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Core Viewpoint - The article discusses the transformation of panoramic and action cameras from professional equipment to consumer-friendly devices, driven by the growing demand from short video creators and outdoor enthusiasts in China. It highlights how domestic brands have outperformed established foreign competitors in this market [2][3]. Group 1: Camera Technology - Consumer-grade panoramic cameras utilize a "dual-lens + automatic stitching" technology, allowing users to capture 360° images effortlessly with AI algorithms [5][7]. - Professional-grade panoramic cameras feature multiple optical sensors and are designed for high-end applications, providing immersive experiences for events like parades and VR experiences [7]. - Action cameras are characterized by strong protection and high stability, making them suitable for extreme sports and outdoor activities, thus meeting the recording needs of outdoor enthusiasts [9]. Group 2: Market Growth - The market for handheld smart imaging devices has seen significant growth, expanding from 16.4 billion yuan in 2017 to 36.5 billion yuan in 2023, with projections to reach 59.2 billion yuan by 2027 [11][13]. - The rise in popularity of platforms like Douyin and Xiaohongshu has turned content creation into a widespread activity, contributing to the increased demand for panoramic cameras among users who want to elevate their video content [13]. - The global retail market for panoramic cameras grew from 2.51 billion yuan in 2017 to 5.03 billion yuan in 2023, with an expected compound annual growth rate (CAGR) of 11.8% [13]. Group 3: Domestic Brand Success - Domestic brands have captured 67.2% of the global consumer-grade panoramic camera market in 2023, significantly outperforming foreign competitors, which hold only 9.2% [18]. - These brands have successfully innovated by understanding the preferences of younger consumers and enhancing product features, such as editing capabilities and image quality [18]. - The second leading domestic brand leveraged its expertise in drone technology to expand into the action camera market, creating a comprehensive smart imaging product lineup [20]. Group 4: Competitive Advantages - Domestic brands have thrived by recognizing the "shallow water" nature of the handheld smart imaging device market, characterized by diverse demands and low competition barriers [21]. - Key technological advancements include high-performance image sensors and intelligent algorithms that enhance image capture and processing capabilities [21]. - Product innovation focuses on meeting user needs for content creation, with new features and designs tailored to various usage scenarios [21].

Core Viewpoint - The article emphasizes the establishment of a digital research platform by CICC, aimed at providing efficient, professional, and accurate research services through the integration of insights from over 30 specialized teams and a comprehensive coverage of more than 1,800 stocks [1]. Group 1: Research Services - CICC's digital research platform, "CICC Insight," offers a one-stop service that includes research reports, conference activities, fundamental databases, and research frameworks [1]. - The platform utilizes advanced model technology to enhance the research experience for clients [1]. Group 2: Research Content - Daily updates on research focus and timely article selections are provided through the "CICC Morning Report" [4]. - The platform features live broadcasts where senior analysts interpret market hotspots [4]. Group 3: Data and Frameworks - CICC Insight includes over 160 industry research frameworks and more than 40 premium databases, offering comprehensive industry data [10]. - The platform also features an AI search function for efficient information retrieval and intelligent Q&A capabilities [10].

