B[VeriSilicon: Orders on hand reached 18.569 billion yuan It is expected that the adjusted net profit attributable to the parent will become positive in 2027] On November 5, VeriSilicon (688521.SH) released an investor relations activity record announcement. As of the end of September 2026, the company's order amount on hand reached 18.569 billion yuan, an increase of 265.90% from the end of last year and an increase of 49.16% from the end of the second quarter. It has remained at a high level for 12 consecutive quarters. Design service orders usually require a design and development cycle of 9-12 months to gradually realize revenue conversion; mass production service orders usually require a complete production delivery cycle of 6-18 months from the signing of the contract. The company expects to achieve a positive adjusted EBITDA in the second half of 2026 and a positive full-year adjusted net profit attributable to shareholders of listed companies in 2027. The adjusted proportion of R&D expenses in revenue in the third quarter of 2026 dropped by approximately 8 percentage points from the second quarter. It is expected that the relevant proportions in the second half of 2026 compared with the first half and the whole year of 2026 compared with the full year of 2025 will maintain a downward trend. The company has provided a well-known new energy vehicle manufacturer with self-driving chip customization services based on the 5nm car-standard process, achieving a successful tape-out, and is promoting chiplet solutions in the field of smart travel.
The company and Google jointly created the ultra-low energy consumption CoralNPUIP based on the RISC-V instruction set for end-side large language model applications, providing end-side AI solutions for AI glasses, AI rings and other wearable devices, AI toys, and AI Pads. In terms of FD-SOI technology, customer chips using the company's 802.11ah, 802.15.4g and GNSS radio frequency IP have been mass-produced. A total of more than 330 FD-SOIIP cores have been authorized to 47 customers. One-stop design services for 49 FD-SOI projects have been provided to well-known domestic and foreign customers, 40 of which have been tape-out. B[AI glasses concept rebounded in shock, Mingyue Lens and other stocks rose more than 10%] On November 2, the AI glasses concept rebounded in shock. Mingyue Lens, Jimi Technology, Shiya Technology, and Tianjian shares all rose by more than 10%. Previously, Xinruida hit the daily limit, and Doctor Glass, ArcSoft Technology, Guoguang Electric, etc. followed suit. According to the news, the Beijing Municipal Bureau of Commerce recently issued the "Policy Guidelines for Promoting Smart Glasses Consumption", which clearly states that in accordance with the "Beijing 2026 Implementation Rules for Subsidies for Trade-in of Old Home Appliances and Purchase of New Digital and Intelligent Products", the purchase of eligible smart glasses products will be subsidized at 15% of the final sales price after deducting various discounts, with a maximum subsidy of 500 yuan per item. B[Beijing: 15% subsidy for the purchase of smart glasses, up to 500 yuan] On November 2, the Beijing Municipal Bureau of Commerce recently issued the "Policy Guidelines for Promoting Smart Glasses Consumption" and launched seven support measures, ranging from new purchase subsidies, first store launches, brand co-branding, international consumption scenarios, departure tax rebates, digital transformation to international market development, to promote smart glasses consumption throughout the chain and release the consumption potential of new smart terminals. The guidelines clearly state that in accordance with the "Beijing 2026 Implementation Rules for Subsidies for Trade-in of Home Appliances and Purchase of New Digital and Smart Products", for the purchase of eligible smart glasses products, a subsidy of 15% of the final sales price after deducting discounts in various links will be provided, with a maximum subsidy of 500 yuan per item. A[Selected evening news on October 26]
1. In order to further implement the requirements of “building a scientific and stable monetary policy system and a comprehensive macro-prudential management system”, the central bank has established a non-bank large-amount redemption swap facility in the bond market.
2. Broad-based ETFs reappeared in late trading: A500 ETF joined for the first time; all market-based stock ETFs have had net inflows for 15 consecutive trading days, attracting a total of approximately 320 billion yuan.
3. The IEA warns: The global energy market will hardly return to the level before the US-Iraq war next year, and the energy crisis will accelerate the revival of nuclear power.
4. Meta expects capital expenditures to be up to US$145 billion in 2026, and plans to support AI investment through equity financing and other methods; in the future, it will also invest in personal super intelligence, consumer and enterprise-level AI agents, AI glasses and other businesses.
5. Anthropic stated in its IPO documents that as the company continues to expand its computing power and infrastructure, capital expenditures are expected to increase significantly.
