证券研究报告|行业研究周报 [Table_Date] 2025 年 6 月 22 日 [Table_Title] 固态电池产业化推进，美国储能补贴有望延长 特斯拉 Optimus gen3 推进研发 随着国内外企业布局&AI 技术突破，人形机器有望迎来量产落地 时点。在降本需求的驱动下，人形机器人核心零部件的国产替 代需求强烈，市场空间广阔，率先取得突破的国内企业有望深 度受益。 2.新能源汽车 固态电池产业化不断推进 我们认为，电池技术的升级迭代始终是终端需求扩大的核心推 动力，固态电池凭借高能量密度以及高安全性等优势，成为确 定性的下一代电池技术方向。随着电池技术的成熟以及产业链 配套的完善，固态相关新产品有望陆续发布、产能建设不断落 地、终端性能预计持续获得验证，固态电池的产业化进程加 速。材料、电池、设备等全产业链各环节均有望实现迭代升 级，看好具备技术优势、订单率先落地以及实现放量的公司。 3.新能源 美国参议院修订美丽大法案，储能补贴有望延长 我们认为，此次美国修订后法案延长了储能 ITC 补贴时间+放松 补贴门槛，若该法案通过，则明确利好美国大储市场景气度。 目前美国仍是高溢价高盈利市场，此次放 ...

Group 1 - The event titled "2025 Fifth Start Two-Wheeled Vehicle Battery Swap Conference and Lightweight Power Battery Technology Summit Forum" will take place on July 10-11, 2025, in Shenzhen [1][3] - The conference aims to establish a brand benchmark for the two-wheeled vehicle and battery swap industry, focusing on the latest technologies such as high-rate, ultra-fast charging, new materials, and new processes [2] - Over 300 significant enterprises in the two-wheeled vehicle battery swap and battery sectors are expected to participate, with more than 600 senior executives in attendance [2] Group 2 - The event will feature a closed-door meeting for the China New Energy Entrepreneurs Club, including discussions among key players in the battery swap and two-wheeled vehicle sectors [1] - The forum will include the release of the "2025 China Two-Wheeled Vehicle Battery Swap and Battery TOP Rankings and Industry White Paper" [4] - Various specialized forums will address topics such as battery safety, new national standards, and the future of battery technology in two-wheeled vehicles [4][5] Group 3 - The event will highlight the rapid growth of the two-wheeled vehicle battery swap market, driven by policy support, demand for instant delivery, and technological upgrades [2] - Companies are accelerating the development of high-safety, high-rate, high-energy density, long-cycle life, and low-cost battery products to meet market demands [2] - AI technology is expected to enhance the research and development of new battery technologies, including sodium batteries and solid-state batteries, facilitating the replacement of lead-acid batteries in two-wheeled vehicles [2] Group 4 - Registration packages for the event are available, with Package A priced at 2888 yuan per person, including one-day hotel accommodation and a copy of the industry white paper [7] - Package B is offered at 2288 yuan per person, which includes lunch and a simplified version of the industry white paper [8]

Core Viewpoint - AI technology is increasingly integrated into the short drama production sector, with a focus on enhancing quality rather than efficiency [1] Group 1: AI Integration in Short Drama Production - The short drama "Zhetian," produced by Zhangyue Technology, has premiered online, utilizing a hybrid production model that combines AI technology with live-action filming [1] - The company views AI as a tool for refining works rather than a means for mass production or technology-driven creation [1] - The overall investment in "Zhetian" is in the million-level range, with AI technology costs accounting for less than 30% [1] Group 2: Industry Insights and Challenges - The current barriers to large-scale, full-process AI application in the industry are more related to efficiency and actual results rather than costs [1] - The short drama market does not face issues with supply quantity, and mass production of homogenized content using AI is not commercially viable [1] - The core value of AI in short dramas currently lies in enhancing quality, such as using AI for "image-to-video" technology to create virtual scenes and characters [1]

Core Viewpoint - The integration of AI technology into various sectors such as healthcare, smart elderly care, and public services has significantly improved the daily lives of the elderly, but it has also created challenges including operational difficulties, communication barriers, privacy risks, and fraud threats, leading to a tendency among the elderly to avoid technology [1] Group 1 - The elderly population's understanding and application of technology lag behind that of younger generations, resulting in decreased confidence in "technological controllability" and a strong sense of helplessness and avoidance towards technology [1] - The growing digital divide between generations hinders the elderly's integration into a smart society and diminishes the vitality of the silver economy [1] - AI models are primarily trained on data from younger populations, leading to insufficient representation of the elderly, which affects the AI's familiarity with their communication styles and dialect recognition [1] Group 2 - Building an age-friendly technology ecosystem is crucial for addressing these challenges, requiring product designs that consider the physiological and psychological needs of the elderly [2] - Increasing the representation of elderly samples in AI model training and developing dialect enhancement algorithms are essential steps [2] - Establishing "silver testers" positions to identify the pain points of elderly users and refining "elderly modes" through real usage scenarios can simplify interfaces and strengthen voice guidance [2] Group 3 - Creating a supportive social network for the elderly, inspired by the "technology into community" initiative in Zhuhai, can provide one-on-one operational guidance and education for the elderly [2] - Encouraging the elderly to engage with technology, from activating voice assistants to simulating medical appointments, can help build their "AI confidence" [2] - Aligning technological advancements with the needs of the elderly is essential to help them bridge the digital divide and enhance their quality of life through AI [2]

