12月16日新股申购 (共1) 江天科技(北交所,920 | 申购代码 | 920121 | | --- | --- | | 发行价格 | 21.21元 顶格 | | 总市值 | 11.21亿 | | 发行市盈率 | 14.5 行业 | | 同业可比公司 | 劲嘉股份 同业公司 | | | 新宏泽 动态市盈率 | | | 天元股份 | | 主营构成 | 薄膜类不干胶标签： 79.58%； | | | 纸张类不干胶标签：14.75%; | | | 其他印刷产品: 5.38%; | | | 其他：0.29% | | | 1、核心业务是为中高端消费品品牌提供标签一体 | | | جج بال داء آل آن آن آن آن آن آهي 白 . . 十 十 十 十 十 . . . 一 . 一 . 一 . 一 . 十 上 上 | | | 尖科维筑尖个十胶亦立;各户汹盖长大山泉、联 | | --- | --- | | 业务及亮点 | 牌，2024年前五大客户销售额占比 58.09%。 | | | 2、公司在日化、食品饮料、防伪标签等细分领域 | | | 签市场占有率国内第2。 | | | 近三年归母 5.38亿元 ...

移动应用服务丨研究报告 摘要： 市场、用户、技术等多维度因素，驱动轻量化应用蓬勃发展 市场环境：移动网民规模增速持续放缓，超级应用揽获超六成有效使用时长，移动应用存量市场竞争加剧。 开发者需转变业务逻辑，借轻量化应用实现业务可持续增长。 用户需求：轻量化应用拥有广泛用户基础，获得近九成用户青睐，彰显出广阔发展前景。其展现出的用户对 简洁高效的追求、对设备性能的关注、对纯净体验的渴望，也为开发者指明了方向。 技术发展：跨平台框架、云计算赋能、模块化设计，为轻量化应用的繁荣提供了技术基石。 轻量化应用生态发展成效初显，并与传统应用互补共生 发展现状：微信、抖音、支付宝等超级应用，以及鸿蒙元服务、安卓快应用、苹果轻App，共同形成轻量化 应用生态。当前轻量化应用超800万款，成为用户访问移动应用服务的重要入口。 互补逻辑：传统应用生态成熟、功能完整，支撑深度体验并沉淀核心用户；轻量化应用转化路径短、开发成 本低，契合碎片化场景且支持快速试错，二者协同构建出移动应用服务矩阵。 作为轻量化应用代表，元服务全链路解决开发者痛点，赋能应用开发运营过程 分发获客：元服务立体分发矩阵覆盖全域流量，鸿蒙意图框架驱动元服务高效分发 ...

家电丨市场观察 本周看点： -当考公遇上AI，粉笔能吸引用户付费吗？ -巨头竞逐"人车家"新赛道，重塑智能生活新图景； -大厂加码、创业公司竞逐，人形机器人迎来iPhone时刻了吗？ 行业环境 1.当考公遇上AI，粉笔能吸引用户付费吗？ 关键词：生成式AI,教育行业,个性化服务,考公培训,AI技术 概要：生成式AI技术正推动教育行业变革，国内外教企纷纷布局。公考培训巨头粉笔加速AI探 索，推出AI老师、刷题系统班等产品，商业化初见成效，但面临研发投入质疑。考公市场竞争 激烈，用户需求推动粉笔通过AI提供个性化、高性价比服务。尽管AI产品提升学习效率并带动 销量，但尚未显著改善业绩。竞争对手华图、中公及AI大模型公司也在发力，粉笔需持续投入 以提升产品竞争力。AI已成为粉笔的"必选项"，未来需打造更精准、高效的产品以应对市场挑 战。 2.新零售的AI升级 关键词：新零售,数字化改造,库存积压,客户忠诚度,需求拉动 概要：新零售的本质并非简单的数字化改造，而是通过AI实现从"供给驱动"到"需求拉动"的管 理重构。传统零售面临库存积压和客户忠诚度低的问题，而AI通过实时需求感知、柔性采购和 个性化体验，将价值链从" ...

