报告导读： 潮玩谷子赛道快速发展，一级市场相关项目投融资高峰期已过，当前仍保持相 对稳定的项目数量，二级市场龙头加大力度布局相关业务。 投资建议： 潮玩谷子赛道仍在快速发展，尽管自高峰期以来一级市场投融资项目数量有回落，但近年来仍保持相对稳定，且二级市场玩家加大力度布局相关 业务，包括部分文具文创企业、IP方等。我们认为随着相关产业的快速扩容和竞争加剧，有优质IP矩阵、供应链把控能力强、具备出色运营及渠道建设力的龙 头企业更能脱颖而出。 潮玩谷子投资在21世纪10年代中期达到顶峰，如今保持相对稳定。 根据IT桔子信息，2015-2018年随泡泡玛特盲盒产品的推出与文娱行业的高速发展，每 年潮玩谷子一级市场投资事件数超过40起；2022年后数量有所回落并逐步趋稳，2022-2024年分别为19/9/11起2025年截至7月10日已录得11起。 衍生品周边最受关注，投资机构所投相比占比逐步提升。 在潮玩谷子赛道的投资布局中，被投企业可清晰划分为三大核心方向：IP内容方向、衍生品周边方 向和平台型方向，其中衍生品周边方向企业最受关注，2024年衍生品周边/IP内容方/平台型被投项目占比分别为60%/40%/0%。投 ...

Core Viewpoint - The smart glasses industry is expected to enter a rapid growth phase, with related companies poised to benefit from an upward economic cycle driven by a surge in new product launches at WAIC 2025 [2][4]. Group 1: Market Trends - WAIC 2025 saw a significant increase in smart glasses brands and new product launches, contrasting with the limited exposure of products at WAIC 2024, where only XREAL and Rokid were prominent [2]. - The event highlighted the emergence of new brands such as Li Weike and Halliday, alongside major players like Alibaba, indicating a broadening market landscape [2][3]. - The market's heightened interest in smart glasses is attributed to advancements in large model functionalities, leading to innovative products like AI glasses represented by Rayban-Meta, focusing on audio, weight, and battery life for improved user experience [2]. Group 2: Product Innovations - Alibaba launched its first AI smart glasses, Quark AI glasses, integrating its ecosystem with advanced AI capabilities [3]. - XREAL introduced its flagship product, XREAL One Pro, evolving from traditional AR glasses to a versatile spatial screen adaptable to various scenarios [3]. - Rokid showcased two new products, Rokid Glasses and Rokid Cupcake, which excel in display, audio, and smart interaction, positioning them to lead the AR glasses market [3]. - New domestic brands like Halliday and Li Weike presented lightweight and user-friendly designs, with products emphasizing minimalism and extended battery life [3]. Group 3: Global Market Projections - According to Weishen Information, global smart glasses sales are projected to reach 1.52 million units in 2024, with RayBan Meta accounting for 1.42 million units, and expected to grow to 3.5 million units in 2025, representing a 230% year-on-year increase [4]. - The growth is primarily driven by the sustained sales of RayBan Meta and the introduction of multiple new AI smart glasses by major companies [4]. - The global market for smart glasses is anticipated to reach 60 million units by 2029, with a CAGR of 109% from 2025 to 2029, highlighting the significant share of the Chinese market [4].

Core Insights - The industry is facing intensified competition due to supply-demand mismatch, leading to adjustments by leading companies through product expansion and new channel development, which may result in a rebound if performance exceeds expectations [1][2]. Group 1: Industry Overview - From 2019 to 2022, the industry experienced high prosperity and was valued accordingly. However, since 2023, the industry has seen a decline in prosperity and performance, with pessimistic expectations leading to a decrease in valuations, currently around a PE of 20 times [1]. - The restaurant industry's revenue growth from 2019 to 2024 has significantly slowed to low single digits, putting pressure on the demand side for the frozen food sector, with listed companies showing noticeable deceleration or decline in performance [1][2]. Group 2: Supply and Demand Dynamics - The recent performance pressure in the sector is attributed to a combination of weak demand and increased supply, resulting from optimistic expansion in previous years. This has led to intensified competition, with mainstream manufacturers prioritizing market share over profit, causing increased promotional discounts and higher expenditure [2]. - The capital expenditure in the sector is expected to decline significantly in 2024, and the total number of employees is also beginning to slow down, indicating that the industry is recognizing the supply-demand mismatch and is starting to make necessary adjustments [2]. Group 3: Strategic Adjustments - Some companies within the sector are actively seeking solutions to break the current stagnation by expanding product categories, launching new products, and exploring emerging channels to find new growth opportunities [3].

Core Viewpoint - The article highlights the launch of the Guotai Haitong 818 Wealth Management Festival, featuring discussions on the Chinese economic landscape and capital market prospects, emphasizing a "transformation bull" market trend [1][10]. Group 1: Event Overview - The Guotai Haitong 818 Wealth Management Festival officially commenced on August 1, with former Vice Chairman of the National Social Security Fund Council, Wang Zhongmin, as a special guest [1][10]. - The event includes a special program titled "Chief is Here," where experts analyze economic hotspots and market trends [1][10]. Group 2: Key Participants - Notable guests include Wang Zhongmin, who has extensive experience in economic policy and investment, and various chief analysts from Guotai Haitong [8][10]. - The program is hosted by Chen Xinyi, a prominent figure in the Guotai Haitong investment community [8]. Group 3: Discussion Topics - The first half of the program focuses on macroeconomic issues, including the evolution of China-U.S. relations and the impact of "anti-involution" compared to previous supply-side structural reforms [8]. - The second half addresses capital market investments, discussing the trend of increasing risk asset allocation and the implications of stablecoins and tokens on the global financial system [8]. Group 4: Future Programs - The festival will feature additional special programs, including one on August 18 led by Research Institute Director Lu Ying, focusing on new productivity and investment opportunities [10].

