On 1-2 Sept, we met with the management of Midea, Haier, Hisense and Gongniu at the UBS A-Share Conference. Also, on 4 Sept, we hosted a one-day appliance and furniture trip in Shenzhen, as part of the China Consumer & Healthcare Tour, visiting Ziel, Aqara and the Arashi Vision flagship store, as well as holding an expert meeting on 360/ action cameras. Details are inside. Key highlights from the events 1) Likely intensified domestic AC competition: Midea has shifted focus from profitability (a strategy it ...

Core Viewpoint - YingShi Innovation has shown significant growth in revenue and a stable market presence, with a notable increase in institutional holdings and a decrease in shareholder numbers, indicating a shift in investor sentiment [1][2]. Group 1: Financial Performance - As of June 30, YingShi Innovation reported a revenue of 3.671 billion yuan, representing a year-on-year growth of 51.17% [2]. - The net profit attributable to shareholders for the same period was 520 million yuan, showing a modest increase of 0.25% year-on-year [2]. Group 2: Shareholder and Market Activity - The number of shareholders decreased by 27.52% to 17,000, while the average number of circulating shares per person increased by 37.96% to 1,795 shares [2]. - On September 10, the stock price increased by 3.20%, with a trading volume of 1.024 billion yuan, and the net financing buy was -23.92 million yuan, indicating a net outflow in financing [1]. Group 3: Institutional Holdings - As of June 30, the top ten circulating shareholders included several new institutional investors, with the largest being Bosera Huixing Return Mixed Fund, holding 612,400 shares [2]. - Other notable new institutional shareholders include Morgan Emerging Power Mixed A and Morgan Vision Two-Year Holding Mixed, indicating growing institutional interest in the company [2]. Group 4: Business Overview - YingShi Innovation, established on July 9, 2015, specializes in the research, production, and sales of smart imaging devices, including panoramic and action cameras [1]. - The company's revenue composition is primarily from consumer-grade smart imaging devices (86.06%), followed by accessories and other products (12.63%) [1].

1只新股今日发行，昊创瑞通发行2790.00万股，发行价21.00元，募资金额5.86亿元。 证券时报·数据宝统计显示，以发行日期为基准，截至9月11日，今年以来共有67家公司首发募资，累计 募资金额达652.92亿元，单家公司平均募集资金9.75亿元。分区间来看，募资金额超10亿元的有11家， 其中，募资金额超百亿元的有1家，募资金额5亿元至10亿元的有29家，募集资金在5亿元以下的有27 家。 按不同板块统计，今年以来沪市主板发行新股15只，募资342.34亿元；深市主板发行新股8只，募资 43.78亿元；创业板发行新股24只，募资148.30亿元；科创板发行新股7只，募资79.01亿元；北交所发行 新股13只，募资39.50亿元。 | 代码 | 简称 | 发行日期 | 发行总量（万股） | 发行价（元） | 募集资金（亿元） | | --- | --- | --- | --- | --- | --- | | 600930 | 华电新能 | 2025.07.07 | 571428.57 | 3.18 | 181.71 | | 603049 | 中策橡胶 | 2025.05.23 | 8744.86 | 4 ...

