智通财经APP获悉，中信证券发布研报称，网龙(00777)主业底部已过，前瞻布局的投资业务迎来收获 期，公司当下股价具备较高安全边际;此外，公司注重股东回报，此前宣布6亿港元股东回报计划，当下 股息率(TTM)接近9%，具备较高吸引力，重申"买入"评级，上调公司2026年目标价至21港元。 该行核心观点： 1)公司主业经营情况良好，其中游戏业务核心IP《魔域》流水企稳改善;Mynd.AI业务中，公司预期行业 从今年四季度开始到明年将逐渐转暖，Mynd.AI的利润弹性将在行业修复过程中不断释放。 2)投资业务中，公司一方面前瞻布局团播&AR眼镜赛道，投资的杭州帅库网络(持股比例46%，为第一 大股东)以及Rokid眼镜(2023年战略投资2000万美元)流水&销售表现持续高增;另一方面，公司旗下子公 司创奇思近期合作中科闻歌，推进中国AI技术出海。 游戏业务：有望企稳&环比改善 公司在4Q24对魔域(占其游戏收入约90%)进行战略调整后，魔域IP流水呈现逐步企稳反弹的趋势，公司 预计该趋势2026年有望延续，同时魔域重置版《代号 MY》产品研发已完成，该产品采用前沿美术和技 术还原初始数值环境，待版号获批即可推 ...

行情速递 ① 主 板 领 涨 ， 省 广 集 团 (+10.06%)/ 特 发 信 息 (+10.05%)/ 名 臣 健 康 (+10.03%)/ 石 基 信 息 (+10.00%)/数据港(+10.00%)/ ②创业板领涨，久之洋(+20.00%)/中富电路(+17.75%)/蓝色光标(+15.72%)/ ③科创板领涨，金橙子(+20.01%)/光云科技(+20.00%)/品高股份(+19.99%)/ ④活跃子行业，SW营销代理 (+8.32%)/SW横向通用软件(+4.79%)/ 国内新闻 ①艾邦半导体网，国内液冷散热厂商鼎通科技官微宣布称其224G光模块液冷 散热产品进入英伟达供应链/即将批量供应/ ③半导体芯闻，禾赛科技发布基于 RISC-V 架构的激光雷达专用高性能智能 主控芯片费米 C500/其单芯片集成 MCU、FPGA、ADC 于一体/是全球首 款片上融合功能安全与网络安全双重认证的激光雷达专用主控芯片/从硬件层 满足车载场景对可靠性与信息安全的严苛要求/ ②半导体投资联盟，地平线发文称/HSD已获得国内外10家车企品牌、超20 款车型的定点合作/随着规模化装车的全面开启/地平线HSD将以更高 ...

爱奇艺 20251118 摘要 公司第三季度总收入达 67 亿人民币，其中会员服务收入 42 亿人民币， 环比增长 3%，主要受益于热门剧集。在线广告收入 12 亿人民币，环比 下降 2%，分销收入 6.445 亿人民币，环比增长 48%，主要得益于原创 电影院线表现强劲。 会员服务持续增长，得益于《繁荣的人》、《冠状病毒》等热门原创内 容。推出钻石计划等家庭用户服务，并与顶级 IP 整合，如诺特二号和上 海传奇之旅，加强会员价值与忠诚度，推动收入同比增长。 公司积极利用人工智能技术，与谷歌合作启动全球性的人工智能短片创 作大赛，并与摄影师合作推出人工智能驱动项目，旨在提高内容生产、 创新和广告效率，提升整体商业模式的发展潜力。 公司自主开发虚拟制作系统，包括单向运动模拟、车辆模拟及智能拍摄 平台，采用自主研发的 IQ 状态和水生产系统，推动视频内容工业化生产， 提高高频车辆、薄片等场景下的效率。 海外市场表现良好，四川会员收入同比增长超过 40%，巴西、西语区域、 墨西哥和印尼等市场会员收入同比翻番，每日平均订阅用户人数创下新 高。《冠状病毒故事》在 13 个海外市场热门榜单名列前茅。 Q&A 2025 年 ...

