartphones, and the Internet of Things [1]

Core Insights - The World Artificial Intelligence Conference 2025 showcased the rapid transformation of various industries through AI technology, emphasizing the potential of "universal interfaces" that connect different sectors and support diverse applications [1] - Investment manager Li Jing believes that companies with cross-scenario applicability and foundational technologies will serve as "anti-cyclical anchors" in technology investments, driving continuous innovation and prosperity in the AI ecosystem [1] Investment Strategy - Li Jing has over 16 years of experience in the TMT sector and emphasizes the importance of balancing growth potential with downside protection in her investment framework [2][3] - The investment approach incorporates a focus on "odds," assessing both upward growth and downward safety margins, particularly during market volatility [2] - A comprehensive industry analysis framework is established to identify high-growth companies at reasonable valuations [2][3] Selection Criteria - Companies that define industries rather than being defined by customers are prioritized, as they tend to have higher return on equity (ROE) and stronger market positions [4] - Li Jing focuses on firms with universal technologies or standardized products, which are less vulnerable to customer concentration risks [4] Emerging Opportunities - Li Jing identifies undervalued intersections in industries such as semiconductors, machinery, chemicals, electronics, and software, where technology drives higher success rates [6] - A specific example includes the undervaluation of copper connection technology in AI infrastructure, which was recognized as a significant investment opportunity despite market misconceptions favoring optical modules [6] Verification and Validation - The investment strategy emphasizes "verifiability" to enhance success rates and identify positive turning points in industry development [7] - Cross-industry and cross-segment validation is employed to improve judgment accuracy, using downstream customer data to assess the performance of companies [7] Future Trends - Li Jing is particularly optimistic about AI-enabled terminal hardware, viewing robots as the ultimate form of AI application, with a focus on system-on-chip (SoC) technology as a core beneficiary [8] - The investment strategy includes a proactive approach to increasing exposure to overseas computing power, especially in ASIC technology, while maintaining a strong outlook on AI hardware [8] Risk Management - The investment strategy follows a GARP (Growth at a Reasonable Price) approach, focusing on intrinsic value and entering positions when undervalued [9] - Core positions are held long-term, while trading positions are adjusted flexibly to balance risk and return [10] Team Dynamics - The company fosters an open and inclusive culture that encourages deep research and value investing, allowing for personal insights and adaptability in investment strategies [14][15] - The investment team, with an average of 13 years of experience, emphasizes the importance of industry background to capture emerging trends effectively [15] Continuous Improvement - The team maintains a commitment to exploring new strategies and products, ensuring a proactive approach to changes in technology and market dynamics [17]

Core Insights - The fourth China Electronic Semiconductor Digital Intelligence Summit (ESIS 2025) focused on the development and innovation of the semiconductor industry under the trends of digitalization and intelligence, with over 220 executives and industry professionals in attendance [1] Group 1: Industry Trends - The Chinese semiconductor industry is entering the second phase of domestic substitution, with AI technology innovation and the localization of analog chips expected to be the core investment themes [3] - Current domestic semiconductor companies have covered most products and are transitioning from low-end to mid-to-high-end production, with significant differences emerging between companies [4] Group 2: Market Data - As of 2024, the overall domestic integrated circuit localization rate is only 23%, projected to reach around 25% in 2025, indicating a substantial gap from the target of 70% [4] - In critical areas like server CPUs and GPUs, the localization rate is below 10%, highlighting significant potential for domestic substitution [4] Group 3: Investment Opportunities - The demand for AI computing chips in China is expected to reach approximately 230 billion yuan in 2025, a year-on-year increase of 91%, with a localization rate of less than 30%, indicating multiple times the potential for domestic opportunities [6] - The innovation in AI terminals is creating new opportunities for domestic SOC chips, particularly in consumer smart hardware like TWS earphones, which are expected to see both price and volume increases [6] - The effective policy support and tariffs on U.S. analog chips are accelerating the domestic substitution process, with analog chips primarily using 180-65nm processes already achieving near-complete localization [6]

Market Overview - A-shares experienced a sudden drop with over 4,200 stocks declining and 20 hitting the daily limit down [1] - The trading volume ratio between the CSI 2000 and CSI 300 indices has declined, indicating a shift in capital from small-cap stocks to other sectors [1][3] - The banking and power sectors also saw significant declines, suggesting speculative capital may have been concentrated in these traditionally stable sectors [3] Investment Strategies - The "dumbbell strategy" has shifted focus from technology stocks to dividend and small-cap stocks due to changing economic expectations [3] - There is a recurring "end-of-month curse" observed in A-shares, where speculative stocks tend to drop significantly at the end of the month [3][4] Sector Performance - The nuclear energy sector showed strong performance, with stocks like Wangzi New Materials and Rongfa Nuclear Power hitting the daily limit up [11] - BYD's electric vehicle sales in Europe surpassed Tesla for the first time, with a 169% increase in April [13] - The electronic sector faced challenges, particularly with companies like Hengxuan Technology experiencing significant declines due to competitive pressures [12] Economic Indicators - The U.S. reported better-than-expected manufacturing and services PMI for May, indicating a resilient economy despite concerns over debt [6] - Speculation exists that the Trump administration may adopt fiscal policies that could alleviate recession fears [8] Company Developments - DeepSeek's parent company is actively recruiting talent in algorithm research and medical fields, contributing to a temporary boost in the AI medical sector [15] - Seris is set to showcase a humanoid robot demo on June 16, leading to a surge in its stock price [15]