1月7日消息，百度集团宣布，其智能驾驶网约车服务萝卜快跑（Apollo Go）已获得迪拜道路与交通管理局（RTA）颁发的首批无人驾驶路测牌照。该牌 照允许萝卜快跑在指定公开道路开展全无人驾驶路测。 飞行街景免费开放，AI 技术将普惠百万线下商家 1月7日，在高德扫街榜产品升级发布会上，高德宣布启动"百万烟火好店支持计划"，自 2025 年 9 月 10 日以来，主动入驻高德的餐饮商家数超 86 万家， 订单数和营业额环比大幅增长。该计划将投入价值数亿元算力资源，向 100 万商家免费开放飞行街景，开创世界模型规模化应用先河，补齐消费闭环，还 为商家提供展示新方式。2026 年全新升级的扫街榜推出全品类、全季节、全人群榜单体系，高德还将与全国百城合作提供系统性支持。高德 CEO 郭宁表 示要共建线下信用体系，提振消费信任与信心。 雷军：没有规划小米SU3车型 1月7日消息，小米创办人、董事长兼CEO雷军在直播中透露，确实没有规划小米SU3车型。"网上有很多关于我们新车型的各种规划，各种猜测。有真 的，也有假的，但多半都是假的，所以大家也别信。" 百度旗下萝卜快跑获得迪拜无人驾驶测试许可 1月7日消息，现代汽车计 ...

深圳市江波龙电子股份有限公司 投资者关系活动记录表 编号：2025-037 | 投资者关系活动 | √特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 类别 | □业绩说明会 □新闻发布会 □路演活动 | | | √电话会议 □现场参观 □其他 | | 参与单位名称及 | 中泰证券、博普资产、创金合信、混沌投资、前海再保险、 | | | 安信基金、泰达宏利、国源信达、摩根士丹利、国信自营、 | | | 富荣基金、鹏华基金、橡果资管、方正证券、恒越基金、易 | | | 方达、前海人寿、远望角投资、开源资管、中盈蓝景、西部 | | 人员姓名 | 证券、华夏基金、东吴证券、万家基金、盘京投资、国寿资 | | | 产、弘毅远方、中信保诚基金、中邮基金、国寿资产、天弘 | | | 基金、泰康基金、大家资产、交银施罗德、平安基金、中海 | | | 基金、国寿资产 | | 时间 | 年 月 日（周二）10:00-11:00 2025 12 23 | | | 2025 年 12 月 23 日（周二）16:00-17:30 | | | 年 月 日（周五）10:00-11:30 2025 12 26 | ...

分析师：乔琪 登记编码：S0730520090001 qiaoqi@ccnew.com 021-50586985 动画电影：从"边缘品类"到"半壁江山" ——传媒行业分析报告 证券研究报告-行业分析报告 强于大市(维持) 传媒相对沪深 300 指数表现 传媒 相关报告 《传媒行业月报：谷歌更新 Gemini3,11 月版 号数量新高》 2025-11-28 《传媒行业年度策略：政策与 AI 应用共振， 行业景气度高》 2025-11-26 《传媒行业分析报告：三季度业绩增长显著， 基金配置比例再次提升》 2025-11-07 联系人：李智 投资要点： ⚫ 2025 年动画电影票房占比近 50%。截至 2025 年 12 月 24 日，2025 年国内上映的动画影片总票房已经超过 250 亿元，占全年票房比重 近 50%，2025 年度上映影片票房 TOP10 和 TOP15 中动画影片的 票房占比达到了 64.97%和 62.77%。 《哪吒 2》《疯狂动物城 2》《浪浪山小妖怪》等动画影片成为推动 2025 年电影票房大盘增长的重要力量，其中《哪吒 2》票房 154.46 亿元、《疯狂动物城 2》票房超过 ...

