昨日基金共对20家公司进行调研，扎堆调研萤石网络、新时达、藏格矿业等。 证券时报·数据宝统计，7月17日共32家公司被机构调研，按调研机构类型看，基金参与20家公司的调研 活动，其中，10家以上基金扎堆调研公司共5家。萤石网络最受关注，参与调研的基金达52家；新时 达、藏格矿业等分别获29家、28家基金集体调研。 数据宝统计，基金参与调研股中，近5日资金净流入的有7只，冰轮环境近5日净流入资金1.00亿元，主 力资金净流入最多；净流入资金较多的还有众生药业、思瑞浦等，净流入资金分别为4778.86万元、 4720.99万元。 业绩方面，基金调研公司中，公布上半年业绩预告的共有10家，业绩预告类型来看，预增有9只，预盈 有1只。以净利润增幅中值来看，净利润增幅最高的是吉林敖东，预计净利润中值为12.63亿元，同比增 幅为135.00%。（数据宝） 7月17日基金调研公司一览 | 代码 | 简称 | 基金家数 | 最新收盘价（元） | 近5日涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 688475 | 萤石网络 | 52 | 33.39 | 5.33 ...

一场广州建博会上的AI营销大会，揭开了传统产业转型的终极解法 萤石网络智能算法部总经理程战战 萤石网络智能算法部总经理程战战带来了《智能体驱动的入户智能体验革新》的主题演讲，深入探讨了AI在入户场景中的应用与发展趋势。 程博士介绍，萤石自研的蓝海大模型2.0版本已具备更强的感知、理解与记忆能力，新增的垂直场景大模型正在深度赋能入户这一垂直领域。搭载入户安 全混合大模型的萤石智能锁，能准确理解入户的各种事件情况，如门口存在可疑人员出没，包裹存在丢失，门口安全指数低等智能化服务。 百度MEG销售业务平台家居行业高级客户经理韩仲秋 百度MEG销售业务平台家居行业高级客户经理韩仲秋带来更宏观的行业生态视角，让我们看到了家居行业营销经历了从1.0到4.0时代行业的变化，百度依 托10亿级用户规模，40亿级家居大行业流量，从全链用户决策成交链路，口碑诉求，生活场景，新场域洞悉行业四大增长趋势，提出"AI+CUBE全域智能 营销方案"：致力于帮助家企改变过往"流量低效""获客成本高""前后链口碑布局不深""传统场域流量竞争白热化"等营销痛点，寻找存量时代的营销破局。 "AI+CUBE全域智能营销"是基于百度全栈AI技术能力 ...

Investment Rating - The report maintains a positive outlook on the computer industry for Q2 2025, indicating an expected improvement in performance [2][4]. Core Insights - The report predicts a gradual recovery in industry profits starting from Q2 2025, with revenue growth rates of 5% and 21% for Q4 2024 and Q1 2025 respectively, and net profit growth rates of -68% and 82% [4][5]. - A total of 55 tracked A-share and Hong Kong-listed computer companies are analyzed, with 13 companies expected to achieve over 50% net profit growth, representing 23.6% of the sample [4][5]. - The report identifies key investment targets across various segments, including AIGC, digital economy leaders, and data innovation [4][5]. Summary by Category Company Performance Predictions - Companies with over 50% net profit growth include: - Jinzheng Co. (4493%) - Zhongke Chuangda (333%) - Zhina Zhen (313%) - Kalait (265%) - Hengsheng Electronics (233%) [4][5][6]. - Companies with 30%-50% net profit growth include: - Dameng Data (48%) - Fanwei Network (39%) - New Point Software (38%) [4][5][6]. - Companies with 0%-30% net profit growth include: - Dongfang Caifu (27%) - Haiguang Information (27%) - Desai Xiwai (27%) [4][5][6]. - Companies with -30% to 0% net profit growth include: - Weining Health (-4%) - Nova Star Cloud (-11%) [4][5][6]. - Companies with less than -30% net profit growth include: - Qiming Star (-30%) - Top Point Software (-36%) [4][5][6]. Key Investment Targets - AIGC Segment: Jinshan Office, Wanxing Technology, Daotong Technology, Hongsoft Technology, and others [4]. - Digital Economy Leaders: Hikvision, Jinshan Office, Hengsheng Electronics, and others [4]. - Data Innovation: Haiguang Information, Ruantong Power, Suocheng Technology, and others [4]. - AIGC Computing Power: Langchao Information, Haiguang Information, and others [4].