Core Viewpoint - The communication industry is expected to experience a "lower valuation as prices rise" scenario by 2026, driven by accelerated shipments of 1.6T technology and the performance release of IDC, liquid cooling, and IoT modules [1][2]. Group 1: Communication Industry Outlook - The communication index has significantly outperformed the market, with a 64.67% increase as of November 27, 2025, ranking second among 31 sub-sectors in the Shenwan industry classification [2]. - The communication industry's PE-TTM (excluding negative values) stands at 24.6x, ranking 16th across all industries and still considered undervalued within the TMT sector [2]. - The focus remains on AI computing infrastructure and satellite internet opportunities, alongside domestic self-controllable and operator dividend opportunities [1][2]. Group 2: Overseas Cloud Giants and Investment Trends - Major North American cloud companies, including Microsoft, Google, Meta, and Amazon, are increasing capital expenditures, with Nvidia projecting global AI investment to reach $3 trillion to $4 trillion by the end of 2030, reflecting a CAGR of approximately 40% [3]. - Google is establishing a commercial closed-loop model with its TPU and Nvidia's GPU expected to compete in 2026, potentially enhancing high-speed network connections [3]. - The deployment of hollow-core optical fibers is anticipated to accelerate due to their low latency and loss characteristics, with liquid cooling expected to reach a turning point [3]. Group 3: Domestic Companies and Self-Sufficiency - Domestic giants like Alibaba, ByteDance, and Tencent are increasing capital expenditures despite a slowdown due to chip export controls [4]. - Alibaba plans to enhance its investment beyond the previously announced 380 billion RMB over three years, focusing on domestic AI chip procurement [4]. - The development of supernodes is expected to gain momentum, with domestic companies launching related platforms [4]. Group 4: Satellite Internet Development - 2025 is projected to be a milestone year for China's commercial space development, with significant policy support and the establishment of a commercial space administration [5]. - Domestic satellite constellations "StarNet" and "G60" are expected to accelerate satellite launch schedules, driven by increasing demand in various sectors [5]. - Opportunities in the satellite manufacturing and operation sectors are anticipated as the industry matures [5]. Group 5: Dividend Opportunities in Telecom Operators - High dividend and yield configurations are becoming increasingly valuable, supported by favorable policies and a downward trend in long-term interest rates [6]. - Telecom operators have shown stable operations with increasing dividend ratios, providing a solid foundation for dividend yields [6]. - The rapid development of new businesses such as IDC, cloud computing, and AI within telecom operators is expected to enhance their growth value and potentially elevate valuations [6].

Core Insights - The report emphasizes the importance of expanding domestic demand as a strategic move to address the current economic challenges, highlighting the need for a comprehensive internal demand system [4][5][7] - The macroeconomic environment is showing signs of moderate recovery, but the foundation still needs strengthening, with the A-share market expected to consolidate around the 4000-point mark [8][10][11] Domestic Market Performance - The Shanghai Composite Index closed at 3,867.92, down 0.55%, while the Shenzhen Component Index closed at 13,112.09, down 1.10% [3] - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are 15.97 and 49.26, respectively, indicating a suitable environment for medium to long-term investments [7][10] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45%, respectively, reflecting a broader trend of market adjustments [4] Economic Indicators - In November, the industrial value-added of large-scale enterprises in China grew by 4.8% year-on-year, while retail sales increased by 1.3% [5][7] - Fixed asset investment (excluding rural households) saw a decline of 2.6% from January to November [5] Industry Analysis - The lithium battery sector saw a 3.22% increase in its index in November, outperforming the CSI 300 index, with significant growth in electric vehicle sales [13][14] - The chemical industry index rose by 1.63% in November, with prices of sulfur and phosphate fertilizers showing signs of stabilization [15][16] - The telecommunications sector outperformed the market with a 1.44% increase in November, driven by growth in telecom service revenue and 5G user adoption [17][18] Investment Strategies - The report suggests focusing on sectors such as aerospace, food and beverage, insurance, and securities for short-term investment opportunities [7][10][11] - In the chemical industry, it is recommended to look for investment opportunities in sectors with significant supply-side improvements and demand recovery [36][37]

