3 2025 年 06 月 15 日 苹果 WWDC 发布重大更新，AI 智能眼镜销量大涨 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 电子(申万) | -3.2 | -12.0 | 25.3 | | 沪深 300 | -2.0 | -3.6 | 9.1 | 市场表现 相关研究 1 、《电子行业周报：任天堂 Switch2 开启首发，消费电子品类悦 己新消费崛起》2025-06-09 2、《电子行业周报：我国新一代人 造太阳再创记录，EDA 巨头或将断供 中国》2025-06-03 3、《电子行业周报：雷军官宣小米 自研手机 SoC，英伟达调整对华芯片 出口》2025-05-20 ▌上周回顾 6 月 9 日- 6 月 13 日当周，申万一级行业整体处于涨跌分化 态势。其中电子行业上涨 3.60%，位列第 3 位。估值前三的 行业为 计算机 、 国防军 工 、电 子 ，电子 行业市 盈 率为 49.32。 电子行业细分板块比较，6 月 9 ...

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 编辑 | 任彩茹 头图 | IC photo 「飞熊领鲜」完成近亿元C轮融资 据IT桔子，飞熊领鲜完成近亿元C轮融资，由河北临空私募基金管理有限公司与北京意诚阳光资产管 理有限公司联合投资。 飞熊领鲜为冻品产业链用户提供供应链金融、跨境采购、撮合交易、共享仓储交付、SaaS软件赋能 等综合服务。 「无限探索」完成1600万元天使轮融资 Busy Money 「贝陪科技」完成Pre-A轮投资 据智能涌现，智能玩具公司贝陪科技近日宣布完成Pre-A轮投资，由顺为资本独家投资。此前公司曾 获得由五源资本投资的天使轮融资和由青山资本独投的天使+轮融资，累计融资金额达到近千万美 元。 贝陪科技打造了AI玩具品牌"可豆陪陪"（KidoPally），并于今年4月底推出了首批AI玩具产品——友 爱兔和好奇熊。其产品主要面向全球2-8岁的儿童，有自然对话的儿童AI大模型、NFC游戏启智卡和 家长小程序等功能。 「Shiok Burger」完成Pre-A轮融资 36氪获悉，东南亚本土融合汉堡品牌Shiok Burger宣布完成Pre-A轮融资，本轮由 ...

Core Insights - 瑞欧威尔 (Ruiowell) has developed a head-mounted computer product that utilizes AR and generative AI technologies to enhance operational efficiency and safety in industrial settings [1][4] - The company aims to address the "last mile" challenges in industrial digital transformation, focusing on the needs of frontline workers [3][4] - 瑞欧威尔 has established partnerships with various leading companies across multiple industries, achieving significant sales growth and market expansion [2][4] Company Background - 瑞欧威尔 was founded in late 2018 by CEO Li Bo, who has extensive experience in the hardware and industrial sectors [1][2] - The company’s mission is to provide effective AR collaboration solutions for enterprises undergoing digital transformation [1][2] Product Development - The head-mounted computer allows workers to capture real-time data and communicate with remote experts without interrupting their tasks [3][4] - The product has evolved from a connectivity tool to a front-end data collection and interaction terminal, integrating voice interaction and AI decision-making [4][5] Market Positioning - 瑞欧威尔 focuses on a "small but beautiful" strategy, customizing solutions for specific industries rather than attempting to cover all sectors [5] - The company has successfully implemented solutions that have significantly reduced equipment inspection times and failure rates for clients like Schneider Electric [5] Achievements and Recognition - 瑞欧威尔 has received multiple awards and recognitions, including being named a top company in the XR industry and securing numerous patents in the AR field [6] - The company has raised a total of 120 million yuan in funding from various investors [6][7] Future Outlook - 瑞欧威尔 plans to deepen collaborations with industry giants and expand the application of industrial AI [6] - The company is preparing for a new round of financing to support its growth initiatives [7]

