证券之星消息，根据企查查数据显示安克创新（300866）公布了一项国际专利申请，专利名为"功率控 制方法及装置"，专利申请号为PCT/CN2025/110860，国际公布日为2026年2月5日。 专利详情如下： 图片来源：世界知识产权组织（WIPO） 今年以来安克创新已公布的国际专利申请15个，较去年同期增加了87.5%。结合公司2025年中报财务数 据，2025上半年公司在研发方面投入了11.95亿元，同比增49.35%。 数据来源：企查查 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：城市战争 有人说，你永远可以相信深圳。 ——这两天，随着各大城市GDP的陆续公布，这句话的含金量还在上升。 最新数据显示，2025年深圳GDP为38731.8亿元，继续稳居中国经济第三城。 3.87万亿，距离4万亿只有一步之遥，2026年大概率晋级"4万亿之城"。 从增速来看，同比增长5.5%，增速则在五大城市中排名第一。 从增量来看，深圳2025年净增1929亿元，以一市之力贡献了全省GDP增量的45.8%，堪称全省经济的最 强引擎。 当然，仅看GDP，还不能反映深圳经济的全貌。 这两天，我在研究深圳经济数据的时候，脑海中突然冒出一个概念，叫做：中国经济的"含深量"。 为什么会有这个概念？ 我拉几组数据给大家感受一下，真的没想到，作为经济第三城的深圳，已经在工业、外贸、科创、经营 主体等多个赛道悄悄登上全国第一。 01 深圳，中国工业第一城 就在GDP逼近4万亿之际，深圳规上工业总产值率先突破5万亿——2024年达5.4万亿元，成为国内首 个"5万亿"级工业城市。 深圳面积仅1997平方公里，约为北京1/8、上海1/3、广州1/ ...

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Insights - The retail sector is expected to show varied performance in Q4 2025, with significant growth in certain segments like gold and jewelry, while others like supermarkets and department stores are projected to decline [1][2][4] - The report highlights the importance of the upcoming Spring Festival season, suggesting that sectors with performance elasticity, such as duty-free shops and certain tourist attractions, should be closely monitored [9] - The report emphasizes the potential of AI applications in enhancing e-commerce marketing, indicating a shift towards new retail strategies [9] Summary by Relevant Sections Retail Sector Outlook - Gold and Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% in Q4 2025 - Zhou Da Sheng: Expected net profit growth of 15% to 30% in Q4 2025 - Chao Hong Ji: Forecasted net profit of 1.2 to 2.2 billion, with a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit growth of 150% to 254% in Q4 2025 - Yu Garden Co.: Forecasted loss of 4.312 billion in Q4 2025, compared to a loss of 1.03 billion in the same period last year [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30% in Q4 2025, with adjusted net profit growth of 10% to 20% [1] Supermarkets and Department Stores - Chongqing Department Store: Expected net profit of 1.021 billion, a decline of 22.4% year-on-year, with a projected drop of 92.5% in Q4 2025 - Wangfujing: Expected net profit loss of 0.45 to 0.23 billion, with a growth rate of -6.6% to 7.3% in Q4 2025 - Yonghui Supermarket: Expected loss of 2.14 billion, with a net profit growth rate of -3.1% in Q4 2025 - Home Home Joy: Expected net profit of 198 to 228 million, with a growth rate of 50.1% to 72.8% in Q4 2025 [2] Cross-Border and E-commerce - Small Commodity City: Expected net profit growth of 5% to 15% in Q4 2025 - Anker Innovation: Expected net profit growth of 10% to 20% in Q4 2025 - Su Mei Da: Expected net profit of 1.355 billion, with a growth rate of 70.8% in Q4 2025 [3] Social Services Sector Outlook - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% in Q4 2025 - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% in Q4 2025 - Jiuhua Tourism: Expected net profit growth of 0% to 15% in Q4 2025 [4] Investment Recommendations - The report recommends focusing on sectors with performance elasticity during the Spring Festival, including duty-free, certain tourist attractions, and gold and jewelry [9] - For 2026, the report suggests looking at service consumption and product consumption, particularly in duty-free and travel chains, as well as undervalued segments with improving fundamentals [9]

