证券研究报告 | 公司点评 gszqdatemark 2026 03 24 年 月 日 萤石网络（688475.SH） 国内家用摄像头行业量额双增，萤石网络领跑高端市场 事件：近日，奥维云网发布《2025 年中国家用监控摄像头行业发展报告》。 行业趋势：量额双增与结构升级并行，高质量增长成主旋律。2025 年，中 国家用监控摄像头行业延续了增长韧性，据奥维云网（AVC）线上监测数 据显示，2025 年中国家用摄像头线上零售量达 3177 万套，同比增长 12.6%；零售额 65.9 亿元，同比增长 14.4%；零售均价提升至 207 元， 同比增长 1.6%。这组数据背后，是行业从"以价换量"向"以质提价"的 关键转变——不再依赖低价策略抢占市场，而是通过产品功能升级、技术 创新赋予产品更高附加值，推动均价稳步上升，实现"量价齐升"的健康 增长格局。 资料来源：Wind，国盛证券研究所 注：股价为 2026 年 03 月 23 日收盘价 | 入入（维持） | | | --- | --- | | 股票信息 | | | 行业 | 计算机设备 | | 前次评级 | 入入 | | 03 月 23 日收盘价（元） | ...

证券研究报告 | 公司点评 gszqdatemark 2026 03 24 年 月 日 萤石网络（688475.SH） 国内家用摄像头行业量额双增，萤石网络领跑高端市场 事件：近日，奥维云网发布《2025 年中国家用监控摄像头行业发展报告》。 行业趋势：量额双增与结构升级并行，高质量增长成主旋律。2025 年，中 国家用监控摄像头行业延续了增长韧性，据奥维云网（AVC）线上监测数 据显示，2025 年中国家用摄像头线上零售量达 3177 万套，同比增长 12.6%；零售额 65.9 亿元，同比增长 14.4%；零售均价提升至 207 元， 同比增长 1.6%。这组数据背后，是行业从"以价换量"向"以质提价"的 关键转变——不再依赖低价策略抢占市场，而是通过产品功能升级、技术 创新赋予产品更高附加值，推动均价稳步上升，实现"量价齐升"的健康 增长格局。 技术趋势：AI 赋能与硬件升级双轮驱动，功能升级贴近场景需求。2025 年家用摄像头行业的技术演进呈现"硬件升级+软件优化"并行的特点， 核心技术方向围绕"提升画质"、"强化智能"、"适配场景"展开，推动产 品从"被动监控"向"主动服务"转型。在软件优化方面，A ...

Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector and the home appliance industry [6] Core Insights - The 2026 AWE showcased a shift in the home appliance industry towards AI integration and ecosystem building, indicating significant investment opportunities and potential for valuation reassessment in the tech consumer sector [1][5] - The report emphasizes that AI has transitioned from an optional feature to a critical component in product innovation, with robots moving from demonstration to practical household applications [2][3] Summary by Sections Trend 1: From "Tools" to "Partners" - Home appliances, particularly cleaning devices, are evolving to possess cognitive capabilities, sensory perception, and mechanical functions, enabling them to perform complex household tasks [2] - The next decade is projected to be a golden era for the commercialization of robots in home settings [2] Trend 2: AI Empowerment Revitalizing Traditional Appliances - Traditional appliances are shifting from passive to proactive roles, utilizing AI to understand and serve user needs [3] - Innovations include gesture-controlled TVs and AI-enhanced cooking glasses, indicating a rapid iteration of smart hardware [3] Trend 3: Moving from "Product Display" to "Ecosystem Building" - Future competition in the home appliance industry will focus on strategic vision and ecosystem integration rather than just product specifications [4] - Companies are embedding AI capabilities into various household scenarios, enhancing user experience and operational efficiency [4] Investment Opportunities - The report highlights the potential for growth in the tech consumer sector driven by AI and product innovation, recommending several companies for investment, including TCL Electronics, Ecovacs, and Midea Group [5][8] - Companies with strong ecosystem advantages are expected to capture market share, while undervalued tech consumer firms may experience valuation reassessment [5]

另有睿创微纳、华丰科技、财富趋势、华虹公司、燕东微共5只证券样本纳入科创50指数备选 名单。 来源丨央视财经 编辑丨张嘉钰 冲上热搜！冻干草莓被曝一类致癌物严重超标，测出20多种农药，云南成立调查组 炒股"小龙虾"来了，三大金融数据终端大厂集体官宣 SFC 21君荐读 3月13日收市后， 科创50等指数样本调整正式生效 。 2月27日晚，上交所和中证指数有限公司联合发布公告称，根据指数规则，上交所与中证指数 有限公司决定调整科创50等指数样本，于3月13日收市后生效。 其中科创50指数更换3只样本，将君实生物、萤石网络、天能股份调出名单；将国盾量子、中 科飞测、中科星图调入名单。热景生物、斯瑞新材、君实生物等10只证券将被调入科创100指 数。 ...

