融资方面，影石创新当日融资买入5290.14万元。当前融资余额8.01亿元，占流通市值的9.04%。 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，影石创新实现营业收入36.71亿元，同比增长51.17%；归母净利润5.20亿元， 同比增长0.25%。 机构持仓方面，截止2025年6月30日，影石创新十大流通股东中，博时汇兴回报一年持有期混合 （011056）位居第一大流通股东，持股61.24万股，为新进股东。摩根新兴动力混合A类（377240）位居 第二大流通股东，持股60.67万股，为新进股东。摩根远见两年持有期混 ...

影翎Antigravity A1 颠覆性技术创新，产品力领先。1）全球首款8K全景无人机，上下双镜头隐形设计 打造"全隐形"效果，打造8K 高清影院级画质；2）"先飞行，后取景"创作逻辑，一次飞行捕捉全景，自 由后期重构，叠加AI 智能剪辑降低创作门槛；3）Vision 飞行眼镜+人机合一体感遥控系统，提供沉浸 式飞行体验。 【事项】 8 月14 日，影石创新发布全球首款8K 全景无人机——影翎AntigravityA1。"影翎Antigravity"为公司与第 三方共创无人机品牌，新品发布进入公测阶段，公司正式切入无人机蓝海市场。 【评论】 体验式新消费行业高景气，切入无人机蓝海市场。疫情后消费者对于体验式消费和短视频生活记录的追 求，使得运动相机、无人机成为有力生产力工具。根据Mordor Intelligence，2024 年无人机市场规模估 计为352.8 亿美元，预计到2029 年将达到676.4 亿美元，预测5 年复合年增长率为13.90%。公司作为全 球领先的智能影像设备提供商，有望享受无人机行业快速增长、渗透率提升的红利。 AI 赋能强化产品力，内容营销强化品牌力，看好未来份额持续提升。 公司 ...

丨证券研究报告丨 联合研究丨公司点评丨影石创新（688775.SH） [Table_Title] 发布激励计划，利好长期发展 报告要点 [Table_Summary] 本次股权激励计划覆盖公司骨干员工，考核目标相对温和，有望绑定员工利益，也有助于吸引 优秀人才加入，利好公司长期发展。基于此我们认为公司有望立足深厚全景技术积淀持续挖掘 增量，成长空间值得期待。 分析师及联系人 [Table_Author] SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 陈亮 李锦 杨洋 霍博 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] 发布激励计划，利好长期发展 [Table_Summary2] 事件描述 事件描述：公司发布 2025 年股权激励计划草案，本激励计划拟向激励对象授予第二类限制性 股票合计 138.7146 万股，约占本激励计划草案公告时公司股本总 ...

格隆汇9月28日｜有投资者在互动平台向影石创新提问：影石无人机快点开卖，不然只能买大疆的了。 影石创新回应称，公司相关产品正在有序推进中。 ...

长江商报奔腾新闻记者注意到，影石创新本次激励计划限制性股票的授予价格（含预留授予）为148.92 元/股，相较于公告披露当日影石创新二级市场收盘价300.31元/股折价50%。而自2025年6月11日登陆科 创板以来，影石创新股价累计已上涨超535%。 长江商报奔腾新闻记者 徐佳 上市刚满三个月，影石创新（688775.SH）向员工推出股票激励计划。 9月24日晚间，影石创新发布2025年限制性股票激励计划。该激励计划拟向激励对象授予第二类限制性 股票合计138.71万股，约占本激励计划草案公告时公司股本总额的0.35%。其中首次授予115.59万股， 约占本激励计划草案公告日公司股本总额的0.29%，约占本次授予权益总额的83.33%；预留授予23.12万 股，约占本激励计划草案公告日公司股本总额的0.06%，约占本次授予权益总额的16.67%。 本次激励计划采用的激励工具为第二类限制性股票，涉及的标的股票来源为影石创新向激励对象定向发 行或/和从二级市场回购的公司A股普通股股票。 若本激励计划预留授予部分限制性股票在2025年第三季度报告披露后授出，则预留授予部分限制性股票 各归属期的业绩考核目标为，以2 ...

Core Viewpoint - The company, Yingstone Innovation Technology Co., Ltd., has announced its first stock incentive plan since going public, aiming to enhance employee motivation and loyalty through the granting of restricted stock to key employees [1][2]. Group 1: Stock Incentive Plan - The incentive plan proposes to grant a total of 1.3871 million restricted shares, accounting for approximately 0.35% of the company's total share capital of 401 million shares at the time of the announcement [1]. - The grant price for the restricted shares is set at 148.92 yuan per share [1]. - The plan targets 695 key employees, representing 21.48% of the total workforce of 3,235 employees as of mid-2025 [1]. Group 2: Performance Assessment - The performance assessment period for the first grant is set for the fiscal years 2025 and 2026, with revenue growth targets of no less than 30% for 2025 and 50% for 2026, based on the 2024 revenue of 5.574 billion yuan [2]. - According to the performance targets, the company needs to achieve revenues of at least 7.246 billion yuan in 2025 and 8.361 billion yuan in 2026 [2]. - The incentive plan is seen as a strategy to drive future growth and align employee interests with company performance [2]. Group 3: Growth Potential - The company aims to stimulate market demand through blockbuster products rather than competing in existing markets, having already achieved cumulative sales of millions of panoramic cameras [3]. - Yingstone Innovation is expanding its product offerings beyond panoramic cameras to include video conferencing cameras and smartphone gimbals, with plans to launch a new line of consumer drones [3]. - The introduction of the "Antigravity" brand for consumer drones is expected to tap into a larger market potential, addressing unmet needs and creating new usage scenarios [3].

