齐鲁晚报·齐鲁壹点 王赟 6月23日，阿里巴巴集团CEO吴泳铭发布全员邮件，宣布即日起，饿了么、飞猪合并入阿里中国电商事 业群。范禹继续担任饿了么董事长兼CEO，向蒋凡汇报。南天继续担任飞猪CEO，向蒋凡汇报。 美团住宿营销负责人王雪梅在接受媒体采访时提到，"'苏超'比赛期间，球赛场馆周边酒店销量同比增 长近47%，涨幅远超江苏其他区域酒店。此外，'住宿+'产品销量火爆，例如'酒店住宿+水世界门票'套 餐、'酒店住宿+民族服装旅拍'套餐，都成为'美团酒店618王牌囤货节'热销产品。" "赛事＋旅游""演出＋旅游"等跨场景融合激发出新需求，为住宿行业持续增长提供了新动能。 回看今年"618"大促，看一下当下的电商新趋势。 "今年 '618'，真实的销售额其实增长了—— '618'全周期天猫剔除退款后的 GMV 同比增长 10%，且平 台购买用户数实现双位数增长。"这是天猫总裁刘博日前在接受媒体采访时透露的数据。 京东"618"全周期，AI手机成交额同比增长100%、AI智能眼镜成交量同比增长超7倍、AI音频产品成交 用户同比增长超3倍、具身智能机器人品类成交额同比增长17倍。相关AI硬件产品也成为今年"618" ...

2025 年 06 月 22 日 资金缩圈至银行与科技绩优，北证 中报行情徐徐展开 ——北交所策略周报（20250616-20250622） 本周策略观点： 本周市场行情： 北交所新股： 新三板动态： ⚫ 本周新挂牌 2 家，摘牌 6 家，周新增计划融资 0.06 亿元，完成融资 1.21 亿元。 风险提示： ⚫ 个股业绩季度波动过大风险，宏观经济下行的风险。 相关研究 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 王雨晴 A0230522010003 wangyq@swsresearch.com 研究支持 郑菁华 A0230525060001 zhengjh@swsresearch.com 汪秉涵 A0230123090006 wangbh@swsresearch.com 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 郑菁华 (8621)23297818× zhengjh@swsresearch.com 新 三 板 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 ...

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Views of the Report - Policy has limited short - term impact on the market. For stock index futures, the Lujiazui Forum focuses on new stocks on the Sci - tech Innovation Board, and policies are difficult to accelerate the recovery. For stock index options, the market is resilient, and short - term sentiment is positive. For treasury bond futures, the bond market shows a differentiated trend [1]. 3. Summary by Related Catalogs 3.1 Market Conditions and Views 3.1.1 Stock Index Futures - The Lujiazui Forum introduced "1 + 6" policy measures to deepen the reform of the Sci - tech Innovation Board, which may lower the listing threshold for high - quality enterprises, accelerate the listing process, and increase the number of new stocks. However, the expected policy tools in the order of tens of billions did not appear, and there is no substantial policy to improve industrial profit distribution. The market lacks a clear long - term main line, and operations should be defensive. The IF, IH, IC, and IM contracts' basis, spreads, and positions changed. It is recommended to wait and see [2][7]. 3.1.2 Stock Index Options - Most underlying assets showed a trend of falling first and then rising. The overall trading volume of the option market increased slightly, with the main increase in 500ETF options and 300 - related varieties. Most varieties had a slight increase in volatility. The buying option strategy performed well in the morning. Sentiment indicators suggest that both buyers and sellers are short - term optimistic. It is recommended to deploy long - volatility strategies and short - term bullish spread strategies on dips, and be cautious with short - volatility strategies [3][8]. 3.1.3 Treasury Bond Futures - Treasury bond futures closed with a differentiated performance. The central bank's open - market operations slightly withdrew liquidity, but the DR001 rate remained low, and the short - end was favored. The expected loose monetary policy did not materialize, which was negative for the bond market. The central bank still cares about the capital market, and large banks are continuously buying short - term bonds, which is beneficial for the short - end. The long - end 10Y treasury bond rate is close to the previous low, and there may be limited downward momentum in the short term. It is recommended to be cautious in trend strategies, pay attention to short - hedging at low basis levels, appropriately focus on basis widening, and the mid - term strategy of steepening the yield curve has higher odds [4][9]. 3.2 Economic Calendar - The economic calendar shows data on fixed - asset investment, social consumer goods retail sales, industrial added value, unemployment rates, and other indicators in China, the United States, the eurozone, and Japan from June 16 - 20, 2025, including previous values, predicted values, and published values [10]. 3.3 Important Information and News Tracking - China Securities Regulatory Commission Chairman Wu Qing announced to deepen the reform of the Sci - tech Innovation Board and the Growth Enterprise Market to build a more attractive and competitive market system. People's Bank of China Governor Pan Gongsheng announced pilot structural monetary policy tool innovations in Shanghai [11]. 3.4 Derivatives Market Monitoring - The report mentions monitoring data for stock index futures, stock index options, and treasury bond futures, but specific data details are not provided in the given content.