证券代码：688475 证券简称：萤石网络 公告编号：2026-002 杭州萤石网络股份有限公司 关于董事长兼总经理增持公司股份的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 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法律责任。 重要内容提示： 一、增持主体的基本情况 | 增持主体名称 | 蒋海青 | | | | --- | --- | --- | --- | | 增持主体身份 | 控股股东或实控人 | 是 | 否 | | | 控股股东或实控人的一致行动人 | 是 | 否 | | | 直接持股 5%以上股东 | 是 | 否 | | | 董事、监事和高级管理人员 | 是 | 否 | | 增持前持股数量 | 2,085,815 股 | | | | 增持前持股比例 （占总股本） | 0.2649% | | | 上述增持主体不存在一致行动人 二、增持股份情况 | 增持主体名称 | 蒋海青 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 增持股份种类 | 公司 | A | ...

Investment Rating - The report assigns an "Accumulate" rating for the computer industry [1] Core Insights - In the 2025 computer performance summary, over half of the companies reported positive growth, indicating a polarized structure with both growth and decline present. Profit improvement outpaced revenue growth, with high growth concentrated in hardware and AI application sectors [3] - Median data shows that the profit performance of computer companies in 2025 outperformed revenue. Among 100 sample companies, the median revenue growth rate was 5.33%, while the median net profit growth rate was 9.72% [3][6] - The report highlights a significant divergence in performance, with 60% of the 100 companies experiencing revenue growth, while 40% faced declines. Notably, 29% of companies reported revenue growth between 10% and 30%, and 11% achieved growth above 30% [3][6] Summary by Relevant Sections - **Performance Distribution**: Of the 358 computer companies that released performance reports, 100 were analyzed. 63 companies (63%) reported net profit growth, while 37 companies (37%) experienced declines. The distribution of net profit growth rates shows that 29% of companies achieved growth above 30% [3][6] - **Large-cap Companies**: Companies with a net profit of 100 million yuan or more showed stronger growth certainty, with 41.2% in the 10%-30% growth range and 23.5% above 30% [3][6] - **High Growth and Decline**: The report notes that 53 companies (53%) are either in the high growth (30%+) or significant decline (-30%+) categories, indicating a pronounced distribution characteristic in the industry [3][6]

- The report introduces a comprehensive impact coefficient model to measure the influence of index rebalancing on individual stocks, particularly focusing on the March 2026 adjustments for key indices such as STAR 50, STAR-ChiNext 50, STAR 100, Dividend Low Volatility 100, and Beijing Stock Exchange 50[9][11][14] - The comprehensive impact coefficient is defined as follows: $ effect\_total_{s}=\sum_{i=1}^{n}\frac{wt\_chg_{s_{i}}\times fund\_size_{i}}{amount\_avg_{s_{i}}20} $ where: - $ wt\_chg_{s_{i}} $ represents the weight change of stock $ s $ in index $ i $ - $ fund\_size_{i} $ is the tracking scale of index $ i $ - $ amount\_avg_{s_{i}}20 $ is the average trading volume of stock $ s $ over the past 20 days[11] - The model evaluates the impact of passive trading caused by index rebalancing, emphasizing that larger indices with higher tracking scales (e.g., STAR 50 with 1489 billion RMB) generate more significant passive trading effects, creating potential investment opportunities for stocks added to these indices[13][14] - The report provides detailed calculations of the comprehensive impact coefficients for stocks with significant adjustments, identifying stocks like Jikang Technology (impact coefficient: 5.95), Zhongke Feice (impact coefficient: 1.73), and Taoli Bread (impact coefficient: 1.55) as having notable positive impacts due to their inclusion in indices such as Beijing Stock Exchange 50 and STAR 50[14][17] - Stocks removed from indices also exhibit negative impact coefficients, such as Weida Optoelectronics (-2.95), Jike Shares (-2.65), and Junshi Biosciences (-1.73), reflecting the adverse effects of exclusion from key indices[17]

