AI 手机加速迭代，ASIC 市场火热 20251207 摘要 AI 手机雏形已现，豆包手机展示了 AI 助手在日常场景的应用，通过自然 语言指令完成任务，类似苹果 Siri 的升级方向，预计 2026 年苹果、三 星、谷歌将跟进 Agent 应用。 定制化架构芯片（ASIC）通过牺牲通用性加速特定算法，降低应用成本； 英伟达 GPU 保留灵活性服务全行业开发者。短期内 ASIC 不会完全取代 GPU，两者将共同推动 AI 基础设施迭代。 英伟达 CUDA toolkit 13.1 版本是 20 年来最大更新，首次将 Tensor Core 函数抽象到 Python 层级，加速 GPU 软件栈进步，提升开发者生 态易用性，应对大模型发展趋势。 全球 AI 算力投资节奏快，模型端创新不断，云端算力需求强劲。2026 年创新节奏预计不落后于 2025 年，Gemini 3、GPT-5.2 等新模型发布 值得关注。 AI 手机端侧运行中小参数模型面临散热、续航和内存瓶颈。未来可能通 过蒸馏高参数模型解决，存储涨价背景下，苹果在硬件创新方面更具看 点。 Q&A 近期豆包与中兴合作推出 AI 手机预览版后，市场对 AI ...

Market Overview - The A-share market experienced a significant increase, with the Shanghai Composite Index closing above 3900 points, specifically at 3914.01 points, reflecting a 0.65% rise on December 1, 2025 [3][5] - The total market turnover reached 1.89 trillion yuan, marking an 18.3% increase compared to the previous trading day, indicating a broad recovery in market sentiment [3][5] Sector Performance - Technology and cyclical sectors led the market gains, with the consumer electronics sector showing notable performance. Key products like smart speakers and TWS headphones saw increases of 5.86% and 3.37%, respectively [5] - The precious metals sector also performed well, with international silver prices reaching a historical high and copper prices hitting a yearly peak, contributing to a 2.86% rise in the non-ferrous metals sector [8] Policy and Economic Outlook - The report suggests that the market is in a policy preheating phase, with expectations for the upcoming Central Economic Work Conference to potentially signal stronger economic stimulus measures [5][7] - The probability of a Federal Reserve rate cut in December has risen to over 80%, which could enhance global liquidity and risk appetite [5][7] Investment Strategy - The report recommends maintaining a balanced allocation between technology and dividend-paying stocks to hedge against sector rotation risks [11][13] - Key investment themes include AI applications, consumer spending, and brokerage firms, with a focus on monitoring market turnover and potential changes in trading regulations [11][13] Bond Market Insights - The bond market is expected to continue its oscillating trend, with short-term government bonds showing strength while long-term bonds may experience slight adjustments due to profit-taking [8][13] - The central bank's liquidity management and the evolution of credit risks in the real estate sector are highlighted as critical factors to watch [8][13] Commodity Market Trends - The commodity index rose by 0.93%, with significant gains in precious metals and basic metals driven by macroeconomic factors such as the anticipated Fed rate cut and a weaker dollar [8][14] - The report notes a rebound in the black coal sector after previous declines, with coking coal prices increasing by 2.73% [14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown strong performance in the new energy sector, with a diversified business layout supporting long-term development [1] - In H1 2025, the company achieved total operating revenue of 1.876 billion yuan, a year-on-year increase of 2.34%, and a net profit attributable to the parent company of 163 million yuan, a year-on-year increase of 69.69% [3][5] - The consumer electronics business accounted for 62.75% of total revenue, while the new energy sector saw a 30.3% year-on-year growth, contributing 30.35% to total revenue [5] Summary by Sections Financial Performance - In H1 2025, the company reported a comprehensive gross margin of 32.64% and a net profit margin of 8.21% [5] - The sales gross margin for Q2 was 33.12%, down 5.59 percentage points year-on-year, while the net profit margin increased by 6.05 percentage points to 16.63% [5] - The company’s operating expenses as a percentage of revenue were 9.14% for sales, 5.9% for management, 12.55% for R&D, and 1.58% for financial expenses [5] Business Segments - The consumer electronics segment is expected to grow rapidly due to Apple's upcoming product launches, including new iPhone models [5] - The new energy business is expanding with a focus on smart charging and battery swapping stations, having received orders for over 500 stations and delivered more than 300 [5][6] - The semiconductor segment has seen significant growth, with a year-on-year revenue increase of 314.4% in H1 2025, driven by high-precision equipment orders from leading global companies [6] Future Outlook - The company is projected to achieve net profits of 513 million yuan, 630 million yuan, and 757 million yuan for the years 2025, 2026, and 2027 respectively [9] - The current stock price corresponds to a price-to-earnings ratio (P/E) of 31.1x for 2025, 25.3x for 2026, and 21.1x for 2027 [9] - The diversified business structure, particularly in new energy and semiconductors, is expected to enhance the company's profitability as these segments mature [9]