Group 1: Market Overview - Recent market volatility, particularly the rapid pullback of Hengke, has raised concerns among investors about whether market logic and trends have been disrupted, especially regarding strong technology and non-ferrous sectors [3] - The recent underperformance of Hong Kong stocks is attributed to tightening liquidity concerns, structural drag, and weak macro fundamentals [3] - Looking ahead, the market may experience an overshoot, with potential short-term upward correction space after the pullback [3] Group 2: Earnings and Index Projections - In the baseline scenario, it is projected that Hong Kong stocks will see earnings growth of 3-4%, with sentiment recovery in the structural mainline potentially pushing the Hang Seng Index up to around 28,000-29,000 points [3] - A-shares are expected to be stronger in terms of fundamentals and liquidity, while Hong Kong stocks have advantages in structural characteristics [3] Group 3: Sector Focus - Short-term focus should be on essential retail, technology hardware, and new consumption sectors; financials, biotechnology, and non-ferrous sectors should wait for the right timing [3] Group 4: U.S. Policy Analysis - Trump's recent policy maneuvers have caused significant global market fluctuations, with gold and silver experiencing volatile trading patterns [7] - The underlying logic of Trump's unconventional operations is seen as a reactive measure to intensifying domestic social contradictions, rooted in long-term distribution imbalances caused by the neoliberal wave of the 1980s [7] - The normalization of Keynesian policies, originally intended for extraordinary times, is highlighted as a challenge in advancing post-Keynesian reforms in the U.S. [7] Group 5: Capital Account Opening - Concerns surrounding capital account opening stem from misconceptions about capital flows, exchange rate formation mechanisms, and related policy tools [9] - The current global monetary order's strategic window is maturing, making it increasingly feasible to advance capital account opening, which is crucial for China's transition from an economic power to a financial and monetary powerhouse [9] - The article aims to clarify common misconceptions about capital outflows, exchange rate determination, and foreign exchange management to provide a rational framework for enhancing capital account openness [9] Group 6: Consumption Insights - Evaluating consumption rates should involve both international comparisons and domestic supply capabilities, with improvements in supply capacity supporting China's potential growth [11] - Weak price levels indicate that actual growth is below potential growth, necessitating an increase in consumption to align actual growth with potential growth [11] - The article emphasizes that enhancing consumption is not only a short-term growth demand but also a driver of innovation, as consumer spending influences corporate profits and subsequently research and development investments [12]

Core Viewpoint - The article emphasizes the importance of understanding the evolution of the international monetary order and the opportunities it presents for China, as articulated by Dr. Miao Yanliang, a senior strategist at CICC [2][12]. Research Origin - The interest in the international monetary system began in 2005 during a class at Princeton University, where Dr. Miao was encouraged by Professor Peter Kenen, a leading expert in the field [4]. - Dr. Miao's career has been centered around the international monetary order, having worked at the International Monetary Fund and the State Administration of Foreign Exchange [4]. Research Development - In early 2023, Dr. Miao completed a book titled "The Game of Confidence: Modern Central Banks and Macroeconomics," which received positive feedback, prompting him to consider writing another book titled "The Order of Money" [5]. - The rapid changes in the global landscape, including the AI revolution and shifts in U.S. trade policy, have created a unique opportunity for research on the international monetary order [5][14]. Key Observations - In June 2025, Dr. Miao presented at a strategy meeting, stating that the forces driving the reconstruction of the international monetary order are significantly stronger than the basic fundamentals of any single country or market [6]. - He noted that the restructuring is moving towards fragmentation and diversification, with capital returning to its home countries, as evidenced by the decline in Chinese holdings of U.S. stocks from $383 billion to $329 billion [7]. Research Methodology - Dr. Miao's insights are based on extensive research and validation through interactions with central banks and investment institutions, including participation in high-level conferences [9][10]. - He emphasizes the importance of cross-verifying perspectives from academic, market, and policy viewpoints to strengthen his research conclusions [11]. Conclusion on Currency Competition - The article concludes that the highest form of competition among nations is currency competition, which relies on trust supported by economic, financial, institutional, and technological factors [13]. - The article highlights the significance of advancing the internationalization of the Renminbi, especially during strategic windows of opportunity [14][16]. Research Series Overview - The article lists a series of research reports focusing on various aspects of the international monetary system, including the role of the Renminbi, the dynamics of gold pricing, and the implications of de-dollarization [20].