Group 1 - Yuan An, a long-time employee of Alibaba, announced his departure and clarified that his resignation was voluntary and not due to financial reasons, emphasizing the pursuit of dreams over money [1] - The smart glasses market has seen an explosive growth, with sales increasing over 800% year-on-year, and global shipments expected to reach 12.8 million units by 2025, with China leading the market [1] - Quark, a subsidiary of Alibaba, launched a high school entrance examination model to provide personalized college application strategies for students [2] Group 2 - AMD unveiled its new AI chip MI400 at the Advancing AI 2025 conference, which will be integrated into a complete server system named Helios [4] - Micron Technology announced an expansion of its investment in U.S. memory manufacturing to $200 billion, creating approximately 90,000 jobs [5] - Ant Group's Ant Financial is applying for a stablecoin license in Hong Kong, aiming to establish its global headquarters there [5] Group 3 - Google introduced a voluntary departure plan for employees, offering at least 14 weeks of salary as compensation [2] - SpaceX's Starship's eighth test flight failed due to a hardware issue with one of its Raptor engines, but no public injuries or property damage were reported [5] - JinkoSolar signed multiple cooperation agreements for its Tiger Neo 3.0 modules, marking the start of mass production and delivery [7]

Group 1: Company Listings - Suzhou Huichuan United Power System Co., Ltd. has received approval for its initial public offering from the Shenzhen Stock Exchange [1] - Jiehuate Microelectronics Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange [1] Group 2: Aviation Incident - A Boeing 787 passenger plane from an Indian airline crashed, resulting in at least 265 fatalities, with only one survivor among the 242 onboard [2] - The crash also caused injuries to at least 50 ground personnel, and the search and rescue operations have concluded [2] Group 3: Corporate Developments - Nio Automobile's CEO faced employee protests over unpaid salaries, leading to a decision for employees to work from home [4] - Alibaba's chairman, C. Z. Tsai, acknowledged past mistakes and emphasized the company's commitment to AI and cloud infrastructure, with a planned investment exceeding 38 billion yuan over the next three years [5] - Tencent is reportedly considering a $15 billion acquisition of South Korean game developer Nexon [5] Group 4: Market Trends - The smart glasses market has seen an explosive growth of over 800% in sales, with projections indicating that global shipments will reach 12.8 million units by 2025, a 26% increase year-on-year [9] - The Chinese market is expected to surpass 2.75 million units, marking a 107% year-on-year growth [9] Group 5: AI Collaborations - OpenAI is in discussions with Saudi Arabia's Public Investment Fund and India's Reliance Group regarding a $40 billion funding plan [16] - Mattel, the maker of Barbie dolls, has partnered with OpenAI to develop AI toys and games, with a product launch expected later this year [16]

12日下午，一架印度航空公司的波音787客机从印度西部古吉拉特邦起飞后坠毁。失事客机上载有242人， 除机上人员外，事故还造成地面人员 伤亡。 整理 ｜丁丁炒面 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 联合动力 36氪获悉，深交所上市委公告，苏州汇川联合动力系统股份有限公司（简称"联合动力"）首发获通过。 杰华 特微 电子 36氪获悉，港交所文件显示，杰华特微电子股份有限公司向港交所提交上市申请书。 印度坠机事故造成至少265人死亡，机上仅1人幸存 12日下午，一架印度航空公司的波音787客机从印度西部古吉拉特邦起飞后坠毁。失事客机上载有242人。印度警方公布的最新数据显示，本次事故造成 至少265人死亡。当地时间12日，印度内政部长阿米特·沙阿确认仅有一名机上乘客在这起事故中幸存，有关部门正在采集机上人员亲属的DNA样本，死者 名单将在DNA检测结束后公布。除机上人员外，事故还造成地面人员伤亡，古吉拉特邦卫生部门官员在事发后表示，已有至少50名地面人员被送往医院 接受治疗。北京时间13日凌晨，印度民航部宣布，本次事故的现场搜救行动已经结束。（央视新闻） ...

Core Viewpoint - The rapid increase in pre-orders for Rokid Glasses highlights the growing interest and potential in the AI glasses market, driven by advancements in AI and AR technologies [1][2][3]. Company Overview - Rokid has received over 250,000 pre-orders for its AI glasses, which are set to launch at the end of June [1]. - The company is focused on refining its products and enhancing capabilities in response to high consumer expectations following its recent popularity [3][4]. Product Features - Rokid Glasses integrate AR display, camera, microphone, and speaker functionalities, distinguishing them from other market offerings that may lack comprehensive features [3][4]. - The glasses include advanced features such as AI-driven smart prompting and automatic page turning, enhancing user experience [6]. Technology Development - Rokid emphasizes self-research and development in key areas such as operating systems, voice interaction, and optical design, while collaborating with partners for supply chain aspects [7]. - The company has established AI and AR labs to focus on the development of these technologies, with a belief in the significant potential of AR glasses [9]. Market Dynamics - The AI glasses industry is experiencing a surge in competition, referred to as the "hundred glasses war," with many new players entering the market due to the maturity of generative AI models [10][11]. - The market is still in its early growth phase, with consumer demand for better products and experiences driving competition [12]. Global Expansion - Rokid is expanding its presence in over 80 countries, including key markets like Germany, the UK, the US, South Korea, and Japan, while preparing for localization and compliance in these regions [13]. - The company plans to open its capabilities to developers, fostering an ecosystem for creating scene-specific applications [14]. Future Trends - The trend towards lightweight AI glasses is expected to continue, with Rokid aiming to produce glasses weighing less than 50 grams, catering to a broader audience and enhancing daily usability [14][15].