IT之家 11 月 18 日消息，瑞声科技官微今日宣布，其近日已签署最终协议，收购 AR 衍射光波导技术企业 Dispelix Oy 的股 份及其他权益类证券。此次交易预计将于 2026 年上半年内完成，交易完成后 Dispelix 将成为瑞声科技的子公司。 Dispelix 首席执行官兼联合创始人 Antti Sunnari 表示，此次合作将进一步增强其大规模交付高性能 AR 组件的能力，加速面 向消费级和企业级可穿戴设备的光波导技术全球商业化进程。 双方已联合多家一线原始设备制造商（OEM）客户共同开发下一代 AR 设备，同时还与全球头部移动终端生态系统构建者 合作，参与开发下一代 XR 参考设计硬件平台。收购完成后，Dispelix 的产品将拓展、补充瑞声科技 XR 产品组合及解决方 案能力，可提供更全面的系统设计与集成、规模化量产支持。 IT之家查询获悉，Dispelix 总部位于芬兰，专注于研发并提供面向企业级和消费级 AR 设备的透明光波导产品。先进的光波 导产品在 AR 设备中可用作透视显示器，能在用户视野内将现实世界与虚拟世界相融合。 ...

Core Viewpoint - The newly opened Great Wall Digital Experience Halls in Beijing's Miyun District utilize advanced technologies like AIGC and AR to create immersive historical experiences, enhancing cultural heritage education and tourism [1][3][5] Group 1: Technological Integration - The Great Wall Digital Experience Halls feature innovative technologies that transform static historical images into dynamic scenes, providing an engaging visitor experience [1][3] - Key exhibits include a digital sand table, a digital armory, a time portal, and a digital representation of historical figure Qi Jiguang, allowing for real-time interaction with visitors [3] Group 2: Cultural Significance - Miyun District's Ming Great Wall is recognized as one of the most representative and culturally significant sections of the Great Wall, with 182.97 kilometers of existing Ming Dynasty wall and 61 registered castles [5] - The digital experience halls aim to systematically and innovatively express the region's Great Wall resources, establishing a new benchmark for the digital utilization of cultural heritage [5]

Group 1 - The phenomenon of "giant tags to prevent returns" has become a trend among merchants during this year's Double Eleven shopping festival, as they face high return rates, particularly in women's clothing, which exceeds 80% [3][4] - Merchants have started using oversized tags, comparable to A4 paper, to deter consumers from returning items after wearing them, as these tags increase discomfort and visibility [3][6] - The high return rates in the e-commerce sector, particularly for women's clothing, are driven by consumers exploiting the "seven-day no-reason return" policy, leading to significant economic losses for merchants [4][9] Group 2 - The rise of giant tags is a response to the growing issue of malicious returns, where consumers use the return policy to take advantage of free clothing [6][7] - The use of giant tags reflects a breakdown of trust in the e-commerce market, as merchants assume all consumers may be potential returners, which can alienate honest customers [9][10] - The introduction of giant tags has created a dilemma for merchants, balancing the need to reduce returns while maintaining customer flow, as the negative shopping experience may lead to a decrease in conversion rates [10][12] Group 3 - To address the challenges posed by high return rates, the e-commerce market should consider implementing effective mechanisms and technologies, such as AI and big data, to improve return verification processes [12] - The integration of VR and AR technologies could enhance the online shopping experience, helping consumers better understand products before purchase, thereby reducing returns [12] - Exploring fairer return policies, such as tiered return shipping fees and encouraging consumer feedback, could foster better interactions between merchants and consumers [12]

Core Insights - Thunderbird Innovation has achieved a cumulative global user base of over 500,000 by October 2025 [16] - The company ranked first in XR industry sales during the Double 11 shopping festival, maintaining its position as the top seller in this category for four consecutive years [2][3] - The Thunderbird Air 4 series emerged as the best-selling XR device, while the Thunderbird X3 Pro led the sales in the full-color waveguide glasses segment [2][13] Sales Performance - During the Double 11 event, the Thunderbird Air 4 series captured a market share of 59% in the viewing glasses category across all platforms [13] - Thunderbird Innovation continues to dominate the Chinese consumer-grade AR glasses market, holding a significant market share and leading in sales volume [3][16] Product Development - The Thunderbird Air 4 series features the world's first AR glasses designed with the "Vision 4000" image quality chip, supporting HDR10 and displaying 1.07 billion colors [15] - The company collaborates with renowned audio brand B&O for professional audio tuning, enhancing the immersive experience of its products [15] Market Strategy - The company employs a strategy of "high-end technology downscaling + affordable pricing," significantly lowering the entry barrier for AR devices, allowing users to experience cutting-edge technology at a budget of around 1,000 yuan [13] - Thunderbird Innovation has established a comprehensive service loop for users, including free accessory offers and upgrade options for existing customers, strengthening brand loyalty [15] Competitive Advantage - Thunderbird Innovation is the only company in the industry that has achieved self-research and mass production of core optical solutions, enhancing its production capacity and cost advantages [16] - The company has formed deep collaborations with top global firms, ensuring leading product experiences and driving down prices through large-scale production [16]