The provided content does not contain any specific quantitative models or factors, nor does it include their construction processes, formulas, evaluations, or backtesting results. The documents primarily focus on market performance, sector and concept trends, market sentiment, capital flows, ETF premiums/discounts, block trading discounts, and institutional activities. These are descriptive analyses and statistics rather than detailed quantitative modeling or factor analysis.

Core Viewpoint - The Chinese venture capital market is at a turning point, characterized by a structural transformation and a focus on capturing certain opportunities amidst uncertainty [1] Group 1: Event Overview - The WAVES 2025 conference took place on June 11-12 at the Hangzhou Liangzhu Cultural Art Center, focusing on the theme of "New Era" in Chinese venture capital [1] - The event gathered top investors, emerging entrepreneurs, and experts in technology and innovation to discuss topics such as AI technology innovation, globalization, and value reassessment [1] Group 2: Investment Focus - Various investment firms highlighted their focus areas, including robotics, AI hardware, and advanced manufacturing [4][6][7] - Fire Mountain Investment emphasized its long-term commitment to robotics, having invested in companies like Ecovacs and Fourier [3][4] - Multi-dimensional Capital has completed over 300 financing rounds, focusing on AI hardware and robotics, with a portfolio that includes companies like Rokid and Lingchu [5][6] Group 3: Investment Strategies - Investors discussed the importance of balancing technological advancement with commercial viability, noting that successful companies must address specific market needs [8][10] - The panelists agreed that technology must ultimately serve commercial applications, with a focus on specific use cases for embodied intelligence [9][11] - The need for a clear path to commercialization was emphasized, with successful projects often having strong founding teams and defined market applications [24][25] Group 4: Challenges and Opportunities - The panelists identified key challenges in the commercialization of embodied intelligence, including the need for high-quality data and the integration of advanced hardware [28][30] - There is a consensus that the industry is still in a phase of technological iteration, with significant potential for growth as barriers are overcome [27][29] - The discussion highlighted the importance of real-world applications and the necessity for companies to demonstrate their value proposition in practical scenarios [21][22]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **consumer electronics industry**, particularly focusing on the **Apple supply chain** and **IC design sector**. It highlights the anticipated innovation cycle starting in Q4 2025, with new product launches such as foldable screens and smart glasses expected to drive growth over the next two years [1][12]. Core Insights and Arguments 1. **Apple Supply Chain Innovation**: The Apple supply chain is expected to enter a significant innovation cycle starting in Q4 2025, with new product categories projected to boost performance [1][12]. 2. **IC Design Sector**: The IC design industry may reach a turning point in 2025, driven by increasing demand for analog chips in the automotive sector and a recovery in industrial technology inventory [1][3][28]. 3. **AI Technology Impact**: AI is driving upgrades in consumer electronics, with major manufacturers launching AI-enabled products such as smartphones and PCs [1][11]. 4. **AI Glasses Market Growth**: The AI glasses market is anticipated to see significant growth, with shipments expected to reach 5 million units in 2025 and potentially 50 million by 2028 [1][14]. 5. **Storage Chip Market**: The storage chip market is showing positive trends, with Q2 prices rising and manufacturers optimistic about price and volume increases in the second half of the year [1][19]. 6. **Domestic AI Chip Development**: Domestic companies are actively developing self-researched AI chips to meet the growing computational power demands of the inference era [1][22]. Additional Important Insights - **High-Density Interconnect PCB Companies**: Companies like Huadian, Shennan, and Shenghong are experiencing strong performance due to increased demand for AI acceleration cards and server products [2][25]. - **Consumer Electronics Performance**: The consumer electronics sector is expected to benefit from government subsidies and a replacement cycle for PCs and smartphones, with a projected revenue growth of 18% year-on-year [4][10]. - **SoC Opportunities**: There are emerging opportunities in the SoC sector, particularly for NPU and ISP technologies, as companies innovate and upgrade their core IP resources [3][5]. - **Market Recovery Indicators**: The electronic sector has shown signs of recovery, with inventory levels low and product prices stabilizing after a downturn [8][28]. - **Investment Opportunities**: Key investment opportunities are identified in companies like Zhaoyi, which is expanding its 3D Gram customized storage, and in domestic AI chip developers like Xingyun [3][22]. Conclusion The conference call highlights a positive outlook for the consumer electronics and IC design sectors, driven by innovation, AI technology, and recovery from previous downturns. Key players in the market are expected to benefit from these trends, presenting potential investment opportunities.

