研究报告 Research Report 21 Dec 2025 中国可选消费 & 必需消费 China (Overseas) Discretionary & Staples 餐饮、潮玩及家电行业周报 F&B, Designer Toys and Home Appliance Sector Weekly Report [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | | --- | --- | --- | --- | | 股票名称 评级 | | 股票名称 | 评级 | | 泡泡玛特 | Outperform 达势股份 | | Outperform | | 安踏体育 | Outperform 澳优 | | Outperform | | 华住酒店集团有限 | Outperform 九毛九 | | Outperform | | 公司 | | | | | 百威亚太 | Neutral | | | | 华润啤酒 | Outperform | | | | 海底捞 | Outperform | | | | 康师傅 | Outperform | | | | ...

| 五、宏观信息 | | | --- | --- | | 中俄举行战略安全磋商，就涉及两国战略安全利益的重大问题全面、深入沟通，达成新的共识，增进了战略互信。双方就涉日本问题进行战略对表，达成高度 | 共识，一致认为要坚定维护用生命和鲜血换来的二战胜利成果，坚决抵制任何为殖民侵略历史翻案的错误言行，坚决反击法西斯主义、日本军国主义卷土重来 | | 的图谋。双方就乌克兰危机深入交换意见。 | | | 日中友好议员联盟、日本经济团体联合会等日本部分组织已向中方传达希望近期访华的意愿。外交部发言人林剑在例行记者会上表示，注意到日本国内有很多 | | | 有识之士对高市早苗错误涉台言论引发的恶劣影响和严重后果深感忧虑。希望日本相关团体在日国内多发挥积极作用。 | | | 国家发改委主任郑栅洁发表署名文章指出，"十五五"规划建议将建设现代化产业体系这一任务摆在12个领域首位，关键是优化提升传统产业，培育壮大新兴 | | | 产业和未来产业，加快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展。 | | | 宏观信息 | 市场监管总局制定出台《市场监督管理信用修复管理办法》，为经营主体重塑信用提供规范统一、高效 ...

今日三大指数弱势震荡，沪指再度失守3900点。市场热点较为散乱，活跃资金抱团炒作高位妖股，3倍 牛股合富中国再度涨停，金富科技斩获7连板，海王生物5连板，道明光学、通宇通讯4连板。市场全天 成交近1.6万亿，较上个交易日缩量近3000亿，两市下跌个股超3700只。 盘面上看，福建本地股再度爆发，平潭发展等多股涨停。消息面上，福建第十五个五年规划的建议发 布。建议提到，加快平潭综合实验区开放发展，推进新一轮全岛封关运作，建设两岸共同市场先行区 域、两岸同胞共同家园等。另外，福建再推12条惠台利民政策措施，包括支持台企台商发展、优化台胞 台企办税服务、推进对台商贸文旅交流合作等。 其他热点方面，商业航天概念局部活跃，航天发展13天9板；算力硬件股尾盘异动，菲菱科思20%涨 停；消费股继续走强，安记食品、惠发食品午后直线涨停；地产、家居板块震荡走强，海鸥住工拉升封 板；传媒、有色金属、人形机器人等板块表现较弱。 从个股看，两市上涨1544家，下跌3740家，171家涨幅持平。两市共55股涨停，共9股跌停。 截至收盘，沪指跌0.42%报3897.71点，成交6275亿元；深成指跌0.68%报13056.70点，成交9 ...

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC 2025) commenced in Shanghai, highlighting the evolution of AI terminals as the third generational upgrade in the terminal industry, with personal super intelligent agents becoming the native human-machine interaction system [1][3] - Lenovo is leading the AI terminal market with its "one body, multiple ends" strategy, having launched the world's first AI PC and the first personal super intelligent agent, Tianxi, which integrates across various devices [3][4] Industry Developments - The AI terminal industry is undergoing significant transformation, moving from "functional terminals" and "internet terminals" to "AI terminals," which create a "silicon-based avatar" for users [4][5] - Key transformations in AI terminals include upgrades in interaction methods and innovations in computing architecture, with personal super intelligent agents offering proactive services through multimodal interaction and autonomous planning [4][5] Company Innovations - Lenovo's AI terminal strategy encompasses the Tianxi personal super intelligent agent, which serves as the "AI brain" for devices, and includes AI PCs, AI smartphones, AI tablets, and AIoT devices [4][7] - The Tianxi agent features four core capabilities: perception, cognition, execution, and security, operating in a seamless end-cloud integration [5][7] - Lenovo has defined five core characteristics for its AI PCs, which now account for over 20% of its total laptop sales, with a user net promoter score (NPS) exceeding 40 [7][8] Ecosystem Development - Lenovo is focused on building a prosperous AI terminal ecosystem, having established three main ecological systems: intelligent agents, models, and terminal systems, with over 2,000 developers participating in the Tianxi AI space [8][10] - The company emphasizes open collaboration and innovation to enhance the global competitiveness of China's AI terminal industry, advocating for cross-brand interoperability and innovative user experiences [10][11]