近期，固态电池独角兽北京卫蓝新能源科技股份有限公司（简称卫蓝新能源）正式启动上市辅导，若此次成功登陆资本市场，卫蓝新能源有望 成为"固态电池第一股"。 卫蓝新能源专注研发、生产固态电池，是中国科学院物理研究所固态电池产学研孵化企业，由俞会根、陈立泉、李泓共同创立。 今年6月26日，《2025全球独角兽榜》发布，卫蓝新能源以185亿元的估值位列榜单第455位。 目前，公司已在北京房山、江苏溧阳、浙江湖州布局生产基地，并计划在山东淄博、广东珠海拓展新产能。产品线覆盖高能量密度动力电芯、 储能电芯等专用电芯，目前相关产品已向多家整车厂商、储能企业和海外客户实现交付。 在"中国锂电之父"陈立泉院士的引领下，成立不足十年的卫蓝新能源迅速崛起为固态电池赛道的有力竞争者。背靠中科院物理所深厚科研底 蕴，并吸引蔚来、华为、小米等48家重量级股东加持，这家独角兽企业正加速推动固态电池实现规模化落地。 团队由"中国锂电之父"领衔 卫蓝新能源成立至今不到10年，但公司技术背景浓厚，有着"中国锂电之父"之称的中国工程院院士陈立泉从中发挥着重要作用，陈立泉持有公 司2.81%的股份。 资料显示，陈立泉现年85岁。1964年，他从中国科 ...

Investment Rating - The industry investment rating is "Outperform the Market" [8] Core Viewpoints - The approval of the first batch of L3 conditional autonomous driving vehicle licenses by the Ministry of Industry and Information Technology marks a significant step towards the commercialization of L3 autonomous driving in China [2][3] - The current L3 vehicles have operational limitations, with one model capable of operating at a maximum speed of 50 km/h in congested traffic and another at 80 km/h on highways, but both are restricted to specific areas [3] - The commercialization of intelligent driving is expected to accelerate by 2026, with various companies planning to launch autonomous driving models and services during that year [3] Summary by Sections Industry Overview - The report highlights the transition of L3 autonomous driving technology from testing to commercial application, as indicated by the recent approvals [2][3] Regulatory Developments - The Ministry of Industry and Information Technology's approval signifies a policy advancement that supports the production of L3 vehicles, laying the groundwork for future commercialization [3] Market Opportunities - The report anticipates a key opportunity period for intelligent driving in 2026, with advancements in algorithms and the rollout of Robotaxi services [3] Investment Recommendations - Recommended companies include Horizon Robotics, Seres (Huawei ADS-enabled vehicles), Li Auto, Great Wall Motors, and Xpeng Motors, as they are positioned to benefit from the upcoming developments in the autonomous driving sector [3]

