2025 年 06 月 28 日 行业研究 评级：推荐(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 李航 S0350521120006 | | | | lih11@ghzq.com.cn | | 证券分析师： | | 邱迪 S0350522010002 | | | | qiud@ghzq.com.cn | | 证券分析师： | | 王刚 S0350524020001 | | | | wangg06@ghzq.com.cn | | 证券分析师： | | 李铭全 S0350523030001 | | | | limq@ghzq.com.cn | | 证券分析师： | | 严语韬 S0350525040001 | | | | yanyt@ghzq.com.cn | | 证券分析师： | | 李昂 S0350525030002 | | | | lia@ghzq.com.cn | | 联系人 | ： | 张竞元 S0350124050014 | | | | zhangjy02@ghzq.com.cn | [Table_Title] 抢装支撑风电 Q2 业绩，锂电产 ...

近日， 未可知人工智能研究院讲师 Jeffrey 为 爱依瑞斯 举办了一场主题为 "AI赋能新零售，助力家居业务增长 "的培训 ，深入探讨了AI技术 在家居销售的革命性应用。AI正在深刻改变家居零售行业的游戏规则。 Jeffrey用一个翻译案例开启了课程。传统人工翻译15万字的书籍需要1.8万元和20天时间，而使用AI工具仅需5小时，成本几乎可以忽略不 计。这个对比让学员们直观感受到AI带来的效率革命。他借用二战时期日军因固守步枪而轻视冲锋枪的历史教训，形象地比喻当下企业如果不 及时拥抱AI技术，就会在竞争中处于劣势。 课程最后，Jeffrey引用英伟达CEO黄仁勋的话作为结语："未来每一份工作都会受到AI的影响，有的岗位会消失，新的会出现，而剩下的则会 被重新定义。"这引发了学员们的深思。随着AI技术的快速进化，家居行业的增长密码就在于选择合适的工具、找到落地场景、建立有效的人机 协作机制。 合作联系微信：duyuaigc 针对家居行业的具体痛点，Jeffrey给出了切实可行的AI解决方案。当产品展示遇到困难时，可以使用即梦AI一键生成3D效果图；面对高昂的 营销成本，可以通过DeepSeek结合飞书多维表 ...

Core Viewpoint - The new consumption sector in the Hong Kong stock market is performing well, with "Pop Mart, Lao Pu Gold, and Mixue Group" being viewed as the three giants. Meanwhile, the A-share market is also seeing significant interest in new consumption leaders, with many companies experiencing stock price increases of over 30% since Q2 of this year [1]. Group 1: A-Share Market Performance - Several A-share new consumption companies, such as Mankalon (300945.SZ) and Zhou Dazheng (002867.SZ), have attracted over 10 institutional research visits since May, indicating strong institutional interest [1]. - Mankalon's stock price has increased nearly 50% in the last two months, reflecting the growing attention from institutions [2]. - In Q1, Mankalon reported revenue of 714 million yuan, a year-on-year increase of 42.87%, and a net profit of 43.01 million yuan, up 33.52% year-on-year [2]. Group 2: Institutional Research Focus - Institutions are particularly interested in sectors such as gold and jewelry, food and beverage, apparel, and pet products, with topics like gold prices, trendy IPs, and young consumer preferences being key areas of focus [2]. - Mankalon has been researched 16 times by 77 institutions, while Zhou Dazheng has been visited 14 times by 144 institutions, ranking among the top in the A-share market [2]. Group 3: Impact of Rising Gold Prices - The surge in gold prices has negatively impacted consumer willingness to purchase, particularly affecting mid-to-high weight gold jewelry [3]. - Zhou Dazheng's management acknowledged the significant disruption caused by rising gold prices and emphasized the need to adapt to changing consumer preferences [3]. - Companies like Mankalon and Zhou Dazheng are focusing on brand positioning and product innovation to capture market share amidst these challenges [3][4]. Group 4: Targeting Young Consumers - The focus on young consumer demographics is a common strategy among consumption companies, with Mankalon aiming to align product design with young consumers' cultural aesthetics [5]. - Zhou Dazheng is launching a new brand "Zhuan Zhu Ge" targeting young consumers with a focus on cultural and trendy products [6]. - Companies are also enhancing their presence in high-end shopping centers to attract younger customers [6]. Group 5: AI Empowerment Strategies - Institutions are increasingly interested in how companies are leveraging AI technology, with Zhou Dazheng establishing an AI project team to enhance operational efficiency [7]. - Mankalon plans to integrate AI into its design and customer service processes to better understand consumer needs [7]. - Other companies, such as Chuangyuan Co., are also adopting AI-driven strategies to improve customer insights and product development cycles [7]. Group 6: Market Resilience and Innovation - The consumer market is showing resilience, with a gradual recovery expected, prompting companies to innovate continuously to meet diverse consumer demands [8]. - Companies are encouraged to shift from traditional sales models to innovative product offerings and new distribution channels to thrive in a competitive environment [8].

