证券日报网讯 11月21日晚间，金溢科技发布公告称，2025年6月，公司与深圳市深担启新创业投资有限 公司（简称"深担启新"）、深圳担保集团有限公司、深圳市汇通金控基金投资有限公司及深圳市中小担 创业投资有限公司（简称"深担创投"）共同签署了《深圳市深担金溢创业投资合伙企业（有限合伙）之 合伙协议》，共同投资注册成立一家以股权投资为主要业务的有限合伙企业（简称"合伙企业"）。全体 合伙人认缴出资总额为人民币1亿元，出资方式均为货币出资，普通合伙人为深担启新，深担创投为合 伙企业的管理人（简称"基金管理人"）。公司作为有限合伙人认缴出资人民币5，000.00万元，占合伙 企业认缴出资总额的50%，该合伙企业已于2025年7月11日办理完成工商注册登记。该基金重点投向智 能网联汽车、低空经济、智能终端领域。近日，公司收到基金管理人通知，该基金已根据相关法律法规 的要求，在中国证券投资基金业协会完成私募投资基金备案手续，并取得《私募投资基金备案证明》。 （编辑 任世碧） ...

金溢科技公告，公司与深担启新、深圳担保集团有限公司、深圳市汇通金控基金投资有限公司及深担创 投共同投资设立的深圳市深担金溢创业投资合伙企业（有限合伙）已完成私募投资基金备案手续，并取 得《私募投资基金备案证明》。基金认缴出资总额为人民币1亿元，公司作为有限合伙人认缴出资人民 币5000万元，占合伙企业认缴出资总额的50%。基金重点投向智能网联汽车、低空经济、智能终端领 域。 ...

在实现通用人工智能这一宏伟目标牵引下，AI（人工智能）产业正迈向其发展的"下一个十年"。 不过，在模型能力持续提升的同时，产业落地的脚步却并未同步提速。11月16日，在"2025人工智能 +"大会上，多位业内人士表示，高昂的成本、缺乏高质量行业数据、工程化能力不足以及对大模型能 力边界认知的偏差，正成为制约AI规模化应用的四大结构性难题。 与此同时，从开源与商业化的平衡，到AI入口从云端向终端迁移，产业格局正在发生微妙变化。 AI落地面临"拦路虎" 当产业界尝试将大模型从实验室推向车间、办公室和街头巷尾时，规模化落地遇到的阻力远超预期。 "大模型（当前的）叙事逻辑对赋能千行百业不友好的地方在于，我们一直说规模法则，要把模型越做 越大、越来越强，对应的结果是成本越来越高。"清华大学计算机系副教授、面壁智能联合创始人兼首 席科学家刘知远在圆桌论坛上表示。 刘知远指出，叙事逻辑的不友好直接带来了大模型训练和使用成本的持续攀高。他认为，任何技术要对 人类社会产生深远影响，都必须解决标准化和成本问题。正如芯片行业的摩尔定律，他所在的团队提出 了大模型能力密度法则，即通过技术创新，让更少的参数承载更多的模型能力。"摩尔定 ...

①2007年便成功替代海外进口产品，这家新材料企业近年更逆势扩张，先后攻克东丽等部分关键牌号，分析 师看好公司短期财务阵痛已过，业绩拐点显现； ②智能终端+AI算法+场景生态，公司三位一体战略深度参 与多行业数字化进程，国内市场利润回暖的同时，国际市场更实现爆发式增长。 前言 财联社倾力打造王牌栏目《风口研报》，替您"扒一扒"市场含金量超高的研报、调研信息。以机构视 角，追踪研报和调研纪要细节里的"超预期"、"拐点"、"事件催化"和"价值洼地"。 ...

