泳池机器人：从总量回归产业 从2026CES看智能 家居清洁机器人产品趋势2026 CES 聚焦AI 技术从概念走向现实的革命性突破，于当 地时间1 月6 日至1 月9 日如期展开。据品牌方舟BrandArk 统计口径，2026 年 CES 共有约4300 家企业 参展，其中中国参展商共有942 家，约占参展企业总数的22%，参展数量仅次于美国，领先于韩国。中 国智能家居机器人头部厂商产品趋势值得关注。 扫地机器人：清洁深化，突破边界 2026 年CES 上头部企业展出的方案来看，更大滚筒、更强吸力等升级带来清洁效果的优化；物体识别 维度的技术升级带来清洁效率的提升与运维成本的下降；而机身轻薄化、轮足结构、无人机模块等则进 一步拓宽扫地机产品的清洁范围，也打开未来家庭清洁的想象空间。厂商表现来看，石头推出轮足扫地 机器人、MOVA 引入无人机飞行模块等话题热度较高，此外对比上一代产品，头部企业在吸力参数、 滚筒长度、障碍物识别能力以及越障能力等维度也均有一定提升。 割草机器人：智能升维，越障提升 割草机器人的技术升级或围绕大面积切割、免基站设置、提升越障能力、增加边缘切割等维度进行展 开。九号强势推出9 款产 ...

Group 1 - The core viewpoint is that recent policies in the service consumption sector are revitalizing the Hong Kong stock market's internet industry, with a focus on enhancing trade and investment facilitation in Hainan Free Trade Port and Shanghai's initiatives to stimulate consumption [1] - AI technology is enhancing industry efficiency, with OTA platforms benefiting from GEO development; for instance, Ctrip's "Smart Engine 3.0" has improved product recommendation efficiency by over 8% [1] - The local lifestyle sector is experiencing significant digital upgrades, as evidenced by Gaode's "Street Scanning List," which has led to a more than threefold increase in merchant order volume after covering all scenarios [1] Group 2 - The education sector is focusing on vocational education reform, with plans to add seven vocational undergraduate institutions by 2026 [1] - The duty-free industry is seeing new developments, highlighted by the topping out of the third phase of Sanya International Duty-Free City, which is expected to be completed in phases by 2026 [1] - Overall, underpinned by policy support and technological innovation, the Hong Kong stock market's internet sectors are presenting structural growth opportunities [1] Group 3 - The Hong Kong Internet ETF (513720) tracks the Hong Kong Stock Connect Internet Index (931637), which consists of internet companies listed on the Hong Kong Stock Exchange, covering sectors such as communication services, information technology, and consumer discretionary, with a focus on soft technology [1] - The constituent stocks have a substantial total market capitalization, and leading companies significantly influence the index, reflecting the overall performance of Hong Kong's internet-related listed companies [1]

视觉中国在垂直场景的数据服务方面具有独特优势，通过多年积累的数 据采集和清洗经验，提供高质量的垂直场景数据集，例如与携程合作提 供出行相关数据。 视觉中国与 Minimax 共同开发 TTS 语音模型，并与生数公司深度合作， 参与其投资，生数公司的 Q2 模型在短剧和漫剧生成领域表现优异，技 术被广泛应用于美图、360 纳米搜索等领先企业。 视觉中国 20260112 摘要 视觉中国利用 AI 技术提升广告营销业务，通过高效生成符合客户需求的 素材，降低成本并提高毛利，已成为 3C、新能源汽车等领域最大的平面 供应商，预计新增收入 1.5 亿元。 视觉中国在 AI 生成素材过程中，确保所有数据经过版权保护，并拥有大 量授权资源，为客户提供快速、高质量且版权合规的素材，同时控制国 内最大的设计师和摄影师社区。 视觉中国拓展 AI 工具平台，销售 AI 生产物料平台，已赋能汽车、快消、 互联网、金融等领域，并成功帮助某国内大厂将品牌推荐率从不足 30% 提升至 100%。 视觉中国从内容营销物料接入，以数据优势、高效合规保障和创作生态 占据市场领先地位，提供高质量物料、AI 制作工具及 GU 分发服务，与 传统投 ...

