据悉，瑞声科技与理想汽车合作已覆盖理想MEGA、L系列、i系列全系主力车型，协作贯穿声学设计、 材料创新、工艺优化及整车适配全流程。铂金音响系统声音还原精准、性能输出稳定，可大幅提升音质 细腻度与低频表现力，强化座舱豪华感与沉浸体验，已成为理想汽车极具竞争力的用户体验标杆。 据瑞声科技官方消息，2月9日公司旗下PSS常州工厂举行下线仪式，为理想汽车打造的第1000万只铂金 音响扬声器成功量产交付，双方高管团队出席活动。 瑞声科技表示，未来将继续深化与理想汽车的战略合作，推动车载声学向更智能、集成化、个性化方向 升级。值得一提的是，依托全球研发与产业链整合能力，瑞声科技已构建软硬件、算法、调音一体化的 全栈式车载声学解决方案，形成可扩展、高可靠的车规级交付体系，相关产品与方案已获得多家国际顶 尖汽车品牌认可，并与众多高端及主流智能车企建立稳定合作。 近年来瑞声科技车载声学业务发展迅猛，通过收购比利时 PSS、初光汽车完善产业链布局，形成从核心 器件到系统解决方案的全栈能力。2025 年上半年，其车载声学业务收入达17.4 亿元，同比增长14.2%， 成为集团第二增长曲线。 ...

Investment Rating - The report maintains a "Positive" investment rating for the electronic industry, indicating an expectation of returns stronger than the market benchmark by over 5% [5]. Core Insights - Strong demand for computing power driven by AI applications is expected to continue, with significant investments from major cloud providers [8]. - The hardware supply-demand imbalance is spreading across various sectors, leading to price increases [8]. - New technologies such as CPO (Co-Packaged Optics) are anticipated to create additional demand [8]. Summary by Sections Investment Recommendations and Targets - Key investment targets include: - Semiconductor manufacturing: SMIC (688981, Buy), Hua Hong Semiconductor (01347, Buy) - Testing and packaging: Changdian Technology (600584, Buy), Tongfu Microelectronics (002156, Buy), and others [9]. - Server storage: Lianqi Technology (688008, Buy) - CPUs: Haiguang Information (688041, Buy), Longxin Technology (688047, Not Rated), and others [9]. - Passive components: Sanhua Group (300408, Buy), Fenghua Advanced Technology (000636, Not Rated) [9]. - Server manufacturing: Industrial Fulian (601138, Buy), Huaqin Technology (603296, Buy) [9]. - Analog and power chips: Naxin Micro (688052, Buy), Sierui Technology (688536, Not Rated), and others [9]. - Semiconductor equipment: Zhongwei Company (688012, Buy), Northern Huachuang (002371, Buy), and others [9]. - Optical devices/chips: Zhishang Technology (301486, Not Rated), Tianfu Communication (300394, Not Rated), and others [9]. AI Applications and Edge Computing - Key targets in edge AI applications include: - AI main control chips: Amlogic (688099, Buy), Hengxuan Technology (688608, Buy) - Edge storage: Zhaoyi Innovation (603986, Buy), Bawei Storage (688525, Buy) [10]. - Terminal manufacturers: Hikvision (002415, Buy), Luxshare Precision (002475, Buy), BYD Electronics (00285, Not Rated), and others [10]. - Core components for AI edge: Huanxu Electronics (601231, Buy), Sunny Optical Technology (02382, Buy), and others [10].

Group 1 - JD.com (SWR 89618) has the highest short-selling ratio at 85.52%, followed by AIA Group (R 81299) at 77.11% and Lenovo Group (R 80992) at 67.79% [1][2] - Tencent Holdings (00700) leads in short-selling amount with 2.709 billion yuan, followed by Pop Mart (09992) at 974 million yuan and Xiaomi Group (W 01810) at 793 million yuan [1][2] - Huatai Securities (06886) has the highest deviation value at 40.23%, followed by Tong Ren Tang Technologies (01666) at 35.46% and China Ship Leasing (03877) at 26.75% [1][2] Group 2 - The top ten short-selling ratios include JD.com at 85.52%, AIA Group at 77.11%, and Lenovo Group at 67.79% [2] - The top ten short-selling amounts show Tencent Holdings at 2.709 billion yuan, Pop Mart at 974 million yuan, and Xiaomi Group at 793 million yuan [2] - The top ten deviation values are led by Huatai Securities at 40.23%, followed by Tong Ren Tang Technologies at 35.46% and China Ship Leasing at 26.75% [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 瑞聲科技控股有限公司（於開曼群島註冊成立之有限公司） FF301 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02018 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | 50,000,000 | 本月底法定/ ...