Investment Rating - The report initiates coverage with a "Recommended" rating for Hengyin Technology [4][48][5] Core Viewpoints - Hengyin Technology is positioned as a leading provider of smart banking solutions in China, leveraging a "smart terminal + AI algorithm + scenario ecosystem" strategy to drive its growth and transformation in the financial technology sector [1][17] - The company has successfully expanded its business into various sectors beyond finance, including government, healthcare, and transportation, establishing itself as a comprehensive solution provider [1][24] - The company is experiencing a recovery in profits, with significant growth in overseas markets contributing to improved revenue and net profit forecasts for the coming years [2][32][37] Summary by Sections 1. Strategic Framework - Hengyin Technology focuses on the development and application of smart terminals and AI algorithms, aiming to support traditional banks in their transition to smart banking [1][17] - The company has built a robust product matrix covering multiple scenarios, including finance, government, and social security, and has established stable partnerships with major banks and financial institutions [24][21] 2. Profit Recovery and International Expansion - From 2021 to 2023, the company faced declining revenues and profits due to macroeconomic factors and market competition, but it began to recover in 2024, driven by cost reduction and international market expansion [2][32] - In the first half of 2025, the company reported a significant increase in revenue and net profit, with overseas revenue showing explosive growth, indicating the effectiveness of its international strategy [37][38] 3. Policy and Technology Drivers - The self-service terminal industry is expected to enter a growth phase, supported by national policies promoting digital finance and technological advancements [3][43] - The market size for self-service terminals is projected to grow from 35 billion yuan in 2019 to 65 billion yuan in 2024, reflecting strong internal growth momentum [3][44] 4. Financial Forecasts - The company forecasts net profits of 56.47 million yuan, 79 million yuan, and 90 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.11, 0.15, and 0.17 yuan [4][48] - The report highlights a significant improvement in profitability metrics, with a projected return on equity (ROE) increasing from -16.43% in 2023 to 5.87% in 2027 [10][50]

Market Performance - On November 3, the market rebounded with total trading volume at 2.11 trillion, a decrease of approximately 210.7 billion from the previous trading day[3] - The Shanghai Composite Index rose by 0.55%, the Shenzhen Component increased by 0.19%, and the ChiNext Index gained 0.29%[3] - On November 4, the market continued to rise with a trading volume of 2.13 trillion, down about 220 billion from the previous day[1] Sector Trends - Traditional sectors like steel and coal saw significant gains, while sectors such as non-ferrous metals, home appliances, and automobiles experienced slight declines[1] - Technology-related sectors, particularly media and computing, showed a notable increase in both volume and price, indicating strong market interest[1] Capital Flow - On November 3, net inflow in the Shanghai market was 10.83 billion, while the Shenzhen market saw a net outflow of 2.55 billion[4] - The top three sectors for capital inflow were power grid equipment, photovoltaic equipment, and IT services, while the top outflow sectors included batteries, industrial metals, and securities[4] Policy and Economic Developments - The People's Bank of China and the Bank of Korea renewed a bilateral currency swap agreement with a scale of 400 billion RMB/70 trillion KRW, effective for five years[5] - Zhengzhou aims to develop an influential seed industry by 2027, targeting a scale of 5.5 billion RMB in the industry chain[6] Industry Dynamics - The Southern Power Grid's market has achieved over 70% of its trading volume through market-based transactions, with green certificate trading accounting for 63% of the national total[10] - The ETF market has seen explosive growth, with an increase of over 2 trillion in scale within 10 months, reaching a total of 5.74 trillion RMB[15]

