证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 07 月 07 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 中央财经委定调推进海洋经济高质量发展，关注北交所深海经济产业链企业 ——北交所科技成长产业跟踪第三十三期（20250706） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 深海科技首次现身政府工作报告，2024 年全国海洋生产总值 10.54 万亿元（yoy+5.9%）。中共中央总 书记、国家主席、中央军委主席、中央财经委员会主任习近平于 2025 年 7 月 1 日上午主持召开中央财经 委员会第六次会议，研究纵深推进全国统一大市场建设、海洋经济高质量发展等问题。2025 年《政府工 作报告》提出"开展新技术新产品新场景大规模应用示范行动，推动商业航天、低空经济、深海科技等 新兴产业安全健康发展"。2024 年全国海洋 ...

雷神科技为北交所"电竞装备第一股"，连续5年入选《中国500最具价值品牌》榜单，品牌价值218.39 亿。作为全场景电竞装备品牌，雷神致力于为用户提供高性能、高品质、高颜值的高端电竞装备解决方 案，让每一位用户都能拥有极致的使用体验。6月17日，雷神AI魔镜(雷神Aura AI智能拍摄眼镜)正式开 售，设备搭载1200W像素摄像头、索尼IMX681传感器、高通骁龙AR1芯片，重量仅为39g，结合开放式 音频和智能助手，成为旅行、娱乐和游戏的理想选择。 汇鼎光学为全国镜片销量前三的光学品牌，作为"眼健康终端成长服务商"，汇鼎光学秉持"成为具有全 球影响力的国际化视光企业"的愿景，服务网络覆盖全国2100余家客户，并荣获"中国自由环曲面眼镜片 开创者"的称号。欧普康视是国内首家上市的眼视光高科技企业，多年位于中国医疗器械生产上市企业 前列，合作超1500家知名医疗机构，布局2000+眼视光专业渠道合作商、500+眼视光终端服务机构，累 计用户超200万。 近日，雷神科技发布对外投资公告，为满足用户对智能眼镜服务需求以及拓展智能眼镜销售渠道，公司 拟与江苏汇鼎光学眼镜有限公司、欧普康视投资有限公司共同投资设立江苏雷 ...

Group 1 - The core viewpoint of the articles highlights the increasing interest and investment in the smart glasses sector, with companies like Thunderobot Technology actively expanding their presence in this market [1][2][3][4] - Thunderobot Technology announced a joint investment with Huiding Optical and Opteck to establish Jiangsu Leo Huiding Smart Glasses Co., Ltd., with a registered capital of 10 million yuan, where Thunderobot holds a 35% stake [1] - The company aims to meet user demand for smart glasses services and expand sales channels by integrating resources such as services, technology, and market channels [1][2] Group 2 - In May, Thunderobot Technology signed a strategic cooperation agreement with Doctor Glasses and Huiding Optical to jointly explore the smart glasses market, launching the Thunderobot Aura AI smart shooting glasses equipped with advanced features [2] - The AI glasses market is experiencing rapid growth, with a projected 45% year-on-year increase in sales of consumer-grade AI/AR glasses in Q1 2025, reaching 96,000 units [2][3] - The entry of multiple manufacturers is expected to enhance collaboration across the industry chain, improving overall efficiency and competitiveness [2][3] Group 3 - The surge in AR/AI glasses releases is driven by breakthroughs in AI technology, enabling features like real-time translation and health monitoring [3] - Companies in the acoustic and optical sectors are increasingly entering the smart glasses market, with notable collaborations among various firms [3] - IDC suggests that the competition in the AR/VR market is intensifying as new players enter, shifting the focus from online to a diversified multi-channel approach [3] Group 4 - According to research from Vision, the AI glasses market is transitioning from an exploratory phase to a high-growth phase, with global sales expected to reach 5.5 million units by 2025, representing a 135% year-on-year increase [4]

7月2日，2025雷神科技信创旗舰新品发布暨客户会于青岛科创生态园举行。本次会议以"信创风雷起， 共创芯未来"为主题，聚焦信创产业发展趋势，探讨产品技术突破路径、产业生态构建模式，瞭望产业 前行方向。 青岛市委常委、副市长王波，海尔集团董事局副主席、总裁梁海山，雷神科技创始人、董事长路凯林， 以及市密码管理局、市民营经济发展局、市大数据发展管理局、市工业和信息化局相关领导，中科方 德、海光信息、飞腾、兆芯等合作伙伴代表悉数出席，数百名核心经销商与主流媒体代表齐聚一堂，共 襄信创产业盛事。 踏准时代节拍，政企共促创新局 青岛市委常委、副市长王波在致辞中指出，近年来，青岛市全力构建"创新引领、软硬协同、应用迭 代、产业集聚"的信创产业发展格局，涌现出一批产业链核心企业。雷神科技作为高性能计算机领域的 先行者，长期深耕信创、电竞两大赛道，这次发布的信创产品，基于国产芯片，适配国产操作系统，性 能卓越、场景应用广泛，将为青岛信创产业发展注入新的动能。当前，青岛正以"走在前、挑大梁"的使 命担当，坚持科技创新引领产业创新，加快构建"10+1"创新型产业体系。我们将持续推动信创产业发 展，构建开放共享、安全可控、富有活力 ...

