证券研究报告 | 公司点评 gszqdatemark 2026 03 18 年 月 日 海康威视（002415.SZ） 亮相 AWE2026，AI 大模型赋能数字化运营 海康威视亮相 AWE2026，AI 大模型赋能数字化运营。2026 年 3 月 12 日至 14 日，中国家电及消费电子博览会（（AWE2026）在上海举行。海康 威视以"AI 大模型赋能数字化运营"为主题，亮相 D 区核心技术展示区 D16 展位，为观众展示 AI 技术赋能当下数字化与智能化转型的成果。 AI 大模型破解数字化运营难题，文搜超脑为智慧运营提供新解法。针对 企业数字化运营中信息检索难、巡检效率低、管理复杂等挑战，海康威视 将 AI 大模型与业务场景深度融合，打造"感知先行、AI 赋能"的闭环体 系。本次展会重点展示多项创新应用：1）文搜超脑：通过自然语言快速检 索视频图像，精准定位目标信息，大幅提升运营效率。2）AI 融合巡检超 脑：集成多类算法，开箱即用，助力安全生产巡检效率提升。3）SOP 训 推一体机：可视化、易追溯，高效率的工业产线生产智能监管闭环，助力 高质量生产。4）云眸连锁运营方案：推动连锁管理从"人工督查"向" ...

证券研究报告 | 公司点评 gszqdatemark 2026 03 18 年 月 日 海康威视（002415.SZ） 亮相 AWE2026，AI 大模型赋能数字化运营 事件：2026/3/12-2026/3/14，海康威视参加中国家电及消费电子博览会 （AWE2026）。 海康威视亮相 AWE2026，AI 大模型赋能数字化运营。2026 年 3 月 12 日至 14 日，中国家电及消费电子博览会（（AWE2026）在上海举行。海康 威视以"AI 大模型赋能数字化运营"为主题，亮相 D 区核心技术展示区 D16 展位，为观众展示 AI 技术赋能当下数字化与智能化转型的成果。 AI 大模型破解数字化运营难题，文搜超脑为智慧运营提供新解法。针对 企业数字化运营中信息检索难、巡检效率低、管理复杂等挑战，海康威视 将 AI 大模型与业务场景深度融合，打造"感知先行、AI 赋能"的闭环体 系。本次展会重点展示多项创新应用：1）文搜超脑：通过自然语言快速检 索视频图像，精准定位目标信息，大幅提升运营效率。2）AI 融合巡检超 脑：集成多类算法，开箱即用，助力安全生产巡检效率提升。3）SOP 训 推一体机：可视化、易追溯 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The "AI+" product trend is gaining momentum, driven by technological breakthroughs and consumer demand for smarter products and services [18][26] - The market for AI wearable devices is expected to grow rapidly, reaching 215 billion yuan by 2030, with a CAGR of 25.8% [50][51] - The AI toy market is projected to exceed 35 billion USD globally by 2030, with China being a key growth engine [81][85] Market Overview - The report highlights a multi-departmental push in 2025 to promote "AI+ consumption," aiming to accelerate the development and application of new technologies such as autonomous driving and smart home devices [15][17] - By 2027, the initiative aims to establish three trillion-level consumption fields and ten hundred-billion-level consumption hotspots [17] AI+ Product Trends - The report identifies a shift in consumer expectations towards personalized, customized, and experiential products, moving away from standardized offerings [26][28] - The rise of experience economy is changing product value from single functionality to comprehensive experiences [28] AI Technology Evolution - The report outlines the evolution of digital consumption in China, with online retail sales reaching 15.4 trillion yuan in 2023, accounting for approximately 27.6% of total retail sales [32] - The penetration of smart IoT devices in households is increasing, with over 16 billion active devices globally in 2023 [33] AI Applications Across Industries - AI technology is being integrated into various sectors, including beauty, retail, healthcare, and education, enhancing efficiency and user experience [37][40] - In retail, AI is used for personalized marketing, inventory management, and service upgrades [37] AI Hardware Trends - The report notes a significant shift towards AI hardware, with the demand for AI inference computing power expected to grow over 60% globally by 2026 [42] - The market for edge AI is projected to exceed 1.5 trillion USD, indicating a strong trend towards localized AI processing [42] AI Wearable Devices - The AI wearable device market is expected to see explosive growth, with smartwatches leading the way, and new forms like AI glasses and rings gaining traction [50][51] - Key features of AI wearables include health monitoring, multi-modal interaction, and personalized experiences [53] AI Toys Market Dynamics - The AI toy market is characterized by rapid growth, with educational robots and smart programming toys expected to dominate sales by 2025 [86] - The competition in the AI toy market is intensifying, with traditional manufacturers, IP operators, and tech companies vying for market share [89] Consumer Insights - The report emphasizes the importance of understanding consumer needs across different demographics, including students, parents, and elderly users, to tailor AI products effectively [100][102]

