出品|凤凰网财经《封面》 主持人丨张涛 制片人|李念雪 2025年世俱杯期间，32支世界豪门球队在绿茵场上展开巅峰对决。而在这场体育盛宴的场边，跃动的 Hisense标识不仅是中国品牌国际化的见证，也见证着全球显示产业的变革。 2024年，全球电视市场就在欧洲杯、奥运会等大型体育赛事的拉动下，出货量攀升至2.08亿台，同比增 长3.48%（Omdia数据），市场回暖的浪潮中，以海信为代表的中国品牌市场份额突破30%。 体育赛事是品牌全球化的重要场景，但真正的突围要靠技术穿透生活全场景。作为连续赞助世界杯、欧 洲杯、世俱杯的"体育营销常青树"，海信视像科技总裁李炜在凤凰网财经《封面》专访中，深入剖析了 当前显示产业的技术跃迁与市场趋势。 2024年，海信在全球显示领域交出了一份亮眼的成绩单：全球每出货两台百吋电视，就有一台出自海信 之手；攻克光色同控技术壁垒，激光显示产品市占率近半壁江山；年出货量份额稳居全球第二，与三星 的王座之争愈演愈烈。 面对"短视频时代，电视是否已被边缘化？"的疑问，李炜再次用数据打破了传统认知：联名《黑神话： 悟空》的定制产品销量环比激增56%，京东平台成交额同比飙升13%；百吋电视出 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall tin market is in a pattern of tight current situation and weak future expectations. The supply is expected to increase in the second half of 2025, while the demand shows a marginal weakening trend. The supply - demand balance will shift from a gap to a tight balance [2][3][90][91][92]. - In the second half of the year, the US dollar index is still expected to be weak, but the decline may slow down. The main driving factors will shift from valuation regression to the convergence of the growth rate gap between the US dollar and non - US currencies and the increasing hedging demand for US dollar assets [2][15][90]. - It is recommended to adopt a short - selling strategy when the price is high in the second half of the year, with around 270,000 yuan having a certain cost - effectiveness. Option strategies such as buying put options or selling call options are recommended, and attention should also be paid to internal - external positive arbitrage strategies and inter - monthly positive arbitrage strategies [3][92]. 3. Summary According to Related Catalogs 3.1 2025 H1 Tin Price Trend Review - In H1 2025, the central price of Shanghai tin slightly increased. In March, the price soared rapidly, reaching a recent high of 299,990 yuan on April 2, and then returned to around 260,000 yuan/ton. As of June 13, the increase of Shanghai tin was 8.46%, and LME tin increased by 13.27%. The large price fluctuations led to the non - commercial net long positions of LME tin breaking historical records again in March [7]. - The price fluctuations in H1 2025 can be divided into three stages: from New Year's Day to before the Spring Festival, the price fluctuated narrowly between 242,000 and 254,000 yuan; from after the Spring Festival to before Tomb - sweeping Festival, the price fluctuated and rose to a historical high of 299,900 yuan under the influence of supply - side disturbances in Congo (Kinshasa) and Myanmar; from after Tomb - sweeping Festival to now, the price returned to around 260,000 yuan, affected by Trump's tariff policy and the resumption of production in Congo (Kinshasa) [10][11][12]. 3.2 2025 H2 Tin Fundamental Market Outlook 3.2.1 US Dollar Index - It is expected that the year - on - year growth rate of the US GDP will slow down marginally in 2025, with the actual GDP year - on - year growth rate expected to be 1.7% in Q2, 0.9% in Q3, and 0.6% in Q4. The year - on - year growth rate may reach a low point in Q4, and the US economy is expected to rebound marginally in 2026, with an annual real GDP growth rate of 1.5%, which may be stronger than the 1.3% in 2025 [14]. - The year - on - year growth rate of the US CPI is expected to rebound in Q3, reaching around 2.9%, and then decline from Q4 to early 2026. The US dollar index will still be weak in the second half of the year, but the decline may slow down. The main driving factors will shift from valuation regression to the convergence of the growth rate gap between the US dollar and non - US currencies and the increasing hedging demand for US dollar assets [15]. 3.2.2 Supply Side - **Myanmar**: As of now, the resumption of production in Myanmar is still uncertain. In an optimistic scenario, some mines may start exporting in August, and the import volume of tin from Myanmar to China in the second half of the year is estimated to increase by about 3,075 tons compared with the first half. In a pessimistic scenario, the incremental supply may be less than 1,000 tons [31][32]. - **Congo (Kinshasa)**: The production in Congo (Kinshasa) is recovering. It is expected that the import volume from Congo (Kinshasa) to China will increase by 3,000 - 4,000 metal tons in the second half of the year compared with the first half [36]. - **Other countries**: The production of other countries also shows an obvious increase. The import volume from other countries (excluding Congo (Kinshasa) and Myanmar) in the first half of the year still made a positive contribution of 2,611 tons [37]. - **New projects**: The new tin - mining projects planned to be put into production in 2025 have not been progressing smoothly. It is estimated that the new production capacity in 2025 will be 2,620 tons (in an optimistic scenario), and the production capacity will continue to be released from 2026 - 2027, with a total potential new supply of 38,480 tons [52][57]. 