重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 更多国泰海通研究和服务 亦可联系对口销售获取 法律声明 ...

事件。 中共中央政治局 7 月 30 日召开会议，决定今年 10 月在北京召开中国共产党第二十届中央委员 会第四次全体会议，主要议程是，中共中央政治局向中央委员会报告工作，研究关于制定国民经济和社会 发展第十五个五年规划的建议。会议分析研究当前经济形势，部署下半年经济工作。中共中央总书记习近 平主持会议。 会议指出 ，要持续防范化解重点领域风险。落实好 中央城市工作 会议精神，高质量开展城 市更新。 投 资建议：维持"增持"评级。 今年四季度面临高基数期，我们判断三季度政策存在政策加力预期，缓释 基本面压力，力争实现止跌回稳目标。若四季度错峰销售不能平稳，"以销定产"逻辑下 2025 年上半年蓝 筹房企开发项目存在销售压力，岁末现金流转进而把压力传导至 2026 年投资端， 2025 年 12 月中央经 济工作会议和 2026 年两会或将成地产重要时点。 2024 年房地产竣工失速下滑，销售与竣工之间差值为 2.36 亿平，我们看好下半年的竣工修复。 落实会议精神，地产政策转型。 7 月政治局会议指出，"落实好中央城市工作会议精神"。中央城市工作会 议指出，"我国城镇化正从快速增长期转向稳定发展期，城市发展正 ...

Group 1 - The article emphasizes the importance of adhering to the guidelines set forth by the Securities and Futures Investor Suitability Management Measures, particularly for clients of Guotai Junan Securities [2] - It highlights that the content is exclusively for signed clients of Guotai Junan Securities research services, ensuring quality and risk control [2] - The article expresses gratitude for the understanding and cooperation of readers who may not be signed clients, indicating a focus on maintaining service quality [2] Group 2 - The document includes a legal disclaimer, reinforcing the need for compliance with regulations regarding the distribution of research content [3]

报告导读： 回购对我国资本市场和企业发展更具长远意义，推动资本市场从转向"分红与 回购并重"更好适配我国经济转型升级和资本市场高质量发展的未来需求。 我国上市公司分红金额、分红比例，股息率、股利支付率处于较高水平。 全市场来看， 2017-2024 年 A 股现金分红公司比例均在 65% 以上，与日本尚有一定差距（约 80% ），但远高于美国（ 40%~50% ）。 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 我国整个市场回购公司占比与美国和日本相近 ， 与国际相比，我国回购金额占市值比重较低，且大市值 企业回购公司数和回购金额偏少 。 2017-2024 年，我国全市场回购金额占市值比例不足 5% ， 2024 年政策驱动下比例也仅为 0.18% 。而美国自 2022 年回购金额占 ...

【固收】大势未改，微澜有别——2025年REITs二季度季报点评 整体来看，二季度REIT经营表现基本延续预期趋势。 保障房、消费、市政环保板块方面，绝大多数项目经营表现维持稳健，部分消费项目披露租金边际下降 可能与商场营业额季节性回落下租金抽成减少有关；仓储板块整体出租率边际上升，但租金仍承压；产业园基本延续前期经营走势，工业厂房类项目出租率和 租金相对稳定，研发办公类项目多数面临"以价换量"和"量价齐跌"的情况；高速与能源板块内部分化，前者波动主要源于网路改扩建、假期与天气，后者波 动主要源于区域风光水资源变化与电价波动。 与一季度报披露后的行情类似，REIT二季度报披露后整体行情走低，但从板块结构上来看区别较大。 一季度报披露后REIT行情整体回调，板块间分化大，主 要由产业园板块领跌，经营稳健板块跌幅较小，消费板块不降反升；二季度报披露后REIT行情虽也整体回调，但板块间分化相对较小，且主要由经营更稳健 的保障房、市政板块领跌，产业园板块跌幅较小。 每周 一景：新疆 喀拉峻 点击右上角菜单，收听朗读版 本轮REIT行情回调正值投资者风险偏好转换，大类资产行情轮动期，基本面定价权重较小。 REIT本质作 ...

Group 1 - DJI is entering the vacuum cleaner market with the launch of its first robot vacuum product, branded as "ROMO," expected on August 6. The product will have two types of transparent and white shells, and three models: S standard version, A advanced version, and P flagship version. As of July 29, over 27,000 units have been pre-ordered on JD.com [1] - DJI's overseas revenue accounted for 80% of its total revenue of 50 billion yuan in 2023. The company has established a multi-channel sales model, including partnerships with major retailers like Best Buy and MediaMarkt, and has showcased its drones in over 500 Apple retail stores globally. This entry into the vacuum cleaner market is expected to enhance global exposure and recognition of the product category [2] - Related OEM companies are likely to benefit from DJI's entry into the vacuum cleaner market [3]