Summary of Key Points from the Conference Call Industry Overview - The semiconductor equipment and materials sector is experiencing better-than-expected conditions, particularly in the 7nm advanced process, with a significant increase in domestic CAPEX investment expected in 2025 compared to 2024 [1][5] - AI glasses have emerged as a new hotspot in consumer electronics, with strong market demand evidenced by the rapid sell-out of Xiaomi's new electrochromic glasses [1][9] - The Apple supply chain faces dual challenges of trade friction and slowing innovation, but these issues are already reflected in stock prices [1][10] Core Insights and Arguments - The logic chip sector shows signs of recovery, contrasting with market pessimism, indicating potential investment opportunities [1] - Domestic AI computing capabilities are lagging behind international counterparts, particularly NVIDIA, which is benefiting from increased capacity and CAPEX investments [3][4] - The semiconductor equipment and materials sector is expected to have upward potential in 2025, with advanced process equipment manufacturers showing order growth potential [7][8] Additional Important Content - The semiconductor materials sector is optimistic, with increasing domestic CAPEX and improving yield rates, suggesting a more favorable outlook than previously anticipated [5] - The AI computing direction is characterized by a divergence between domestic and international developments, with domestic players focusing on algorithm optimization [3][4] - The storage chip market is experiencing price increases for DDR4 due to capacity shifts from Korean manufacturers, with a slow recovery expected [13] - AI applications are anticipated to significantly boost storage chip demand as they become more prevalent across various devices [14] - Investors are advised to focus on selecting strong individual stocks rather than entire sectors, with a particular emphasis on AI computing, semiconductors, national chains, and storage chips [15]

Investment Rating - The report does not explicitly provide an investment rating for the industry, but it suggests maintaining attention on semiconductor and related companies due to potential growth opportunities [4][13]. Core Insights - In Q1 2025, China's smartphone shipments increased by 5% year-on-year, driven by government subsidy policies, although demand weakened post-Spring Festival, leading to overall performance below expectations [2][24]. - Xiaomi Group reported a significant revenue increase of 47.4% in Q1 2025, with total revenue reaching 111.3 billion yuan and net profit of 10.9 billion yuan, compared to 4.2 billion yuan in the same period last year [4][33]. - The electronic industry underperformed compared to the broader market, with the Shenwan primary electronic index declining by 2.87% during the week of May 22-28, 2025 [2][6]. Industry Data Summary - Global smartphone shipments reached 305 million units in Q1 2025, reflecting a year-on-year growth of 1.53% [3][9]. - In March 2025, China's smartphone shipments totaled 21.43 million units, marking a 6% increase year-on-year, although this was a decline from 32.5% growth in February [12][24]. - Global semiconductor sales in March 2025 amounted to 55.9 billion USD, showing an 18.8% year-on-year increase [3][12]. - The wearable device market grew by 13% year-on-year in Q1 2025, with shipments reaching 46.6 million units [25]. Company Dynamics - Xiaomi Group's Q1 2025 financial performance indicates strong growth, with a net profit increase from 4.2 billion yuan to 10.9 billion yuan year-on-year [4][33]. - The report highlights that while smartphone sales growth is slowing, the investment in semiconductor wafer fabs is primarily driven by government initiatives, which may mitigate the impact of downstream cycles on investment [4][13].

江苏精研科技股份有限公司 对江苏精研科技股份有限公司的关注函的回复 头流品的回复 中共华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址: 北京市丰台区丽泽路 20 号丽泽 SOHO Ｂ座 20 层 邮编: 100073 电话:(010) 51423818 传真:(010) 51423816 l 中兴华会计师事务所(特殊普通合伙) ZHONGXINGHUA CERTIFIED PUBLIC ACCOUNTANTS LLP 地址(location):北京市丰台区丽泽路 20 号丽泽 S0H0 B 座 20 层 20/F,Tower B,Lize SOHO,20 Lize Road,Fengtai District,Beijing PR China 电话(tel):010-51423818 传真(fax):010-51423816 中兴华会计师事务所(特殊普通合伙)关于 中兴华报字(2023)第 020009号 深圳证券交易所: 江苏精研科技股份有限公司(以下简称"精研科技"或"公司")于 2023 年 1 月 18 日收到贵所《关于对 ...