Core Viewpoint - The first "Beautiful Life Expo" was held in Beijing, aiming to showcase high-quality domestic products and promote them as alternatives to foreign brands [1][2]. Group 1: Event Overview - The expo was organized by Sina Finance, with Alibaba, JD.com, Pinduoduo, and Douyin E-commerce as co-hosts, and Weibo and Meituan as strategic partners [1]. - The theme of the Alibaba booth was "Life's Companion," focusing on helping consumers discover quality products in various life scenarios [2]. Group 2: Product Strategy - Alibaba's 1688 platform showcased popular and trend-setting products sourced directly from manufacturers, emphasizing quality and affordability [3]. - The platform aims to help domestic manufacturers transition from OEM to branded products, enhancing their market presence [3][4]. Group 3: Market Data - As of the first half of the year, 1688 has over 100 million buyers and more than 1 million suppliers, with over half being manufacturing enterprises [5][7]. - The platform has experienced rapid growth due to its focus on B2B digital supply chains and the increasing demand for quality products from younger consumers [7]. Group 4: Brand Development - Alibaba is committed to empowering quality domestic brands through initiatives like "Youyou Resonance," which aims to present good products and companies to buyers [9]. - The introduction of the "Strict Selection" channel is designed to help consumers find quality products directly, moving away from a low-price competition model [10][11]. Group 5: Supply Chain and Globalization - Alibaba is enhancing its supply chain services to support manufacturers in optimizing their operations and focusing on production [12]. - The company is also building infrastructure for cross-border supply chains, aiming to facilitate the export of Chinese products to international markets [13].

固态电池行业深度报告解读 20250625 摘要 固态电池相较于传统液态锂电池在能量密度、安全性和温度适应性方面 具有显著优势，尤其在高能量密度方面，高端路线有望提升至 400 甚至 500 瓦时每公斤，更适合低空经济、人形机器人等复杂应用场景。 中国固态电池产业链企业已超过 280 家，总体产能规划超过 450GWh，实际投产超过 25GWh。半固态技术已具备较强规模化能力， 全固态技术正在快速进行规模化，但实现装车仍需时间，设备商在加工 难度提升的背景下具备明显优势。 近期发布的深度报告"动力源打造固态发展新引擎"指出，AI 赋能新场 景将带来千亿增量市场，高功率领域如飞行器储能、前端机器人将成为 快速增长板块，原材料和应用端不存在绝对瓶颈，关键在于工程量产。 半固态技术路线作为液态与固态之间的折中方案，兼具传统液态工艺设 备优势，并可节约 34%的成本，同时在 pack 层面节约 9%的成本，有 望率先实现产业化，成为未来产业发展的重要方向。 新国标将于 2026 年 7 月 1 日实施，对热扩散、底部撞击与快速循环的 安全性提出高要求，推动整车企业及锂电企业加速迭代，或将倒逼产业 链加速发展，以满足消 ...

中新网东莞6月26日电 (孙秋霞 陈思荣)"筑梦大湾区 携手创未来"粤港澳台青年企业家湾区行(东莞)活动 24日至25日在东莞举办，本次活动由广东省工商联(总商会)主办，粤港澳台青年企业家走进东莞，共商 大湾区高质量发展新机遇。 澳门中华总商会理事马志宽围绕澳门"超级联系人"定位，提出依托横琴合作区推动科研成果转化。东莞 市台协青年会会长邓志腾讲述台企在莞三代转型史，认为东莞为台青提供了从"扎根"到"创新"的完整生 态链，两岸融合正催生新的产业蓝海。 图为湾区青商文体产业发展联盟成立仪式。广东省工商联 供图 图为粤港澳台青年企业家代表展开深度对话。广东省工商联供图 广东省工商联党组成员、专职副主席冯日光在讲话中指出，广东作为我国第一经济大省，拥有9个万亿 级产业集群，广东省委"1310"具体部署更将民营经济发展纳入核心议程。他号召青年企业家善用香港国 际金融网络、澳门葡语国家平台、珠三角制造腹地与台湾产业技术优势，在跨境研发、联合投资中构 建"湾区创新共同体"。 东莞市委常委、统战部部长陈志伟在致辞中表示，东莞产业体系完备、科创资源丰富，有对外开放的优 势、良好的营商环境和宜居宜业宜游的城市环境，未来将持续深 ...

01 一场围绕场景和系统解决方案的竞赛正在拉开序幕。 "将来储能应用的竞争一定是场景化的竞争，储能加细分领域的应用，解决了储能在细分领域的算账逻 辑的问题，能让企业真正赚钱，实现盈利。"北京海博思创科技股份有限公司(以下简称"海博思创")联合 创始人、运营总裁舒鹏在在第十八届(2025)国际太阳能光伏与智慧能源(上海)大会暨展览会期间如是说 道。 事实上，这家储能系统集成领域重要"玩家"正在围绕"以技术破局，以场景落地"积极拓展市场边界。 实际上，储能作为新型电力系统的重要支撑，天然就与场景深度绑定。据预见能源观察，在储能行业竞 争进入激烈的下半场之际，各大厂商产品越来越强调对细分市场和应用场景的精准适配能力。 在上述SNEC大会期间，行业龙头阳光电源大型储能产品线总经理李国宏就表示："在未来，储能行业竞 争将从规模扩张向价值深耕转型。行业将聚焦发电侧、电网侧、用户侧的经济模型，实现储能系统在调 节电网、套利等场景中的实际价值。储能已进入多元价值时代。" 而在今年4月，阳光电源工商业储能产品线总经理曹伟接受《中国能源报》采访时就曾指出，由于工商 业储能场景复杂、应用模式多样，需要构建与光伏、充电桩等产品的深度 ...