6. Company news: ①Shannon Xinchuang: Net profit in the third quarter increased by 743% year-on-year and decreased by 26% month-on-month. ②Xiechuang data: Net profit in the third quarter increased by 360% year-on-year and 12% month-on-month. ③ Dongxin Co., Ltd.: Q3 net profit increased by 59% month-on-month, and the prosperity of the main storage business continues to improve. ④ Yushu Technology: The humanoid robot industry is still in the early stages of commercialization. Physical AI technology still faces multiple challenges from laboratory demonstrations to large-scale implementation in real scenes. ⑤ CITIC Securities: Net profit in the third quarter fell by 20.19% year-on-year and 41% month-on-month. ⑥Wuxi AppTec: Net profit in the third quarter increased by 137% year-on-year and 29% month-on-month; it raised its full-year revenue guidance to 61.0-61.9 billion yuan. A[Meta expects capital expenditures to be up to US$145 billion in 2026 and plans to support AI investment through equity financing and other methods] On October 26, Meta stated that it expects capital expenditures in 2026 to be US$135 billion to US$145 billion. The company said that AI investment has brought real returns by increasing user participation, improving advertising performance and increasing monetization efficiency. In the future, it will also invest in personal super intelligence, consumer and enterprise-level AI agents, AI glasses and other businesses. Meta plans to fund related investments through a variety of methods including operating cash flow, investment-grade debt, strategic cooperation and equity capital. In the first three quarters of 2026, the company's operating cash flow was US$97 billion; as of the end of the third quarter, cash, cash equivalents and marketable securities were approximately US$82 billion. B[AI glasses industry moves towards growth stage, 18 concept stocks receive intensive research from institutions] October 21st, AI glasses are in a critical stage of transition from product verification to rapid mass production. Technology giants are scrambling to deploy the AI glasses business. Institutions predict that the industry will have a compound growth rate of approximately 60% from 2025 to 2030. Since the beginning of this year, a total of 18 AI glasses concept stocks have received more than 5 institutional surveys, of which 7 stocks have been surveyed more than 10 times, namely Yidao Information, Ankai Micro, Longsys, Baiwei Storage, Kangguan Technology, Juxin Technology, and Lingyi Intelligent Manufacturing. In terms of secondary market performance, according to Databao statistics, as of the close of trading on October 20, AI glasses concept stocks have fallen by an average of 9.61% this year. Compared with the closing price on October 20 and the high point of the year, 12 stocks have retraced more than 50%, including Baiwei Storage, Longsys, Xinwei Communications, Huacan Optoelectronics, Pathfinder, etc. (Securities Times) B[National Bureau of Statistics: The "artificial intelligence +" action has effectively boosted investment and exports in emerging fields] On October 19, Wang Guanhua, spokesperson of the National Bureau of Statistics and head of the National Economic Comprehensive Statistics Department, said at a press conference of the State Council Information Office that the "artificial intelligence +" action in the first three quarters has effectively boosted investment and exports in emerging fields. The expansion of artificial intelligence applications has driven continued investment and expansion in the upstream and downstream of the industrial chain. For example, in the first three quarters, investment in electronic circuit manufacturing, integrated circuit manufacturing, and information services increased by 58.7%, 14.2%, and 20.2% respectively. With the support of the "two new" policies, enterprises accelerated their intelligent transformation, driving investment in equipment purchase to increase by 9.7%. At the same time, relying on the advantages of supporting the entire chain, China has quickly launched AI software and hardware products suitable for different scenarios, accurately meeting the needs of overseas markets. In the first three quarters, China's exports of electronic components, wires and cables and other products increased by 70% and 25.3% respectively. Terminal products such as AI glasses and intelligent bionic robots continue to enrich global artificial intelligence application scenarios. B[Nationally produced AI technology and application welcome new progress, iFlytek 1024 Developer Festival will kick off in Beijing on October 22] On October 14th, the 2026 iFlytek Global 1024 Developer Festival will kick off on October 22, and the main forum will be held at 14:00 on the same day at the Beijing National Convention Center Phase II. According to reports, the main forum will release iFlytek Spark X2.6 and a new "cloud + terminal" collaboration solution. The conference will also bring new progress in intelligent voice, multi-mode human-computer interaction and robot embodied multi-mode interaction, showcase software and hardware integrated applications such as smart cockpits and AI glasses, and launch an enterprise-oriented intelligent agent development and service platform. During the same period, the Science and Technology Expo in Beijing and Hefei will focus on presenting innovative applications of AI in education, medical care, office work, automobiles and other fields, and present the practice of nationally produced AI in serving people's immediate needs and empowering thousands of industries. Eight industry sub-forums and Qingdao City Forum will conduct exchanges around industry implementation. In terms of developer ecology, the “Token+Agent” Spark developer ecology will undergo an upgrade. A[Overnight global news you need to know on Friday: The United States will send more troops to the Middle East, Federal Reserve officials gave intensive speeches, the U.S. Treasury repurchased US$6 billion in longer-term Treasury bonds, and U.S. optical communications and memory chip stocks surged]
1. The situation in the Middle East
1. Trump said that the United States may increase its attack on Iran after the mid-term elections. And said that the Iran problem will end soon, no matter how it is.
