| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 类出管业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-09 | 恒玄科技 | 688888 | 167.87 2.05 | 344.55 | 是比较 158 88 | 中信建投平分股份 | M | | | | | | | | AR BE | | | 2026-02-09 | 恒玄科技 | 688608 | 167.87 | 335.74 | 中廣建當年落盤樂 | 中信建投证券股份 | Ka | 2月9日，恒玄科技大宗交易成交4.05万股，成交额680.29万元，占当日总成交额的1.38%，成交价167.87 元，较市场收盘价211.57元折价20.66%。 ...

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].

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | | | | 卖出营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-06 | 恒玄科技 | 688608 | 167.19 | 236.31 | 1.41 国泰海通证券股份 有限公司北京知着 | 中信建投证券股份 | | 2月6日，恒玄科技大宗交易成交1.41万股，成交额236.31万元，占当日总成交额的0.48%，成交价167.19元，较市场收盘价209.84元折价20.33%。 ...

| 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | | | 类出管业部 | 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-02-05 | 恒玄科技 | 8098888 | 166.38 | 907.09 | 5.45 | 有限公司 上一篇 大街证券营业 | 中信建投资贸股份 सर एक | | Ka | | 2026-02-05 | 恒玄科技 | 688608 | 166.38 241.88 看餐 到出品餐饮 | | 1.45 | | 中信建投证券股份 | | Ka | 2月5日，恒玄科技大宗交易成交6.9万股，成交额1148.97万元，占当日总成交额的2.38%，成交价166.38 元，较市场收盘价208.99元折价20.39%。 ...

Core Insights - The article discusses the transformation of the technology industry driven by the integration of AI into various end-user devices, highlighting the critical role of domestic System-on-Chip (SoC) manufacturers in this shift [1][2]. Group 1: AI Migration to Edge Devices - The migration of AI capabilities from cloud to edge devices is driven by technological maturity, demand pressures, and cost optimization [2][3]. - Technological advancements, particularly in specialized Neural Processing Units (NPU), have enabled significant improvements in edge device performance, overcoming previous limitations related to power consumption and size [2][3]. - Consumer demand for personalized and real-time AI experiences, along with stringent requirements in industrial applications, has accelerated the adoption of edge AI solutions [2][3]. Group 2: Cost Optimization and Market Growth - The reduction in production costs due to semiconductor industry maturation has made edge AI more economically viable, fostering a positive cycle of cost reduction and widespread adoption [3]. - The year 2023 marks the beginning of edge AI technology deployment, with significant growth expected in 2024 and a projected explosion in market size by 2025, which is anticipated to be recognized as the "Year of Edge AI" [3][4]. Group 3: Performance of Domestic SoC Companies - Six domestic SoC companies, referred to as the "Six Little Dragons," have shown robust performance in the first three quarters of 2025, with most achieving revenue and net profit growth [4][5]. - Notable companies include: - **Rockchip**: Projected revenue of 43.87 to 44.27 billion yuan for 2025, with a net profit increase of 71.97% to 85.42% [6]. - **Allwinner Technology**: Expected net profit growth of 50.53% to 76.92% for 2025 [6]. - **Zhongke Blue Communication**: Anticipated revenue growth of 0.60% to 1.70% for 2025 [6]. Group 4: Company-Specific Insights - **Rockchip**: Positioned as a leader in edge AI with a comprehensive AI development ecosystem, serving major clients like SONY and Xiaomi [7]. - **Amlogic**: Dominates the smart home terminal market, with significant revenue from multimedia SoC chips and a strong client base including Xiaomi and Haier [8][9]. - **Espressif Systems**: Focuses on smart home applications, utilizing an open-source model to lower AI development barriers for clients [10][11]. - **Allwinner Technology**: Specializes in visual AI applications, leveraging its expertise in multimedia chips for various consumer and industrial applications [12]. - **Hengxuan Technology**: A leader in audio AI, providing low-power wireless SoC chips for a range of smart devices [13]. - **Zhongke Blue Communication**: Competes in the audio AI SoC market with a focus on cost control and high value [14]. Group 5: Future Trends in Edge AI - AI glasses are identified as a key application area for edge AI, with the potential for significant market growth as technology matures [15][16]. - Various SoC solutions for AI glasses are emerging, including high-performance systems and cost-effective MCU-based designs, indicating a competitive landscape among domestic manufacturers [16][17].

2月3日，恒玄科技大宗交易成交1.21万股，成交额201.25万元，占当日总成交额的0.25%，成交价166.32 元，较市场收盘价210.69元折价21.06%。 | Ph 212"s with a dollar 11 list 1 high | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | | 卖出营业部 是否为专场 | | 026-02-03 | 恒玄科技 | 688608 | 166.32 1.21 | 201.25 | 東區公園及臺灣書 | ко 美国语语学 | ...

Group 1 - The company, Hengxuan Technology, focuses on the design and development of low-power wireless computing SoC chips [2] - The chip products are primarily applied in the smart wearable and smart hardware markets, with some applications in AI toys [2]

Core Viewpoint - The company, Hengxuan Technology, focuses on the design and development of low-power wireless computing SoC chips, with applications primarily in the smart wearable and smart hardware markets, including some usage in AI toys [1] Group 1 - The company received inquiries from investors regarding the application of its chips in the AI toy sector [1] - Hengxuan Technology confirmed that its chip products are mainly utilized in the smart wearable and smart hardware markets [1] - There is a noted presence of the company's chips in the AI toy market, albeit as a smaller segment of their overall application [1]

Core Viewpoint - The company, Hengxuan Technology, focuses on the design and development of low-power wireless computing SoC chips, with applications primarily in the smart wearable and smart hardware markets, including some usage in AI toys [1]. Group 1 - The company has received inquiries regarding the application of its chips in the AI toy sector [1]. - Hengxuan Technology confirmed that its chip products are mainly utilized in smart wearables and smart hardware [1]. - There is a noted presence of the company's chips in the AI toy market, albeit as a smaller segment of their overall application [1].

Group 1 - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index increasing by 0.19% during the session, driven by strong performances in the electronics, defense, and telecommunications sectors, while coal and retail sectors lagged behind [1] - The Consumer Electronics ETF (159732.SZ) rose by 1.01%, with notable increases in component stocks such as Zhaoyi Innovation (up 5.08%), Hengxuan Technology (up 3.71%), Jingce Electronics (up 3.51%), Jinghe Integrated (up 3.15%), and Wentai Technology (up 2.88%) [1] Group 2 - According to IDC's latest report, global smartphone shipments are projected to grow by 2.3% year-on-year in Q4 2025, reaching 336.3 million units, with Apple and Samsung being the two fastest-growing manufacturers, showing year-on-year growth rates of 6.3% and 7.9%, respectively [3] - Despite challenges from storage chip shortages, the smartphone market is experiencing growth driven by the continued demand for high-end models, strong performance of foldable screens, and consumer anticipation of future price increases leading to early upgrades [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, primarily investing in 50 A-share listed companies involved in the consumer electronics industry, with significant focus on electronic manufacturing, semiconductors, and optical electronics [3]