Group 1 - The Shanghai Stock Exchange and China Securities Index Co., Ltd. have decided to adjust the sample stocks of the Sci-Tech Innovation 50 Index, effective after the market closes on March 13, 2026 [1] - Three stocks will be removed from the Sci-Tech Innovation 50 Index: Junshi Biosciences (688180.SH), Yingshi Network (688475.SH), and Tianneng Co., Ltd. (688819.SH) [1][2] - Three new stocks will be added to the Sci-Tech Innovation 50 Index: Guandun Quantum (688027.SH), Zhongke Feice (688361.SH), and Zhongke Xingtai (688568.SH) [1][2]

Investment Rating - The report maintains an "Overweight" rating for the consumer sector, particularly highlighting the potential in experience and emotional consumption, domestic travel, and AI technology products [7]. Core Insights - The report indicates a strong recovery in consumer spending during the Spring Festival, with key retail and catering enterprises showing an average daily sales increase of 8.6% compared to the same period last year [10]. - The report emphasizes the growth in experience consumption driven by travel and leisure activities, with significant increases in hotel occupancy and average daily rates during the holiday period [27]. - The report identifies structural opportunities in the market, particularly in AI technology consumption, emotional value products, and the rise of domestic brands [5]. Summary by Sections Retail Consumption - Retail sales during the Spring Festival showed a notable recovery, with a 8.6% increase in daily sales compared to the previous year, driven by improved consumer sentiment and a more active lower-tier market [10][12]. - Specific regions such as Hubei (+12%), Guangxi (+15%), and Nanjing (+17%) experienced rapid growth in consumption [2]. Domestic Travel - The report highlights a record high in cross-regional travel during the Spring Festival, with an estimated 3.1 billion daily movements, reflecting a 6.6% year-on-year increase [14]. - Key tourist destinations saw significant visitor numbers, with hotels experiencing a rise in both occupancy rates and average daily rates, indicating a robust recovery in the hospitality sector [27][19]. Experience Consumption - Experience consumption, particularly in travel and dining, has rebounded strongly, with restaurants like Haidilao reporting a 10% increase in customer flow during the holiday [33]. - Emotional consumption products, such as toys and scented items, gained popularity, with sales of pet clothing increasing by 116% during the holiday season [11]. AI Technology Consumption - The report notes a surge in sales of smart wearable devices, with a 19.7% increase in sales, and smart glasses seeing a growth of 250% [11]. - The introduction of new products under the "old for new" policy is expected to drive further growth in the AI technology sector [11]. Investment Recommendations - The report recommends several companies for investment, including Pop Mart, Haidilao, and Midea Group, focusing on emotional and experience consumption, domestic brand growth, and AI technology [5].

Investment Rating - The report rates the silver economy industry as "Outperform" compared to the market [1]. Core Insights - The demand for elderly care products is increasing due to the rising proportion of individuals aged 65 and above, as well as the growing number of elderly living alone and those with disabilities. AI technology is enhancing product capabilities and expanding market demand [1][12]. - The report categorizes elderly care durable goods into three main areas: daily living assistance, emotional companionship, and health safety [21]. Summary by Sections Elderly Care Durable Goods Overview - The report highlights the increasing demand for smart elderly care devices, including nursing robots, companion robots, home care equipment, and AI mattresses, driven by the aging population and technological advancements [1][12]. Home Care Equipment - AI is enhancing the functionality of home care devices, which are crucial for monitoring elderly individuals, especially to prevent falls. The market for independent care devices is projected to reach 14 million units by 2030, with a compound annual growth rate of 16% [2][32]. - Leading companies in this sector include Yingzi Network, which offers a comprehensive home care solution through its "Yingzi Elderly Smart Body" product [2][19]. Elderly Care Robots - The market for nursing robots is expected to reach a scale of hundreds of billions, with significant growth driven by policy support and the introduction of new products across various segments [3][43]. - Key players include Ousheng Electric, which specializes in nursing robots, and Rongtai Health, known for its massage therapy robots [3][42]. Smart Mattresses - Smart mattresses are identified as a potential growth category due to their low penetration rate and high demand. The domestic mattress market is expected to reach approximately 65.9 billion RMB by 2024, with smart mattresses projected to increase in market share [4][12]. - Leading companies in this segment include Xilinmen and Mousse Co., which are developing AI-driven sleep solutions [4][50]. Policy Support - The report outlines various government policies aimed at promoting the integration of technology and elderly care, including subsidies for home modifications and the development of smart elderly care products [24][26]. - The Ministry of Civil Affairs and other departments have issued measures to encourage the development of elderly care robots and related technologies [26][27]. Market Demand Projections - The report estimates that by 2030, the number of elderly individuals requiring care will significantly increase, leading to a robust demand for nursing robots and related technologies [45][43]. - The total market demand for elderly care robots in China and abroad is projected to exceed 200 billion RMB [45][43].