Group 1 - The core point of the article is that Haowei Group has set the final price for its H-share issuance at HKD 104.80 per share, with plans to list on the Hong Kong Stock Exchange on January 12, 2026 [1]

Core Viewpoint - The company,豪威集团, has announced the pricing of its H-shares at HKD 104.80 per share, with the global offering expected to become unconditional on January 12, 2026 [1] Group 1 - The global offering is scheduled to take place on January 12, 2026, at 8:00 AM Hong Kong time [1] - H-shares are expected to commence trading on the Hong Kong Stock Exchange on January 12, 2026, at 9:00 AM Hong Kong time [1] - H-shares will be traded in lots of 100 shares [1]

Core Viewpoint - The company,豪威集团, has announced the final price for its H-share issuance at HKD 104.80 per share, with the listing on the Hong Kong Stock Exchange scheduled for January 12, 2026 [1] Group 1 - The final price for the H-share issuance is set at HKD 104.80 per share [1] - The listing is expected to commence on January 12, 2026, on the main board of the Hong Kong Stock Exchange [1]

Group 1 - The company,豪威集团, has announced the offering price for its H shares at HKD 104.80 per share [1] - The global offering is expected to become unconditional by January 12, 2026, at 8:00 AM Hong Kong time [1] - Trading of the H shares on the main board of the Hong Kong Stock Exchange is anticipated to commence on January 12, 2026, at 9:00 AM Hong Kong time [1]

格隆汇1月8日丨豪威集团(00501.HK)发布公告，2026年1月8日，发售价已厘定为每股H股104.80港元。 假设全球发售于2026年1月12日(星期一)上午八时正(香港时间)或之前成为无条件，预期H股将于2026年 1月12日(星期一)上午九时正(香港时间)开始在联交所主板买卖。H股将以每手100股H股为单位进行买 卖。 ...

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Haowei Group, indicating a significant increase in both revenue and net profit year-on-year [2][3] - On January 6, Haowei Group's stock rose by 1.68%, with a trading volume of 2.813 billion yuan, and a net financing purchase of 22.15 million yuan [1] - As of January 6, the total margin balance for Haowei Group reached 5.045 billion yuan, with a financing balance of 5.029 billion yuan, accounting for 3.18% of the circulating market value, indicating a high level of financing activity [1] Group 2 - Haowei Group's main business involves the research and design of semiconductor discrete devices and power management ICs, with semiconductor design sales contributing 82.92% to total revenue [2] - For the period from January to September 2025, Haowei Group achieved an operating income of 21.783 billion yuan, representing a year-on-year growth of 15.20%, and a net profit attributable to shareholders of 3.210 billion yuan, up 35.15% year-on-year [2] - The company has distributed a total of 2.146 billion yuan in dividends since its A-share listing, with 1.253 billion yuan distributed in the last three years [3]

Core Viewpoint - The brain-computer interface (BCI) concept continues to gain traction, with multiple listed companies responding positively to the trend, leading to significant stock price increases in the sector [2][3]. Group 1: Stock Performance - On January 6, several companies in the BCI sector, including Weisi Medical, Sanbo Brain Science, and Aipeng Medical, saw their stocks hit the daily limit, with many achieving consecutive gains [3]. - Weisi Medical's stock rose by 20.01% to 69.70, while Sanbo Brain Science also increased by 20.01% to 84.94, indicating strong market interest [4][5]. Group 2: Company Developments - Weisi Medical is expanding its technology layout in the neuro-rehabilitation field from a single device to a comprehensive solution covering diagnosis, treatment, and rehabilitation [4]. - Sanbo Brain Science has established a BCI laboratory and is developing a product system that includes various applications in clinical diagnosis and neuro-rehabilitation [4]. - Aipeng Medical emphasizes the role of BCI as a bridge between the brain and external devices, highlighting its potential applications [5]. Group 3: Market Trends and Projections - The rehabilitation medical device sector is a key focus area, with companies like Xiangyu Medical aiming to enter over 1,000 top-tier hospitals in China, indicating a robust commercialization strategy [11]. - The global BCI market is projected to reach approximately $12.4 billion by 2034, with a CAGR of 17% from 2025 to 2034, reflecting significant growth potential [17]. Group 4: Collaborations and Innovations - Companies are exploring collaborations to integrate BCI technology with robotics, as seen in the partnership between Yijia and Maillande to develop brain-controlled robots [13]. - Blue Si Technology has become a strategic investor in Qiangnao Technology, indicating strong interest in the BCI hardware sector [14]. - Qiangnao Technology recently completed a financing round of approximately 2 billion, making it the second-largest financing in the BCI field after Neuralink [15].