Investment Rating - The report suggests a focus on leading domestic generative large model companies such as iFLYTEK, and highlights potential in AI hardware applications with recommendations for companies like Yingshi Network, Hongsoft Technology, and Hesai [2] Core Insights - The report emphasizes that the AI industry is currently in a relatively chaotic fundamental period, with some high-frequency data showing resilience, while investor expectations remain low. The willingness to use AI products is increasing, but payment capabilities are still limited, necessitating further breakthroughs in large models [11][12] - It identifies high-growth sectors for 2025, including AI computing power and lidar, while noting that AI applications are accelerating upward. Stable growth is expected in software outsourcing, financial IT, quantum computing, data elements, EDA, and overseas expansion [11][12] Summary by Sections Industry Perspective - The report discusses the launch of Tencent's 3D generative model Hunyuan3D-PolyGen, which can generate complex geometric models with thousands of faces, and highlights the advancements of Musk's Grok 4 model, which has shown significant improvements in training efficiency [11] - It notes that the computer industry is expected to perform better in the second half of the year due to base effects, new technology/product launches, and policy implementations [11] Subsector Insights - The report categorizes the computer industry into various subsectors with their respective growth outlooks: - High growth maintained: AI computing power, lidar - Accelerating growth: AI applications - Stable growth: Software outsourcing, financial IT, quantum computing, data elements, EDA, overseas expansion, and domestic innovation [10][12] - Turning points: Education IT, cybersecurity, enterprise services - Stabilizing: Smart transportation, government IT, security, construction real estate IT - Slightly pressured: Industrial software, medical IT [10][12] Market Performance Review - From July 7 to July 11, 2025, the computer industry index (Shenwan) rose by 3.22%, outperforming the CSI 300 index by 2.40 percentage points, ranking 6th among 31 Shenwan first-level industry indices [13] Upcoming Key Events - The report highlights upcoming events such as the second AI glasses industry innovation application summit and the 2025 World Artificial Intelligence Conference, suggesting that investors pay attention to related industry chain opportunities [25][26]

Market Overview - The Shanghai Composite Index closed at 3546.50 points, above the annual line, with a gain of 1.05% [1] - The total trading volume of A-shares reached 10310.63 billion yuan [1] Stocks Breaking Annual Line - A total of 55 A-shares have broken above the annual line today, with notable stocks including XWANDA, Fuxing Co., and Guolian Minsheng, showing divergence rates of 5.64%, 3.70%, and 3.15% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include Wangfujing, Tonghe Pharmaceutical, and Sanxia Water Conservancy [1] Top Stocks by Divergence Rate - The top three stocks with the highest divergence rates are: - XWANDA (9.13% increase, 5.12% turnover rate, latest price 21.16 yuan, divergence rate 5.64%) [1] - Fuxing Co. (4.31% increase, 5.52% turnover rate, latest price 2.42 yuan, divergence rate 3.70%) [1] - Guolian Minsheng (6.66% increase, 3.68% turnover rate, latest price 11.21 yuan, divergence rate 3.15%) [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Tuoer Si (3.05% increase, 3.72% turnover rate, latest price 18.56 yuan, divergence rate 2.82%) [1] - ST Huaming (4.83% increase, 10.28% turnover rate, latest price 10.21 yuan, divergence rate 2.73%) [1] - Green Beauty (3.01% increase, 2.26% turnover rate, latest price 6.50 yuan, divergence rate 2.32%) [1]

萤石网络 20250710 摘要 银石网络在智能入户领域的发展情况如何？ 智能入户领域方面，从去年（2024 年）开始，公司对这一块业务充满信心。 尤其是 Y3,000 人脸锁和视频锁系列推出后，在研发、用户体验反馈等方面表 现出色。与德施曼凯迪仕等传统锁具品牌相比，银石网络在视频视觉能力、自 研算法及成本优化上具有明显优势，这使得公司的产品创新性价比领先于其他 竞争对手。 此外，这两年智能锁品牌认知度显著提升，公司市占率不断上升。 因此，对于智能入户业务的发展前景，公司充满信心，并认为能够持续保持领 先地位。 今年（2025 年）公司对智能锁产品进行了哪些创新和升级？ 公司预计 2025 年 SHC 业务保持稳健增长，尽管专业客户渠道有所收缩， 但 4G 电池相机等细分市场表现突出，创新产品如带屏视频通话摄像机 和宠物喷雾相机也具增长潜力，海外市场需求差异大，但新机会点不断 涌现。 银石网络在智能入户领域，特别是 Y3,000 人脸锁和视频锁系列，凭借 视频视觉能力、自研算法及成本优化，与传统品牌相比具有竞争优势， 市场占有率不断提升，对智能入户业务发展前景充满信心。 2025 年，银石网络推出搭载南海大模 ...

