投资要点： 风险提示：1)客户集中风险2)新业务商业化进度不及预期风险3)下游需求不及预期4)iPhone 折叠屏手机 推出存在不确定性 蓝思科技积极打造高度垂直整合的具身智能硬件核心制造平台。1）蓝思科技展示了人形机器人的高自 由度仿生灵巧手与头部总成；2）公司集成了自研的行星滚珠丝杠、谐波减速器等核心传动部件，采用 镁铝合金轻量化骨架与液态金属精密结构件，在力控精度及工业级耐久性方面取得了关键突破。3）公 司永安园区具备50 万台具身智能机器人年产能。2025 年，蓝思人形机器人出货量已达3000 台，四足机 器狗超10000 台。 蓝思科技推出全栈液冷解决方案。本次展会同步亮相的TGV 玻璃基板，凭借优异的平整度、高热稳定 性与低信号损耗特性，成为延续摩尔定律的关键支撑材料。这款产品不仅能为E 级超算提供核心硬件保 障，更有望推动AI 算力综合成本降低超30%。 公司在消费电子领域持续开拓创新。1）公司依托原子级制造工艺推出3D 曲面玻璃、液态金属及新一代 VC 散热技术，实现产品极致轻薄与AI 算法稳定运行的双重目标。2）交互革命端，推动行业从屏幕时 代迈向无感交互，新一代AI/AR 眼镜实现数字信息 ...

证券日报网讯 1月8日，世运电路（603920）在互动平台回答投资者提问时表示，TGV玻璃基板是半导 体封装领域的前沿技术路线，公司近年来已开展相关技术的前瞻性研究与布局，围绕玻璃基板相关工艺 与产业链关键环节进行技术研究和上下游交流，并对国内头部玻璃基板方向的优质标的进行长期跟踪与 储备。 ...

格隆汇1月8日丨世运电路(603920.SH)在互动平台表示，TGV玻璃基板是半导体封装领域的前沿技术路 线，公司近年已开展相关技术的前瞻性研究与布局，围绕玻璃基板相关工艺与产业链关键环节进行技术 研究和上下游交流，并对国内头部玻璃基板方向的优质标的进行长期跟踪与储备。 ...

格隆汇1月8日丨世运电路(603920.SH)在互动平台表示，TGV玻璃基板是半导体封装领域的前沿技术路 线，公司近年已开展相关技术的前瞻性研究与布局，围绕玻璃基板相关工艺与产业链关键环节进行技术 研究和上下游交流，并对国内头部玻璃基板方向的优质标的进行长期跟踪与储备。 ...

Core Overview - The company emphasizes the deep integration of "AI + hardware," positioning itself as a key player in the supply chain and a core engine driving the trillion-dollar AI physical world [4] Core Highlights - The company introduced high-degree-of-freedom dexterous hands and head assemblies, utilizing magnesium-aluminum alloy for lightweight structures, marking a strategic transition from a "precision manufacturing leader" to an "embodied intelligence ecosystem architect" [5] - As a leading developer of next-generation server cabinets, the company showcased a full-stack liquid cooling solution and high-precision cabinets, providing a stable physical foundation for AI model training while addressing carbon reduction [6] - The company presented advanced manufacturing techniques such as UTG, 3D glass, liquid metal, and next-generation VC cooling technology, aimed at creating ultra-thin and efficient hardware for the next generation of AI smartphones and PCs [7]

Group 1 - The core viewpoint of the news highlights the advancements in the glass substrate sector, particularly by Hon Hai Group's subsidiary, Zhengda, which has achieved breakthroughs in CoWoS advanced packaging glass substrates and is expected to begin product deliveries in the coming years [1][2] - The SW electronic industry index increased by 2.78% during the week of September 29 to October 3, 2025, outperforming the CSI 300 index, which rose by 1.99% [2] - The top three sectors within the electronic industry index were integrated circuit manufacturing (+6.93%), integrated circuit packaging and testing (+4.50%), and digital chip design (+4.14%) [2] Group 2 - The global glass substrate market is projected to grow from $7.01 billion in 2024 to $12.33 billion by 2032, with a compound annual growth rate (CAGR) of 7.3% [4] - In China, the glass substrate market is expected to increase from 25.2 billion yuan to 36.1 billion yuan from 2020 to 2024, with a CAGR of 9.4% [4] - The market is highly concentrated, with the top three companies (Corning, Asahi Glass, and Nippon Electric Glass) holding a combined market share of 88% in 2023 [4] Group 3 - The demand for glass substrates is expected to rise due to increasing energy costs and production cuts by international giants like Corning and AGC, which will limit supply [5] - Woge Optoelectronics, a key Chinese glass substrate manufacturer, has seen its revenue grow from 604 million yuan in 2020 to 2.221 billion yuan in 2024, achieving a CAGR of 38.48% [5] - The company maintains a stable gross margin of around 20% from 2020 to the first half of 2025, driven by its focus on R&D and market-oriented business expansion [5]