2. According to reports, the United States will send up to 10,000 additional troops and a third aircraft carrier to the Middle East.
3. People familiar with the matter said that Iran’s foreign minister stated in private talks that Iran is willing to resume inspection personnel’s access to the bombed nuclear facilities in exchange for the lifting of sanctions.
4. According to reports, people familiar with the matter said that there was no negotiation on Iran’s nuclear program in recent meetings with mediators.
5. The Houthis said that Saudi Arabia has launched air strikes in many places in Yemen, but Saudi Arabia has not responded yet.
6. The fighting in the southwestern province of Yemen intensified, and 30 Houthi armed personnel were killed.
2. Speeches by Federal Reserve officials
1. Federal Reserve Governor Bowman said there is no need for further interest rate adjustments this year.
2. Federal Reserve Kashkari said that if the Federal Reserve continues to raise interest rates, it will bring different pressures to different areas of the economy.
3. Fed Jefferson said that inflation has been too high for too long and there is still a risk that it will remain high, but policymakers may need more time to judge whether further interest rate increases are necessary.
4. Fed Kashkari said that he is open to how quickly the Fed should raise interest rates; depending on the performance of the economy, the Fed may need to raise interest rates more than expected.
5. Federal Reserve Governor Cook said that the impact of supply shocks has been unexpectedly long-lasting and has become more significant in policy.
6. Federal Reserve official Collins said that economic growth is close to the trend level or above the trend level and will not predict the next meeting in advance.
7. Fed official Schmid said officials still have work to do on inflation.
8. Fed Williams said that artificial intelligence is affecting supply in ways that we do not yet fully understand.
3. Global market news
1. The U.S. Treasury Department conducted a liquidity repurchase operation of 10- to 20-year U.S. Treasury bonds worth $6 billion on October 1.
2. Traders have reduced their bets on the European Central Bank to raise interest rates and no longer fully digest the scenario of three interest rate hikes.
3. Traders no longer fully digest the possibility of the Bank of England raising interest rates four times before the end of 2027.
4. European Central Bank President Lagarde said that Europe must develop its own artificial intelligence capabilities.
5. Anthropic is reported to be planning a large-scale IPO before the Thanksgiving holiday, and plans to hold a pre-IPO investor day event on October 14.
6. According to reports, Nvidia and SoftBank have completed their last investment of US$10 billion in line with their respective commitments of US$30 billion in OpenAI’s last round of financing.
7. Microsoft launched mAI-transcribe-2-streaming and released the Mai-Transcribe model and Mai-Voice model.
8. Meta said that it will connect the personal AI agent Muse to AI glasses in the next few months.
9. Musk said that he would reduce the RAM of Tesla’s AI5 chip by half and reduce the RAM of the AI6 chip by one-third.
10. According to reports, Authentic is discussing acquiring Mattel for more than $20 per share.
11. Broadcom plans to provide up to US$42 billion in financing to Anthropic, which may become Broadcom’s largest chip design customer next year.
12. Samsung Electronics has raised the prices of most smartphones in the Galaxy S26 series.
13. U.S. Trade Representative Greer said that Europe should release some diesel stocks. Europe must act on overcapacity.
14. All three major U.S. stock indexes closed slightly higher, with the S&P 500 rising by 0.19%, the Nasdaq rising by 0.04%, and the Dow Jones Industrial Average rising by 0.04%. Optical communications and memory chip stocks surged, with Coherent rising by more than 10%, Ciena and lumentum rising by more than 7%, and SK Hynix rising by more than 5%. Nvidia rose more than 1%, hitting a new closing high since mid-May. Major European stock indexes closed down collectively, with Germany's DAX30 index falling 0.87%.
15. The settlement price of international crude oil futures closed sharply higher. WTI crude oil futures November contract rose 2.71%, Brent crude oil futures December contract rose 4.37%.