丨证券研究报告丨 行业研究丨专题报告丨家用电器 [Table_Title] 产业亮点：从 2026CES 看智能家居机器人产品 趋势 报告要点 [Table_Summary] 从 2026 年 CES 来看：扫地机器人方面，轮足、机械臂加持或逐步打开三维层面的想象空间， 本质来看，产品进化方向或仍围绕清洁效果、清洁效率、清洁范围及运维成本等要素不断深化； 割草机器人方面，技术升级围绕大面积切割、免基站设置、提升越障能力、边缘切割等维度展 开，九号于 2026 CES 强势推出 9 款产品，综合竞争力突显；泳池机器人方面，基站、机械臂 等升级思路或与扫地机、割草机赛道思路较为接近。综合来看，中国企业引领智能家居机器人 产品升级，看好产品技术升级驱动渗透空间打开，及突出产品能力加持下中国企业份额机会。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 家用电器 cjzqdt11111 [Table_Title 产业亮点：从2]2026CES 看智能家居机器人 ...

智通财经APP获悉，光大证券发布研报称，2026年短剧与漫剧行业正处于向"精品化、工业化"转型的关 键节点。随着可灵等AI视频模型的成熟应用，漫剧凭借低成本、高产能和强视觉冲击力，正接棒真人 短剧成为平台内容增量的主力军。市场规模方面，漫剧行业在2025年已呈现强势增长态势，预计2026年 市场规模将维持高速增长，使得海量IP价值得以释放。同时，短剧/漫剧出海空间广阔，国内企业海外 短剧APP收入增长预计延续。建议关注行业产能释放，维持互联网传媒行业"买入"评级。 光大证券主要观点如下： 2025年短剧市场：国内稳增，海外放量 1)国内短剧市场规模：据第三方机构DataEye，2025年中国微短剧市场规模预计达634.3亿元人民币，同 比增长26%，预计2027年有望增至856.5亿元，2025-2027年复合增长率达19.2%。短剧行业依然是典型 的"买量驱动"型行业，2025年微短剧投流规模将达约423亿元，同比2024年增长28%。 2)国内短剧供给：产能释放节奏明显加快，新剧供应量从2024年的3.46万部增至2025年上半年的3.96万 部;但短剧"精品化"竞争加剧，普通短剧单部成本达40-70万元 ...

Core Viewpoint - The article discusses the impressive performance of the gold market from the perspective of the end of 2025, highlighting the evolving role of gold as both a strategic asset for central banks and a key focus for investors [1]. Supply and Demand Analysis - Gold supply has remained stable, averaging between 1,200 tons and 1,300 tons per quarter in recent years, with total supply in 2025 projected to be around 1,313.10 tons [3][4]. - Demand for gold has been driven by high levels of jewelry manufacturing, increasing investment in gold bars and coins, and significant purchases by central banks, which have reached levels not seen since 2010 [3][4]. Investment Performance - The annual returns of gold ETFs have shown a significant upward trend, with returns projected to reach 62.75% in 2025, following 27.45% in 2024 and 16.34% in 2023 [2][3]. - The volatility of gold ETFs has been relatively lower compared to the market index, with annualized volatility for gold ETFs at 18.61% in 2025, compared to 17.21% for the market index [11]. Price Dynamics - Long-term gold price movements are influenced by factors such as inflation hedging and monetary policy, particularly in a low-interest-rate environment, which challenges the credibility of the dollar [9]. - Short-term fluctuations in gold prices are affected by geopolitical risks and speculative trading, with significant events such as U.S. policy changes and regional conflicts impacting market sentiment [10]. Investment Considerations - For individual investors, the gold market in 2025 presents both opportunities and risks, with gold serving as a hedge against inflation over a long-term horizon, while short-term volatility necessitates careful monitoring of central bank activities and geopolitical risks [12].

Group 1 - The core point of the news is that the storage chip company, Zhaoyi Innovation (03986.HK), successfully listed on the Hong Kong Stock Exchange, achieving a market capitalization of HKD 172.9 billion and a significant oversubscription in its public offering [1] - Zhaoyi Innovation's global offering consisted of 28.916 million shares, with the Hong Kong public offering being oversubscribed by 542.22 times and the international offering by 18.52 times, leading to a final offer price of HKD 162 per share [1] - The company raised approximately HKD 4.611 billion from the global offering, indicating strong investor interest [1] Group 2 - Another storage chip company, Xinchang Technology, has submitted an application to the Hong Kong Stock Exchange, having previously withdrawn its A-share listing application due to uncertainties in the approval process [4][3] - Xinchang Technology focuses on code-type flash memory chips and has faced regulatory scrutiny regarding discrepancies in its financial performance forecasts [4][13] - The company has a history dating back to 2014 and operates under a Fabless model, providing a range of code-type flash memory chips from 1Mbit to 8Gbit [5][8] Group 3 - Xinchang Technology's revenue has fluctuated in recent years, with reported revenues of CNY 663 million in 2023, CNY 442 million in 2024, and CNY 379 million in the first nine months of 2025, alongside net losses in 2023 and 2024 [13][12] - The company's revenue sources are primarily from NOR, SLC NAND, and MCP products, with respective contributions of 33.8%, 52.3%, and 7.7% in the first nine months of 2025 [15] - The gross profit margins for Xinchang Technology were 15.5% in 2023, 14% in 2024, and 18.8% in the first nine months of 2025, indicating a recovery in profitability [17] Group 4 - The global flash memory chip market is projected to grow significantly, with a market size expected to reach USD 68.4 billion in 2024, reflecting a 67% year-on-year increase [26] - Code-type flash memory chips are anticipated to increase their market share from 6.1% in 2020 to 7.2% in 2024, with expectations to reach 9.3% by 2030 [26][28] - Xinchang Technology holds a 3.7% market share among global Fabless companies in the code-type flash memory segment, ranking sixth in the industry [30]

