9 月 19 日，美国总统特朗普表示 H-1B 签证费用将提升至 10 万美元，并于 9 月 21 日生效。该政策仅适用于新申请的签证，现有持证者不受影响。目前 H-1B 年度配额为 85,000 个（65,000 个基础配额+20,000 个美国毕业生额外配额），其中印度占 71.0%，中国占 11.7%，而在获批签证中，美国科技公司占据最大份额，例如亚马逊、微软、Meta 和苹果，合计占据近 30,000 个名额，此次签证费用政策调整将对科技行业产生直接且显著的影响。

Meta 在美国举办年度开发者大会 Meta Connect，正式推出与 Ray-Ban 联名的智能眼镜 Meta Ray-Ban Display，并同步发布通过肌电信号操控的神经腕带 Neural Band。北交所现阶段消费电子产业链标的数量达到 27 家，截至 2025 年 9 月 19 日总市值达到 981.48 亿元。关注雷神科技（872190.BJ）、卓兆点胶（873726.BJ） 等高增长标的。雷神科技（872190.BJ）专注于游戏笔记本、游戏台式机和游戏外部设备等产品。2025 年 1 月 7 日雷神 Aura 灵眸 AR 智能眼镜上架电商平台开启预售。卓兆点胶（873726.BJ）致力于高精度智能点胶设备、点胶阀及其核心部件的研发、生产和销售，2025H1 在消费电子领域实现部分突破，在视觉检测领域及 Meta AI 眼镜领域，均已获得千万级量产订单，量产交付进展顺利。

TMT类：9月24-26日，2025杭州·云栖大会举行 。9月24-25日，2025 年高通骁龙峰会中国站。9月27日，2025网易未来大会。9月27日，开源鸿蒙技术大会 。泛科技类：9月23-24日，第七届高比能固态电池关键材料技术大会 9月23日，鸿蒙智行秋季新品发布会，尚界H5、全新问界M7登场。9月24-26日，第十八届国际真空展览会。9月26-27日，2025无人机创新应用大会。9月27-29日，第七届世界新能源汽车大会(WNEVC 2025) 非科技类：9月22日，国新办举行新闻发布会，潘功胜，李云泽，吴清，朱鹤新介绍“十四五”时期金融业发展成就，并答记者问。

Laser printers use the principle of electrophotography or electrostatic charges for printing. Laser light is used for inducing charges to facilitate printing. The laser light induces charges on the printer drum, which is opposite to the charge of toner inks in the printer. With opposite charge polarities, where the drum is positively charged, and the toner is negatively charged, the ink in the toner gets attracted to the drum. The ink stuck on the drum is in accordance with the image or data provided to the printer. The negatively charged toner ink, which sticks in the format of the image as provided, gets attracted to the positively charged paper. This creates a replica of the original image provided to the printer.

LED lighting is based on fixed light source installations, which deliver a practical or aesthetic lighting effect. The general lighting industry is moving toward energy-efficient lighting, leading to technological innovations in the market. LED lighting solutions provide advantages such as low voltage and current requirements, high reliability, low radiated heat, negligible emission of ultraviolet (UV) rays, and a longer lifespan than conventional lighting sources. As a result, the adoption and penetration of LEDs in the general lighting industry are rising.

A multi-functional printer (MFP) is a system that comprises the functionality of a printer, scanner, fax, and copier in a single system. Some MFPs do not have fax functionality, which is not considered a norm for MFPs, as it is no longer a popular mode of document exchange.

A network interface card (NIC) is a hardware component that allows a computer to connect to a network. It is a circuit board installed in a computer that provides the computer with a dedicated network connection. It is sometimes referred to as a network interface controller, a network adapter, or a LAN adapter

A music synthesizer is an electronic musical instrument that generates audio signals to imitate traditional musical instruments such as piano, flute, vocals, and others. The electric signals in a synthesizer or synths are converted into sound with the help of amplifiers and speakers. These instruments are mostly played in conjunction with a keyboard. A synthesizer can also be controlled using musical instruments, such as guitars, sequencers, drums, and fingerboards.

A non-mydriatic handheld fundus camera is a portable diagnostic device used to capture high-resolution images of the retina without the need for pupil dilation (mydriasis). It is commonly used by ophthalmologists and healthcare professionals for non-invasive retinal screenings, allowing for the early detection of eye diseases such as diabetic retinopathy, glaucoma, and age-related macular degeneration. The compact design of the camera makes it ideal for use in various healthcare settings, including hospitals, clinics, and ambulatory surgical centers.

Military drones refer to unmanned aerial vehicles (UAVs) that are specifically used for military purposes such as border surveillance, battle damage management, combat operations, communication, delivery, and anti￾terrorism weaponry.

A mirrorless camera is a type of digital camera that does not require a reflex mirror to reflect images. Mirrorless cameras, therefore, do not have mirrors and optical viewfinders; instead, they use electronic viewfinders (EVF). These cameras are available with fixed lenses and interchangeable lens features. A mirrorless camera is generally smaller than a digital single-lens reflex (DSLR) camera. Mirrorless cameras are known in industry terms, such as compact system cameras (CSC), hybrid cameras, mirrorless interchangeable-lens cameras (MILC), and non-reflex cameras.

机械设备本周涨跌幅：申万机械设备行业双周上涨3.47%，跑赢沪深300指数 2.47个百分点，在申万31个行业中排第4名；申万机械设备板块本月至今上涨 5.97%，跑赢沪深300指数3.82个百分点，在申万31个行业中排名第4名；申万机械设备板块年初至今上涨38.20%，跑赢沪深300指数21.46个百分点，在申 万31个行业中排名第7名。

2025 年初以来，半导体板块经历了一段由 AI 带来的上涨行情之后进入短暂的调整期，地缘政治博弈、AI 技术迭代放缓、宏观经济不确定性等多重挑战交织，半导体成长预期减弱。2025 年年中以来，随着生成式人工智能和大模型的普及，推理算力需求快速增长，叠加本土化战略加强，AI 芯片、存储芯片为代表的半导体硬件资源景气度持续攀升。在 AI 行情催化下，半导体板块估值明显修复。算力芯片的需求增长逻辑沿着产业链向上游核心领域传导，半导体设备和材料板块当前动态市盈率分别处于（近三年）89.5% 和 100%分位点。展望后续行情，随着基础层产品不断缩小差距，我们需要重视国内 AI 全产业链升级逻辑，技术与应用的深度融合有望创造更大的商业价值，加速行业成长。

复盘Gen1/2板块走势，看好Gen3发布带来板块历史性机会。通过复盘人形机器人指数相对收益变化，我们发现其主要受特斯拉机器人进展（例如性能迭代、硬件定型、量产指引）影响。板块从主题投资（聚焦硬件新方向）到量产预期（聚焦供应链确定性+硬件新方向），现阶段Gen3硬件定型及规模化量产在即，板块β持续向好。展望后续，我们认为Gen3发布将带来更明确的硬件定型方向和量产指引，将带来板块的历史性机遇。标的及方向上，我们认为产业链确定性和硬件变化新方向是核心方向，同时关注国产链应用落地新进展。

机械行业：人形机器人“感官_，国产替代蓄势待发－传感器行业报告

机械设备行业：“十五五_重点赛道，脑机接口有望迎来新机遇－脑机接口行业深度系列报告

湾芯展成功举办关注半导体高增标的,北证三季报披露拉开序幕-北交所科技新产业专题

机械设备行业：特斯拉机器人基因，全栈自研、量产落地快－矩阵超智