Investment Rating - The report maintains an "Outperform" rating for the internet securities industry [4]. Core Insights - The internet securities industry is transitioning from a traditional, homogeneous channel service model to a customer-centric, comprehensive service ecosystem by 2025, driving industry innovation [1]. - Traditional brokerage services are facing challenges due to a significant decline in average commission rates, leading to a "prisoner's dilemma" in the commission war, where increased competition results in reduced profitability [12]. - Successful internet brokers exhibit core capabilities such as traffic acquisition and conversion, exceptional product experience, data asset application, ecosystem construction, and regulatory adaptation [3]. Summary by Sections 1. Industry Dynamics - The brokerage business is evolving from a focus on transaction volume and commission rates to a model that emphasizes customer asset scale and management fees [25]. - Internet brokers are leveraging low-cost customer acquisition and traffic monetization strategies to break free from traditional profitability constraints [20]. 2. Case Studies of Internet Securities - **Dongfang Caifu**: Utilizes a traffic ecosystem to create a closed-loop from information to trading, achieving low-cost customer acquisition and high conversion rates [28]. - **Charles Schwab**: Transitioned from a discount broker to a global wealth management giant by integrating a "fund supermarket" and unified accounts, enhancing customer asset management [31]. - **Futu Securities**: Targets underserved markets, particularly among overseas Chinese, by providing an exceptional internet product experience and localized operations [37]. - **Jiufang Zhitu**: Extends services from investment education to a full-chain service model, enhancing its potential in the internet securities space [44]. - **Robinhood**: Disrupted the U.S. market with a zero-commission model, attracting young users and is currently transitioning to a comprehensive investment service platform [53]. 3. Key Capabilities of Successful Internet Brokers - The focus has shifted from scale-driven traffic to quality-driven traffic conversion, emphasizing user experience and data-driven marketing [3]. - The construction of a comprehensive service platform that integrates information, data, community, trading, and wealth management is essential for creating user stickiness and value [3]. 4. Business Outlook and Investment Recommendations - The report suggests focusing on the diffusion of AI technology in securities services, recommending companies like Huatai Securities for their strong fintech capabilities and innovative potential [3]. - Dongfang Caifu and Industrial Securities are also highlighted for their advantages in traffic and licensing, as well as strong reform momentum [3]. 5. Financial Projections and Ratings for Key Companies - **Huatai Securities**: Rated "Outperform" with an estimated EPS of 1.75 in 2025 and a PE ratio of 13.10 [6]. - **Dongfang Caifu**: Rated "Outperform" with an estimated EPS of 0.78 in 2025 and a PE ratio of 29.49 [6]. - **Industrial Securities**: Rated "Outperform" with an estimated EPS of 0.39 in 2025 and a PE ratio of 18.51 [6].

创制农药行业专题：中国创制农药有望迎来"Me too"到 "Me better"跨越 20251217 摘要 全球农药市场规模约为 772 亿美元，年均复合增长率为 2.35%，非专 利药占比高达 93%，专利药仅占 7%，表明创新药利润空间巨大，但研 发难度和成本高昂，需要超过 3 亿美元资金和 12 年以上时间。 中国已成为全球最大的农药创制国，过去五年在全球农药创制中占比超 过 50%，拥有全球 70%的农药产能，但主要集中在非专利过期原料生 产，易受周期性波动影响，亟需创新型产品提升抗风险能力。 成功的大宗创新型农药产品能显著提升企业经营质量，如富美实公司的 杀虫剂康宽，在 2017 年至 2022 年间显著提升了公司的营收、利润、 毛利率、净利率及市值等关键财务指标。 中国农药企业实力不断增强，全球前 20 大农化企业中，中国企业数量 已从 2009 年的 0 家增至 2024 年的 12 家，研发投入也在不断增加， 2020 至 2024 年期间创制的新型农药数量占全球一半以上。 南开大学、贵州大学等高校和科研院所，以及千源龙冠、扬州化工等企 业积极参与新型创制，不断加大投资力度，为中国农业创新提 ...