Investment Rating - The report maintains an "Accumulate" rating for the industry [5] Core Views - The report emphasizes the importance of focusing on sub-sectors with performance elasticity during the upcoming Spring Festival peak season, including duty-free, certain scenic spots, supermarkets, and gold jewelry [9] - It suggests that the recent fundamentals of duty-free and travel chains have improved, warranting ongoing observation and validation [9] - For 2026, the report recommends focusing on service consumption and product consumption, particularly in the duty-free and travel chain sectors, as well as the gold jewelry sector and Miniso, which have high valuation attractiveness [9] Summary by Relevant Sections Retail Sector Outlook for Q4 2025 - Gold Jewelry: - Lao Feng Xiang: Expected net profit growth of -15% to 5% - Zhou Da Sheng: Expected net profit growth of 15% to 30% - Chao Hong Ji: Forecasted net profit of 436 million to 533 million, a year-on-year increase of 125% to 175% - Cai Bai Co.: Expected net profit of 1.06 billion to 1.23 billion, corresponding to a growth of 150% to 254% - Yu Garden Co.: Forecasted loss of 4.312 billion, primarily due to asset impairment provisions [1] - Trendy Toys: - Miniso: Expected revenue growth of 25% to 30%, with adjusted operating profit and net profit growth of 10% to 20% [1] Supermarket and Department Store Outlook for Q4 2025 - Chongqing Department Store: Expected net profit of 1.021 billion, a year-on-year decrease of 22.4% - Wangfujing: Expected net profit of -45 million to -23 million, with a growth rate of -6.6% to 7.3% - Yonghui Supermarket: Expected loss of 2.14 billion, with a growth rate of -3.1% - Jiajiayue: Expected net profit of 198 million to 228 million, growth of 50.1% to 72.8% - Hongqi Chain: Expected net profit growth of -10% to 0% [2] Cross-Border and E-commerce Outlook for Q4 2025 - Small Commodity City: Expected net profit growth of 5% to 15% - Anker Innovation: Expected net profit growth of 10% to 20% - Saiwei Times: Expected net profit of 90 million to 130 million - Huakai Yibai: Expected net profit of 80 million to 110 million, driven by improved operational efficiency [3] Social Services Sector Outlook for Q4 2025 - Duty-Free: China Duty-Free Group: Expected net profit growth of 29% to 173% - Tourism: - Songcheng Performance: Expected net profit growth of -204% to 294% - Tianmu Lake: Expected net profit growth of -10% to 5% [4] Investment Recommendations - The report recommends focusing on companies such as Small Commodity City, China Duty-Free, Huazhu Group, Shoulu Hotel, Jinjiang Hotel, Chao Hong Ji, Jiuhua Tourism, Ruoyu Chen, Qingmu Technology, and Miniso, while also keeping an eye on other companies with potential [10]

Investment Rating - The report suggests a positive outlook for the gold jewelry sector, indicating that consumer enthusiasm remains strong despite fluctuations in gold prices, particularly during the Chinese New Year [10][24]. Core Insights - On January 30, gold prices experienced significant volatility, yet consumer interest in Lao Pu gold stores remained high, showcasing the brand's growing influence [10]. - Promotional activities at Lao Pu gold stores and SKP malls are expected to sustain high-end gold brand consumption during the Spring Festival, with various discounts and gifts driving consumer demand [10]. - Lao Pu gold's fixed-price model contrasts with competitors that price by weight, leading to stronger consumer expectations for price increases, thus insulating the brand from gold price fluctuations [10]. - The report highlights that despite a drop in gold prices at the end of January 2026, certain Lao Pu stores in Shanghai and Beijing continued to see long queues, indicating strong brand appeal during price volatility [10]. Industry Data Tracking - According to Guojin Digital Future Lab, the overall GMV for Tmall and JD.com in the fourth week of December increased by 49.2% year-on-year [11]. - The top five categories in terms of growth during this period were books and audio-visual products, automotive and bicycles, watches, toys, and shoes and bags [11]. Market Review - For the week of January 26 to January 30, 2026, the Shanghai Composite Index, Shenzhen Component Index, CSI 300, Hang Seng Index, and Hang Seng Tech Index recorded changes of -0.44%, -1.62%, 0.08%, 2.38%, and -1.38% respectively, while the retail sector saw a gain of 4.18% [17]. - Notable stock performances included *ST Huike, Yiyaton, Yiwan Yichuang, Yuyuan Co., and Kaichun Co., which saw gains attributed to AI application catalysts [17]. Investment Recommendations - The report recommends focusing on cross-border e-commerce, particularly companies with strong brand power and product differentiation, which are expected to show resilience in performance [24]. - In the gold jewelry sector, the report anticipates that consumer enthusiasm will remain strong despite high baseline figures in January, with same-store growth expected to continue [24]. - The report highlights the potential for companies like Chao Hong Ji, which is expected to benefit from new product launches and an increase in self-produced products, driving profitability [24]. - The duty-free sector is also noted for its potential growth, particularly with the launch of the Hainan Free Trade Port, which is expected to significantly impact local and national duty-free businesses [24].

数据来源：企查查 图片来源：世界知识产权组织（WIPO） 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 证券之星消息，根据企查查数据显示安克创新（300866）公布了一项国际专利申请，专利名为"清洁机 器人"，专利申请号为PCT/CN2025/107959，国际公布日为2026年1月29日。 今年以来安克创新已公布的国际专利申请12个，较去年同期增加了71.43%。结合公司2025年中报财务 数据，2025上半年公司在研发方面投入了11.95亿元，同比增49.35%。 专利详情如下： ...