Core Viewpoint - The Hong Kong real estate market is showing significant growth, with a notable increase in both primary and secondary residential property transactions, indicating a recovery trend in the sector [4][6][7]. Group 1: Primary Residential Market - In January, the transaction value of primary residential properties more than doubled year-on-year, reaching HKD 19.2 billion, with a year-on-year increase of 148% [4][6]. - The number of primary residential transactions in January was 1,539, reflecting a year-on-year increase of 103% [6][7]. - Key developers such as Henderson Land, New World Development, and Cheung Kong achieved sales growth exceeding 100%, with the total sales of six major developers increasing by 173% [4][7]. Group 2: Secondary Residential Market - The secondary residential market also saw a significant increase, with transaction values rising by over 50% year-on-year, totaling HKD 29 billion in January [4][8]. - The average price index for large residential estates increased by 2.5% month-on-month and 7.3% year-on-year, marking the largest monthly increase in three years [4][8]. Group 3: Financial Environment - The mortgage loan environment remains supportive, with new mortgage approvals in December increasing by 22% year-on-year, and the average mortgage rate decreasing to 3.25% [5][11]. - The overall mortgage-to-value ratio has improved to 60.1%, indicating a stable financial backdrop for property transactions [5][11]. Group 4: Commercial Real Estate - The vacancy rates for commercial properties, including private offices and retail spaces, have shown improvement, with a decrease in vacancy rates by 0.3 percentage points for offices and 1.2 percentage points for retail properties [5][12]. - Retail sales continued to recover, with a year-on-year increase of 6.6% in December, driven by a rise in tourist numbers and economic recovery [5][12][13]. Group 5: Land Transactions - In January, a residential land parcel in Kowloon was successfully bid by a consortium led by Sino Land, with a transaction price of HKD 1.61 billion [10][30]. - The land area was approximately 3,800 square meters, with a planned gross floor area of 20,682 to 34,470 square meters [10][30].

中金研究 大模型的演进史，本质上是一部与"遗忘"抗争的历史。 当我们惊叹于模型的推理能力时，往往忽视了一个重要短板： 在缺乏记忆留存的架构下，模型 每一次对历史信息的处理，本质上都是一次昂贵的"重复计算"。 这种以高昂算力对抗遗忘的粗放模式，正面临着显存墙与上下文窗口的物理极限。我 们认为，2026年及之后的AI Infra主战场将增加"模型记忆"这一极。 何为模型记忆？如何理解短期、中期、长期记忆三层记忆系统对应的软硬件需求？ 如何对应模型训练、推理、Agent场景理解记忆分层系统？我们将在本报告中予以解答。 点击小程序查看报告原文 Abstract 摘要 短期记忆构成大模 型单 次推理的"当前视野"。 作为高频读写、对延迟极度敏感的"热数据"，其核心矛盾在于KV Cache对显存容量与带宽的双重挤占。软 件端通过PagedAttention显存虚拟化与PD分离调度进行优化，并探索出无限注意力（Infini-attention）等前沿架构以支撑百万Tokens上下文窗口。这一逻辑 直接锚定了HBM与片上SRAM作为突破"显存墙"与"延迟墙"的重要硬件要素。 中 期记忆保障跨会话的情景连续性，是Agent的基 ...

摘要 点击小程序查看报告原文 Abstract 近期大家对中国消费率的高低讨论比较多。比如，有的研究从消费分项入手，进行国际横向对比，认为中国消费率没有那么低。不管是分项比较还是总量 比较，横向比较虽然有参考意义，但是不全面。我们认为，判断消费率高低，除了国际横向比较，还要与本国的供给能力比较。部分由于技术进步提速， 我国供给能力得到提升，这也意味着中国的潜在增长得到支撑。物价持续偏弱也说明中国实际增长低于潜在增长。在外需已经较好的情况下，有必要提升 消费来匹配供给，也就是让实际增长往潜在增速靠拢。此外，也要用动态眼光来看消费，因为人们对美好生活的追求是无限的。从历史发展看，消费品类 是不断丰富和增加的，质量也是提升的。提升消费不仅是短期增长的诉求，也是创新的驱动力，因为消费影响企业利润，而企业利润会影响科研投入，进 而影响潜在增长。"十五五"规划建议把"居民消费率明显提高"作为未来五年经济社会发展的目标之一，我们对此充满期待[1]。 正文 Text 从国际横向比较来看，一般认为中国消费率偏低。即使与历史上制造业占GDP之比相似的国家相比，中国消费率也偏低。但对此也有不同的看法，有观点 认为中国消费率被低估， ...