Core Viewpoint - The emergence of Doubao AI phone has sparked significant interest in the potential of AI agents as a new entry point in the internet ecosystem, but it faces immediate backlash from major internet companies due to security and operational concerns [1][2][3]. Group 1: Doubao AI Phone and Its Features - Doubao AI phone allows users to perform complex cross-application operations through an integrated AI agent, enhancing user experience [1]. - Users reported issues with accessing major applications like WeChat and Alipay shortly after the phone's launch, indicating a significant reduction in functionality [2]. - The phone's initial appeal diminished as it could no longer utilize its AI capabilities effectively with popular apps, leading to a decline in user experience [2]. Group 2: Industry Response and Competition - Industry insiders expressed a lack of surprise at the backlash against Doubao, with Tencent attributing the issues to existing security measures [3]. - The competition for the next generation of traffic entry points among internet giants is intensifying, with companies like Alibaba and Tencent scrambling to establish their AI applications [4][5]. - Doubao's rapid rise in daily active users (DAU) highlights its initial success, but subsequent declines in user engagement raise questions about its sustainability [6]. Group 3: The Shift in User Engagement and Advertising - The dominance of major apps like Taobao and WeChat has led to a high concentration of user traffic, creating a "traffic anxiety" among internet companies [4][5]. - The introduction of GUI agents, which can operate apps without user interaction, threatens traditional advertising revenue models by bypassing app usage [13][15]. - The growth of AI assistants among smartphone manufacturers indicates a shift in the value chain from internet companies to hardware manufacturers [16]. Group 4: Future Implications and Developments - The release of Doubao AI phone has prompted other companies to accelerate their development of AI agents, with a focus on creating competitive products [19][20]. - The open-sourcing of AI agent models could democratize access to this technology, potentially leading to a proliferation of personalized agents that challenge established players [21]. - The urgency for internet giants to adapt and innovate in response to the evolving landscape of AI applications is becoming increasingly critical [22].

智能时代的设计思维 同期开幕的第十届中国设计智造大展，展示了大奖的200余件优秀获奖作品，体现智能化深入文化、生 活、产业等各个领域的创新应用。 一进入展厅，记者就看到一款十分吸引眼球的科技产品——小鹏汇天的"陆地航母"，这是一款创新式的 分体式飞行汽车，被认为是全球首款面向个人用户量产交付的飞行汽车产品。此前，第十五届中国国际 航空航天博览会开幕首日上，小鹏汇天分体式飞行汽车"陆地航母"全球首次公开飞行。这款产品获得本 届DIA产业装备组金奖。 重新审视中国制造业的路径，除了商业和技术，还可以从设计生态、消费时代等多体系出发，甚至可能 诞生出一个划时代的智能产品。 12月12日，第十届中国设计智造大奖（Design Intelligence Award，简称"DIA")颁奖典礼在中国美术学院 良渚校区举行。DIA奖项已迎来第十年，广泛走向全球科技行业，十届大奖累计参赛作品已超65000 件，覆盖全球87个国家和地区，涵盖人工智能、生命健康、数字制造、智慧城市等多个前沿领域，多个 项目走向产业化。 21世纪经济报道记者采访了不少获得本届DIA大奖的设计师，他们来自不同的企业，却对智能时代的工 业设计有一定共识 ...

12月15日，工业和信息化部(以下简称"工信部")正式公布我国首批L3级有条件自动驾驶车型准入许可， 长安汽车、北汽极狐两款车型分别获批在重庆、北京指定区域开展上路试点。在政策合规持续完善、车 企竞速落地、科技企业技术赋能的多重驱动下，自动驾驶产业链正在逐步实现规模化落地。 业内人士指出，L3级自动驾驶获得准入许可，将推动产业链技术加速迭代，驱动算力平台向车规级标 准与规模化应用方向演进。同时，责任主体界定、法规适配等相关实践将逐步积累经验，为后续规模化 落地奠定基础。 L3走向量产应用 我国自动驾驶技术发展逐步走向量产应用阶段。12月15日，工信部正式公布我国首批L3级有条件自动 驾驶车型准入许可，长安汽车、北汽极狐两款车型获批在指定区域上路试点。 L3级自动驾驶指的是，可以在限制条件下执行部分功能决策的自动驾驶模式，在特定条件和场景下， 允许驾驶员完全脱手，由系统接管驾驶任务。作为首批获批企业，长安深蓝获批车型可在重庆指定高速 及快速路的拥堵场景下实现最高50公里/小时的自动驾驶；北汽极狐阿尔法S(L3版)则适配北京市京台高 速、机场北线高速及大兴机场高速等部分路段，最高车速可达80公里/小时。由于L3级 ...