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [3] Core Insights - The electronic industry is experiencing a new wave of performance growth driven by AI, with significant opportunities in semiconductor and consumer electronics sectors [5][6] - The report highlights the strong recovery in the semiconductor sector, particularly in analog and digital chips, with AI being a core growth driver [5][6] - Consumer electronics are also benefiting from AI, with companies like Anker Innovation and Ugreen achieving over 30% revenue growth [5][6] Semiconductor Sector Summary - **Analog Chips**: Revenue reached 24.405 billion yuan, up 13.12% year-on-year, with a net profit of 502 million yuan, up 280.49% [7] - **Digital Chips**: Revenue of 87.129 billion yuan, a 24.72% increase, with net profit of 9.050 billion yuan, up 35.32% [16] - **Power Semiconductors**: Net profit for Q2 reached 2.873 billion yuan, a 45.3% increase year-on-year, indicating a recovery phase [26] - **Semiconductor Manufacturing**: Revenue for H1 was 27.273 billion yuan, down 24.7% year-on-year, but showing signs of recovery in Q2 [34] - **Semiconductor Equipment**: The sector saw a 30.6% increase in revenue, totaling 41.509 billion yuan, with net profit of 6.631 billion yuan, up 19.8% [47] Consumer Electronics Summary - Companies like Anker Innovation and Ugreen reported over 30% growth in revenue and net profit, driven by brand strength and product innovation [5] - The demand for new consumer electronics products such as AR glasses and smart speakers is expected to drive further innovation and market recovery [5] PCB and Components Summary - PCB demand is surging due to AI-related capital expenditures, with companies like Shenzhen Circuit achieving significant order growth [5] - The MLCC market is also showing good growth, with companies expanding their product matrices to meet diverse market needs [5] Investment Recommendations - The report suggests focusing on companies involved in computing power-related sectors, including PCB, domestic computing power, IP licensing, and chip inductors [5] - Key companies to watch include Cambrian, Haiguang Information, and SMIC, among others [5]

截至发稿，孙权累计任职时间3年196天，现任基金资产总规模77.5亿元，任职期间最佳基金回报 91.6%， 任职期间最差基金回报33.16%。 数据显示，富国基金旗下1只基金位居影石创新十大流通股东。富国新兴产业股票A/B（001048）二季 度新进十大流通股东，持有股数36.18万股，占流通股的比例为1.19%。根据测算，今日浮盈赚取约 587.55万元。 富国新兴产业股票A/B（001048）成立日期2015年3月12日，最新规模31.37亿。今年以来收益47.64%， 同类排名298/4222；近一年收益128.7%，同类排名47/3798；成立以来收益229.1%。 富国新兴产业股票A/B（001048）基金经理为孙权。 9月10日，影石创新涨5.26%，截至发稿，报325.22元/股，成交7.40亿元，换手率7.61%，总市值1304.13 亿元。 资料显示，影石创新科技股份有限公司位于广东省深圳市宝安区新安街道海旺社区兴业路1100号金利通 金融中心大厦2栋1101,1102,1103，成立日期2015年7月9日，上市日期2025年6月11日，公司主营业务涉 及全景相机、运动相机等智能影像设备的研 ...

富国新兴产业股票A/B（001048）成立日期2015年3月12日，最新规模31.37亿。今年以来收益49.93%， 同类排名270/4222；近一年收益131.76%，同类排名47/3798；成立以来收益234.2%。 富国新兴产业股票A/B（001048）基金经理为孙权。 截至发稿，孙权累计任职时间3年195天，现任基金资产总规模77.5亿元，任职期间最佳基金回报 91.6%， 任职期间最差基金回报33.16%。 9月9日，影石创新跌5.07%，截至发稿，报304.60元/股，成交8.31亿元，换手率8.71%，总市值1221.45 亿元。 资料显示，影石创新科技股份有限公司位于广东省深圳市宝安区新安街道海旺社区兴业路1100号金利通 金融中心大厦2栋1101,1102,1103，成立日期2015年7月9日，上市日期2025年6月11日，公司主营业务涉 及全景相机、运动相机等智能影像设备的研发、生产和销售。主营业务收入构成为：消费级智能影像设 备86.06%，配件及其他产品12.63%，其他(补充)1.01%，专业级智能影像设备0.30%。 从影石创新十大流通股东角度 数据显示，富国基金旗下1只基金位居影 ...

9月8日，影石创新跌5.07%，成交额14.53亿元。两融数据显示，当日影石创新获融资买入额1.61亿元， 融资偿还1.99亿元，融资净买入-3826.25万元。截至9月8日，影石创新融资融券余额合计10.02亿元。 融资方面，影石创新当日融资买入1.61亿元。当前融资余额10.02亿元，占流通市值的10.24%。 融券方面，影石创新9月8日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元。 资料显示，影石创新科技股份有限公司位于广东省深圳市宝安区新安街道海旺社区兴业路1100号金利通 金融中心大厦2栋1101,1102,1103，成立日期2015年7月9日，上市日期2025年6月11日，公司主营业务涉 及全景相机、运动相机等智能影像设备的研发、生产和销售。主营业务收入构成为：消费级智能影像设 备86.06%，配件及其他产品12.63%，其他(补充)1.01%，专业级智能影像设备0.30%。 截至6月30日，影石创新股东户数1.70万，较上期减少27.52%；人均流通股1795股，较上期增加 37.96%。2025年1月-6月，影石创新实现 ...