Core Insights - The A-share technology sector experienced a notable pullback, with the AI ETF (515070) dropping over 1.3% during trading, while holdings like Unisplendour surged over 4% [1] - Nvidia's CEO Jensen Huang showcased the company's full-stack autonomous driving software platform, DRIVE AV, during a 22-minute video ride in an autonomous vehicle, highlighting its capabilities without human intervention [1] - Huatai Securities believes the AI industry is in a rapid development phase, with expanding technological innovations and application scenarios, indicating significant long-term investment value in the AI sector [1] Industry Summary - The AI ETF (515070) tracks the CS AI Theme Index (930713), selecting stocks that provide technology, foundational resources, and applications in the AI sector, focusing on the midstream and upstream of the AI industry chain [1] - Key weight stocks in the ETF include major domestic technology leaders such as Zhongji Xuchuang, Xinyisheng, Cambricon Technologies, and Hikvision, among others [1] - The AI industry is expected to benefit from increased policy support and market demand, particularly in foundational technology areas like algorithm frameworks, which are seen as future investment focal points [1]

Investment Rating - The report assigns an "Overweight" rating to the computer industry [1]. Core Insights - OpenAI and Google have released new models, enhancing their capabilities and cost efficiency. MiniMax's 2025 revenue shows significant growth, and the government emphasizes the "Artificial Intelligence +" initiative [3][5]. - The report maintains an "Overweight" rating for the computer sector, recommending stocks such as Rilian Technology, Kingsoft Office, Haiguang Information, Inspur Information, Hehe Information, Hikvision, Saiyi Information, New Guodu, Xunce, and Jushuitan [5]. - OpenAI's GPT-5.4 integrates various capabilities, achieving a comprehensive score of 83.0% in GDPval occupational knowledge assessment, while Google’s Gemini 3.1 Flash-Lite offers a cost-effective model with API pricing significantly reduced [5]. - MiniMax's 2025 financial report shows a revenue of $79.04 million, a year-on-year increase of 158.9%, with over 70% of revenue from overseas markets. The company’s gross profit increased by 437% to $20.08 million, with a gross margin of 25.4% [5]. - The government report highlights the importance of "Artificial Intelligence +" and key technology advancements, aiming to promote AI commercialization and support open-source community development [5]. Summary by Sections Investment Recommendations - The report suggests maintaining an "Overweight" rating for the computer sector, with specific stock recommendations [5]. Financial Performance - MiniMax reported a revenue of $79.04 million for 2025, with a 158.9% year-on-year growth and an ARR exceeding $150 million as of February 2026 [5]. Government Initiatives - The government emphasizes the development of emerging industries and the "Artificial Intelligence +" initiative, aiming to enhance AI commercialization and infrastructure [5].

Core Insights - Hikvision has been awarded the inaugural DMCC Global Enterprise ESG Leader Award, recognizing its commitment to responsible growth and ESG excellence, particularly in the Middle East [1] Group 1: ESG Commitment - The award highlights Hikvision's dedication to advancing green development through AIoT, integrating eco-friendly measures throughout the product lifecycle [1] - The company has optimized energy efficiency and low-carbon manufacturing, exemplified by the Hikvision WonderHub, which became the world's first large-format display to achieve TCO Certified Generation 10 in September 2025 [1] Group 2: Social Responsibility - Hikvision's "Tech for Good" principle drives its global STAR Program for Social Good, collaborating with over 30 non-profits across 14 countries to preserve natural and cultural heritage [1] - The company has initiated a Ramadan care campaign in Dubai for three consecutive years, ensuring the nutritional well-being of frontline workers during the holy month [1] Group 3: Governance and Integrity - Hikvision emphasizes robust, transparent, and ethical governance, embedding international compliance standards in its operations, including cybersecurity and data privacy [1] - The company received ISO 37301 certification in December 2025 for its compliance management system, reflecting its commitment to trust and accountability [1] Group 4: Future Outlook - The DMCC Global Enterprise ESG Leader Award marks a significant milestone in Hikvision's sustainability journey, aligning with the UNGC Ten Principles and reinforcing its commitment to sustainable development [1]

Current Strategy Viewpoints - The capital market experienced fluctuations in early February but rebounded later in the month, primarily due to reduced trading activity before the Spring Festival and short-term policy guidance [1] - The market is expected to enter a phase of economic data and policy verification, with a seasonal increase in trading activity post-Spring Festival, laying a foundation for future market performance [1] - Upcoming economic and corporate profit data, along with the National People's Congress in March, will be crucial for setting the annual policy tone and economic targets, which are significant for the capital market [1] Sector Focus - Short-term focus on safe-haven assets and resource products due to tensions in the Middle East, including precious metals and oil sectors [2] - Long-term focus on growth and cyclical sectors, with particular attention to small-cap stocks that typically perform well in spring [2] - Key sectors to watch include humanoid robots, computing, and AI, benefiting from sustained industry enthusiasm and increased risk appetite among investors [2] Macro Overview - The upcoming National People's Congress will set the tone for the annual economy, with GDP growth targets expected to be set between 4.5% and 5% [8] - Fiscal policy is anticipated to include a deficit rate of 4.0% and new special bonds totaling 5 trillion yuan, indicating a significant increase in fiscal deficit compared to last year [8] Financial Engineering - The A-share market has seen a rise in industry crowding, particularly in media and resource sectors, with the media sector showing a crowding degree of 98.25% [12][14] - The resource sector continues to perform well, with price fluctuations leading to a decrease in crowding indicators, suggesting a potential for continued upward movement [13] Electronic Communication Industry - The upcoming GTC conference is expected to showcase new chip developments from NVIDIA, reinforcing AI as a core investment theme [24] - The demand for storage products is projected to rise significantly, driven by strong AI customer needs and price increases in the DRAM market [25] Computer Industry - The rapid iteration of domestic AI large models is expected to drive significant growth in computing power investments, with a focus on world model technology advancements [28] - The demand for AI-driven applications is anticipated to increase, leading to a surge in computing needs and infrastructure investments [29] New Energy Industry - Focus on hydrogen and ammonia projects, with government support for integrated energy bases expected to drive growth in this sector [32] - The electric power equipment sector is poised for growth due to ongoing global energy demands and potential easing of import restrictions in India [32] High-end Manufacturing Industry - The humanoid robot sector is entering a phase of mass production, with significant advancements showcased during the Spring Festival [35] - The North American AI supply chain remains robust, with ongoing demand for advanced equipment and materials expected to drive growth [36]