正文 战略属性定价不容忽视，电子及军工材料迎发展新机遇。 国家主动针对关键战略金属实施出口管制政策，国内外价格分化显著，战略属性定价不容忽视。AI 技术演进带动电子新材料升级迭代机遇，军工需求逐步回暖军工 新材料深度受益。 稀土磁材 产业链以中国为中心，管控加强，国内供给增速放缓，中长期需求持续增长，稀土价格底部企稳反弹。 国内供给端指标增长速度放缓，海外供应不稳定性上升，中 长期受益于新能源汽车及节能电机等快速发展，机器人有望带动新一轮需求，需求端整体稳步增长，镨钕氧化物供给缺口或扩大。 钨 点击 最 下方 关注《材料汇》 ， 点击"❤"和" "并分享 添加 小编微信 ，寻 志同道合 的你 战略金属之王，供给刚性支撑钨价长期向好。 我国钨资源丰富，钨储量及矿山钨产量世界第一，2024 年占比分别为52.5%和82.3%。国家对钨矿开采实行总量控 制，钨矿供应偏刚性。硬质合金需求有望稳步复苏，光伏钨丝有望持续放量，地缘冲突或拉动钨军工需求，整体钨需求预计实现稳步增长，钨价有望长期向好。 锑 供需紧缺格局难改，战略属性不容忽视。 我国作为全球锑品主产区，2024 年国内锑矿产量占全球锑矿产量约60%，锑矿战略地 ...

一、全球消费电子市场概况 中国品牌正积极拓展海外市场，寻求更快增长。2020-2024年，中国出口机电产品金额持续上升，2023年较2021年增长超8%。全球消费电子行业市场规模也 呈增长态势，预计2024年海外市场规模增速约21%。 需求特点：消费者注重户外、疗愈、娱乐场景中五感愉悦氛围的极致体验，偏好场景化叙事方式。 增长品类： 充电宝：户外热潮推动"户外电源+"需求，新兴设备兼容需求增加。 便携音响：从"个听"到"氛围刚需"，满足露营、广场舞等多种场景。 AR/VR眼镜：从"小众极客"到"大众刚需"，虚拟巨幕观影和互动剧等推动其发展。 （二）欧美市场 需求特点：关注娱乐氛围感、情感陪伴及疗愈、个性化美容，情感体验成刚需，同样偏爱场景化叙事。 二、三大市场需求差异与增长品类 （一）中国市场 增长品类： 投影仪：后疫情时代家庭成为娱乐主场景，露营文化兴起，满足沉浸式体验需求。 智能陪伴机器人：应对孤独经济与心理健康关注，满足老年护理等需求。 家用美容仪：性价比高，结合AI肤质检测，满足个性化护肤需求。 （三）东南亚市场 需求特点：安全焦虑、能源焦虑、健康需求催生居家产品智能化升级，场景化叙事方式受青睐。 增 ...

Group 1 - The Shanghai International Film Festival Sci-Fi Film Week has introduced a new "Technology Creation Unit" in 2025 to enhance the integration of technology in film production [1][3] - The event gathered film industry professionals, scholars, and tech leaders to discuss the application of AI video generation and digital production technologies in filmmaking [3][8] - The festival also launched the AIGC unit, inviting global young creators to submit AI-generated short films, promoting innovation in the use of AI in film creation [7][8] Group 2 - The development of technology allows for film production at significantly lower costs, marking a major transformation in the industry, with a need for talent to be trained in both technology and artistic expression [5][10] - The Shanghai Sci-Fi Film Week emphasized the importance of "Film + Technology" to drive high-quality development in the film industry, showcasing key projects and service platforms [10][18] - The Shanghai Technology Film City AI Creation Ecological Center announced multiple projects leveraging technology to create an innovative industry community that integrates high-tech film production and new technology applications [14][19] Group 3 - The Shanghai Technology Film City is positioned as a global center for film creation, housing over 20 professional filming bases and 8,000 film-related enterprises, covering all aspects of film creation, shooting, training, and promotion [19][20] - The initiative aims to establish a leading technology film industry cluster, attracting key enterprises and innovative talent to better serve the film industry's development [20]