Core Viewpoint - The A-share IPO market has demonstrated strong resilience and vitality in 2023, with significant growth in both the number of new listings and the total funds raised, despite a complex global macroeconomic environment [3][4]. Summary by Sections IPO Market Performance - In the first three quarters of 2023, a total of 75 new stocks were issued in the A-share market, an increase from 69 in the same period last year, indicating a steady upward trend [4]. - The total funds raised through IPOs reached 743.72 billion yuan, a year-on-year increase of 265 billion yuan, primarily driven by Huadian New Energy's fundraising of 181.71 billion yuan [3][4]. - The average first-day increase for the 75 new stocks was 244%, nearly doubling from the previous year's average [9]. Financing Structure - The financing structure of new stocks shows a pattern of "one company dominating, with smaller averages," where the average and median financing amounts were 9.92 million yuan and 5.5 million yuan, respectively [4]. - Huadian New Energy's IPO accounted for 24.4% of the total financing amount, highlighting its significant impact on the market [4]. Market Trends and Investor Sentiment - The overall market environment has improved, with increased risk appetite and high-quality new stocks contributing to the notable rise in the "money-making effect" of new listings [12]. - Major stock indices, including the Sci-Tech 50 and ChiNext, have risen by over 50% this year, boosting investor confidence and leading to higher valuation premiums for new stocks [12]. Notable New Listings - Several new stocks have seen exceptional performance, with some offering returns exceeding five times their issue price, such as Haibo Sichuang and Ying Shi Innovation [11]. - The top-performing new stocks are primarily in popular sectors, such as energy storage, which has attracted significant investor interest [11]. Global Comparison - The Hong Kong Stock Exchange led the global IPO financing rankings with over 180 billion HKD raised from 66 new stocks, while the Shanghai Stock Exchange ranked fifth globally with 454 billion yuan raised from 25 new stocks [8][7].

Group 1 - A total of 75 new stocks were issued in the A-share market in the first three quarters, an increase from 69 in the same period last year, indicating a steady growth trend [1] - The total funds raised through IPOs reached 74.372 billion yuan, a year-on-year increase of 26.5 billion yuan, primarily driven by Huadian New Energy's fundraising of 18.171 billion yuan [1] - The average first-day increase for these new stocks was 244%, nearly 100 percentage points higher than the same period last year, with no new stock experiencing a decline in price [1] Group 2 - Notable new stocks include Haibo Sichuang, which has seen its price rise over 15 times since its listing, and Ying Shi Innovation, which has increased by 5.6 times [2] - The surge in stock prices is attributed to the popularity of sectors such as energy storage, with Haibo Sichuang focusing on energy storage system products and benefiting from a significant increase in domestic energy storage installations [2] - The stock price of Haibo Sichuang rose by 119.14% in September alone, reflecting strong market interest in the energy storage sector [2]

Core Viewpoint - The A-share IPO market has demonstrated strong resilience and vitality in 2023, with significant fundraising achievements despite a complex global macroeconomic environment. Group 1: IPO Market Performance - In the first three quarters of 2023, A-shares issued 75 new stocks, an increase from 69 in the same period last year, indicating a steady upward trend [1][2] - The total fundraising amount for IPOs reached 743.72 billion yuan, a year-on-year increase of 265 billion yuan, primarily driven by Huadian New Energy's 181.71 billion yuan fundraising [1][2] - The average first-day increase for the 75 new stocks was 244%, nearly 100 percentage points higher than the same period last year, with no new stock experiencing a decline on its debut [1][2][10] Group 2: Fundraising Structure - The fundraising structure showed a pattern of "one company dominating, with smaller averages," where the average and median fundraising amounts were 9.92 million yuan and 5.5 million yuan, respectively [2][3] - Huadian New Energy was the only large-scale IPO this year, accounting for 24.4% of the total fundraising amount [2][3] Group 3: Sector Analysis - The ChiNext board led in the number of IPOs with 27 new stocks raising a total of 195.34 billion yuan, while the Shanghai Stock Exchange's main board led in total fundraising with 372.84 billion yuan [5] - The Hong Kong Stock Exchange ranked first globally in IPO fundraising, with 66 new stocks raising over 180 billion HKD, and four of the top five fundraising companies were A-share listed companies going public in Hong Kong [6] Group 4: Investor Sentiment and Market Trends - The significant increase in the "money-making effect" of new stocks is attributed to an overall market recovery, increased risk appetite, and the high quality of new stocks [10] - Major indices in the A-share market have rebounded, with the ChiNext 50, ChiNext Index, and North Exchange 50 rising over 50% this year, boosting investor confidence [10]

Group 1 - The consumer electronics sector saw a slight increase of 0.1% on September 25, with Jiebang Technology leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] - Notable gainers in the consumer electronics sector included Jiebang Technology, which rose by 15.95% to a closing price of 134.50, and Zhidong Technology, which increased by 12.67% to 16.10 [1] Group 2 - The consumer electronics sector experienced a net outflow of 3.123 billion yuan from institutional investors, while retail investors saw a net inflow of 3.2 billion yuan [2] - Major stocks with significant net inflows from retail investors included Gaor Technology, which had a net inflow of 3.52 million yuan, and Xinya Electronics with 3.13 million yuan [3] - Conversely, stocks like Longyang Electronics and Yingqu Technology faced notable net outflows from both institutional and retail investors, indicating a shift in market sentiment [3]