文｜每人Auto 谢韫力 编辑 | 李欢欢 凭借MONA M03、P7+两款车，小鹏顺利逃出ICU，但随着两款车型的巨大成功，市场产生了一个新的 担心——小鹏品牌会不会就此滑落到20万以下区间，和比亚迪撕杀。今年小鹏G6、G9，以及全新G7面 世，都在试图打消这种担忧。 不到1小时，小订破万 开启预售46分钟，小订突破一万台，这是小鹏G7交出的首张成绩单。 6月11日，小鹏发布了全新车型G7，预售价23.58万元。这个价格一出，直播间的弹幕疯狂飘"真香"。 今年上半年，小鹏主要精力放在改款车身上。包括G6、G9两大SUV、MPV车型X9，几大改款车型上市 后，在1-5月帮助小鹏实现了16.26万台的交付量，同比大幅增长293%，创交付新高。 接下来，小鹏全新车型G7、新一代P7和压轴的增程SUV都被集团寄予冲高目标，辅助小鹏在20万元以 上价格带拿下更多市场份额。 小鹏G7定位为中型纯电SUV，外观上看，几乎是P7+的SUV版，G7的车身较为圆润，前脸采用星环贯 穿式灯带，延续了小鹏的家族化设计语言。一些准车主评论，"看来很豪华，有科技（感），像30万级 别的车"。 G7配备了单电机后驱动力系统，标配视觉城市 ...

Group 1 - The smart glasses market is experiencing explosive growth, with transaction volume increasing over 8 times year-on-year, and global shipments expected to reach 12.8 million units by 2025, a 26% increase [1] - The Chinese market is projected to surpass 2.75 million units, showing a remarkable growth of 107% year-on-year, making it the largest market globally [1] Group 2 - There are currently 5,540 existing smart glasses-related companies in China, with 46.65% of them being established for over 10 years [2] - In 2024, a total of 40 new companies are expected to be registered, with 4 already registered this year [2] Group 3 - The majority of smart glasses-related companies belong to the scientific research and technical services sector, accounting for 32.78% of the total [3] - Other sectors include information transmission, software and information technology services (21.96%), manufacturing (17.84%), and wholesale and retail (14.72%) [3] Group 4 - Most smart glasses-related companies are capital-intensive, with 32.80% having registered capital of 50 million yuan or more [4] - Companies with registered capital between 10 million (inclusive) and 50 million yuan account for 24.26% [4]

阿里离职员工发万字长文 马云回应 近日，阿里巴巴内网的一篇帖子引发热议，钉钉的产研负责人元安（花名）离职时在内网对阿里的发展历程、存在的问题及原因作出了近万字分析，阿里 巴巴创始人马云也对该帖子进行了回复。 马云关注到了这个帖子，并在内网回复称："元安同学好，谢谢你那么长的信，写得很好。好像人的成长，阿里的发展也有很多必然要走的路和过程，阿 里巴巴在发生变化之中。祝福你，也希望经常回来看看。" 影石创新上市首日市值破700亿 6月11日，影石创新正式登陆A股，成为"智能影像第一股"。此次IPO发行价47.27元/股，开盘大涨285%，总市值超700亿元。 此次影石创新科创板上市募资19.38亿元，为2025年以来上交所（主板+科创板）整体募资额排名第三，在科创板排名第一。 科创板亦也迎来了首位 "90 后" 董事长，现年34岁的影石创新创始人、董事长刘靖康，2015年从南京大学毕业后，创办该公司，曾自称 "从学生宿舍走向 全球市场"。 抖音电商升级治理虚假宣传：严打直播间违规营销 抖音电商表示，近期发现平台上少数商家及创作者在食品、五金等类目商品的营销推广时，存在严重虚假宣传的行为。在调查时还发现，部分商家疑 ...