向子公司提供担保进展的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 担保情况概述 （一） 担保基本情况 证券代码：872190 证券简称：雷神科技 公告编号：2025-047 青岛雷神科技股份有限公司 雷神国际（香港）有限公司（以下简称"雷神香港"）为青岛 雷神科技股份有限公司（以下简称"雷神科技"或"公司"）合并 报表范围内全资子公司，雷神香港向中国农业银行股份有限公司 青岛市南第三支行（以下简称"农行青岛市南第三支行"）申请授 信业务，公司为雷神香港申请授信业务提供担保，担保业务总金 额不超过 8 亿元人民币，雷神香港在授信额度内开展相关业务。 雷德科技（东莞）有限公司（以下简称"雷德科技"）为雷神 科技合并报表范围内子公司，系雷神科技全资子公司深圳雷旭信 息科技有限公司（以下简称"雷旭科技"）投资设立，雷神科技间 接持有雷德科技 100%的股权。雷德科技与创可科技（深圳）有限 公司（以下简称"创可科技"）签订《采购框架协议》，雷神科技 为雷德科技款项支付义务提供担保，担保金额不超过 ...

国泰海通证券股份有限公司 关于青岛雷神科技股份有限公司 向子公司提供担保的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 青岛雷神科技股份有限公司（以下简称"雷神科技"、"发行人"或"公司"） 向不特定合格投资者公开发行股票并在北京证券交易所上市的保荐机构，根据 《证券发行上市保荐业务管理办法》、《北京证券交易所股票上市规则》等相关 规定，对公司向子公司提供担保事项进行了专项核查，具体情况如下： 一、担保情况概述 （一）担保基本情况 雷神国际（香港）有限公司（以下简称"雷神香港"）为雷神科技合并报表 范围内全资子公司，雷神香港向中国农业银行股份有限公司青岛市南第三支行 （以下简称"农行青岛市南第三支行"）申请授信业务，公司为雷神香港申请授 信业务提供担保，担保总金额不超过 8 亿元人民币，雷神香港在授信额度内开展 相关业务。 雷德科技（东莞）有限公司（以下简称"雷德科技"）为雷神科技合并报表 范围内子公司，系雷神科技全资子公司深圳雷旭信息科技有限公司（以下简称"雷 旭科技"）投资设立，雷神科技间接持有雷德科技 100%的股权。雷德科技与创 可科技（深圳）有限公司（以下简称"创 ...

Core Insights - The smart glasses industry is facing significant delivery challenges, with multiple companies issuing apologies for delays and lack of transparency in communication [2][9][15] - Despite the market's vibrancy, with 56 new smart glasses launched in 2024, over 40% of products showcased have not been made available for purchase, leading to a perception of them as "concept products" [3][4][9] Industry Overview - The smart glasses market has seen a surge in new product launches, with 56 models introduced in 2024 alone, surpassing the total from the previous year [3][4] - Major players in the market include both startups and established tech companies, such as XREAL, Rokid, and Xiaomi, indicating a diverse competitive landscape [4][5] Product Launch Challenges - Companies like Yingmu Technology and Shanjing Technology have faced repeated delays in product deliveries, leading to customer dissatisfaction and refund incidents [2][9] - A significant number of products, approximately 25, remain unavailable for purchase despite being announced, highlighting supply chain constraints [9][10] Sales Performance - Among the launched products, 31 are currently available for purchase, with brands like XREAL and Xiaomi performing particularly well in sales [11][12] - Xiaomi's AI glasses quickly became a top seller on platforms like JD.com, indicating strong consumer interest despite the overall market challenges [12][14] Market Dynamics - The industry is characterized by rapid product introductions, with 15 products claiming to be "first in the world," raising concerns about potential marketing gimmicks [15][16] - The smart glasses sector is compared to the smart speaker market, which faced a decline due to lack of innovation and consumer interest, suggesting a cautionary tale for smart glasses [17][18] Future Outlook - The smart glasses industry must focus on overcoming technical challenges and ensuring reliable product availability to build consumer trust [18][19] - There is a need for companies to prioritize functional simplicity and user experience over excessive features to avoid the pitfalls seen in other tech markets [19][20]