3.2.3 Demand Side - **Consumer electronics**: The global consumer electronics market is weak in 2025. The growth of global smartphone shipments is sluggish, with an expected year - on - year growth of 0.6% to reach 1.24 billion units in 2025. The ideal replacement cycle has been extended to 31.1 months. The global PC market is also not optimistic, but the emerging fields such as AI - related wearables and semiconductors are rising, partially offsetting the weakness of traditional consumer electronics [59][60][68]. - **Photovoltaic**: In the photovoltaic field, due to policy changes, there were "430" and "531" rush - installation effects in the first half of 2025, which advanced the installation demand in the third quarter. It is expected that the new domestic installation in the third quarter will be about 30GW, a year - on - year decrease of 49%. The annual new domestic photovoltaic installation is expected to be about 240 - 250GW, with a year - on - year growth rate of around - 10%. The new overseas photovoltaic installation is expected to be about 270GW, with a year - on - year growth rate slowing down to only about 1% [81][82][83]. 3.3 Conclusion and Investment Outlook - In 2025, the global tin supply is estimated to be 374,000 tons, and the total global demand is 381,000 tons, with a growth rate of 0.8%. There is a small supply - demand gap of 7,000 tons globally. In China, the supply is about 186,000 tons, and the demand is about 189,000 tons, with a potential supply - demand gap of 3,000 tons. The fundamentals will weaken in the second half of the year compared with the first half, with supply increasing by 2.6% and demand decreasing by 4.1%, and the supply - demand balance will shift from a gap to a tight balance [3][92]. - Investment strategies include short - selling when the price is high in the second half of the year, with around 270,000 yuan having a certain cost - effectiveness. Option strategies such as buying put options or selling call options are recommended, and attention should also be paid to internal - external positive arbitrage strategies and inter - monthly positive arbitrage strategies [3][92].

Core Viewpoint - Yushu Technology has completed its C round financing, achieving a pre-investment valuation exceeding 10 billion RMB, indicating strong investor confidence in the humanoid robotics sector [2][3]. Group 1: Financing and Valuation - Yushu Technology's recent C round financing was led by major investors including China Mobile's fund, Tencent, and Alibaba, with most existing shareholders participating [2]. - The company's valuation has increased from 8 billion RMB at the start of the C round to over 10 billion RMB, with some investors suggesting that this valuation is still conservative [1][2]. - Yushu Technology has completed a total of 9 financing rounds since its establishment in 2016, reflecting its growth trajectory in the robotics industry [2]. Group 2: Potential IPO and Market Position - The recent change of Yushu Technology's name to a joint-stock company may indicate preparations for an IPO, aligning with market trends favoring tech companies [3]. - The Hong Kong government has expressed support for Yushu Technology's potential expansion and listing in Hong Kong, highlighting the company's strategic importance [3]. - Recent regulatory changes in China's A-share market may provide more opportunities for innovative tech companies like Yushu Technology to access public markets [3]. Group 3: Financial Performance and Market Share - Yushu Technology has maintained profitability since 2020, a notable achievement in a sector where many peers are still operating at a loss [4]. - The company ranks among the top in global humanoid robot shipments, with its quadruped robotic dog holding over 60% of the global market share [4]. - The founder of Yushu Technology emphasizes a commitment to advancing AI and robotics technology, aiming to enhance productivity through innovative products [4].