Core Viewpoint - Shenzhen Zeroth Intelligent Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, but significant discrepancies in its disclosures raise concerns about its credibility and compliance with listing regulations [1][24]. Group 1: Company Overview - Zeroth Intelligent was established in August 2020 and focuses on providing AI-driven solutions through an AaaS model for various business scenarios [3][26]. - The company claims to have developed the BlackZero hybrid intelligent agent cluster, which integrates various AI models and human expertise for efficient collaboration [3][26]. Group 2: Compliance Issues - The company's official website is currently inaccessible due to "uncompleted filing," which violates the Hong Kong Stock Exchange's requirement for listed companies to maintain a functional investor relations website [6][11][31]. - The IPO prospectus lists two patents that are legally owned by Hikvision, not by Zeroth Intelligent, indicating potential fraudulent behavior and information disclosure violations [2][24][45]. Group 3: Management and Ownership Concerns - The CEO, Qiao Qian, holds 55.7% of the company's shares and has connections to the controversial online lending platform Fenqile, which has faced numerous complaints regarding predatory lending practices [1][20][32]. - There are discrepancies regarding the ownership structure and potential undisclosed shareholding arrangements involving other key stakeholders, raising questions about the transparency of the company's governance [11][34][36]. Group 4: Financial Performance - Zeroth Intelligent reported revenues of 86 million yuan, 169 million yuan, and 185 million yuan for the years 2023, 2024, and the first three quarters of 2025, respectively, with net profits of 21.26 million yuan, 31.64 million yuan, and 40.41 million yuan [21][42]. - The company's low expense ratios, particularly in R&D, raise doubts about the technological depth and innovation capabilities of its offerings compared to industry peers [21][42].

Core Viewpoint - Hikvision's stock has experienced fluctuations, with a recent decline of 2.00% and a total market capitalization of 286.77 billion yuan as of February 26. The company has shown a year-to-date increase of 4.86% in stock price, but a decline over the past five and twenty trading days [1]. Financial Performance - For the period from January to September 2025, Hikvision reported a revenue of 65.758 billion yuan, reflecting a year-on-year growth of 1.18%. The net profit attributable to shareholders was 9.319 billion yuan, marking a year-on-year increase of 14.94% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Hikvision was 387,200, a decrease of 6.45% from the previous period. The average number of circulating shares per shareholder increased by 6.10% to 23,362 shares [2]. Dividend Distribution - Since its A-share listing, Hikvision has distributed a total of 68.502 billion yuan in dividends. Over the past three years, the cumulative dividend payout has been 25.048 billion yuan [3]. Institutional Holdings - As of September 30, 2025, among the top ten circulating shareholders of Hikvision, Huatai-PB CSI 300 ETF held 63.0512 million shares, a decrease of 2.8907 million shares compared to the previous period. Meanwhile, E Fund CSI 300 ETF has exited the top ten circulating shareholders list [3].

Core Viewpoint - The AI ETF (515070) opened with a gain of 1.28%, priced at 2.055 yuan, indicating positive market sentiment towards artificial intelligence investments [1] Group 1: ETF Performance - The AI ETF (515070) has a performance benchmark based on the CSI Artificial Intelligence Theme Index return [1] - Since its establishment on December 9, 2019, the fund has achieved a return of 102.02% [1] - The fund's return over the past month has been -3.29%, suggesting recent volatility [1] Group 2: Major Holdings - Key stocks within the AI ETF include: - Zhongji Xuchuang, which opened up by 2.07% [1] - Xinyi Sheng, which increased by 0.52% [1] - Cambrian, which rose by 1.39% [1] - Lanke Technology, which gained 3.27% [1] - Zhongke Shuguang, which saw a rise of 1.96% [1] - Keda Xunfei, which increased by 2.24% [1] - Hikvision, which went up by 0.62% [1] - OmniVision, which rose by 1.02% [1] - Kingsoft Office, which increased by 0.23% [1] - Inspur Information, which gained 0.87% [1]