自立自强，科技长牛-科技组 26 年策略报告 20251208 模型平权与成本下降推动 AI 应用爆发，国内大模型 API 调用成本仅为海 外模型的 1/5，加速生产力平权。关注企业级 AI Agent（如金蝶）、垂 直 know-how 专家（如静态科技、群核科技）以及 AI 原生内容与交互 （如万兴科技、美图）等赛道。 国产算力渗透率快速提升，预计 2026 年将达 40%以上，受益于地缘政 治及政策驱动。国产芯片性能提升，中国 AI 应用生态正建立在自主可控 的算力基础上，利好相关产业链公司。 产业焦点从训练转向推理，资本市场关注创造价值的应用推理场。应关 注以 AI 原生理念构建产品核心架构的公司，而非仅添加 AI 插件的企业。 光模块板块持续看好，1.6T 产品预计 2026 年将迎来十倍甚至十五倍放 量。推荐中际旭创，其在 1.6T 产品上具有代际领先优势，下游客户需求 强劲。 卫星互联网发展前景乐观，火箭发射运力提升将带动卫星产业链业绩兑 现。推荐普天科技，其在太空算力运营商逻辑上具有优势，有望在主题 行情中表现优异。 摘要 2025 年整体市场的主线非常清晰，主要是在交易北美算力的高景气度背景 ...

关于董事调整暨选举职工董事的公告 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。 证券代码：300785 证券简称：值得买 公告编号：2025-056 北京值得买科技股份有限公司 根据《中华人民共和国公司法》《深圳证券交易所创业板股票上市规则》《深 圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》等法 律法规、规范性文件以及《公司章程》的相关规定，公司于 2025 年 12 月 8 日召 开第四届职工代表大会 2025 年第一次会议，经全体与会职工代表表决，选举陈 莹倩女士（简历详见附件）为公司第四届董事会职工董事。陈莹倩女士与经公司 股东会选举产生的第四届董事会非职工董事共同组成公司第四届董事会，任期自 本次职工代表大会审议通过之日起至第四届董事会届满时止。陈莹倩女士符合 《公司法》《公司章程》规定的有关职工董事任职资格和条件。陈莹倩女士原为 第四届董事会非独立董事，当选公司职工董事后，公司董事会中兼任公司高级管 理人员以及由职工代表担任的董事人数未超过公司董事总数的二分之一，符合相 关法律法规的要求。 北京值得买科技股份有限公司董事会 ...

上海泽昌律师事务所 关于 北京值得买科技股份有限公司 2025年第二次临时股东会的 法律意见书 上海市浦东新区向城路 288 号国华人寿金融大厦 1107A 室 电话：021-61913137 传真：021-61913139 邮编：200122 二〇二五年十二月 上海泽昌律师事务所 法律意见书 泽昌证字 2025-01-05-03 致：北京值得买科技股份有限公司 上海泽昌律师事务所（以下简称"本所"）接受北京值得买科技股份有限公司 （以下简称"公司"）委托，就公司召开 2025 年第二次临时股东会（以下简称"本 次股东会"）的有关事宜，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、中国证券监督管理委员会 发布的《上市公司股东会规则》（以下简称《股东会规则》）等法律、法规、规 章和其他规范性文件以及《北京值得买科技股份有限公司章程》（以下简称《公 司章程》）的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚 ...

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。 特别提示： 1、本次股东会无增加、变更、否决议案的情形； 2、本次股东会未涉及变更前次股东会决议； 3、本次股东会以现场表决与网络投票相结合的方式召开。 证券代码：300785 证券简称：值得买 公告编号：2025-055 北京值得买科技股份有限公司 2025 年第二次临时股东会决议公告 一、会议召开情况 1、北京值得买科技股份有限公司（以下简称"公司"）2025 年第二次临时 股东会通知于 2025 年 11 月 20 日在证监会指定信息披露网站巨潮资讯网 （http://www.cninfo.com.cn）上以公告形式发出，本次股东会采取现场投票及 网络投票相结合的方式召开。 2、会议召开方式：现场表决与网络投票相结合。 3、会议召开时间： （1）现场会议时间：2025 年 12 月 08 日 14:30 （2）网络投票时间：2025 年 12 月 08 日 通过深圳证券交易所交易系统进行网络投票的时间为 9:15—9:25，9:30— 11:30 和 13:00—15:00； 通过深圳证券交易所互联网投票系 ...