Group 1 - The "Zhu Meng Dao" App, developed by the female-oriented online literature platform Xiaoxiang Shuyuan under the ownership of Yuewen, was summoned by the Shanghai Cyberspace Administration due to concerns over AI-generated content that poses risks to minors' mental and physical health [1] - The app focuses on AI companionship, allowing users to interact with virtual AI characters, and is operated by Shanghai Zhu Meng Dao Artificial Intelligence Technology Co., Ltd. [1] - The app has completed a new round of financing exceeding $10 million, with investments from strategic partners including SenseTime Guoxiang Fund and Yuewen Group [1] Group 2 - A tragic incident in 2024 involving a 14-year-old boy who became obsessed with an AI companionship app led to his suicide, prompting legal action against the company Character.AI by the boy's mother [2] - The incident raised concerns regarding the protection of minors in relation to AI companionship products, highlighting the safety risks associated with providing AI Q&A services to minors [2] - The Shanghai Cyberspace Administration emphasized the importance of regulating AI technology applications to protect the legitimate rights and interests of minors, urging internet platforms to fulfill their responsibilities and balance innovation with compliance [2]

618落下帷幕，iPhone 16 Pro和iPhone 16 Pro Max包揽京东和天猫手机热卖榜冠亚军。 中国市场是苹果最重要的全球市场之一，然而，近几个季度，苹果在大中华区的表现却持续承压。根据苹果公司2024财年第四财季（即自然年2024年第三 季度）财报，大中华区营收为150.33亿美元，同比下降0.34%。整财年收入为669.52亿美元，同比下滑达7.73%。这是苹果财报所有划分地区中唯一一个录 得年度负增长的市场。 而且这一下降趋势已持续五个季度。进入2025财年后，苹果在大中华区的营收依旧走低：第一财季为185.1亿美元，同比下降11%；第二财季则为160亿美 元，再度下滑。 近期，乘着618和国补的东风，苹果大幅降价，iPhone销量回暖。 国补之下 iPhone大幅降价 6月17日，《IT时报》记者登录淘宝、京东、拼多多、抖音等主流电商平台后发现，iPhone依旧是整个618大促手机赛道当之无愧的销量之王。平台榜单显 示，无论是天猫主会场、百亿补贴频道还是全国补贴榜，iPhone 16系列都稳居榜首。 相比以往，今年各平台给出的iPhone优惠力度显著加大，有机型最高优惠幅度超过2600 ...