Core Viewpoint - YingShi Innovation experienced a decline of 1.45% on September 5, with a trading volume of 1.723 billion yuan, indicating market volatility and investor sentiment towards the company [1]. Group 1: Financial Performance - As of June 30, YingShi Innovation reported a revenue of 3.671 billion yuan for the first half of 2025, representing a year-on-year growth of 51.17% [2]. - The net profit attributable to shareholders for the same period was 520 million yuan, showing a slight increase of 0.25% year-on-year [2]. Group 2: Shareholder and Market Activity - The number of shareholders for YingShi Innovation decreased by 27.52% to 17,000 as of June 30, while the average number of circulating shares per shareholder increased by 37.96% to 1,795 shares [2]. - On September 5, the company had a net financing purchase of 57.86 million yuan, with a total financing balance of 1.041 billion yuan, accounting for 10.09% of its market capitalization [1]. Group 3: Business Overview - YingShi Innovation, established on July 9, 2015, specializes in the research, production, and sales of smart imaging devices, including panoramic and action cameras [1]. - The company's revenue composition includes 86.06% from consumer-grade smart imaging devices, 12.63% from accessories and other products, 1.01% from other sources, and 0.30% from professional-grade smart imaging devices [1].

丨证券研究报告丨 [Table_Author] 陈亮 李锦 杨洋 SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 联合研究丨公司点评丨影石创新（688775.SH） [Table_Title] 收入延续高速增长，销售&研发坚定投入 报告要点 [Table_Summary] 公司发布 2025 年半年报：2025 年上半年公司实现营收 36.71 亿元，同比增长 51.17%，实现 归母净利润 5.20 亿元，同比增长 0.25%，实现扣非归母净利润 4.92 亿元，同比增长 0.06%； 其中单二季度公司实现营业收入 23.16 亿元，同比增长 58.05%，实现归母净利润 3.43 亿元， 同比增长 1.73%，实现扣非归母净利润 3.31 亿元，同比增长 2.60%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 影石创新（688775.SH） cjzqdt11111 [Table_Title2] 收入延续高速 ...

Group 1 - The core competition between the companies is marked by their entry into each other's primary markets, with影石创新 launching its new panoramic drone brand影翎Antigravity and大疆 releasing its first panoramic action camera Osmo 360 [3] -影石创新's decision to expand into the drone market is driven by the limited growth potential in the panoramic camera sector, where it holds a 67.2% market share and faces a projected compound annual growth rate (CAGR) of less than 12% from 2023 to 2027 [4][6] - The revenue structure of影石创新 shows that in the first half of 2025, its income from consumer-grade smart imaging devices was 31.59 billion yuan, accounting for 86.06% of total revenue, indicating a need for diversification [5] Group 2 - The drone market presents a larger growth opportunity, with a projected CAGR of over 10.32% and an expected market size exceeding 13 billion USD by 2033, making it an attractive sector for影石创新 to enter [6][7] - The introduction of全景无人机 (panoramic drones) allows影石创新 to create a more comprehensive product matrix, catering to various user needs and enhancing customer loyalty through a "one-stop shopping" experience [7][9] - The competition with大疆, which has a well-established presence and extensive vertical integration in the drone industry, poses challenges for影石创新, but also provides a benchmark for innovation and market education [8][12] Group 3 -影石创新 aims to leverage its existing technology and brand recognition in the panoramic camera space to differentiate itself in the drone market, focusing on a unique product positioning [9][10] - The launch of the "Insta360+" cloud service enhances user experience and strengthens影石创新's software capabilities, which is crucial for the success of its new drone products [10] - The presence of大疆 in the market serves as both a challenge and an opportunity for影石创新, as it sets a high standard for technology and product development while also expanding the overall market for drones [12]