Group 1: Legislation and Market Impact - The U.S. Senate passed the "Genius Act" on June 17, marking a significant step towards the compliant operation of stablecoins, with a vote of 68 in favor and 30 against [4] - Citigroup predicts that the stablecoin market could reach a size of up to $3.7 trillion by 2030, driven by regulatory support and widespread institutional adoption [4][13] - Circle's stock surged over 675% shortly after its debut on the NYSE, rising from an initial price of $31 to $240 within ten days [4] Group 2: Retail Giants' Involvement - Retail giants Amazon and Walmart are exploring the issuance of their own stablecoins to address high payment processing fees, which can amount to billions annually [6][7] - Amazon's e-commerce revenue is projected to reach $447.5 billion in 2024, while Walmart's is expected to be $120.9 billion, highlighting their significant financial stakes in payment processing [7] - The potential cost savings from using stablecoins could be substantial, with estimates suggesting Amazon could save between $6.7 billion to $13.4 billion annually on transaction fees [8] Group 3: Traditional Financial Institutions' Response - Traditional banks, including JPMorgan and Bank of America, are actively exploring the issuance of stablecoins to mitigate the potential outflow of deposits estimated at $6.6 trillion due to stablecoin adoption [10][11] - Banks are recognizing the need to establish a presence in the stablecoin space, with discussions ongoing among major banks about joint stablecoin initiatives [11][12] - European banks, such as Societe Generale, are also entering the stablecoin market, indicating a broader trend among financial institutions to adapt to the changing landscape [12] Group 4: Challenges and Limitations of Stablecoins - Analysts express skepticism about the immediate impact of stablecoins on traditional payment systems, citing consumer acceptance as a key barrier [15] - Current stablecoins are predominantly dollar-denominated, limiting their effectiveness for transactions in local currencies and creating challenges in currency exchange [15] - The lack of robust fraud prevention mechanisms in stablecoin transactions raises concerns about consumer confidence, as completed transactions are irreversible [15][16]

每经编辑｜陈鹏程 王晓波 1 隔夜市场 美股三大指数收盘涨跌不一，纳指跌0.51%，标普500指数跌0.22%，道指涨0.08%；大型科技股多数下跌，谷歌跌近4%，Meta、英特尔、亚马逊、英伟达 跌超1%，微软小幅下跌；苹果涨超2%，奈飞、特斯拉小幅上涨；Circle涨超20%，创收盘历史新高。中概股涨跌不一，纳斯达克中国金龙指数跌0.92%；富 途控股跌超6%，金山云跌超4%，京东跌超3%，哔哩哔哩跌超2%；房多多涨超3%，斗鱼涨超2%。 6月20日，美联储货币政策报告显示，金融稳定在不确定性加剧中情况下"具有韧性"；市场流动性已有所改善，但市场状况仍对贸易政策相关消息保持敏 感；股票、企业债券和市政债券市场的流动性也出现了实质性恶化。 6月20日，据商务部网站消息，2025年1-5月，全国新设立外商投资企业24018家，同比增长10.4%；实际使用外资金额3581.9亿元人民币，同比下降13.2%。 从行业看，制造业实际使用外资915.2亿元人民币，服务业实际使用外资2596.4亿元人民币。高技术产业实际使用外资1090.4亿元人民币，其中，电子商务服 务业、航空航天器及设备制造业、化学药品制造业、医疗 ...

Group 1 - The wealth management industry is transitioning from "scale expansion" to "quality upgrade" due to improved regulatory policies and significant technological advancements [2] - Regulatory measures such as breaking the "guaranteed returns," reducing nested structures, and banning fund pools are guiding the Chinese wealth management market towards healthier development [2] - The rapid iteration of AI technology has enabled automated asset allocation services 24/7, while large model technology is reshaping investment research and analysis [2] Group 2 - The demand for skilled financial advisors is at an all-time high, as investors seek professionals who understand the market, policies, and client needs [3] - The 2025 Forbes-Fuguo China Preferred Financial Advisor Selection has been launched, continuing its mission to certify the professional capabilities and ethics of outstanding financial advisors [3][4] - The selection process includes multiple stages, culminating in a national final where top advisors compete for awards [4] Group 3 - The selection will produce a national TOP 60 list, with 14 finalists advancing to the national finals for the top awards [4] - The awards include Gold, Silver, and Bronze distinctions for the best financial advisors [9] - Winners will be recognized in Forbes magazine and will have opportunities to participate in various financial forums and strategy meetings [10] Group 4 - The wealth management market in China is projected to reach an asset management scale of 155.1 trillion yuan by 2024, indicating strong growth potential [2] - The changing demographic structure is driving a shift in retirement planning from value-added services to essential needs, alongside a rise in ESG investment concepts and cross-border asset allocation demands [2]