21世纪经济报道记者叶麦穗广州报道 作为中长期资金的重要来源，险资在资本市场中的投资策略备受 关注。同花顺数据显示，2025年开年以来，保险公司延续2024年末密集调研上市公司的趋势，截至5月 20日，已有超百家保险公司累计调研A股上市公司过千次，相比去年提升近两成。相比此前，机构对科 技公司的关注度大幅提高。 险资重点调研科技股 绿联科技5月16日发布投资者关系活动记录表，公司于2025年5月16日接受26家机构调研，机构类型为保 险公司、基金公司、海外机构、证券公司、阳光私募机构。 根据同花顺统计，险资今年调研涉及的前三行业包括计算机、半导体、新能源与新材料等。其中被最多 险企调研的公司是立讯精密，有124家险企先后四次调研了该公司。其次是宁波银行、萤石网络，分别 有39家险企和36家险企进行了调研。 此前已经有险企对科技类企业表示出兴趣，如中国平安表示，未来该公司将发挥大规模长期资金的优 势，灵活运用多种综合金融工具和投资策略，持续加大对战略性新兴产业、先进制造业、新型基础设施 及价值型品种等领域投资力度。 中国投资协会上市公司投资专业委员会副会长支培元表示，险资调研涉及多领域，从新能源领域来看， 符合 ...

Core Viewpoint - The company is focusing on the integration of AI and smart hardware, enhancing its IoT ecosystem to meet the growing demand for intelligent home solutions [2][4]. Group 1: Company Performance - In 2024, the company upgraded its ecosystem from "1+4+N" to "2+5+N," transitioning to a dual-core model driven by "AI + YingShi IoT Cloud" [2]. - The smart home camera segment generated revenue of 2.948 billion yuan in 2024, with new products targeting niche markets such as children, the elderly, and pet care [2]. - The smart entry products achieved revenue of 748 million yuan, reflecting a year-on-year growth of 47.87% [3]. - The smart service robot segment saw a revenue increase of 265.12%, reaching 166 million yuan, driven by advancements in environmental perception and self-learning capabilities [3]. - The cloud platform service business generated revenue of 1.052 billion yuan in 2024, with a year-on-year growth of 22.87% and a gross margin of 76.19% [5]. - In the first quarter of 2025, the company reported revenue of 1.38 billion yuan, a year-on-year increase of 11.59%, and a net profit of 138 million yuan, up 10.42% [5]. Group 2: Industry Trends - The rapid development of AI interactive models and smart visual IoT products is becoming a new trend in the industry [2]. - There is a growing demand for remote management, data analysis, and personalized services among users, which the company is addressing through its subscription-based cloud platform [4]. - The company is enhancing user engagement and platform value by continuously innovating its product offerings and improving inter-product connectivity [4].

Investment Rating - The report maintains an "Overweight" rating for the consumer sector, specifically highlighting the potential in new consumption opportunities and structural growth within the domestic market [6]. Core Insights - In April, the total retail sales of consumer goods reached 3.7 trillion yuan, with a year-on-year growth of 5.1%, indicating resilience in domestic demand despite external pressures [1]. - The report emphasizes the positive impact of government policies aimed at boosting consumption, particularly in sectors such as home appliances, sports, and entertainment [1][4]. - The online retail penetration continues to grow, with a 5.8% year-on-year increase in physical goods sold online, reflecting a shift towards digital consumption [2]. Summary by Sections Retail Performance - In April, the restaurant and retail sectors saw year-on-year growth of 5.2% and 5.1%, respectively, indicating a stable recovery trend [2]. - The online retail sales of physical goods increased by 6.1% year-on-year from January to April, with an online penetration rate rising to 24.3% [2]. Consumer Trends - Various consumer categories showed positive growth, particularly in home appliances (up 38.8%), furniture (up 26.9%), and sports equipment (up 23.3%), driven by policies encouraging consumption upgrades [3]. - Jewelry sales surged by 25.3% year-on-year, attributed to investment-driven demand for gold and silver [3]. Economic Indicators - The Consumer Price Index (CPI) in April decreased by 0.1% year-on-year, with food prices showing a slight decline of 0.2% [4]. - Service prices increased by 0.3% year-on-year, with notable growth in domestic services such as housekeeping and education [4]. Investment Recommendations - The report suggests four main investment themes for 2025: 1. New consumption opportunities driven by domestic brands [5]. 2. High-growth emotional consumption sectors [5]. 3. The burgeoning silver economy [5]. 4. AI-driven consumer innovations [5]. - Specific stock recommendations include brands like 毛戈平 (Mao Geping), 安踏体育 (Anta Sports), and 海澜之家 (HLA) among others, all rated as "Buy" [9][41].