Core Viewpoint - The family service robot industry in China is experiencing rapid growth due to increasing demand driven by an aging population, rising labor costs, and advancements in robotics technology, with the market expected to reach 127.56 billion yuan by 2024, becoming a significant blue ocean market [1][10]. Industry Overview - Family service robots are specialized robots designed to perform household tasks, including cleaning, education, entertainment, elderly care, and security monitoring [2][4]. - The industry is categorized into three segments: upstream (core components and technology supply), midstream (production and manufacturing), and downstream (application scenarios) [4]. Domestic Market - China is facing a significant aging population, with 220 million people aged 65 and older by the end of 2024, representing 15.6% of the total population, leading to a growing demand for family service robots, particularly in elderly care [6][10]. - The family service robot market is projected to grow to approximately 300 billion yuan by 2027, indicating a promising development outlook [10]. Competitive Landscape - The market is divided into four tiers: - Tier 1 includes leading companies like Ecovacs, Roborock, Xiaomi, and others, with Ecovacs holding about 40% market share [12]. - Tier 2 consists of brands like Midea and Haier, with a combined market share of around 10% [12]. - Tier 3 includes mid-level companies with a smaller market share [12]. - Tier 4 comprises smaller players with limited innovation capabilities [12]. Development Trends - **Technological Innovation**: The integration of AI, IoT, and big data is driving the evolution of family service robots, enhancing their capabilities in navigation, voice recognition, and user interaction [18]. - **Expanding Application Scenarios**: The functionality of family service robots is broadening from basic cleaning to include education, health care, and home security, creating new market opportunities [19][20]. - **Intensifying Market Competition**: The increasing number of entrants into the family service robot market is leading to heightened competition, prompting established companies to invest more in R&D and improve product quality [21].

Summary of the Conference Call for YingShi Network Company Overview - **Company**: YingShi Network - **Industry**: Smart Home Technology, focusing on smart locks and cameras Key Points and Arguments Product Launch and Market Performance - YingShi Network launched the AI-upgraded Y5,000 smart lock, priced between 2,500 to 3,500 RMB, with 130,000 pre-orders, enhancing interactivity and intelligence through dual screens and batteries, and integration of the Blue Ocean model [2][3] - The Y5,000 smart lock has outperformed the previous Y3,000 model, achieving a shipment of 170,000 units during the 618 shopping festival, indicating strong market acceptance [22][23] Business Growth and Strategy - The smart lock business is expected to maintain double-digit growth in 2025, driven by technological advancements and market differentiation [23] - The company aims to make its smart home business a cash flow generator, with the smart entry business already accounting for 13% of total revenue and nearing breakeven [4][14] International Expansion - YingShi Network is actively expanding its smart lock business in overseas markets, particularly in regions with high apartment living ratios, leveraging successful domestic strategies [2][5] - The overseas market accounted for 35% of total revenue in 2024, with a growth rate of 20% to 30%, indicating a strong international presence [24] Camera Business Insights - The camera business remains a core growth driver, with the company leading global shipments despite previous challenges from channel contractions [6] - Future growth opportunities are identified in portable 4G battery cameras, catering to diverse consumer needs [6] Sub-brand Strategy - The company has developed sub-brands like JinXiaoDou targeting young women and AiKeTu focusing on outdoor sports, differentiating product design and pricing from the main brand [8] Software Ecosystem Development - YingShi Network is enhancing its software ecosystem with AI value-added services, including AI cloud storage and AI elder care, while also opening its devices and apps for B2B opportunities [10] Channel Strategy - The company is optimizing its online and offline channel structure, with plans to increase the number of direct retail stores and improve O2O operations [11] Financial Management - The management emphasizes cost control and efficient use of R&D funds, with a focus on maintaining a balance between expenses and profit margins [30] Competitive Landscape - In the overseas market, YingShi Network faces competition from local brands in the camera and smart lock sectors, but maintains a technological edge with products like the HP7 villa intercom [25][26] Future Outlook - The company anticipates a return to steady growth in 2025, with new product launches and expansion into niche markets like action cameras expected to drive revenue [29] Additional Important Insights - The integration of AI technology into products is a significant competitive advantage, with the Blue Ocean model enhancing video visual capabilities [15] - The company is exploring the potential of companion robots, which have less competition and significant market potential [20] - The development of smart service robots is seen as a long-term goal, with a focus on 3D vision and AI capabilities [19]