Core Viewpoint - The CMOS Image Sensor (CIS) market is experiencing structural growth, driven by the increasing penetration of L3+ autonomous driving, which is expected to increase the number of cameras per vehicle from 5-8 to 8-15 [3][4]. Market Position - The company has established a dual-layer market position as "third globally, first in segments." In 2024, the company holds a 13.7% share of the global CIS market, ranking third after Sony (approximately 40%) and Samsung (approximately 20%) [4]. - In the automotive CIS segment, the company leads with a projected market share of 32.9% in 2024, making it the global leader [5]. Business Composition - The company's core business is centered around CIS chips, which accounted for 82% of total revenue in 2023, expected to rise to 85% in 2024 and 88% by 2025. Other business segments, including display driver chips and semiconductor distribution, are gradually shrinking [5]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 21.78 billion yuan, a 15% year-on-year increase, and a net profit of 3.2 billion yuan, up 35% year-on-year. The third quarter of 2025 saw a record net profit of 1.1 billion yuan [6]. - The automotive CIS business generated 3.8 billion yuan in revenue in the first half of 2025, reflecting a 30% year-on-year growth, and is expected to maintain a growth rate of over 30% in 2026 [8]. Technological Advancements - The company has made significant strides in technology, with a total of 4,761 authorized patents as of June 2025. R&D expenses reached 2.1 billion yuan in the first nine months of 2025, accounting for over 9% of revenue, consistently above the industry average [10]. - The company is closing the gap in key technical indicators, with plans to launch a 160-megapixel sensor in 2024 and a 200-megapixel prototype in 2025, although it still trails behind Sony and Samsung in pixel count [13]. Globalization and Client Base - The company's business is highly internationalized, with overseas revenue expected to reach 21 billion yuan in 2024, accounting for 81.5% of total revenue. The top five clients include major smartphone brands and electric vehicle manufacturers, indicating a high client concentration [13]. - The company is strategically focusing on high-growth sectors such as automotive electronics and security monitoring, anticipating an increase in market share in these areas [13]. Future Plans - To strengthen its technological advantage and expand its global market presence, the company plans to issue up to 7.367 million shares, with proceeds aimed at R&D and channel development for new automotive and smartphone CIS products [14]. Market Observations - Since 2025, the company's stock price has experienced significant volatility, reflecting broader semiconductor market trends, and is currently stabilizing [15].

Group 1 - The core theme of the 2026 CES is edge AI, with terminal manufacturers in smartphones, PCs, and smart cars launching new products equipped with AI capabilities, accelerating the migration of AI from the cloud to devices [2] - The consumption electronics ETF closely tracks the CSI Consumer Electronics Theme Index, which selects 50 listed companies involved in component production and brand design to reflect the overall performance of the sector [2] - As of December 31, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index account for 54.35% of the index, including companies like Luxshare Precision, Cambricon, and BOE Technology Group [2] Group 2 - The CES event features significant presentations from industry leaders, including AMD's CEO Lisa Su and Lenovo's Chairman Yang Yuanqing, showcasing advancements in mixed AI technology [1] - NVIDIA will demonstrate its solutions driving innovation in various fields such as automotive, gaming, content creation, AI agents, physical AI, and robotics during CES [1]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report emphasizes the importance of advancements and innovations in edge AI, predicting accelerated integration into various hardware products and industrial applications by 2026 [9][10] - Key players in the edge AI sector include chip manufacturers, terminal product manufacturers, and core component manufacturers, with specific companies highlighted for investment opportunities [3][10] Summary by Sections Investment Recommendations and Targets - Focus on the upgrade and innovation breakthroughs in edge AI, with recommended stocks including: - Edge AI main control chip manufacturers: Amlogic, Aojie Technology, Hengxuan Technology, Espressif Technology, Starshine Technology, Rockchip [3][10] - Terminal product manufacturers: Lenovo Group, Xiaomi Group, Luxshare Precision, Linying Intelligent Manufacturing, BYD Electronics, Lens Technology, Ezviz, Innosilicon [3][10] - Core component manufacturers: Huanxu Electronics, Sunny Optical Technology, Orbbec, SUTENG, STMicroelectronics, OmniVision, and Pegatron [3][10]