"台州地阔海冥冥，云水长和岛屿青。"在台州的"浙里光谷"产业园区，一首"光与海"的交响曲正在奏 响，浙江水晶光电科技股份有限公司（以下简称"水晶光电"）便是其中的"最强音"。 光学产业的具体应用形态随着时代发展不断演变。无论风口如何更迭，水晶光电始终站在行业创新潮 头。从相机时代起步，历经智能手机时代、车载电子时代，再到如今的元宇宙时代，水晶光电逐步由几 十人的小工厂成长为提供一站式光学解决方案的行业专家。 水晶光电是如何成为光学产业的"常青树"？未来又将怎样继续与行业发展同频共振？近日，《证券日 报》记者来到水晶光电台州基地进行调研，深度解锁这家光学"隐形冠军"跨越周期的财富密码。 向内求 修炼稳健内功 走进水晶光电车间，一派井然有序的生产场景映入眼帘：上百台智能生产设备高效运转，几位身着防护 服的工人穿梭于生产线之间，紧密关注着机器运转情况。据工作人员介绍，这条生产线不仅能高水平地 完成线切、抛光等工艺，还能自主完成镀膜和产品测试，整体技术水平位于业内领先地位。 往前回溯，21世纪初，水晶光电还只是浙江台州一家专注于安防监控OLPF（光学低通滤波器）产品的 小微企业，面临着产能有限、技术薄弱、市场认知度低 ...

Group 1 - The 2025 AI Metaverse Industry Supply and Demand Matching Conference and the First Digital Culture Industry-Education Integration Conference was held in Shanghai, focusing on the integration of AI and metaverse technologies [1] - Shandong Digital Culture Group was awarded the title of "2025 China Metaverse Star Supplier (Five-Star)" at the conference, which is the highest level of recognition [1] - The conference attracted nearly 500 participants from various sectors, including enterprises, universities, government agencies, social organizations, investment institutions, and media, aiming to build a Chinese-style AI cultural metaverse industry ecosystem [1] Group 2 - The "Yidian Tianyuan Metaverse Platform" developed by Shandong Digital Culture Group integrates AI, blockchain, and VR/AR technologies, allowing users to create digital avatars for virtual events [2] - The platform features a core component called "Tianyuan Release Hall," which includes 600 seats and is applicable for various scenarios such as press conferences and live broadcasts [2] - As of 2025, the platform has constructed over 80 metaverse spaces, expanding its application scenarios under the "Media + Metaverse + N" model [2] Group 3 - Shandong Digital Culture Group is a large state-owned cultural enterprise responsible for implementing national cultural digitalization strategies and promoting the cultural and digital strength of Shandong Province [3] - The group has developed several key products, including the "Yidian Tianyuan" metaverse event platform and various digital models and platforms for media and cultural applications [3] - The group operates several innovation laboratories to support its research and development efforts in cultural digitalization and technology applications [3]

Core Viewpoint - Nanjing Silicon-based Intelligent Technology Group Co., Ltd. (Silicon-based Intelligence) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first digital human stock in Hong Kong [1][2]. Company Overview - Founded in 2017, Silicon-based Intelligence has grown to become the largest digital human company in China, achieving commercialization in over 40 industries, including finance, government, and e-commerce, with the highest market share in the digital human sector [1][4]. - The company has completed 10 rounds of financing before the IPO, with a post-investment valuation of 3.15 billion yuan. Notable investors include Tencent, Sequoia China, and others [1][7]. Founder Background - The founder, Si Mahuapeng, has a strong technical background and has previously founded successful tech companies, including Returnil and Toolwiz. His vision for AI as a new form of "digital labor" led to the establishment of Silicon-based Intelligence [3][4]. Business Development - The company faced challenges in its early years due to the immaturity of AI technology. However, it capitalized on the "metaverse" trend in 2021, launching a comprehensive application solution for virtual digital humans and AIGC [4]. - As of now, Silicon-based Intelligence has provided over 80,000 "silicon-based labor" solutions to various industries [4]. Financial Performance - Revenue from the company's five business segments is projected to grow from 223 million yuan in 2022 to 655 million yuan in 2024, with a compound annual growth rate of 71.5% [5]. - The company achieved a net profit of 5.29 million yuan in the first half of 2025, marking a turnaround from previous losses [5][6]. Market Position - Silicon-based Intelligence holds a 32.2% market share in the domestic digital human solutions market, ranking first in China and second globally [4][5]. Strategic Adjustments - The company has adopted a competitive pricing strategy to secure partnerships with large clients, which has impacted its gross margin, decreasing from 45.8% in 2023 to 31.6% in the first half of 2025 [6]. Use of IPO Proceeds - The funds raised from the IPO will primarily be used to enhance R&D capabilities, marketing, global acquisitions, and general corporate purposes [6]. Investment and Shareholding - Major shareholders include Tencent (16.59%), Zhuhai International (11.81%), and others, reflecting strong backing from top-tier VC/PE firms [8].