Core Insights - The demand for video surveillance is increasing due to heightened safety awareness, making it a crucial tool for public security [1][13] - The Chinese surveillance camera industry is experiencing rapid growth, with sales projected to rise from 40.39 million units in 2020 to 53.49 million units by 2024, reflecting a compound annual growth rate (CAGR) of 7.3% [1][13] - The market for optical lenses, essential for camera image quality, is also expanding, with a projected market size of 17.39 billion yuan in 2024, up 7.81% year-on-year [9] Industry Overview - Surveillance cameras are semiconductor imaging devices characterized by high sensitivity, strong light resistance, low distortion, compact size, long lifespan, and vibration resistance [3] - The industry is segmented into fixed and movable cameras, color and black-and-white cameras, and various shapes such as bullet, dome, and PTZ cameras [3] Industry Development - The evolution of surveillance cameras in China has progressed from analog to digital, with significant advancements in technology and increased government support for the security industry [5] - The integration of AI, big data, and cloud computing is driving the shift towards intelligent and networked surveillance systems [5] Market Segmentation - The market is segmented into various types of cameras, with dual and multi-lens cameras expected to capture the largest market share at 32.5% by 2024, followed by bullet-PTZ cameras at 20.1% [15] - Online sales dominate the market, with traditional e-commerce platforms like JD.com and Tmall accounting for 47.6% of sales, while offline sales represent 43.9% [17] Competitive Landscape - The market features a mix of leading brands focusing on innovation and mid-tier brands offering cost-effective products [19] - Key players include Hikvision, Dahua Technology, and Tiandy Technologies, among others [19][21] Future Trends - The industry is expected to benefit from advancements in AI, 5G, IoT, and cloud computing, enhancing the capabilities of surveillance cameras [26] - The application of surveillance cameras is expanding across various sectors, including urban management, internal security for businesses, and smart city initiatives [27][28]

Group 1: Telecommunications and Technology Development - The Ministry of Industry and Information Technology emphasizes accelerating the development of 5G-A and 6G technologies to empower modern industrial systems [1] - There is a focus on meeting enterprise development needs and enhancing market access, fair competition, and credit management systems [1] - The initiative aims to promote cross-regional and cross-industry collaboration in building new infrastructure, supporting the high-end, intelligent, and green development of manufacturing [1] Group 2: Market Insights and Investment Strategies - Changcheng Securities notes a shift in investment forces, with a focus on urban renewal actions supported by central and local government financing [2][3] - The market is optimistic about the medium to long-term outlook despite recent fluctuations, with attention on large consumer, domestic control, and technology sectors [3] - The AI Agent market is projected to open up a trillion-dollar enterprise-level digital labor market, with significant penetration across various industries [4][5] Group 3: AI and Digital Transformation - AI Agents are seen as a key to solving the limitations of generative AI models, driving practical and intelligent applications [4] - The enterprise market for AI Agents is expected to grow significantly, targeting the real labor market rather than traditional IT budgets [5][6] - Various sectors, including industrial, education, finance, and retail, are anticipated to benefit from AI Agent applications, with a projected market expansion into trillions of dollars [6] Group 4: Foldable Screen Technology - The foldable screen smartphone market is experiencing rapid growth, while the foldable screen computer market is gaining attention with new product launches [7] - The global shipment growth rate for foldable smartphones is projected to slow to 2.9% in 2024, indicating a need for innovation in display materials and manufacturing techniques [7] - Key cost components in foldable screens include materials and hinges, with companies exploring advanced materials to enhance product quality [7] Group 5: Communication Industry Trends - The demand for AI-driven computing power is increasing, with a notable rise in the number of funds holding telecommunications stocks [8][9] - The communication sector is expected to see a recovery in overall revenue and profit margins, driven by AI and emerging sub-industries [8] - The AI and telecommunications sectors are experiencing strong revenue growth, with a focus on optimizing capital expenditure structures [9]

Group 1 - The pet economy concept rose by 1.98%, ranking third among concept sectors, with 54 stocks increasing in value, including major gainers like Meino Biological and Jieya Co., which hit the 20% limit up [1][2] - Notable stocks with significant increases include Xianle Health, Huisheng Biological, and Yiyuan Magic Yam, which rose by 13.41%, 10.50%, and 9.10% respectively [1] - The leading decliners in the sector were Zhiou Technology, Qingmu Technology, and Yingstone Network, which fell by 4.64%, 4.42%, and 2.73% respectively [1] Group 2 - The pet economy sector saw a net inflow of 236 million yuan, with 48 stocks receiving net inflows, and 7 stocks attracting over 30 million yuan each [2] - The top stock for net inflow was Yong'an Pharmaceutical, with a net inflow of 68.36 million yuan, followed by Jieya Co., Ruoyuchen, and Meino Biological with net inflows of 48.24 million yuan, 46.14 million yuan, and 45.47 million yuan respectively [2][3] Group 3 - In terms of net inflow ratios, Jieya Co., Jiabiyou, and Meino Biological led with net inflow rates of 27.98%, 13.31%, and 11.04% respectively [3] - The pet economy sector's inflow ranking included stocks like Yong'an Pharmaceutical, Jieya Co., Ruoyuchen, and Meino Biological, all showing strong performance in terms of trading volume and turnover rates [3][4]

