在数字经济加速渗透、消费电子复苏回暖、跨境电商兴起的多重产业浪潮中，卓翼科技（002369.SZ） 正迎来业务结构优化与创新发展的关键机遇期。随着公司将智能制造能力逐步与跨境电商融合，卓翼科 技有望迈向高质量发展的新阶段。 作为深耕3C电子行业多年的企业，卓翼科技长期服务的客户均为行业的巨擘，使得公司在前沿技术创 新、新产品和新业务布局上占据领先优势。公司已在深圳、西安、武汉设立三大研发中心，形成了覆盖 无线通信、影像、音频、数字控制系统等底层技术的研发矩阵，能够快速响应客户需求并跟进前沿技术 趋势。这种以研发为驱动的发展模式，不仅保障了公司在现有业务领域的竞争优势，更为公司今后切入 新兴赛道提供了坚实的技术支撑。 推进智能制造与跨境电商融合 卓翼科技近日在互动易平台上表示，公司已将跨境电商作为重要增长曲线，并聚焦欧洲、北美、日本等 高端市场，以移动电源、智能音箱等消费电子产品为切入点，推进"智能制造、跨境电商"的协同闭环。 卓翼科技提到，公司董事长陈雍先生具备多年跨境外贸与渠道资源积淀，未来发展的核心是推动高端智 能制造与跨境电商深度融合，提升公司品牌形象和盈利水平，同时优化治理与决策效率，聚焦大客户、 大 ...

Core Insights - F&D Audio, a brand under Fenda Technology, showcased its advancements in the smart audio sector during Shenzhen TV's "Daily New Products" program, highlighting its 32 years of expertise and commitment to innovation [1][6] Brand Focus - F&D Audio has established a clear brand development path amidst fierce competition in the smart hardware market, leveraging its extensive R&D capabilities and a strong pursuit of sound quality [2][6] - The company maintains close partnerships with leading chip manufacturers to ensure rapid integration of cutting-edge technology into its products, enhancing user experience [2][6] Product and Experience - F&D Audio offers a diverse range of products, including smart speakers, TWS earbuds, and portable audio devices, designed to optimize sound quality and integrate seamlessly into home environments [5][8] - The smart speakers feature high-sensitivity microphone arrays and noise reduction algorithms, enabling clear voice interaction and smart home control [5][8] - The company focuses on user feedback, receiving widespread recognition for its superior sound quality, stable connectivity, and practical smart features [11] Future Vision - F&D Audio aims to deepen the integration of AI with hardware, expanding its AI product ecosystem and strengthening its foundational technologies in audio processing and wireless connectivity [9][13] - The brand is committed to its mission of enhancing human life through innovative sound technology, aiming to provide intelligent and convenient auditory experiences across various life scenarios [9][13]

队友不按套路出牌，雷军估计也摸不着头脑。 出品 | 电商头条 作者 | 高飞 没想到，雷军背后的男人林斌突然出手了，计划套现20亿美元小米股票。 消息一出，市场哗然。在一个月前，雷军刚刚增持1亿港元小米股票为公司站台，转眼间大股东林斌就宣布要大减持，这前后反差让不少人看得云里雾 里。 小米还在加速奔跑，公司关键人物林斌为什么选择在此时套现？是不看好未来的发展，还是在憋一个大招。 雷军背后的男人林斌 套现20亿美元小米股票 又到年底了，雷军背后的男人林斌，直接套现了20亿美元（约140亿元）小米股票。 小米集团在港交所发布公告称，公司联合创始人、执行董事、副董事长林斌计划自2026年12月开始，每12个月出售金额不超过5亿美元的公司B类普通 股，累计出售总金额不超过20亿美元。 公告强调，减持计划所得款项主要用于成立投资基金公司。林斌表示对小米集团业务前景充满信心并将长期服务于小米集团。 接近小米集团的人士透露，林斌是想成立一个投资基金，对新兴科技、体育等产业进行投资，所以拟减持一些小米股份。 根据小米2025年中期报告披露， 林斌通过Apex Star LLC持有小米21.55亿股普通股，占总股本8.31%， ...