Summary of the Movie Industry Conference Call Industry Overview - The movie industry is experiencing a significant boost in the fourth quarter of 2025 due to the release of several major overseas films, including "Demon Slayer," "Zootopia 2," and "Avatar 3," which are expected to enhance box office performance significantly [1][2] - The upcoming holiday seasons, including the New Year and Spring Festival, are anticipated to feature multiple films, similar to the crowded summer release schedule of 2023, which is likely to positively impact the cinema industry [1][4] Key Insights and Arguments - "Demon Slayer" is projected to generate a box office of nearly 600 million yuan, providing stable revenue for Chinese film companies [1][2] - "Zootopia 2" is expected to significantly boost November's total box office, potentially exceeding October's figures, while "Avatar 3" is highly anticipated [2] - AI technology is increasingly being applied in the film industry, enhancing content creation efficiency and opening new commercial pathways, such as AI-generated animations and popular AI web dramas [1][5] Company-Specific Developments - **Wanda Film**: As a leading cinema chain, Wanda's performance is closely tied to national box office trends. The company is focusing on a "super entertainment space" strategy and leveraging AI technology in film content creation and special effects to enhance revenue streams [3][8] - **Shanghai Film Company**: Currently undergoing an IP and AI strategic transformation, Shanghai Film is set to release "Chinese Folktales 2" in January 2026, aiming to maintain the popularity of its IPs and generate continuous viewership and advertising revenue [7] - **Damai Entertainment**: As a leader in live entertainment, Damai is transitioning to a comprehensive entertainment platform, commercializing hundreds of quality IPs through the Aliyu platform and utilizing AI technology to drive its new app [3][9] - **Maoyan Entertainment**: This online ticketing platform is deeply involved in film projects, providing marketing and distribution services, and has a significant share of the online movie market alongside Damai [3][10] Future Outlook - Chinese film companies hold a monopoly on the national distribution rights for imported films, which positions them favorably for stable revenue from upcoming major releases [6] - The establishment of a new subsidiary focused on the full industry chain development of imported films indicates a strategic move to enhance business operations from copyright investment to derivative product promotion [6] Additional Important Points - The integration of AI technology in the film industry is not only improving efficiency but also creating new growth opportunities, particularly in animation and content creation [5] - The upcoming film releases during the holiday seasons are expected to mirror the successful release patterns seen in previous years, suggesting a positive trend for the cinema industry [4]

Investment Rating - The report maintains a positive outlook on the e-commerce sector, particularly focusing on companies that emphasize core business, invest in AI, and expand into instant retail markets [2][5]. Core Insights - The 2025 Double Eleven shopping festival saw a 14.2% year-on-year increase in total online sales, with major platforms extending the promotional period by an average of 3 days, enhancing consumer engagement [2][5]. - AI technology has become a core engine across the entire sales chain, significantly impacting consumer experience and operational efficiency [2][8]. - Instant retail is on the rise, with leading e-commerce platforms making significant strides in this area, contributing to overall sales growth [2][14]. Summary by Sections 1. Industry Performance - The commercial retail index grew by 4.06% from November 10 to November 14, 2025, ranking third among the Shenwan first-level industries [22]. - The social services index increased by 2.28%, ranking twelfth [22]. 2. Sales Performance - Total sales during the Double Eleven period reached 16,191 billion, with instant retail sales growing by 138.4% year-on-year [2][5]. - Major categories included home appliances, beauty and skincare, and cleaning products, with sales figures of 2,668 billion, 991 billion, and 444 billion respectively [8][9]. 3. E-commerce Platform Insights - Taobao, JD, and Meituan reported significant sales growth, with Taobao leading in total sales and JD seeing a 40% increase in the number of users placing orders [10][14]. - Instant retail strategies have been effectively implemented by platforms like Meituan and JD, with substantial increases in user spending and sales volume [14][19]. 4. International Expansion - Platforms are actively pursuing international markets, with Taobao and JD reporting significant sales growth in various countries, leveraging marketing subsidies and simplified entry strategies for small and medium-sized businesses [19][20]. 5. Company Valuations - Key companies in the e-commerce sector, such as Alibaba and JD, have varying market capitalizations and earnings per share (EPS), with Alibaba's market cap at 3,768 billion and an EPS of 65.59 [43][44].

IT之家附报告的品牌排名如下： 在销量方面，2025 年第三季度国内 XR 整体市场达到 16.9 万台，环比增长 17%，同比增长 57%。其中，消费级 AR 设备成为市场增长的主要驱动力，销 量达 13.0 万台，同比增长 109%。 报告称，雷鸟、乐奇（Rokid）等品牌的新品发布成为推动 AR 市场增长的主要动力，且影目、Meta、阿里夸克等品牌也纷纷跟进，相继推出新品；消费 级 VR 设备销量为 4.0 万台，环比增长 8%，Meta 低价策略维持了 VR 市场的小幅增长。 IT之家 11 月 13 日消息，研究机构 CINNO Research 今日发布报告，2025 年第三季度，中国消费级 AR / VR 眼镜市场销量达 16.9 万台，环比增长 17%， 同比增长 57%。市场增长主要得益于 AR 设备新品的持续推出、上游产业链成本优化以及 AI 技术的深度融合。 AR 设备市场，雷鸟创新稳居第一。其持续推陈出新，10 月底推出 AIR 4 和 AIR 4 PRO 新品，首次引入 HDR 显示技术，支持 AI 3D 视频功能。 乐奇（Rokid）凭借 Rokid Glasses 新品上市，销量 ...