Core Viewpoint - Zhangjiajie Tourism Group Co., Ltd. has entered a restructuring process, supported by strong backing from state-owned enterprises, local government policies, and systematic governance optimization, which together create a solid value foundation for long-term investment [1] Group 1: Restructuring Highlights - The participation of multiple state-owned listed companies in the restructuring provides stable expectations and quality resource support [1] - Hunan Electric Media Co., Ltd., as a leading cultural enterprise in Hunan Province, offers robust policy coordination and resource support for cultural tourism integration projects [1] - The core implementation entity, Mango Cultural Tourism Investment Co., Ltd., will leverage its nearly 20 years of experience in cultural tourism project management for the transformation of Duyong Ancient City [2] Group 2: Collaborative Efforts - A specialized operating company will be jointly established by Electric Media and other professional cultural tourism institutions to lead the quality improvement and market-oriented operation of Duyong Ancient City [2] - Caesar Travel Development Co., Ltd. will collaborate with Zhangjiajie Tourism Group on tourism product development, supply chain optimization, and expanding domestic and international customer sources [2] - The involvement of Jifuqingyuan Investment Partnership will inject cultural connotations into the scenic area, enhancing visitor return rates through brand linkage and co-hosted events [2] Group 3: Financial and Structural Support - Zhangjiajie Industrial Investment (Holding) Co., Ltd. has acquired 1.09 billion shares at a price of 3.96 yuan per share, demonstrating confidence in the company's future development [3] - The restructuring agreement includes participation from 17 restructuring investors, many of whom have state-owned backgrounds, providing dual guarantees of financial support and resource empowerment [3] - The implementation of the restructuring plan is expected to fundamentally improve the asset-liability structure of Zhangjiajie Tourism Group, enhancing the profitability of its core business [3]

Core Viewpoint - The article discusses the launch of miHoYo's new project "Varsapura," highlighting its ambition to create a cyber city that accommodates a large number of players, moving beyond traditional gaming concepts [3][4]. Group 1: Project Overview - "Varsapura" was officially revealed with a 31-minute gameplay demo, showcasing its early development and solid quality comparable to mainstream single-player games [5]. - The game features a realistic art style, drawing inspiration from miHoYo's previous virtual character, Yoyo Luming, and emphasizes high-precision rendering [7][9]. - Combat mechanics in "Varsapura" are designed to be more restrained and realistic, with character movements reflecting physical properties rather than exaggerated animations [12][9]. Group 2: Game Design and Features - The game incorporates a complex design framework, allowing seamless transitions between open-world exploration and combat scenarios [14][16]. - "Varsapura" is expected to include elements reminiscent of classic single-player titles while also offering an expansive open-world experience [17]. - The game will feature AI-driven interactions and dialogue options, enhancing player engagement and immersion [19]. Group 3: Industry Reception and Future Prospects - The initial reception of "Varsapura" has been mixed, with some praising its design quality while others express skepticism about its market potential [21][23]. - The project reflects miHoYo's accumulated design experience from previous titles, indicating a blend of familiar mechanics with new innovations [22][25]. - The article suggests that "Varsapura" represents a culmination of lessons learned from past projects, particularly the canceled "PJSH," and showcases miHoYo's commitment to pushing technological boundaries in gaming [32][36]. Group 4: Company Context and Strategy - miHoYo has been active in 2023, revealing multiple projects alongside "Varsapura," including titles that explore different gameplay mechanics [39]. - The article emphasizes that miHoYo continues to pursue cutting-edge game design, maintaining its philosophy of "technology saving the world" despite past challenges [39].

Core Insights - Sanqi Interactive Entertainment has made a strategic investment in BrainCo, focusing on the application of brain-computer interface (BCI) technology in entertainment and XR fields, indicating a commitment to becoming a leader in the next generation of human-computer interaction [1][2][5] Investment Details - The company has completed a $20 million investment in BrainCo, aiming to explore commercialization paths for BCI technology while enhancing business upgrades and expanding application scenarios in entertainment and XR [2][5] - This investment follows a previous investment in Huazhong Brain Control, where Sanqi Interactive Entertainment acquired a 10% stake, demonstrating a consistent strategy in the BCI sector [5] Market Potential - The BCI technology is projected to have a market potential reaching trillions, with significant opportunities in various applications, including gaming and healthcare [2][3] - The global market for BCI in the medical field is estimated to reach $400 billion by 2024, highlighting the economic significance of this technology [6] Technological Advancements - BCI technology is expected to revolutionize traditional gaming interactions by enabling players to control virtual characters through brain signals, enhancing immersion and creating competitive advantages [3][7] - The collaboration with BrainCo is anticipated to enrich the consumer application matrix, particularly in sleep and meditation products, aligning with entertainment IPs [4][5] Competitive Landscape - The investment signals a long-term commitment to BCI as a strategic focus, aligning with national policies supporting the BCI industry and aiming to capture the core of future entertainment industry transformations [5][8] - Sanqi Interactive Entertainment's competitive edge lies in its ability to integrate existing gaming IPs with BCI technology, leveraging its operational experience to facilitate commercial applications [8]