Core Viewpoint - The Japan Economic Federation has released a proposal for the sustainable growth of the anime industry, advocating for the adaptation of previously canceled manga into animation, highlighting the industry's potential despite facing systemic risks [1][5][25]. Group 1: Industry Background - The anime industry in Japan has been a significant cultural and economic pillar since its inception, with notable successes in the early 2000s, such as "Naruto" and "Spirited Away," which contributed to its global popularity [5][7]. - In 2002, the revenue from Japanese animated products exported to the U.S. was approximately $4.359 billion, significantly surpassing the total revenue from steel exports to the same market [7]. - The Japanese government has recognized the anime industry as a key economic sector, with policies aimed at enhancing its international competitiveness [9]. Group 2: Current Challenges - The anime industry is experiencing a bifurcation, with about 43.8% of full-service studios reporting increased revenues, while 33.3% of outsourcing studios face declining profits [10]. - Rising production costs and the depreciation of the yen have made it increasingly difficult for small to medium-sized animation studios to survive, leading to a wave of closures [14]. - The industry faces a talent shortage, with 47.3% of workers being freelancers, contributing to instability within the sector [16]. Group 3: Global Competition - The rise of South Korean webtoons has significantly impacted the Japanese anime market, with the South Korean market growing from 724 billion won in 2017 to over 2 trillion won in 2023 [17][19]. - Chinese companies are leveraging advanced technology, such as AI, to reduce production costs, with AI penetration rates in China and South Korea at 62% and 57%, respectively, compared to Japan's 8% [22]. - Chinese investments in Japanese anime companies are increasing, with companies like Tencent and Bilibili actively participating in IP development [22]. Group 4: Proposed Solutions - The Japan Economic Federation's proposal includes creating a global crowdfunding platform for fans to invest in the adaptation of canceled manga into animation, although the implementation details are still under development [25]. - The success of this initiative will depend on the industry's ability to adapt to the fast-paced demands of the streaming era, moving away from traditional production processes [27].

Group 1 - The "2025 China International Financial Exhibition" was held in Shanghai, showcasing the strength and innovation of Xinhua San Group in the fintech sector [1] - Xinhua San Group's Vice President Xu Runan emphasized the importance of high-quality computing power for the intelligentization of financial services, promoting the strategy of "AI in ALL, AI for ALL" [2] - The company aims to create highly intelligent business systems for financial clients by collaborating with ecosystem partners [2] Group 2 - Xinhua San Group launched the industry's first 800G domestically produced intelligent computing switch, the H3C S9825-8C-G, which has over 95% domestic production rate and supports high-speed data security for financial services [5] - The switch features 800G forwarding capability and can support a maximum of 100,000 heterogeneous computing clusters, ensuring rapid recovery from faults [5] - The exhibition highlighted Xinhua San's comprehensive solutions for financial digital transformation, including high-performance computing, networks, and intelligent scheduling platforms [10][11] Group 3 - The exhibition showcased Xinhua San's full-stack solutions for financial intelligence upgrades, focusing on both "full-stack intelligent computing" and "full-stack domestication" [7] - The company has served over 90% of financial clients and achieved 100% coverage of large financial clients, indicating its strong market presence [11] - Xinhua San is committed to continuous innovation and collaboration with industry partners to enhance financial technology solutions [11]

Summary of Key Points from the Conference Call Industry Overview: Express Delivery Sector - The express delivery industry is expected to maintain high growth rates, with a projected volume growth rate close to 20% in 2025, supported by consumer confidence recovery, e-commerce promotions, reverse logistics, and expansion into lower-tier markets [1][2] - The demand structure is shifting from consumption parity to mid-to-high-end upgrades, driven by rising GDP per capita and upgraded consumption needs, creating new growth points for the industry [1][4] Core Insights and Arguments - The express delivery industry's business volume growth has exceeded expectations, reaching 20.1% from January to May 2025, surpassing the initial market forecast of around 15% for the year [2] - Price competition among e-commerce express delivery services continues, but leading companies are expected to regain market share due to flexible pricing strategies, benefiting from special pricing policies and non-agricultural pricing strategies [1][5] - The application of unmanned delivery vehicles is gradually being implemented, significantly reducing costs and enhancing the long-term competitive advantage of leading companies, particularly benefiting SF Express [1][7] Financial Implications and Projections - The use of unmanned vehicles is projected to provide significant cost reduction opportunities