16. COMEX gold futures rose 0.5% to US$4,207.8 per ounce; COMEX silver futures rose 1.29% to US$61.35 per ounce. B[AI computing power and new hardware layout are implemented, and consumer electronics performance continues to be realized] Judging from the information released at the semi-annual performance briefings of many A-share consumer electronics companies, the industry is gradually getting rid of reliance on traditional businesses such as mobile phones and PCs, and is accelerating its layout in tracks such as AI computing power, robots, and AI glasses. On the computing power track, many companies have taken advantage of technological breakthroughs, production expansion and mergers and acquisitions to increase core links such as complete computing power machines and liquid cooling. A number of products are expected to be mass-produced in the second half of the year. In addition, relying on the advantages of precision manufacturing, many companies have invested in new businesses such as folding screen materials and AI wearables, cultivating new growth drivers on multiple fronts. (Shanghai Securities News) B[The scale of the AI industry in Beijing Economic and Technological Development Zone exceeds 80 billion yuan Anchoring the global AI terminal product definition center] "Science and Technology Innovation Board Daily" reported on the 23rd that at the opening ceremony of the first immersive consumption carnival and the 2026 AI terminal innovation and development conference, Wang Lei, deputy secretary of the Beijing Economic and Technological Development Zone Working Committee and director of the Management Committee, said that at present, the Beijing Economic and Technological Development Zone has gathered more than 600 core enterprises in the artificial intelligence industry chain, with an industry scale of more than 80 billion yuan, forming a first-mover advantage in AI glasses, wearables, life terminals and other tracks. In the next step, Beijing Economic Development Zone will give full play to its industrial advantages with manufacturing accounting for 60%, anchor the strategic goal of a global AI terminal product definition center and intelligent manufacturing hub, systematically promote the four key tasks of R&D innovation, manufacturing services, scene cultivation, and market acceleration, and strive to create an AI terminal industry ecosystem with a virtuous cycle of technology, application, industry, and business, and continue to expand and strengthen advanced manufacturing. (Kechuangban Daily reporter Li Mingming) B[Global trade volume of AI-related products exceeds 4 trillion US dollars, portable AI hardware is here] September 23rd, with the rapid evolution of artificial intelligence and agent capabilities, a batch of "portable" AI hardware is accelerating towards the consumer market and has become a new product in the industry. In the exhibition hall of the Yunqi Conference in Hangzhou, Zhejiang, reporters saw that from AI glasses to AI DIY equipment that users can assemble themselves, many AI hardware products no longer rely solely on mobile phones. Instead, they synchronize the voice, image and other information around the user to the agent in real time, and the agent independently disassembles the task and completes the execution. Data show that the global trade volume of AI-related products will reach US$4.18 trillion in 2025, a year-on-year increase of 21.9%. Investment in global AI infrastructure continues to increase, and Chinese technology companies are also making the latest layout around AI hardware, large models and underlying computing power. (CCTV Finance) B[IDC: Global smart glasses market shipments increased by 35.3% year-on-year in the second quarter] September 17, IDC’s latest data showed that the global smart glasses market shipments in the second quarter of 2026 reached 3.547 million units, a year-on-year increase of 35.3%. Among them, the shipment volume of audio and audio shooting glasses was 2.494 million units, a year-on-year increase of 54%; the shipment volume of AR/ER glasses was 505,000 units, a year-on-year increase of 75.7%; the shipment volume of VR/MR headsets was 548,000 units, a year-on-year decrease of 23.3%. In the first half of 2026, the cumulative shipments of the global smart glasses market reached 7.114 million units, a year-on-year increase of 70.5%. This round of growth is mainly driven by products in the form of glasses, and the market structure is gradually evolving towards higher-end and intelligence. In the second half of the year, with the release of new products and technological integration, the industry structure is expected to further adjust, but the overall demand performance needs to be continuously observed. B[The consumer electronics sector welcomes a new round of catalysis] September 11th: Recently, the consumer electronics industry has ushered in a new round of event catalysis. Leading manufacturers have intensively released new products in autumn, and new terminals such as folding screens, AI mobile phones, and AI glasses have been launched at an accelerated pace. Overlay policies have continued to release benefits, and the market's attention to the consumer electronics sector has increased significantly. Wind data shows that the Wind Consumer Electronics Industry Concept Index has risen by more than 7% since August. Analysts believe that as leading manufacturers enter a new round of product innovation cycle, the consumer electronics industry is expected to transform from a traditional replacement cycle to a product innovation-driven cycle, and the valuation logic is migrating from "cycle pricing" to "growth pricing"; in the context of relevant sectors that have performed to a certain extent in the early stage, subsequent market attention will shift more to new product sales, industry chain value increases, and performance realization. (China Securities Journal)
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