Core Points - The 15th National Games of the People's Republic of China opened on November 9 at the Guangdong Olympic Sports Center, showcasing a blend of traditional culture and cutting-edge technology [1][3] - Innovative technologies such as deep-sea fire extraction, robotics, and augmented reality were prominently featured during the opening ceremony [2][3] Group 1: Technological Innovations - Deep-sea fire extraction involved descending to a depth of 1,522 meters in the South China Sea to harness combustible ice using solar energy, symbolizing a fusion of "heavenly light" and "ocean fire" [1] - The event utilized human-shaped robots and unmanned vehicles to demonstrate technological advancements, completing a "sea-land-air relay" [2] - Traditional performances like lion dances were integrated with AI-generated content and VR technology, enhancing the cultural experience [3] Group 2: Infrastructure and Event Empowerment - Several venues incorporated photovoltaic power generation technology and built supporting energy storage systems, indicating a commitment to sustainable practices [4] - The use of 5G technology enabled 4K ultra-high-definition live broadcasts of the competitions, while AI technology provided real-time analysis of athletes' movements [4]

Core Viewpoint - The opening ceremony of the 15th National Games showcased a blend of traditional Lingnan culture and cutting-edge technology, creating a visually stunning experience for the audience [1]. Group 1: Cultural Elements - The lion dance performance, originating from Foshan, Guangdong, embodies the spirit of the Chinese people and is an essential part of local festivals [2]. - The Wing Chun boxing, a representative form of Southern Chinese martial arts, is characterized by its fluid movements and a combination of strength and softness [4]. - Cantonese opera, an ancient local drama form, was recognized as a representative work of human intangible cultural heritage by UNESCO in 2009 [6]. - Dragon boat racing is a traditional folk activity prevalent in the Lingnan region, symbolizing the spirit of striving and perseverance [8]. - The Yingge dance integrates martial arts, drama, and dance, showcasing the unique artistic expression of the Chaoshan people [10]. - Guangxiu, a form of folk embroidery from the Pearl River Delta, is known for its rich colors and intricate designs [11]. - Guangfa, also known as "foreign porcelain," is a significant representative of metal-based enamel craftsmanship from the Qing Dynasty [12]. Group 2: Innovation and Presentation - The traditional Lingnan cultural symbols were innovatively designed to present a fresh perspective during the opening ceremony [13]. - The execution director of the ceremony, Meng Ke, highlighted the rare opportunity to showcase numerous representative Lingnan elements on a national stage, emphasizing a modern interpretation of intangible cultural heritage [14].

Core Points - The 15th National Games and the 12th National Paralympic Games will be held in Guangdong, Hong Kong, and Macau from November 9 to 21 and December 8 to 15, respectively, showcasing a deep integration of technology and sports [1] Group 1: Sign Language Translation Products - The "All Sports Guangzhou" mini-program provides real-time sign language translation services through 183 remote volunteer interpreters for hearing-impaired individuals during the events [2] - The technology is supported by Guangzhou Yinsu Technology Co., which has developed an AI sign language translation machine that converts speech into sign language and subtitles in real-time [2] - A new generation AI sign language recognition model is expected to be launched in mid-November to enhance translation accuracy and response speed [2] Group 2: AR Wallet - The first cultural AR digital RMB hard wallet themed for the National Games was launched by the Industrial and Commercial Bank of China Guangzhou Branch and Guangdian Yuntong Group [3] - This wallet supports "tap-to-pay" functionality and integrates AR technology to provide an immersive cultural experience during transactions [3] - The wallet can be used in venues without electricity or internet, facilitating seamless transactions for athletes and spectators from Hong Kong and Macau [3] Group 3: Hydrogen-Powered Robot Team - The "Hydrogen Cube" team, developed by the Southern Power Grid Guangdong Guangzhou Power Supply Bureau, consists of humanoid robots, quadruped robots, and drones for power inspection [4][5] - The robots utilize distributed hydrogen power technology, offering three to five times the energy density of traditional lithium batteries, significantly enhancing operational efficiency [5] - The drones in the team are equipped with anti-drone devices to ensure the security of critical power facilities [5] Group 4: Mobile Air Scanners - A fleet of 320 upgraded taxis in Guangzhou has been equipped with intelligent sensors to monitor air quality during the events [6] - These sensors capture real-time pollution data, contributing to a dynamic monitoring network for air quality [6] - The integrated sensing system has already supported multiple air pollution emergency responses and will be actively involved in air quality monitoring during the events [6]