中金研究 得益于GoPro、影石、大疆等厂商的差异化创新，以及破圈效应下人们"记录生活"需求的激发，手持智能影像设备市场快速发展，我们认为具备多元产 品线、持续迭代能力和独特创意的品牌以及相关供应链有望受益。 风险 渗透率及市场规模不及预期，新品发布不及预期，行业竞争加剧。 T正文ext 手持智能影像设备行业：全球市场规模向600亿元迈进，GoPro/影石/大疆三足鼎立 终端形态持续创新，智能影像设备行业快速发展 智能影像设备指具备计算处理能力的影像设备。 相较于传统影像设备，智能影像设备具有便于携带、拍摄方式多样、使用门槛低的特征，通常以航拍无 人机、全景相机、运动相机、可穿戴摄影设备等非传统形态呈现。可以手持的智能影像设备的主要包括运动相机和全景相机：1）运动相机具备较强的抗 震、防水、防尘、耐热、耐摔等性能，使用时可以固定在自拍杆、身体部位或运动器械上，适用于高强度运动状态下的第一人称视角拍摄，应用场景以户 外运动、电视节目户外拍摄、日常旅游等场景居多；2）全景相机利用两个鱼眼镜头同时交互拍摄和图像拼接算法实现360°全景拍摄，可以完成第三人称 视角/跟拍视角拍摄，开创了全新的用户体验，应用场景包括日常 ...

Group 1 - The core viewpoint of the news is that YingShi Innovation successfully completed its IPO on the Sci-Tech Innovation Board after a five-year journey, with its stock price surging 285% on the first day of trading, reaching a market capitalization of over 70 billion yuan [1] - YingShi Innovation specializes in providing 360-degree panoramic camera solutions and has developed a strong technological framework centered around panoramic technology, anti-shake technology, AI image processing technology, and computational photography technology [1] - According to Frost & Sullivan, the global handheld smart imaging device market is expected to grow from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, and is projected to exceed 59.2 billion yuan by 2027 [1] Group 2 - In 2023, YingShi Innovation held a 67.2% market share in the consumer-grade panoramic camera sector, maintaining its position as the global leader for six consecutive years [1] - In the action camera market, YingShi Innovation has entered the top three, competing closely with GoPro and DJI, and has surpassed GoPro in sales in the first half of 2024, becoming the global leader [1] - The founder of YingShi Innovation, Liu Jingkang, expressed a mission to help people better record and share their lives, which has been a driving force behind the company's establishment and growth [2]