专利详情如下： 证券之星消息，根据企查查数据显示安克创新（300866）公布了一项国际专利申请，专利名为"折叠插 座"，专利申请号为PCT/CN2025/101513，国际公布日为2026年1月29日。 图片来源：世界知识产权组织（WIPO） 数据来源：企查查 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 今年以来安克创新已公布的国际专利申请12个，较去年同期增加了71.43%。结合公司2025年中报财务 数据，2025上半年公司在研发方面投入了11.95亿元，同比增49.35%。 ...

过去几年，消费电子行业进入了一个微妙阶段。 新品发布依然密集，参数表依旧华丽，用户的兴奋阈值却在不断被抬高。"更快""更强""更大"的技术宣言，已经很难再单独构成购买理由。 极致性能，如何被持续承载？ 从表面参数看，Anker Prime智显充Pro是一款典型的旗舰级产品：高功率输出、多口快充、小体积设计，几乎踩中了当下消费者对高端充电器的所有"显性 期待"。 但如果只用参数来理解它，很容易忽略它真正的核心价值。这一点，在真实用户的反馈中反而更容易被捕捉到。 用户的关注点，开始从某一个极值指标，转向整体体验是否足够稳定、连贯。尤其是在多设备并行、高负载、长时间使用的场景中，产品之间的差距不再 停留在参数表上，而是会在真实使用过程中被不断放大。 充电器，正是这一变化中最具代表性的一类产品。 作为多设备共用的基础设施，它往往需要在同一时间应对多种使用需求，其系统能力比单点性能更容易被感知。 在办公环境中，临近会议开始，多台设备几乎同时接入电源，负载在短时间内迅速叠加；在出行途中，设备刚经历长时间运行，需要在有限时间内完成补 电；又或者是在持续工作的过程中，充电连接长时间保持，系统是否会随着温度和负载变化而主动调整 ...

Core Viewpoint - The next stage of charging technology focuses on extreme performance and intelligence, moving beyond mere specifications to enhance overall user experience in real-world scenarios [2][50]. Group 1: Industry Trends - The consumer electronics industry has entered a subtle phase where product specifications alone are insufficient to drive purchases, as users prioritize stable and coherent experiences over peak performance metrics [3][4]. - Charging devices, as essential infrastructure for multiple devices, are increasingly evaluated based on their stability and collaborative capabilities under various usage scenarios [5][6]. Group 2: Product Innovation - Anker has introduced the Anker Prime Smart Display Pro 160W charger, which aims to integrate engineering standards typically found in industrial devices into consumer products, enhancing stability in complex usage scenarios [7][19]. - The Anker Prime Smart Display Pro is characterized by high power output, multiple fast charging ports, and compact design, meeting consumer expectations for high-end chargers [10][19]. Group 3: User Experience - User feedback highlights that the charger is not only powerful but also maintains stable performance without overheating, addressing a long-standing gap in the market for reliable high-load charging experiences [11][18]. - The charger has been recognized as a "graduation-level" product, emphasizing its practical benefits over mere specifications [12][18]. Group 4: Engineering Challenges - The current high-power charger market relies heavily on parameter competition, often neglecting the importance of sustained performance under multi-device conditions, leading to a focus on short-term peak performance [18][24]. - Anker's approach to the engineering challenges involves a comprehensive optimization of power management systems, utilizing advanced technologies like multi-level DC-DC architecture and high-frequency collaborative management [28][30]. Group 5: Research and Development - Anker's R&D investment reached 1.195 billion yuan in the first half of 2025, a 49.35% increase year-on-year, with a total of nearly 3 billion yuan invested over the past three years [32]. - The company has also secured 306 new patent authorizations in 2025, reflecting its commitment to innovation in the charging and power management sector [32]. Group 6: Future Directions - The evolution of charging technology is moving towards integrating intelligence into devices, allowing for better management and understanding of power distribution and thermal conditions [43][50]. - Anker aims to merge extreme performance with deep intelligence, positioning itself to meet the demands of the next phase in consumer electronics [50].

| 证券代码：300866 | 证券简称：安克创新 | 公告编号：2026-004 | | --- | --- | --- | | 债券代码：123257 | 债券简称：安克转债 | | 安克创新科技股份有限公司 关于债券持有人可转换公司债券持有比例变动达 10%的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、可转换公司债券基本情况及配售情况 经中国证券监督管理委员会《关于同意安克创新科技股份有限公司向不特定 对象发行可转换公司债券注册的批复》（证监许可〔2025〕166 号）同意，安克 创新科技股份有限公司（以下简称"公司"）向不特定对象发行面值总额 110,482.00 万元可转换公司债券（以下简称"可转债"），期限 6 年，每张面值 为人民币 100 元，发行数量 11,048,200 张，债券简称"安克转债"，债券代码 "123257"。 公司控股股东、实际控制人阳萌先生及其一致行动人贺丽女士通过配售认购 "安克转债"共计 5,242,004 张，占本次可转债发行总量的 47.45%，具体内容详 见公司于 2025 年 7 月 1 日在巨潮 ...