Group 1: Market Trends and Brand Performance - Apple, Huawei, and Xiaomi continue to lead the market driven by AI technology innovations, with Huawei ranking first in brand sales heat due to the launch of the Huawei Pura X "foldable" phone featuring HarmonyOS AI [2] - Xiaomi's recent product launch of "Mijia Smart Audio Glasses 2" integrates AI voice interaction and scene recognition, marking a significant step in AI hardware production [2] - The demand for outdoor digital equipment is increasing, with brands like Huawei and Realme adapting their products to meet the needs of health-conscious consumers, transforming digital gear from mere tools to companions for outdoor activities [3] Group 2: Product Innovations and Features - Huawei's recent product releases include the Huawei Band 10, which features new health monitoring capabilities, and the HUAWEI FreeBuds 6, catering to urban sports enthusiasts [3] - Xiaomi emphasizes its outdoor photography capabilities through marketing campaigns, encouraging users to share their experiences with the Realme 11 Pro+ [3] - The integration of generative AI technology into consumer electronics is expanding, with brands developing new categories such as "AI phones," "AI computers," and "AI office" products to create a comprehensive ecosystem [2] Group 3: Index and Evaluation System - The "Consumer Guide Compass" series index report by Shiyuan Index aims to objectively present trends in the consumer market across various sectors, including 3C digital, outdoor sports, and beauty products [4] - The index continuously monitors 12 major industries, providing valuable insights for businesses to track market trends and enhance competitive advantage [4]