Core Insights - The establishment of the Shenzhen Artificial Intelligence Terminal Industry Private Equity Investment Fund, with a total scale of 50 billion and an initial scale of 20 billion, marks a significant step in Shenzhen's ambition to become the "AI Terminal First City" [3][4][5]. Fund Details - The fund is co-funded by Honor Terminal Co., Ltd., Shenzhen Guidance Fund, Shenzhen Futian Guidance Fund, and Shenzhen Hongtu Venture Capital Co., Ltd., with Shenzhen Capital Group acting as the manager [3][4]. - Major contributors include Shenzhen Guidance Fund (5.6 billion), Honor Terminal (3 billion), Futian Guidance Fund (2.4 billion), and Shenzhen Capital Group's Hongtu Venture (2 billion) [4]. Strategic Importance - The fund represents a strategic collaboration between Shenzhen's state-owned assets and Honor, aligning with both parties' goals in the AI terminal sector [5][7]. - The AI terminal industry encompasses a wide range of devices integrated with AI technology, such as smartphones, smartwatches, AI glasses, and AI robots [5]. Industry Growth Projections - Shenzhen's AI terminal industry is projected to exceed 800 billion by 2026, with potential to surpass 1 trillion [5]. - The city has actively promoted the development of the AI terminal industry through various initiatives, including the "Shenzhen Action Plan for Accelerating AI Terminal Industry Development (2025-2026)" [5][8]. Honor's Role - Honor is positioned as a key player in Shenzhen's AI terminal industry, transitioning from a smartphone manufacturer to a leading AI terminal ecosystem company [6][7]. - The company plans to integrate over 100 hardware categories and activate over 10 million ecosystem devices this year, with a long-term goal of 1,000 hardware categories and 40 million devices by 2027 [6]. Shenzhen's Competitive Advantage - Shenzhen's robust economic environment, comprehensive industrial support, and strong capabilities in AI technology make it an ideal location for developing the AI terminal industry [10][12]. - The city is home to over 2,600 AI-related enterprises and has a significant share of the national electronic information industry [10]. Policy Support - The Shenzhen government has introduced various policies to support the AI terminal industry, including funding for technology projects and initiatives to enhance the ecosystem [8][14]. - The Futian District has been proactive in establishing itself as a hub for AI applications, with multiple policy documents aimed at fostering high-quality development in the AI sector [14][15].

Group 1: Company Overview and Market Position - Guangxin Materials is a leading supplier of photovoltaic BC battery insulation glue, with annual revenue around 50 million in the last two years, maintaining a significant market share [3][4]. - The company has established a strong first-mover advantage in the photovoltaic BC battery insulation glue sector, with ongoing collaborations with major battery manufacturers [5][6]. Group 2: Industry Trends and Growth Projections - The photovoltaic BC battery market is expected to grow significantly, with sales projected to increase from approximately 10 GW to over 50 GW by 2025, indicating a growth of over 300% [3][8]. - The new "Leader" plan in Shaanxi province aims to implement around 2 GW of photovoltaic projects, which is anticipated to catalyze demand for high-efficiency components [2][3]. Group 3: Product Development and Strategic Focus - The company is focusing on expanding its product line in photovoltaic materials, including insulation glue, which is essential for BC batteries [4][5]. - In addition to photovoltaic materials, Guangxin Materials is also enhancing its offerings in traditional electronic materials, such as PCB photoresists and 3C coatings, which accounted for approximately 55.75% of total revenue in 2023 [10][12]. Group 4: Market Opportunities and Risks - The recent consumer subsidy policy for digital products, offering up to 15% off, is expected to stimulate demand for 3C coatings, benefiting the company's revenue growth in this segment [13]. - The company acknowledges potential risks related to market fluctuations and competition, emphasizing the need for continuous innovation and adaptation to industry changes [14].

作者 | RAYYYY 编辑 | 小白 随着公募基金2024年四季报进入密集披露期，顶流基金经理的调仓路径和投资思路也浮出水面。 Choice数据显示，四季报期间，上证指数上涨0.4%，沪深300指数下跌2.1%，创业板指数下跌1.5%， 恒生指数下跌5.1%，恒生中国企业指数下跌2.9%。 在四季度，股市整体呈现抗压态势，多头与空头交锋激烈，振幅较大，以上证指数为例，整体振幅高 达15.6%。 （来源：Choice数据） 因此风云君认为本次四季报中的业绩展示和调仓路径更能展示基金经理们的抗压能力及盈利思路，也 是其综合能力的体现。 接下来将对张坤、傅鹏博、李晓星等顶流基金经理的四季报进行研究。 管理规模继续缩水。 张坤：尝试在新领域中捕获盈利 1月21日，顶流基金经理张坤掌管的易方达蓝筹精选混合（005827.OF）、易方达优质企业三年持有 （009342.OF）、易方达优质精选混合（QDII）（110011.OF）、易方达亚洲精选股票（QDII）（118 001.OF）四只基金披露了2024年四季报。 从基金收益看，张坤掌管的4只基金在2024年四季度没有实现正收益，基金份额净值增长率从-6.6% 到-9 ...