证券研究报告 A股2026年十大预测 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 研究助理：林煜辉 执业证书编号：S0600124060012 邮箱：linyh@dwzq.com.cn 研究助理：孔思迈 执业证书编号：S0600124070019 邮箱：kongsm@dwzq.com.cn 证券分析师：谢立昕 执业证书编号：S0600525080001 邮箱：xielx@dwzq.com.cn 证券分析师：蒋珺逸 执业证书编号：S0600525040004 邮箱：jiangjy@dwzq.com.cn 2025年12月28日 请务必阅读正文之后的免责声明 回顾2025年提出的十大预测 风险提示：经济复苏不及预期；美债见顶下行迟于预期；地缘政治事件黑天鹅。 数据来源：Wind，东吴证券研究所；注：涨幅若无其他说明，统计区间均为2025年1月1日-2025年12月26日） 2 ◼ 回顾2025年提出的十大预测： ➢ 预测一：A股震荡上行，进入新的波动中枢（万得全A涨幅为28.1%，沪指四季度围绕3900点震荡） ➢ 预测二：2025年A股交易结构比指数更 ...

快递员往来穿梭、 无人机空中送货、 天量包裹发往何处？华强北210多家物流站点数据显示： 国内包裹六成发往珠三角、长三角、京津冀； 记者获悉深圳华强北—— 这条仅长930米的"中国电子第一街" 当日发送国内外包裹量 超过367万件 创下新纪录 电子屏上实时行情闪烁…… 12月24日 "华强北快递包裹年发货超10亿件、日均超300万件，一条街的包裹量相当于一个内地省级行政区。"华 强北街道办事处副主任杜涵涵介绍，这些包裹国内和国际市场六四开，覆盖183个国家和地区，货值突 破千亿元大关，进出口超400亿元。 海外包裹近年则形成"北美、东盟、中东、欧洲、拉美"多元布局。 "市内90分钟达、国内两天达、周边国家3天达、全球主要城市7天达"，从华强北泛起的经济涟漪扩散全 球，全球电子信息产业风向标名不虚传。 货如轮转，客似云来。华强北日均客流70余万人次，超7000是外国客商。 布隆迪客商阿卜达拉填好包裹单，把刚采购的手机配件发往家乡市场。"这些产品在家乡很受欢迎，这 两年已有5位朋友跟着我来这里做生意。"他高兴地说。细数华强北包裹订单，传统的手机及配件占据半 壁江山；随着AI应用兴起，更带动无人机、TWS耳机、AI ...

Group 1 - CES 2026 will take place from January 6 to 9, 2026, in Las Vegas, featuring industry leaders like Siemens, Caterpillar, AMD, and Lenovo, with AI as a central theme [1] - AI hardware is becoming essential for the implementation of AI technologies, with significant announcements from major companies like OpenAI, Google, Microsoft, Meta, Alibaba, ByteDance, and Baidu [1] - The CES 2026 Innovation Awards highlighted AI products, with 343 winners, including Anker's mobile power banks, Dreame's robotic vacuum, Lenovo's convertible laptops, and Qualcomm, Samsung, AMD chips, and ASUS AI PCs [1] Group 2 - Lens Technology offers a full-stack solution for smart wearable devices, including optical lenses, structural components, functional modules, and complete assembly [2] - Hengxuan Technology's chips are widely used in low-power smart terminals for wearable and smart home applications, focusing on TWS earbuds, smartwatches, and smart glasses [2] - Goer Technology is benefiting from early investments in AI smart glasses and wearable devices, capitalizing on the AI wave [2]

截至2025年12月24日 13:17，中证消费电子主题指数(931494)强势上涨1.81%，成分股信维通信(300136) 上涨18.20%，生益科技(600183)上涨9.27%，北京君正(300223)上涨9.17%，环旭电子(601231)，圣邦股 份(300661)等个股跟涨。消费电子ETF(561600)上涨1.86%， 冲击4连涨。最新价报1.21元。 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题ETF发起式联接E：024557)。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也 ...