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 服务消费再贷款落地 2025 年 05 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 周观点：（1）央行落实此前刺激政策，创设 5000 亿服务消费和养老再 贷款，激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费 重点领域和养老产业的金融支持。4 月 CPI 相对平稳，PPI 下行压力加 大，但 4 月房企拿地情况有所好转，整体而言，地产链复苏的方向不变。 在以旧换新补贴和服务消费刺激政策的推动下，我们期待 25 年 Q3 家 装产业链也会迎来明显加速。地产链出清已近尾声，供给格局大幅改善， 25 年需求平稳且企业增长预期较低，板块具备较高的胜率。首选低估值 的消费龙头和扩张型公司，例如北新建材、三棵树、兔宝宝、奥普科技、 欧普照明、伟星新材、欧派家居、箭牌家居等。其次，如果外部需求快 速回落，中西部基建很有可能成为救急的方向，关注华新水泥、四川路 桥、海螺水泥、中国交建、坚朗五金、东方雨虹等。最后，在 25 年流 动性充裕的背景下，科技属性强的公司仍有较高关注度，例如上海港湾、 鸿路钢构、 ...

证券研究报告 可选消费 24/25Q1 换新显效，关注两个方向 华泰研究 2025 年 5 月 09 日│中国内地 专题研究 24 年家电换新提振内销，25Q1 板块面临关税挑战 2024 年家电板块（申万）累计上涨约 25.4%，涨幅居行业前列，表现明显 优于上证综指与沪深 300。得益于内需"以旧换新"政策红利以及出口补库， 全年板块收入同比+5.6%，归母净利润+7.1%，盈利能力稳健。25 年 1-4 月 家电换新维持拉动力，但出口面临关税挑战，板块承压回调约 1.6%。展望 25Q2，政策持续发力、内需具备支撑，叠加前期高基数效应减退，预计板 块将呈结构性修复态势，机会主要来自内销需求回暖与出口预期修复两端。 白电：尽显格局优势 空调/冰洗板块 24 年收入分别同比+4%/+7%，换新政策驱动下，头部优势凸 显，龙头企业借助价格策略和结构升级，保障盈利能力提升，归母净利分别 同比+13%/+7%。25Q1 换新拉动力维持（空调/冰洗收入同比+17%+14%）， 且随政策深入、费用优化，归母净利分别同比+33%/+33%。展望 25Q2，内 销基数回落、618 备货启动叠加政策催化，白电仍为板块内最具 ...

Meeting Overview - The shareholders' meeting of Hangzhou Yingzi Network Co., Ltd. was held on May 9, 2025, in Hangzhou, Zhejiang Province [1] - A total of 161 ordinary shareholders attended the meeting, representing 651,793,950 voting rights, which accounts for 82.77% of the company's total voting rights [1] Voting Results - All non-cumulative voting proposals were approved with a high majority, including: - Proposal 1: 651,751,495 votes in favor (99.9934%), 23,219 votes against (0.0035%), and 19,236 abstentions (0.0031%) [2] - Proposal 2: 651,751,495 votes in favor (99.9934%), 24,619 votes against (0.0037%), and 17,836 abstentions (0.0029%) [2] - Proposal 3: 651,642,191 votes in favor (99.9767%), 132,523 votes against (0.0203%), and 19,236 abstentions (0.0030%) [3] Dividend Distribution - The 2024 annual profit distribution plan was approved, with significant support from shareholders [3] - The voting breakdown showed that 96.01% of shareholders with a market value below 500,000 supported the proposal [3] Legal Compliance - The meeting's procedures, participant qualifications, and voting processes were confirmed to comply with the Company Law and the company's articles of association [3]

Group 1 - The legal opinion letter is issued by Grandall Law Firm (Hangzhou) regarding the 2024 annual general meeting of shareholders of Hangzhou Yingshi Network Co., Ltd. [2][3] - The law firm confirms that the company provided complete, truthful, and valid documents and statements for the legal opinion [3] - The legal opinion focuses on the legality of the meeting's convening, procedures, attendance qualifications, and voting procedures, without commenting on the content of the proposals [3][11] Group 2 - The company convened the annual general meeting following the procedures outlined in the Company Law and relevant regulations [6] - The meeting was held at a specified location and was presided over by the chairman, with both on-site and online voting methods employed [5][6] - A total of 161 shareholders participated in the meeting, representing 651,793,950 shares, which is 80.7674% of the total voting shares [7] Group 3 - The meeting's agenda included several proposals that were reviewed and voted on, with the results aligning with the meeting notice [8][11] - The voting process was conducted according to the established rules, and the results were announced immediately after the voting concluded [9][11] - All proposals were approved by the shareholders, with the voting results deemed legal and valid according to the Company Law and internal regulations [10][11]