Investment Strategy - The report emphasizes focusing on FAB and storage manufacturers that are expanding production and the recovery cycle of analog chips [3] - Longxin plans to raise 29.5 billion yuan, while SMIC Southern will receive a total cash contribution of 7.778 billion USD from shareholders [3] - Recommended companies include SMIC, Hua Hong Semiconductor, Zhongwei Company, and others [3] Market Trends - Microchip CEO noted a broad recovery in multiple end markets, with initial orders for the new quarter significantly better than the same period last year [3] - The storage demand is driven by AI, with prices still in an upward cycle; TrendForce predicts a 55-60% increase in general DRAM contract prices for Q1 2026 [3][30] Company Performance - The semiconductor index rose by 4.47% in December 2025, underperforming the electronics sector by 0.69 percentage points but outperforming the CSI 300 index by 2.19 percentage points [8] - Notable stock performances included Micron Technology (+20.74%) and Microchip Technology (+18.92%) [10] Semiconductor Sales Data - Global semiconductor sales reached 75.28 billion USD in November 2025, marking a year-on-year increase of 29.8% [26] - China’s semiconductor sales accounted for 26.9% of the global total, with a year-on-year growth of 15% [36] Price Trends in Storage - DRAM and NAND Flash contract prices increased in November, with DRAM prices rising from 7.00 USD to 8.10 USD and NAND Flash prices from 5.19 USD to 4.35 USD [30] - Predictions indicate a 55-60% increase in general DRAM contract prices and a 33-38% increase in NAND Flash prices for Q1 2026 [30][32]

Group 1 - Aojie Technology's stock price increased by 5.24% on January 9, reaching 94.18 CNY per share, with a trading volume of 620 million CNY and a turnover rate of 1.84%, resulting in a total market capitalization of 39.396 billion CNY [1] - The stock has risen for four consecutive days, with a cumulative increase of 8.33% during this period [1] - Aojie Technology, established on April 30, 2015, and listed on January 14, 2022, specializes in the research, design, and sales of wireless communication chips, along with customized chip services and semiconductor IP licensing [1] Group 2 - Taiping Fund has one fund heavily invested in Aojie Technology, specifically the Taiping Science and Technology Innovation Selected Mixed Fund A (019575), which held 5,626 shares, accounting for 4.29% of the fund's net value, making it the sixth-largest holding [2] - The fund has generated a floating profit of approximately 26,400 CNY today and 38,700 CNY during the four-day increase [2] - The Taiping Science and Technology Innovation Selected Mixed Fund A was established on January 30, 2024, with a latest scale of 13.5931 million CNY and has achieved a year-to-date return of 8.49% [2]

Core Viewpoint - The company, Aojie Technology, is actively involved in the VPU (Vision Processing Unit) sector and is continuously conducting research and development to meet industry demands, although specific client projects cannot be disclosed due to confidentiality obligations [1]. Group 1 - Aojie Technology has already covered the VPU-related fields in its customized business [1]. - The company is engaged in ongoing R&D and technical layout to adapt to industry development needs [1]. - Specific plans or intentions regarding clients and projects cannot be shared due to confidentiality and disclosure requirements [1].

格隆汇1月7日｜有投资者在互动平台向翱捷科技提问：请问公司第二代5G基带芯片的进展及6G的研发 进度？翱捷科技回复称，公司第二代5G智能SoC芯片研发工作积极推进中。同时公司一直在关注和跟进 6G相关技术标准演进，关键技术的预研工作已经进行中。 ...

Core Viewpoint - The company has successfully completed the wafer return for its 5G baseband chip and is currently in the testing phase [1] Group 1: Company Updates - The 5G baseband chip has recently returned from the wafer fabrication process and is undergoing testing [1] - The ASIC custom business has a sufficient project reserve that covers a variety of clients [1] - Due to client confidentiality agreements, the company is unable to disclose specific cooperation details and project progress [1]

Core Viewpoint - The company has successfully completed the wafer return for its 5G baseband chip and is currently in the testing phase [1] Group 1: 5G Baseband Chip - The 5G baseband chip has recently returned from the wafer fabrication process and is undergoing testing [1] - The company is unable to disclose specific details about the project due to customer confidentiality agreements [1] Group 2: ASIC Custom Business - The ASIC custom business has a sufficient project reserve that covers a variety of clients [1] - Specific cooperation details and project progress cannot be disclosed due to confidentiality restrictions [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]

Group 1 - The U.S. President Trump threatened the acting President of Venezuela, Rodriguez, stating that if she does not act correctly, she may face a heavier price than President Maduro [1] - The Danish Prime Minister urged the U.S. to stop threatening to annex Greenland, asserting that such discussions are meaningless [1] Group 2 - The Chinese automotive exports to Venezuela increased by 130% in the first 11 months of 2025, with passenger car exports rising by 166% and truck exports by 99% [6] - The U.S. government has requested American oil companies to invest heavily in Venezuela to restore its oil extraction infrastructure, indicating a push for revitalization of the oil industry [9] Group 3 - The Ministry of Education in China announced plans to establish 15 new undergraduate higher education institutions [4] - The Ministry of Finance in China stated that the issuance of ultra-long-term general government bonds will start on January 14, 2026 [5] Group 4 - The Shanghai government released a plan with 26 measures to optimize the business environment, focusing on efficient government services and fair market competition [7] - The global protests against U.S. military intervention in Venezuela occurred in various countries, condemning U.S. actions and interventionism [8]

Core Viewpoint - The company, Aojie Technology, has confirmed its involvement in providing customized chips for various applications, including cloud-side AI computing and wearable devices, but has not disclosed specific client details or project information [1] Group 1 - Aojie Technology has received inquiries regarding whether ByteDance and Alibaba's AI glasses utilize its edge chips and cloud chips [1] - The company's chip customization business covers multiple core application areas, including cloud-side AI computing, wearable devices, and RISC-V [1] - Aojie Technology serves leading clients in these sectors, although specific client and project details remain undisclosed [1]

Group 1 - The core point of the news is that Aojie Technology (688220.SH) has experienced a decline in stock price, currently trading at 82.61 yuan, reflecting a drop of 2.25% and is in a state of breaking issue [1] - Aojie Technology was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on January 14, 2022, with an initial stock issuance of 41.83 million shares at a price of 164.54 yuan per share [1] - The company raised a total of 6.883 billion yuan through its initial public offering (IPO), with a net amount of 6.546 billion yuan after deducting issuance costs, which was 4.166 billion yuan more than the original plan [2] Group 2 - The funds raised are intended for various projects, including the design of new communication chips, smart IPC chip design, integration of multiple wireless protocols, high-precision navigation solutions, research center construction, and working capital [2] - The total issuance costs for the IPO amounted to 337 million yuan, with underwriting and sponsorship fees accounting for 310 million yuan [3]