贾皓钧将AI for Science（AI赋能科学研究）分为三个阶段：第一阶段是数据降维与分析，通过机器学习 处理高维科研数据，揭示变量间的隐藏关联；第二阶段是科学性假设生成与实验验证的智能化。比如顶 尖科学家可能花一天提出假设，其他人用十年验证，AI则可以同时优化这两部分；第三阶段则接近通 用人工智能（AGI），AI或能独立发现如牛顿定律级别的科学规律。贾皓钧认为，这会比AGI晚一步， 但会很快到来。 贾皓钧还分享道，对于垂直领域的模型来说，高质量的数据可能比模型本身更为重要。"模型的性能其 实是两方面决定的，第一是这个模型本身架构好还是不好，第二是数据到模型训练好还是不好。垂直领 域尤其是科学领域，大家对结果精度要求非常高，不容忍90%的正确，必须100%严谨。" 专题：2025第十六届夏季达沃斯论坛 2025年新领军者年会于6月24-26日在天津举办，本届新领军者年会主题为"新时代企业家精神"。会议期 间，微博达沃斯特别主持于超对话深度原理（Deep Principle）创始人兼CEO贾皓钧。 对话中，贾皓钧回忆称，公司最初源于2022年麻省理工学院（MIT）的一个康复类创业项目，后转向AI 赋能化学与 ...

Core Insights - The article highlights the transformative impact of Beike's AI assistant "Laike" on real estate agents, enabling them to efficiently meet fragmented customer demands and improve transaction success rates in a challenging market environment [1][11]. Group 1: Market Context - The real estate market is experiencing high inventory and slow turnover, necessitating faster and more effective matching of properties with new owners [1][3]. - Since the fourth quarter of the previous year, the market has shown signs of recovery due to policy support, but challenges remain [1][3]. Group 2: Technology Empowerment - Beike's "Laike" system, launched in June 2024, is designed to empower agents by integrating deeply into the WeChat ecosystem, thus enhancing communication and trust with clients [3][4]. - The system addresses the issue of fragmented customer needs by utilizing AI to streamline the service chain and improve the efficiency of property matching [5][13]. Group 3: User Experience and Trust - The "Laike" system simplifies the process of connecting clients with certified agents, significantly reducing the steps required and enhancing trust through official verification [4][10]. - The introduction of a "Five Good Service Provider" evaluation mechanism encourages agents to improve service quality and build deeper emotional connections with clients [8][10]. Group 4: Performance Metrics - As of March 2025, the "Laike" system has supported over 259 million client interactions across more than 60 cities, demonstrating its effectiveness in enhancing agents' transaction rates [11][13]. - The AI-powered "Property Maintenance Assistant" complements the "Laike" system by improving the quality and exposure of property listings, benefiting over 400,000 homeowners [11][14]. Group 5: Future Directions - Beike continues to explore AI applications in the real estate sector, with products like "Pudding AI" aimed at providing intelligent solutions for diverse user needs [13][14]. - The integration of AI in key transaction processes, such as contract signing and post-sale services, has saved agents over 30,000 hours of work, showcasing the efficiency gains from human-AI collaboration [14].

2025年6月24日，由中国连锁经营协会（CCFA）主办，以"智链时尚新生态，AI驱动新动能"为主题的2025中国时尚零售与消费发展峰会在南京香格里拉酒 店隆重举行。本次盛会汇聚了诸多业内知名企业代表、行业专家等，共同探讨行业热点，交流实践经验。 毕马威中国华东及华西区零售行业审计主管合伙人周倩受邀出席，并发表题为《新消费浪潮及机遇——趋势洞察、政策红利及资本赋能》的主旨演讲。周 倩分享了当前消费领域的宏观概览、子行业趋势，解读了长三角地区消费促进政策，分享了对全球关税风暴下的中国企业出海的洞察，以及资本市场情 况。 作为全球专业服务机构，毕马威长期关注零售及消费品行业趋势研究，凭借丰富的行业经验与专业洞察，持续为企业提供全方位服务。展望未来，毕马威 将继续携手行业伙伴，共同探索零售及消费品行业新机遇，推动行业实现高质量发展。 *本文照片来源于主办方 本文内容仅供一般参考用，并非针对任何个人或团体的个别或特定情况而提供。虽然我们已致力提供准确和及时的资料，但我们不能保证这些资料在阁下 收取时或日后仍然准确。任何人士不应在没有详细考虑相关的情况及获取适当的专业意见下依据所载内容行事。本文所有提供的内容均不应被视 ...