Core Insights - The report from Worth Buying Consumer Industry Research Institute highlights key changes in consumer behavior and market trends for Q3 2025, emphasizing a shift towards a more mature and experience-driven consumption model [1][2][3]. Group 1: Consumer Behavior Trends - Consumption is entering a "self-mature period," where consumers switch between high cost-performance and emotional value, focusing on both rational and emotional aspects [1]. - There is a rising trend in scenario-based consumption, shifting attention from merely purchasing products to buying experiences and lifestyles, with the combination of "goods + services" becoming crucial in decision-making [1]. - Experience demand is extending across the entire lifecycle, with consumers expecting a seamless, transparent, and trustworthy service loop from discovery to post-purchase, making service quality a core factor influencing repurchase and brand choice [2]. Group 2: Generational Consumption Changes - Intergenerational consumption is moving from differentiation to integration, with core values like health, connection, and self-realization becoming more aligned across generations, reducing differences in consumption attitudes [3]. - The new generation of consumers prioritizes emotional value, experience quality, and self-expression, driving a market shift from function-oriented to value-oriented and personalized approaches [3]. Group 3: Sales Data and Market Performance - In Q3, leading categories in consumer goods sales growth included computers and digital products, video games, home appliances, local living, and fresh food, with notable growth indices [4][5]. - The sales data shows that computers and digital products led with a growth index of 3.96, despite a 6.31% decline in average transaction value, while fresh food maintained stable growth with an 8.26% increase in average transaction value [5]. Group 4: Topic Heat and Consumer Sentiment - The hottest topics in consumer goods for Q3 included local living, travel, and financial services, with local living experiencing a significant growth index of 668.8% [6][7]. - Consumer satisfaction is high in categories like automotive consumption and fresh food, with automotive satisfaction reaching 93.0% and fresh food at 93.8%, indicating strong emotional engagement [8][9].

Core Insights - The "Exciting Consumption in Fengtai" WeChat mini-program has been launched as a one-stop consumer service platform, marking a significant step in Fengtai District's digital consumption ecosystem development [2][3] - The platform integrates resources from various sectors including culture, commerce, tourism, sports, and health, providing local merchant benefits and event information to citizens [2] - The mini-program currently includes over 2,250 merchant listings and aims to connect online traffic with offline entities, enhancing consumer guidance and activating regional commercial vitality [2] Consumer Promotion Activities - Concurrently with the mini-program launch, Fengtai District initiated a consumer benefit activity, distributing 10,000 no-threshold movie vouchers to citizens through the platform [2] - The vouchers will be released every Friday at noon starting from November 28, 2025, and can be used at designated cinemas in Fengtai District [2] - This initiative leverages the digital platform for efficient outreach and participation, enriching cultural consumption options for citizens [2] Collaboration and Future Plans - The collaboration between Zhidemai Technology and the Fengtai District government aims to deepen industry-government synergy and empower regional consumption system construction [3] - The partnership will explore innovative paths for digital technology to enhance the real economy, creating replicable and scalable regional consumption promotion models [3] - This initiative supports the high-quality development of Fengtai's business economy and contributes to Beijing's goal of becoming an international consumption center [3]

Group 1 - The "Exciting Consumption in Fengtai" WeChat mini-program has been launched, aiming to integrate various quality resources in the region to enhance local consumer services and promote sustained regional consumption growth [1][5] - The platform covers diverse scenarios including museums, scenic spots, supermarkets, restaurants, and cinemas, providing efficient consumption guidance while offering online display and digital operation tools for local merchants [5][6] - The mini-program has recorded over 2,250 merchants and will continue to expand its resources to enrich content and user experience [5] Group 2 - Fengtai District has initiated multiple consumer benefit activities through the mini-program, including the distribution of 10,000 no-threshold movie vouchers to citizens, aimed at enhancing cultural consumption supply [5][6] - Worthbuy Technology has been recognized for its contributions to regional economic development and has signed a strategic cooperation agreement with Fengtai District to further integrate platform resources and explore replicable models for digital empowerment of the real economy [6][7] - The company plans to continue leveraging its platform technology, content ecosystem, and user operation experience to explore more replicable and sustainable digital consumption scenarios in collaboration with Fengtai District [7]