Core Viewpoint - The 9th Asian Winter Games in Harbin showcased a "Chinese characteristic, Asian style, and splendid" sports event, highlighting the unique charm of Harbin as the birthplace of modern ice and snow sports and demonstrating significant progress in China's ice and snow sports and economy [1] Group 1: Media Coverage and Technology - The Central Radio and Television Station (CRTV) invested over 1,200 personnel in the broadcasting and promotional team for the Asian Winter Games [2] - Two front-line studios were established at Harbin Ice and Snow World and Sun Island Snow Expo, with a total of 144 hours of special live broadcasts focusing on the city [2] - Advanced technologies such as the China Red 8K ultra-high-definition broadcasting vehicle, helicopters, AI technology, and 5G+8K were utilized to enhance the broadcasting experience [2] Group 2: International and Domestic Communication - The international communication strategy involved broadcasting the event in over 80 languages to convey the grandeur of the Asian Winter Games globally [2] - For domestic communication, nine news anchors were invited to Harbin to support the development of the region, showcasing a hands-on approach to reporting [2] - The CRTV has established a long-term presence in Harbin, with the studio at Harbin Ice and Snow World being in its fifth year and the studio at the Snow Expo in its second year, emphasizing ongoing commitment to local development [2]

Core Viewpoint - The term "tribute" has become a significant expression among the younger generation, particularly the post-2000s, reflecting their emotional engagement and appreciation for both extraordinary and ordinary moments in life [1][2]. Group 1: User Engagement and Participation - The term "tribute" was sent 22.82 million times, with 4.59 million users participating, showcasing a vibrant interaction among the youth [1]. - 80% of the users sending "tributes" are from the post-2000 generation, indicating a strong connection to meaningful moments [1]. Group 2: Emotional Significance - The "tribute" phenomenon transcends mere admiration, highlighting a deep respect for creativity and resilience, as seen in various contexts such as honoring veterans and celebrating innovative content [1][2]. - The act of paying tribute serves as a bridge of emotional connection, fostering a sense of community and shared values among individuals [2]. Group 3: Cultural and National Sentiment - The tributes reflect a broader cultural sentiment, acknowledging both national pride and everyday heroism, from military parades to the dedication of ordinary citizens [2]. - This collective expression of respect and recognition contributes to a healing and unifying force within society, emphasizing the importance of both great and small acts of courage and dedication [2].

21世纪经济报道记者 章驰 实习生 邓凯 家长们注意了！你有没有听过孩子平时念"TungTungTungSahur""Brrbrrpatapim"这样的神秘暗号？ 他们不是在玩新游戏，而是着迷了被AI魔改的"外国山海经"。这些角色全是给AI输入关键词后，几十秒 就能生成的"怪胎"，甚至还有大逃杀打斗场景、软色情元素。 看看带着"AI山海经"标签的短视频的播放量，大象长着仙人掌身躯还脚踩拖鞋，青蛙的身体是轮胎，还 有香蕉上顶个猩猩脑袋、鱼身子配猫咪头的混搭形象……内容竟如此离谱。 其实，针对AI魔改内容乱象，监管早已出手。2025年国家网信办就开展过"清朗 整治AI技术滥用"专项 行动。近期国家广电总局也启动专项治理，重点清理篡改经典、危害未成年人的AI魔改内容。 但治理不能只靠监管单打独斗，平台得把好审核关，别让算法成了不良内容的助推器。AI技术是创作 工具，不能成为毒害孩子的武器。 这类视频靠夸张、猎奇的画面刺激孩子大脑，披着卡通动画的外衣，让孩子们无比上瘾。孩子们课文背 不下来，却能把怪兽们的名字倒背如流，甚至攀比谁能记住更多怪异形象，并且模仿怪兽乱叫。还有家 长晒出孩子手写的角色名单，纸上抄满了拗口的外 ...