Group 1 - The Hong Kong stock market for the smartphone supply chain has seen a collective decline, with notable drops including High伟电子 down over 6% and 蓝思科技 down nearly 6% [1] - By December 2025, China's smartphone sales are projected to reach approximately 21 million units, representing a year-on-year decline of about 20% [1] - Major smartphone brands such as 华为, OPPO, 荣耀, vivo, and 苹果 hold market shares of approximately 20%, 17%, 14%, 14%, and 13% respectively [1] Group 2 - Goldman Sachs has revised its global smartphone shipment forecasts for 2026/27 down by 6% and 5% to 1.2 billion units each year, indicating a year-on-year change of -6% and +2% [1] - Counterpoint Research suggests that the smartphone market is unlikely to recover before 2027, with normalization expected in the second half of 2027 or early 2028 [1] - The smartphone industry is expected to seek a balance between cost, performance, and innovation in response to ongoing challenges and rising costs due to memory price increases and technological iterations [1]

光波导行业迈入强整合时代 今年11月，AAC宣布全资收购芬兰波导厂商Dispelix，这在业内是一次备受关注的事件。 这既意味着AR行业发展正在加速，也揭示了光波导行业将迎来全新阶段。 近日，AAC参展全球知名光电行业盛会SPIE2026，并联合Dispelix展出了系列最新光波导解决方案，这属于双方合并后的首秀。 就此契机，VR陀螺有幸对话瑞声科技 XR&智能终端事业部总经理 陶洪焰 及 Dispelix CEO 兼联合创始人 Antti Sunnari，这场光波导行业"联姻"对于双方以 及整个行业来说意味着什么？ 在SPIE 2026 01 50°碳化硅波导首秀，坚定押注单片全彩方向 先来简单介绍AAC与Dispelix两家企业，AAC是国内果链巨头，同时也是全球知名的智能设备感知与交互技术解决方案提供商，"声光电触"等领域有很强 技术实力，XR赛道也已经深耕多年。 Dispelix是衍射光波导领域"祖师爷"级企业，于2015年创办，总部位于芬兰，在美国、中国设有办事处。官网介绍指出，Dispelix的核心技术包括单片全彩 衍射光波导设计、自主开发波导设计软件与仿真工具以及可大规模生产的光波导制造工艺。 ...

据香港交易所披露，摩根大通（JPMorgan）对瑞声科技控股有限公司的多头持仓比例于2026年1月27日 从7.26%增至7.3%。 本文源自：金融界AI电报 ...

内容概要：随着汽车消费属性从"代步工具"向"移动生活空间"深度转型，驾乘舒适性已成为消费者购车 决策的核心考量维度，而噪声、振动与声振粗糙度（NVH）性能更是衡量舒适性的关键指标，在此趋 势下，汽车整车制造厂商为构筑产品差异化竞争优势，持续加大声学部件的研发与配置力度，中高端车 型不断迭代升级精细化声学解决方案，经济型车型亦逐步提升吸音棉、隔声垫等基础声学部件的搭载量 与覆盖范围，驱动汽车声学部件市场需求与规模实现双重扩容，据统计，2025年我国汽车声学部件行业 市场规模达104.9亿元，同比增长23.0%，未来，随着新能源汽车市场的蓬勃发展，其电机噪声特性与座 舱静谧性需求对声学部件提出更高标准，我国汽车声学部件市场规模有望迎来新一轮跨越式增长。 相关上市企业：上声电子（688533）、瑞声科技（02018.HK）、德赛西威（002920）、惠威科技 （002888）、共达电声（002655） 相关企业：哈曼（中国）投资有限公司、博士视听系统（上海）有限公司、丹拿音响（上海）有限公 司、普瑞姆扬声器系统（深圳）有限公司 、宁波艾思科汽车音响通讯有限公司、上海现代摩比斯汽车 零部件有限公司、广州丰达电机有限公 ...

Core Viewpoint - The company announced the appointment of Mr. Zheng Shuting as an independent non-executive director, effective from January 27, 2026 [1] Group 1 - The board of directors is pleased to appoint Mr. Zheng Shuting [1]

瑞声科技(02018)发布公告，董事会欣然委任郑叔霆先生为公司独立非执行董事,于2026年1月27日起生 效。 ...