谁会成为黄金之后的下一个"黑马"。答案是：白银。 2025年，白银涨幅超100%，遥遥领先于其他贵金属，成为了一条"白马"。 白银的上涨令人惊讶，金银比历史最高，上一次白银触及50美元是在2021年，比这更早一次是1980年。 表面而言，白银涨幅领先黄金，从历史涨幅对比来看，黄金甩白银一条街。黄金1980年660美元，2011年高点1920美元，现在黄金4000多美元了。 如果简单类比，白银涨到100美元才能和现在的黄金看齐，前提是中途黄金原地不动，资金开始从黄金流向白银，期待在白银投资里取得满分。 不能只想好的一面，不考虑坏的一面。来看下面这张图： 1980年白银涨到49.5美元一直到2011年才被超越，间隔近30年时间，不知有几人能扛住？最低白银1993年跌到3.6美元，在这个区间横盘近10年时间。 第二次2011年白银50美元跌到11美元附近，这一次重新突破50美元用了近14年时间。 发现没有，白银过去历史上极端行情都没有好下场，疯狂的背后就是深渊，有人说没事：做时间的朋友。前一次白银30年，第二次14年，这样的朋友敢要 吗？ 好的一面，白银和黄金类比有更大的上升空间，坏的一面，白银纯属炒作，没有任何金 ...

Market Overview - The digital media sector experienced a decline of 1.19% on December 2, with Mango Super Media leading the drop [1] - The Shanghai Composite Index closed at 3897.71, down 0.42%, while the Shenzhen Component Index closed at 13056.7, down 0.68% [1] Stock Performance - Notable stock performances included: - 365 Network (300295) rose by 2.92% to close at 15.18 [1] - Mango Super Media (300413) fell by 2.91% to close at 24.73, with a trading volume of 242,800 shares and a transaction value of 603 million [2] - Visual China (000681) closed at 24.10, up 0.50% [1] - Worth Buying (300785) decreased by 0.95% to 43.66, with a transaction value of 1.071 billion [2] Capital Flow - The digital media sector saw a net inflow of 38.76 million from institutional investors and 67.02 million from retail investors, while retail investors had a net outflow of 106 million [2] - Key capital flows for specific stocks included: - Visual China (000681) had a net inflow of 1.08 billion from institutional investors [3] - Worth Buying (300785) attracted a net inflow of 59.35 million from institutional investors [3] - Mango Super Media (300413) experienced a net outflow of 1.21 billion from retail investors [3]

近日，由消费日报社和中国消费经济论坛组委会共同主办的第十九届中国消费经济论坛（秋季）在京举 办，值得买科技旗下消费产业研究院携手消费日报在活动现场共同发布《2025年中国消费市场质量价值 趋势报告》，系统阐释了"消费质量观变迁"引发的四大消费新趋势。 "消费者心中的'质量'内涵，不再只是一个关于'耐用'和'安全'的物理概念，而是一个关于'信任'与'意 义'的文化概念。"赵一鹤表示，"消费质量观"的巨大变迁，直接体现在四大消费变革趋势之中。 最后，消费者愈加重视与产品、品牌之间的情感连接，期待从"交易关系"到"价值共鸣"的升华：产品不 仅要好用，更要"有意义"，能够承载情绪价值，与用户的精神世界同频共振，让购买和使用过程成为一 种情感疗愈。 基于上述四大消费新趋势，赵一鹤指出，中国市场主流消费者的画像，正在从主要强调"性价比、参 数、耐用"的功能派，逐渐演变为"理性体验派"与"感性价值派"的综合体，"消费者更专业、更谨慎、更 追求确定性，标志着理性觉醒；可持续与可持久的消费理念成为新共识，不仅是为了应对环境与生活压 力，更意味着长期主义的兴起；而消费成为'构建自我身份、寻求群体归属'的精神行为，则展现了在物 质 ...