Core Insights - The report highlights changes in the Hong Kong Stock Connect holdings, indicating significant increases and decreases in ownership percentages for various companies. Group 1: Recent Increases in Holdings - VITASOY INT'L (00345) saw an increase of 0.09%, bringing its latest holding percentage to 3.75% [1] - 恒生科技ETF (03032) increased by 0.04%, with a current holding of 18.49% [1] - 永升服务 (01995) experienced a rise of 0.01%, now holding 4.57% [1] - 南方东西精选 (03441) had the largest increase over five days at 18.46%, reaching 41.03% [4] - 喜相逢集团 (02473) increased by 10.04%, with a holding of 45.14% [4] - 兆易创新 (03986) rose by 4.95%, now at 6.65% [4] Group 2: Recent Decreases in Holdings - 南方恒生科技 (03033) experienced the largest decrease of -0.14%, with a current holding of 68.87% [2] - 医渡科技 (02158) decreased by -0.03%, now at 22.59% [2] - 盈富基金 (02800) saw a reduction of -0.02%, with a holding of 3.49% [2] - 山东墨龙 (00568) had a five-day decrease of -1.30%, now at 53.56% [5] - 亿华通 (02402) decreased by -1.00%, with a holding of 27.49% [5] - 国富氢能 (02582) saw a reduction of -0.90%, now at 20.14% [5] Group 3: Long-term Trends in Holdings - Over a 20-day period, 喜相逢集团 (02473) had the highest increase of 42.45%, reaching 45.14% [6] - 南方东西精选 (03441) increased by 27.31%, now at 41.03% [6] - 钧达股份 (02865) rose by 15.74%, with a holding of 64.80% [6] - 天齐锂业 (09696) experienced a significant decrease of -6.48%, now at 31.50% [6] - 金风科技 (02208) decreased by -5.88%, with a holding of 42.49% [6]

Core Viewpoint - The mobile industry chain experienced a significant increase in stock prices during early trading, indicating positive market sentiment towards the sector [1][2]. Company Performance - Q Technology (01478) saw a rise of 6.73%, reaching HKD 9.20 [1][2]. - AAC Technologies (02018) increased by 5.20%, with shares priced at HKD 38.82 [1][2]. - Sunny Optical Technology (02382) rose by 3.95%, trading at HKD 59.20 [1][2]. - GoerTek (01415) experienced a 2.11% increase, with shares at HKD 29.16 [1][2].

Group 1 - The Hong Kong stock market for the mobile industry chain has seen a significant increase, with all listed companies in the sector rising [1] - Q Technology (01478.HK) experienced a rise of 7.89%, reaching HKD 9.3 [1] - AAC Technologies (02018.HK) increased by 4.77%, trading at HKD 38.66 [1] - Sunny Optical (02382.HK) rose by 4.3%, with a price of HKD 59.4 [1] - GoerTek (01415.HK) saw an increase of 2.88%, priced at HKD 29.28 [1]

Core Insights - The consumer electronics industry is entering a new phase of deep AI empowerment by 2026, with significant growth driven by wearable/IoT and smart automotive sectors [1] - AI innovations at the edge are expected to accelerate between 2026 and 2027, with major tech companies competing to establish AI terminal entry points [1] - Despite short-term disruptions like storage price increases, the long-term growth trend of the electronics industry remains intact [1] Company Highlights - AAC Technologies (02018.HK) is identified as a key player in Apple's AI smartphone supply chain, actively participating in the development and supply of AI smartphones and AI camera headphones [1] - The company is closely aligned with Apple's AI OS upgrades and hardware iterations, allowing it to capture value from the innovations of leading brands [1] - In the wearable/IoT sector, AAC Technologies is advancing its technology and product offerings, showcasing optical solutions for viewing and AR glasses at CES 2026 [2] - The company has positioned itself in the supply chain for AI headphones and smart glasses, with its core component supply capabilities ranking among the industry's top [2] - AAC Technologies is also entering the smart automotive industry, leveraging its acoustic technology to meet the demands of leading manufacturers for AI cockpit upgrades [2] - The company is transitioning from a core component supplier in consumer electronics to a key technology supplier for AI terminals, poised to benefit from the industry dividends brought by edge AI innovations [2]

Group 1 - The consumer electronics industry is entering a new phase of AI deep empowerment by 2026, with significant growth driven by wearable/IOT and smart automotive sectors [1] - According to a report by招商证券, AI edge innovation is expected to accelerate between 2026 and 2027, as global tech giants compete to establish AI terminal entry points [1] - 瑞声科技 (AAC Technologies) is highlighted as a key player in Apple's AI smartphone supply chain, actively participating in the development and supply of AI-related products [1] Group 2 - In the wearable/IOT sector, 瑞声科技 is advancing its technology layout and product deployment, showcasing optical solutions for viewing glasses and AR glasses at CES 2026 [2] - The company has positioned itself in the supply chain for AI headphones and smart glasses, with its core component supply capabilities ranking among the industry's top [2] - 瑞声科技 is transitioning from a core component supplier in consumer electronics to a core technology supplier for AI terminals, benefiting from the ongoing development of Apple's AI ecosystem and the widespread adoption of AI terminals in the Android camp [2]

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]