for SF Express, with a penetration rate of 20%-50% potentially contributing to cost savings of approximately 5 to 14 billion yuan, translating to a profit increase of 5%-13% [1][7][8] - SF Express is expected to outperform its competitors in unmanned vehicle applications due to its direct operation model, which allows for greater cost reduction in last-mile delivery [3][8] Competitive Landscape - The competitive intensity in the express delivery market remains high, but the leading companies are likely to see a recovery in market share, with overall market share showing signs of stabilization and growth [5][6] - The cash flow of smaller and mid-sized companies remains robust, indicating that competition is unlikely to subside in the short term [5] Investment Recommendations - The current investment outlook for the express delivery industry highlights SF Express as a key recommendation due to its operational optimization, solid competitive barriers, growth potential, and cost reduction opportunities through AI technology [9] - SF Express's current valuation is approximately 20 times earnings, which is relatively low compared to historical levels, suggesting it still offers investment value despite recent performance exceeding expectations [10]

Core Viewpoint - The company is preparing for its 2024 annual shareholders' meeting, where various proposals will be discussed, including the appointment of auditors, financial reports, and capital changes. Group 1: Meeting Procedures - Shareholders and their representatives must arrive 30 minutes before the meeting to complete registration and present necessary identification documents [2][3] - The meeting will follow a specific agenda, allowing shareholders to exercise their rights to speak, inquire, and vote [2][3][4] - Voting will be conducted both on-site and online, with specific time frames for each method [5] Group 2: Financial Reports and Proposals - The company will present its 2024 annual financial report, which indicates a projected revenue increase of 51.38% despite a net loss for the year [8][9] - The profit distribution plan for 2024 proposes no cash dividends or stock bonuses due to the company's current financial situation and investment needs [8][11] - The company plans to continue its strategic investments in technology and capacity expansion, anticipating improved performance in the coming years [9][10] Group 3: Auditor Appointment - The company proposes to reappoint Tianjian Accounting Firm as its auditor for the 2025 fiscal year, with an audit fee of 750,000 RMB [11][12] - Tianjian has a strong track record and familiarity with the company's operations, which supports the decision for reappointment [11][12] Group 4: Capital and Financing - The company intends to apply for a credit limit of up to 1.5 billion RMB from financial institutions to support its operational and investment needs [19] - The company will provide guarantees for its subsidiaries' loans within the approved credit limit [19] - A proposal for foreign exchange hedging activities is also on the agenda, aimed at mitigating currency risk associated with international transactions [21][22] Group 5: Governance Changes - The company plans to amend its articles of association to eliminate the supervisory board, transferring its responsibilities to the audit committee of the board [30] - This change is part of a broader effort to enhance corporate governance and streamline operations [30]

Core Insights - The 2025 "6·18" shopping festival showcased strong consumer enthusiasm and market vitality, with platforms and merchants achieving record results despite a lack of explosive growth [1][2][3] - This year, platforms shifted focus from "lowest prices" to diverse promotional strategies, enhancing the shopping experience and optimizing the supply chain for mutual benefits between merchants and consumers [1][5] Performance Metrics - JD's "6·18" saw over 2.2 billion orders, with significant growth in 3C and home appliance categories, and a 285% increase in live-streaming sales [2][3] - Tmall reported a record number of active users, with 453 brands achieving over 100 million yuan in sales, a 24% increase year-on-year [2][4] Consumer Engagement - User participation surged, with JD's order numbers increasing by over 100% and Tmall experiencing double-digit growth in purchasing users [3][4] - High-net-worth 88VIP members exceeded 50 million, and brand membership grew by 15%, indicating a strong consumer upgrade trend [3] Category Performance - The 3C and home appliance sectors saw explosive growth, with mobile phone sales up 88% and home appliances up 161% year-on-year [3][4] - Instant retail emerged as a new growth engine, with JD's instant delivery service achieving over 25 million daily orders shortly after its launch [8][9] Strategic Shifts - Platforms are focusing on efficiency rather than price wars, with Tmall adjusting its traffic distribution to favor quality over low prices [5][7] - AI technology played a crucial role in enhancing operational efficiency, with a 130% increase in AI model usage during the event [7] Market Trends - Instant retail is projected to grow significantly, with the market expected to exceed 2 trillion yuan by 2030, driven by changing consumer habits [8][9] - The 2025 "6·18" event not only continued the growth trend but also explored new paths for sustainable development in the e-commerce sector [9]