Core Insights - Thunderobot has been recognized as the only brand in the "eSports all-scenario equipment" category in the 2025 "China's 500 Most Valuable Brands" report, with a brand value of 21.839 billion yuan, marking a 111.60% increase over five years, setting a new record [1] - The company has achieved five consecutive increases in brand value during a period of global economic adjustment, successfully transitioning from a brand value of 10 billion to over 20 billion yuan, solidifying its image as a new domestic brand in eSports equipment [1] Group 1: Innovation and AI Integration - Thunderobot has outlined a growth path focused on the integration of AI technology and high-performance hardware, creating an ecosystem that includes "AIPC + AI smart glasses + Thunderobot AI smart body" [2] - The development of the Thunderobot AI smart body reflects the company's AI strategy, with collaborations with Alibaba Cloud and DeepSeek to enhance AI capabilities and provide personalized services [2][4] - The AI-driven products, such as the Thunderobot ZERO 18 Pro and Aura AI smart glasses, have become market hits, showcasing the company's competitive edge in the eSports equipment sector [4] Group 2: Market Expansion and Revenue Growth - The growth in brand value is attributed not only to AI but also to Thunderobot's unique position as a leading brand in the eSports equipment industry and its successful penetration into overseas markets [5] - The company has shifted from merely selling devices to offering comprehensive eSports experiences, resulting in a compound annual growth rate of 47.32% for peripheral products from 2019 to 2023 [5][6] - Thunderobot's overseas business has become a significant growth engine, with revenue from international operations increasing from 107 million yuan in 2021 to 1.15 billion yuan in 2024, reflecting a compound annual growth rate of 120.7% [8]

Core Insights - 雷神科技 is actively expanding its presence in the smart glasses market, showcasing innovative products like the 雷神AURA AR smart glasses and 雷神AURA AI smart shooting glasses at the 2025 Volcano Engine Power Conference [1] - The company has signed a strategic cooperation agreement with 博士眼镜 and 汇鼎光学 to jointly explore the smart glasses market, indicating a strong commitment to building an ecosystem in this sector [1] - The global smart glasses market is projected to experience explosive growth, with IDC forecasting shipments to reach 12.8 million units by 2025, a 26% year-on-year increase [6] Company Developments - 雷神科技 has launched three different technology routes for smart glasses at CES 2025, marking a significant milestone in the industry [3] - The 雷神AURA AI smart shooting glasses feature advanced specifications, including a 12-megapixel camera and a lightweight design, aimed at providing a revolutionary user experience [3] - The company is integrating its products with the Volcano Engine smart glasses solution, enhancing capabilities such as intelligent interaction and visual recognition [3] Market Trends - The Chinese market is expected to see a remarkable growth rate of 107%, with shipments projected to reach 2.75 million units by 2025, positioning it as a key growth engine in the global smart glasses market [6] - The smart glasses industry is currently characterized by a diverse landscape, presenting numerous opportunities for innovation despite the lack of unified standards [6] - 雷神科技 is establishing a comprehensive product ecosystem centered around AIPC, AI smart glasses, and 雷神AI smart body, promoting a "hardware interconnection + software empowerment + scene penetration" strategy [6][4] Future Outlook - As technology continues to evolve and product prices become more accessible, smart glasses are transitioning from novelty items to practical productivity tools [7] - The competitive landscape is intensifying, with 雷神科技 positioning itself as a key player in the smart visual revolution, aiming to capitalize on the emerging trillion-dollar market [7]

Summary of Key Points Core Viewpoint - As of June 10, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 5.535 billion yuan, a decrease of 38.81 million yuan from the previous trading day, indicating a slight decline in market activity [1]. Financing and Margin Data - The margin balance was 5.534 billion yuan, down by 38.83 million yuan, while the securities lending balance increased to 1.0842 million yuan, up by 15,000 yuan [1]. - The stocks with the highest margin balances included Jinbo Biological (365 million yuan), Airon Software (154 million yuan), and Better Energy (143 million yuan), with an average margin balance to market capitalization ratio of 1.11% [1]. Net Buying and Selling Trends - On June 10, 96 stocks experienced net margin buying, with 40 stocks having net buying amounts exceeding 1 million yuan. Shengye Electric led with a net buying amount of 15.4692 million yuan, followed by Thunder Technology and Jinbo Biological with 12.4114 million yuan and 8.792 million yuan, respectively [1]. - The stocks with the highest net selling amounts included Shuguang Digital Innovation, Air China Ocean, and Deyuan Pharmaceutical, with net selling amounts of 11.0707 million yuan, 9.7653 million yuan, and 9.6206 million yuan, respectively [1]. Industry Performance - The industries with the most stocks experiencing net buying over 1 million yuan were machinery equipment, electric power equipment, and basic chemicals, with 11, 7, and 5 stocks respectively [2]. - On average, stocks with net buying over 1 million yuan rose by 7.61%, with notable increases from Jiaoda Iron Transportation (262.09%), Huaguang Source Sea (26.88%), and Qiule Seed Industry (11.99%) [2]. Trading Activity - The weighted average turnover rate for stocks with net buying over 1 million yuan was 8.52%, with Jiaoda Iron Transportation, Night Light Ming, and Huaguang Source Sea having turnover rates of 72.03%, 42.37%, and 41.29%, respectively [2]. - The average daily turnover rate for BSE stocks on June 10 was 7.11% [2]. Notable Stocks and Changes - Stocks with the largest increases in margin balances included Shengye Electric (increase of 15.4692 million yuan), Thunder Technology (increase of 12.4114 million yuan), and Jinbo Biological (increase of 8.792 million yuan) [2][3]. - The stock performance varied, with some stocks experiencing significant declines, such as Road Bridge Information (-12.94%) and Qifeng Precision (-8.04%) [2][3].