Summary of the Conference Call for萤石网络 (Ezviz) Company Overview - **Company**: 萤石网络 (Ezviz) - **Industry**: Smart Home Technology, focusing on smart cameras and home security products Key Points and Arguments Business Strategy and Revenue - 萤石网络's operator business strategy adjustment led to a slight decline in SHC revenue, with the professional customer channel proportion dropping to around 7% [2][3] - The company adheres to a no-loss principle, actively shrinking this business, expecting the impact in 2025 to be less than in 2024 [2][3] - The company is seeking new growth points through product intelligence upgrades and market segmentation [2] Product Innovations - Product upgrades include AI integration, pixel enhancement, and 3D visual technology [2] - New products launched include the S10 video call camera and Camo pet camera, catering to diverse needs [2][5] - The company has implemented a sub-brand strategy targeting young consumers with the 金小豆 brand and outdoor enthusiasts with IQ Two, offering differentiated product designs and independent app operations [2][6] Smart Home and Cloud Services - The smart home camera (SHC) business faces challenges in 2024 due to overall operator business contraction, but is expected to recover in 2025 [3] - The smart entry business, particularly smart locks, is performing well, with the flagship Y5,000 series expected to maintain rapid growth in 2025 [7] - Cloud services are growing faster than the overall business, with significant growth in 4G value-added services and a gradual transformation of AI smart cloud services [7] Financial Performance and Profitability - 萤石网络 is focusing on profit situations, with detailed scrutiny of operational data [4] - The company aims for overall profitability by 2025, with different assessment standards for various growth curves [8][9] - The company emphasizes the importance of product differentiation and iterative innovation, rather than relying solely on government subsidies [11][12] Market Expansion and Consumer Education - The company is actively expanding into overseas markets, with significant growth opportunities in different countries and regions [20] - C-end value-added services are performing well in overseas markets, particularly in cloud storage [20] - The company is promoting AI smart cloud storage services in developed countries, with good conversion rates [20] Robotics and Future Directions - The robotics business is in the incubation stage, with plans to expand into broader service robot categories [16] - The company is focusing on technological investments, particularly in 3D vision and AI capabilities, to support future product iterations [18] Cost Management - The company expects stable cost trends in 2025, with no significant fluctuations in raw material and production costs [17] Consumer Feedback and Product Performance - The Y5,000 smart lock received 130,000 pre-orders on the launch day, indicating strong market acceptance [25] - The 金小豆 brand products have slightly lower gross margins compared to the main brand but are expected to generate significant revenue through value-added services [14] Additional Important Insights - The company is leveraging partnerships, such as with 海康威视, to enhance its commercial cleaning robot distribution [19] - The company is cautious about resource allocation in new product lines, ensuring a balanced investment across different growth curves [18][22] - The integration of AI technology is seen as a major trend, with plans to enhance video management efficiency for both C-end and SSMB users [13]

Summary of the Conference Call for Yingzi Network Company Overview - **Company**: Yingzi Network - **Industry**: Smart Home and IoT (Internet of Things) Key Points and Arguments Business Segments and Performance - The impact of the operator business contraction on the company has lessened, with this segment now accounting for only 7% of total revenue, primarily driven by camera sales [2][3] - The company is exploring growth opportunities through market segmentation, targeting younger demographics with sub-brands like "Jin Xiaodou" and focusing on portable 4G cameras and visual communication cameras [2][6] - Overseas business growth is outpacing domestic growth, with a significant increase in contribution to overall revenue. The U.S. business is minimally affected by sanctions on Hikvision, focusing on early sales products and cloud value-added services [2][11] Product Innovations and Launches - The flagship product Y5,000 in the smart home entry business features AI capabilities and has received 130,000 pre-orders, aiming for cash flow transformation this year [2][7][8] - The company is expanding its product lines to include smart service robots and wearables as part of its third growth curve, with a focus on integrating hardware and software [2][9] Financial Performance and Strategy - The smart home camera business is expected to see a slight revenue decline in 2024 due to the contraction of the operator business, but its impact on the overall revenue base is expected to be less significant [3] - C-end value-added services, particularly cloud storage and AI services, are showing significant growth in paid user numbers and average revenue per user [4][10] - The company aims to maintain stable gross and net profit margins despite various influencing factors, including channel structure and market competition [4][16] Market Expansion and Future Outlook - The company is actively expanding into overseas markets, particularly in Europe, Central and South America, and Southeast Asia, with plans to diversify product offerings beyond single categories [2][12] - The C-end cloud service strategy will continue to focus on integrating hardware and software, with an emphasis on cloud storage and AI value-added services [10][12] Technological Developments - The AI platform is being enhanced with third-party models to improve interaction capabilities across various products, including cameras and companion robots [14] - The company is testing AI elderly care services, with plans to launch an app in the second half of the year [4][10] Retail and E-commerce Strategy - The company is transitioning its retail strategy, with successful pilot stores achieving profitability, and plans to expand this model in 2026 [15][16] - Online business growth is significant, but high traffic costs are a concern; the company is working to optimize ROI and cost rates in e-commerce [4][16] Additional Important Insights - The company is focusing on emotional value services for younger consumers through its Jin Xiaodou app, which operates independently [2][6] - The introduction of portable products and specific use-case cameras (e.g., for elderly care) indicates a targeted approach to market needs [6][7] - The overall business growth remains steady, with a strong performance in online sales during promotional periods [15]