Core Viewpoint - Transsion Holdings, known as the "King of Africa" in the mobile industry, has submitted an H-share listing application to the Hong Kong Stock Exchange to diversify its financing channels and support its strategic transformation into a smart ecosystem service provider, covering mobile internet services, energy storage, and electric mobility [1][2]. Group 1: Market Position and Financial Performance - Transsion has established a dominant position in emerging markets, particularly in Africa, where it holds a market share of 61.5%, and is the largest smartphone provider in emerging markets with a share of 24.1% as of 2024 [1][2]. - The company's total revenue is projected to grow from RMB 465.96 billion in 2022 to RMB 687.15 billion in 2024, with net profit increasing from RMB 24.67 billion to RMB 55.97 billion during the same period [2]. - However, in the first half of 2025, the company experienced a revenue decline from RMB 346 billion in 2024 to RMB 291 billion, with a drop in gross margin from 20.8% to 19.0%, attributed to smartphone product release cycles and intensified competition in emerging markets [2]. Group 2: Strategic Transformation and Future Growth - The long-term growth strategy of Transsion is to transition from hardware sales to building a smart ecosystem driven by mobile internet services and diversified IoT products [2][5]. - The company aims to leverage its large user base to drive high-growth services and products, with over 270 million average monthly active users as of June 30, 2025, and a focus on mobile internet services that have a gross margin of 78.0% [5][6]. - Transsion is also expanding into energy storage and light electric mobility, launching brands like itel Energy and DYQUE Energy to address power supply issues in Africa, and introducing electric mobility solutions for both personal and commercial users [6][7]. Group 3: Market Opportunities and Projections - Emerging markets are expected to be the main growth driver for the global smartphone market, with a projected compound annual growth rate (CAGR) of 6.7% from 2024 to 2029, surpassing the global market's expected 4.6% [3][5]. - The market sizes for mobile internet services, IoT products, energy storage, and light electric mobility are projected to grow significantly, with CAGRs of 26.9%, 19.4%, 16.4%, and 15.6% respectively from 2024 to 2029 [6][7]. - To support its ecosystem transformation and maintain technological leadership, Transsion plans to use funds from the H-share listing to enhance AI capabilities and upgrade its operating system [6].

Group 1 - The wearable device market is projected to exceed $20 billion by 2025, with an expected shipment of 500 million units, driven by precise health monitoring, natural interaction methods, and seamless device integration [1] - Zhuoyue Technology (002369.SZ) is positioned to benefit significantly from the growth of the smart wearable industry due to its comprehensive industry chain layout, core technological breakthroughs, and innovative capabilities [1] - The company has developed strong R&D and manufacturing capabilities, providing integrated solutions from design to production for various wearable devices, including smartwatches and health monitoring equipment [1] Group 2 - Zhuoyue Technology is strategically focusing on core categories such as smartwatches and bands while exploring potential markets like smart rings, aligning with the needs of specialized consumer segments [2] - The company leverages its supply chain integration and local service advantages to empower domestic and international brand clients, sharing in the global wearable market's growth [2] - Continuous investment in R&D is a key strength for Zhuoyue Technology, focusing on sensor accuracy, low-power technology upgrades, and AI algorithm adaptation to enhance product functionality and maintain competitive advantage [2] - The recent appointment of Chen Yong as the controlling shareholder is expected to facilitate the company's entry into overseas markets through cross-border e-commerce, creating new growth opportunities [2]

Core Viewpoint - The company, Longqi Technology, announced an investment of approximately 1.5 billion yuan to build an AI+ smart terminal digital benchmark factory in Nanchang, which is a significant step in its "1+2+X" product strategy aimed at enhancing core competitiveness and sustainable development [1][4]. Group 1 - The project will focus on the production and research of mobile smart terminals such as laptops, smart glasses, TWS earphones, and tablets, with a construction period of 24 months [4]. - Longqi Technology stated that this investment aligns with national policy planning and the requirements of the electronic information industry, anticipating significant economic benefits due to increasing market demand in the AI smart terminal sector [4]. - The company has extensive experience in large-scale production of smart products, and the project will utilize mature assembly, testing, and packaging processes to support efficient manufacturing of AI PCs and smart glasses [4]. Group 2 - In 2024, Longqi Technology achieved a revenue of 46.382 billion yuan, a year-on-year increase of 70.62%, while the net profit attributable to shareholders was 500 million yuan, a year-on-year decrease of 17.21% [5]. - In the first half of 2025, the company reported a revenue of 19.908 billion yuan, a year-on-year decrease of 10.65%, with a net profit of 356 million yuan, reflecting a year-on-year increase of 5.01% [5].