中金研究 消费级3D打印的成长空间多大？ 据灼识咨询数据，2020~2024年全球消费级3D打印机GMV由10亿美元增长至21亿美元，CAGR为20.4%；预计2029年将达 88亿美元，2024~2029年CAGR为33.2%。中国产能主导全球，行业需求主要来自欧美。 消费级3D打印的竞争格局如何？ 2024年全球出货量CR5达到78.6%，中国品牌主导全球市场，拓竹科技份额领先（2024年出货量份额29.0%）。消费级3D 打印机产品形态尚未成熟，品牌格局仍在变动之中，但头部品牌竞争优势也在不断巩固。 风险 消费级3D打印渗透不及预期；市场竞争加剧风险；国际贸易政策风险。 T正文ext 生成式AI的普及、个性化消费的兴起以及供应链的成熟，推动消费级3D打印行业迈入"技术筑基+场景破圈"的黄金增长期。本篇报告全面剖析消费级 3D打印行业当下的热点问题，为市场梳理出行业的投资脉络。 点击小程序查看报告原文 Abstract 摘要 消费级3 D打印 是什么？ 消费级3D打印是面向个人、教育机构及小型工作室的小批量、定制化生产工具。消费级3D打印以FDM、LCD为主，FDM占主导 地位。 消费级3D打印的创新逻辑 ...

Core Viewpoint - The global LNG industry is expected to enter a period of oversupply, with a consensus that supply will exceed demand in the medium term, leading to downward pressure on prices. However, recent positive signals from the demand side and self-adjustment from the supply side suggest a potential stabilization in prices before a decline [1][3][6]. Group 1: Supply and Demand Dynamics - The global LNG market is projected to experience a significant increase in supply, with approximately 160 million tons of LNG capacity expected to come online from 2025 to 2027, primarily from the US and Qatar [1][5]. - The medium-term outlook indicates that LNG spot prices may decline to below $8/MMBtu, with the average spot price in Northeast Asia expected to be $9, $8, and $7 for the years 2026, 2027, and 2028 respectively [1][3]. - The current supply structure is deemed reasonable, and market participants are adjusting their supply release schedules, which may lead to a "stabilization before decline" scenario for LNG prices [1][3][6]. Group 2: China's Natural Gas Demand - China's natural gas demand is expected to grow by 3% year-on-year in 2026, driven primarily by transportation and power generation, despite a potential downward adjustment in wholesale prices [2][21]. - From 2027 onwards, as international LNG supply increases, previously suppressed demand in China may begin to recover, with growth rates potentially revised upward to 5-7% [2][11]. - The reduction in LNG prices to around $8/MMBtu could enhance the competitiveness of natural gas against coal and biomass, potentially improving heating demand in rural areas [12][20]. Group 3: European and Global Demand Trends - The EU's LNG demand is expected to face upward adjustments due to the anticipated exit of Russian gas supplies, with a need for approximately 40 billion cubic meters of non-Russian LNG by 2025 [8][11]. - The carbon market in Europe has seen significant price increases, which may suppress gas demand in high-energy-consuming industries [8][11]. - In addition to Europe, countries like India and Southeast Asian nations are projected to increase their LNG imports significantly, with India's demand expected to rise by over 100% compared to 2025 levels [13][11]. Group 4: Price Support Mechanisms - The linkage of LNG long-term contracts to oil prices may provide a floor for LNG spot prices, with expectations that Brent crude prices will rise, thereby supporting LNG prices [14][19]. - The US natural gas market is also expected to see a stabilization in prices, which could further support LNG pricing dynamics [18][19]. - The cost structure for US LNG exports is anticipated to rise, which may help maintain price levels in the global market [19][20].