Core Viewpoint - The article discusses the successful journey of Insta360, a leading company in the panoramic camera sector, highlighting its innovative approach and market strategies that led to its recent listing on the STAR Market with a market value of 73.2 billion yuan [1]. Group 1: Company Background and Evolution - Insta360 was founded by Liu Jingkang, who initially aimed to create a mobile live-streaming app before pivoting to hardware development [3][7]. - The company's first product, Nano, gained popularity at CES 2016, but faced a decline, prompting a reevaluation of product-market fit and user needs [3][13]. - The philosophy of "finding a nail before making a hammer" guided the company's product development, focusing on validated market needs [3][12]. Group 2: Market Position and Competition - In the first half of 2024, Insta360 surpassed GoPro to become the global leader in the action camera category [2]. - The company capitalized on the miniaturization of smartphone technology and the resources from the AI 1.0 era to enhance its product offerings [3][21]. Group 3: Product Development and Market Fit - The transition from a niche product to a broader market involved identifying existing user pain points and leveraging social media insights to redefine product applications [13][14]. - Insta360's strategy included observing user behavior and iterating on product features based on actual usage rather than assumptions [16][18]. Group 4: Future Directions and Industry Insights - Liu Jingkang expressed a vision for exploring vertical applications of technology beyond sports, emphasizing the importance of understanding customer needs in the AI hardware landscape [4][24]. - The company believes that smartphone manufacturers will play a more significant role in the AI hardware space than internet companies due to their access to personal data and operational capabilities [4][30].

Core Viewpoint - The article discusses the evolving landscape of AI startups, emphasizing the shift from model competition to application-focused innovation, with a particular interest in specific vertical solutions rather than generic models [1][2]. Group 1: Investment Trends - Linear Capital has increased its investment amounts this year, with early-stage project funding rising from $1.5-2 million to $3-5 million, reflecting the maturation of startup teams and the shift of existing companies towards AI [3][4]. - The focus is on projects that address specific vertical problems, as these are easier to define and commercialize compared to general-purpose products [2][3]. Group 2: Areas of Interest - Three key areas of interest for investment include: 1. Coding tools, which still have significant limitations and opportunities for new companies [3]. 2. Voice model projects, which have advanced to produce fully human-like voices, enhancing user interaction [3]. 3. AI applications in the aging economy, addressing the challenges posed by an increasing elderly population [3][4]. Group 3: Market Dynamics - The current AI application landscape is likened to a "Pre-iPhone 6" era, indicating that while many opportunities exist, no dominant players have emerged yet [4]. - AI is viewed as a productivity enhancer rather than a new channel, suggesting that existing processes can be reimagined using AI [4]. Group 4: Community and Structural Opportunities - There is a growing interest in community-driven models, which can enhance tool engagement and create larger structural opportunities beyond just technology [5]. - The distinction between AI applications and embodied intelligence in terms of funding and revenue generation is highlighted, with AI applications expected to demonstrate quick commercialization [5][6]. Group 5: Entrepreneurial Considerations - Early-stage investors are focused on the financial requirements for startups to reach key milestones, considering the potential for error and the associated costs [6]. - There is a preference for entrepreneurs to leverage advancements in models rather than solely focusing on generating models themselves, emphasizing the importance of finding applicable scenarios [6].

Group 1: Industry Trends - The "2025 High-Quality Consumption Brand TOP100" initiative focuses on nine key sectors including beauty economy, sports and outdoor, food and health, smart consumer electronics, pet economy, experience economy, interest consumption, cross-border expansion, and consumption technology [2] - AI and hardware integration is emerging as a significant trend across various sectors, with companies launching AI-enabled products that are breaking traditional market boundaries [2][3] - The global AI hardware market is witnessing rapid growth, with notable products like AI recorders and AI glasses gaining traction [3][5] Group 2: AI Hardware Developments - The AI recorder Plaud Note has achieved significant success, with nearly 700,000 units shipped globally and an annual revenue of $100 million, reflecting a tenfold growth over two years [5][11] - AI glasses are becoming increasingly popular, with companies like Thunderbird and Rokid announcing new products that leverage AI for enhanced user experiences [7][8] - AI technology is enhancing the functionality of household appliances, with smart kitchen devices seeing over 30% sales growth in 2024 [20][21] Group 3: Consumer Insights - A survey indicated that over 30% of consumers are motivated to purchase products that incorporate AI technology, with more than half feeling a sense of upgrade when encountering AI-enabled Chinese brands [22] - The integration of AI in household appliances is shifting the industry from passive response to proactive service, creating interconnected smart home ecosystems [22][23]