Financial Data and Key Metrics Changes - Total revenue grew 2% year-over-year and was up 3% sequentially, driven by retail business acceleration and steady banking contributions [5][14] - Operating profit increased by 4% year-over-year and 19% sequentially, reaching $87 million with a 9.2% operating margin [18] - Adjusted earnings per share rose to $1.39, up over $1 per share year-over-year and approximately 50% sequentially [5][18] - Free cash flow nearly doubled sequentially to approximately $25 million, marking positive free cash flow for four consecutive quarters [18][19] Business Line Data and Key Metrics Changes - Retail segment revenue increased by 8% year-over-year, with order entry growing 40%, reflecting strong demand [5][20] - Banking segment revenue was roughly flat year-over-year but showed sequential growth, with gross margin increasing by 20 basis points year-over-year [19][20] - Product orders grew 25% year-over-year, with a backlog of approximately $920 million [4][14] Market Data and Key Metrics Changes - Strong growth was observed in APAC and the Middle East, expanding the install base and driving recurring service revenue [23] - North America showed steady business with a focus on teller cash recyclers, while Europe had a blockbuster year with strong orders from all major markets [51][52] Company Strategy and Development Direction - The company is committed to generating $800 million in cumulative free cash flow by 2027 and achieving approximately 15% adjusted EBITDA margins [7][21] - A new $200 million share repurchase program was announced, reflecting confidence in the company's long-term value [4][21] - The company is focusing on branch automation solutions and enhancing service capabilities through targeted acquisitions and technology investments [11][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about retail growth trajectory going into Q4, with expectations for a strong Q4 performance [5][21] - The company is on track to meet its full-year guidance, with a focus on maintaining a fortress balance sheet and disciplined capital allocation [21][22] - Management highlighted the importance of automation in banking as a key factor for success in the evolving landscape [8][9] Other Important Information - The company received a credit rating upgrade from S&P Global from B to B plus, validating efforts to strengthen financial performance [21] - Significant progress was made in working capital management, with improvements in days inventory outstanding (DIO) and days sales outstanding (DSO) [19] Q&A Session Summary Question: Impact on service profitability from accelerated investments - Management expects service margins to be flat to slightly up, driven by product margins and operational expense resilience, with a $10 million investment spread between Q3 and Q4 [26][29] Question: Status of retail business in North America - Management confirmed an increase in proof of concepts globally, particularly in North America, and expressed optimism about the retail business [30][32] Question: Annual refresh orders in banking - Management confirmed a pace of about 60,000 machines annually, focusing on new placements rather than upgrades [34] Question: Gross margin expectations for Q4 - Management expects a similar run rate for margins in Q4 as seen in Q3, with improvements in both banking and retail segments [35][37] Question: Details on a small acquisition - The acquisition enhances capabilities to serve different brands of equipment in branches, expanding the addressable market [41][42] Question: Response to branch automation solutions - Management noted strong interest from both large and smaller banks in branch automation solutions, indicating a trickle-down effect from larger banks to regional and community banks [43][44]

Core Insights - The report indicates a market style shift from high-valuation growth stocks to low-valuation weighted stocks, reflecting a clear trend of capital migration towards more stable and lower-risk investments [2][3][10] Market Overview - On Monday, the three major indices in the A-share market showed a rebound after a dip, with significant gains in heavyweight sectors such as coal, oil, banking, and steel, contrasting with the underperformance of the ChiNext and Sci-Tech 50 indices [2][5][9] - The overall market sentiment was active, with a total trading volume of 21,071 billion, and the Shanghai Composite Index closing at 3,976.52 points, up 0.55% [6][12] Sector Performance - The cultural media sector saw substantial gains, with a year-to-date increase of 42.75% in the first half of 2023, although it experienced a 15.58% pullback in the third quarter [7] - The Hainan Free Trade Zone concept stocks surged due to the announcement of the full island closure operation set to officially start on December 18, 2023 [8] Future Market Trends - The current "elephant dance" market signals a positive macroeconomic outlook, indicating a recovery in market confidence regarding economic fundamentals [3][10] - The report suggests a more balanced market style in the fourth quarter, with a focus on "technology growth," "cyclical sectors," and "stable dividend core assets" for better cost-performance ratios [3][11] - Investment strategies should focus on technology growth sectors, high-dividend defensive stocks, and cyclical styles, while being cautious of overhyped growth stocks lacking solid performance backing [11]