Core Viewpoint - The increasing demand for wealth management among residents highlights the importance of asset allocation, which can help investors balance returns and risks, respond rationally to market fluctuations, and achieve long-term investment goals [2] Group 1: Investment Strategies - The comparison between the "dividend low-volatility index" and the "growth enterprise board index" illustrates a long-term alignment in returns, emphasizing the value of different investment styles over time [9][10] - Dividend investment is often perceived as lacking growth potential, yet its stability and consistent returns can be advantageous in the long run [14][15] - The disciplined approach of dividend indices, focusing on sustainable dividend payments and valuation safety, provides a unique advantage in the A-share market [16] Group 2: Growth vs. Dividend Investment - Growth investments, while capturing market trends, often come with high volatility and uncertainty, making them challenging for many investors [21][22] - The essence of dividend strategies lies in their suitability for ordinary investors, prioritizing stability and disciplined investment over speculative gains [24] - The long-term performance of dividend strategies does not necessarily indicate superiority over growth investments; rather, it reflects a better fit for certain investment profiles [24] Group 3: Investor Mindset - The choice between being a "shooting star" or a "constant star" in investment reflects different approaches to wealth accumulation, with dividend strategies offering a more stable path to long-term returns [25][27] - The wisdom of slow and steady investment, as opposed to chasing rapid gains, is emphasized as a more sustainable approach to wealth management [26]

全球首个5G-A人形机器人火炬手"夸父"领跑火炬传递、全球首个基于车规级芯片实现的L4级无人 驾驶产品行驶在广州街巷……第十五届全国运动会（以下简称"十五运会"）期间，大量全球首个、全国 首发科技成果亮相赛场内外，赛事活动成为高科技产品的"超级秀场"。 11月19日，十五运会广东赛区执委会举办"科技全运"专题新闻发布会。十五运会广东赛区执委会高 科技产品展示专班副组长、广东省科学技术厅二级巡视员夏奇峰表示，广东省科技厅牵头组建高科技产 品展示专班，遴选出130多款高科技产品投入应用，全方位、多维度构建起"科技赋能体育"的广东范 式。 大赛运转"智慧""绿色"并存 指挥调度大脑、智能照明、追光跑道……十五运会赛场内外，节能环保类科技产品，让"智 慧"与"绿色"成为最大亮点。 在赛事项目上，科技支撑不可或缺。广州海关首创"马脸智能识别"系统，通过构建"马脸—马身— 烙印ID—芯片ID"生物特征数据库，实现了马匹行进间的无感查验，仅需2至3秒即可完成身份核验，准 确率高达99%。该系统不仅节约了30%的人力成本，还有效解决了赛马易应激、传统查验模式安全风险 高的问题。 为了让百姓可感、可知、可用，十五运会广东赛区执 ...

Group 1 - The article discusses the establishment of the Nanjing Jinyumaowu Zhanxin Soft AI Fund, which has a total scale of 1 billion yuan, focusing on cutting-edge industries [1] - The fund will target key areas such as underlying hardware, basic software, industrial software, artificial intelligence, metaverse, big data, cloud computing, 6G/F6G, and satellite communication [1] - The fund is managed by Jinyumaowu Investment Management Co., Ltd., the only New Third Board listed venture capital institution in Jiangsu Province [1] Group 2 - The fund aligns closely with the leading industries in the Jianye District, including artificial intelligence, digital economy, and AI+ [1] - The establishment of the fund is expected to create high synergy with the Jianye Central Science and Technology Innovation Zone in terms of industrial attraction [1]

记者丨张飞涛 实习生丨于飞 出品丨鳌头财经 曾经的中国"数字出版第一股"，如今却深陷亏损之中。 今年第三季度，中文在线亏损2.94亿元，以至于前三季度亏损额高达5.2亿元。自2015年上市以来，中文在线就多次亏损，累计亏损额超过28亿元。并且， 过去数年中文在线也多次跟热门"风口"例如二次元、元宇宙、AIGC等热门概念沾边，股价也闻风而动，但题材炒作如同"昙花一现"，公司业绩始终在亏 损泥沼中。 另外，腾讯旗下深圳利通、阅文集团等股东、以及公司高管纷纷减持，也为中文在线蒙上了一层阴影。 短剧平台FlareFlow高额成本拖累利润 根据中文在线三季度报告数据，前三季度的营业收入为10.11亿元，同比增长25.12%，归母净利润为-5.2亿元，同比增长-176.64%。第三季度的数据，第三 季度的营业收入为4.55亿元，同比增长31.43%，归母净利润为-2.94亿元，同比大减673.14%。 净利润巨亏，中文在线并没有给予较长篇幅的解释，仅在变动原因中标注前三季度净利润较去年同期大幅减少的原因是本期海外业务经营亏损增加所致。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 ...