Group 1 - The Ministry of Industry and Information Technology emphasizes accelerating the research and application of new intelligent terminals such as humanoid robots and brain-computer interfaces, promoting the deep integration of AI technology in manufacturing processes [1] - The Ministry plans to implement guidelines for the intelligent transformation of key manufacturing industries, focusing on the full-process intelligent upgrade of manufacturing [1] - The initiative includes accelerating the iteration and innovation of smart products and equipment, such as AI smartphones and AI computers [1] Group 2 - The Ministry of Finance has updated its website to include the Debt Management Department, which is responsible for formulating and executing domestic debt management policies for the government [2] - The department will oversee the issuance and repayment of government internal debts and manage external debts, enhancing monitoring and regulation to mitigate hidden debt risks [2] Group 3 - The Ministry of Industry and Information Technology is promoting high-quality development of water-saving equipment through a new implementation plan, which includes policies for large-scale equipment updates and trade-in programs for consumer goods [3] - The plan aims to support key industries in upgrading water-saving equipment and technology, leveraging green finance to encourage enterprises to procure such equipment [3] Group 4 - Microsoft CEO Satya Nadella highlights that the main challenge facing the AI industry is not an oversupply of computing power but rather a lack of sufficient electricity to support GPU operations [4] - The issue is related to the infrastructure needed to power these GPUs, indicating a potential bottleneck in the deployment of AI technologies [4] Group 5 - The Jiangsu Provincial Innovation Center for New Energy Commercial Vehicle Power and Control Systems has received expert approval for its construction plan, which will operate under a "company + alliance" model [5] - The center aims to foster innovation in the new energy commercial vehicle sector and is supported by a strategic alliance for technological innovation [5] Group 6 - The National Data Bureau is prioritizing support for private enterprises in the development of data standards, with a focus on encouraging innovation and core technology mastery among these companies [6] - Currently, enterprises account for 78% of all units involved in the formulation of national data standards, indicating a strong industry participation [6] Group 7 - A recent study from Kobe University reveals the mechanism of a potent "brake" molecule in cancer, which could lead to new therapeutic drug development [7] - The research focuses on the Ras-ERK signaling pathway, which is closely related to cancer cell proliferation, and the role of the DA-Raf molecule in inhibiting this pathway [7] Group 8 - China successfully launched the Remote Sensing Satellite No. 46, which will be used for disaster prevention, land resource investigation, and meteorological applications [8] - This launch marks the 605th flight of the Long March series of carrier rockets, showcasing China's advancements in satellite technology [8] Group 9 - Guangzhou Huitian Aerospace Technology Co., Ltd. has successfully trial-produced the first "land aircraft carrier" flying vehicle, marking the establishment of the world's first mass production line for flying cars [9] - This development aims to validate product performance and processes, laying the groundwork for mass production and delivery in the coming year [9] Group 10 - Samsung has paused its contract pricing for DDR5 DRAM, prompting SK Hynix and Micron to follow suit, which may lead to supply chain disruptions [10] - The delay in contract pricing has resulted in a 25% surge in the spot price of DDR5 within a week, indicating a significant market reaction [10]

Core Insights - Huawei's automotive division, Hongmeng Zhixing, has officially launched the Shangjie H5, its most affordable model, priced starting at 159,800 yuan, marking its entry into the sub-200,000 yuan automotive market [1][2] - The launch of Shangjie H5 is expected to intensify competition in the domestic automotive market, particularly affecting self-owned and some joint venture brands in the same price range [2][6] Market Dynamics - In 2024, vehicles priced below 200,000 yuan are projected to account for over 70% of the domestic automotive market share, with the segment currently dominated by fuel vehicles, while the penetration rate of new energy vehicles stands at approximately 40% [2][5] - Over the past four years, Huawei has captured a significant share of the traditional luxury car market, delivering 930,000 vehicles, and has positioned itself as a leader among new force brands in the automotive sector [3][4] Competitive Landscape - The Shangjie H5 is designed to compete directly with models like Tesla Model Y and BYD Song PLUS, potentially forcing joint venture brands to accelerate their electrification efforts [4][6] - Traditional luxury brands, including BMW, Mercedes-Benz, and Audi, are experiencing declining sales, with each brand's sales dropping over 10% year-on-year, indicating increased pressure from new entrants like Huawei [3][4] Strategic Implications - Huawei's dual strategy of high-end and mainstream market penetration is seen as a significant move to challenge traditional luxury brands while expanding its market presence [4][9] - The introduction of Shangjie H5 is expected to push the automotive industry towards greater technological integration and lower pricing, altering consumer expectations regarding the value of smart vehicles [5][6] Future Outlook - The automotive industry is anticipated to shift from mechanical manufacturing to smart terminal production, with technology capabilities becoming the core competitive advantage [9] - Companies are advised to enhance their product intelligence, optimize cost structures, and explore new markets to maintain competitiveness against emerging players like Huawei [7][8]

国家发改委新闻发言人李超表示，将制定新一代智能终端和智能体有关政策指引，构建导向明确、尊重规律、规范发展的政策环境，围绕技术支撑、应用推广、安全治理等方面提出原则导向和具体工作要求。 ...

Core Insights - The report from Guotou Securities highlights the shift in focus from broad applications to specific use cases in smart glasses, driven by technological advancements and cost constraints [1] - The smart glasses industry is entering a robust growth phase in 2023, following previous stages of technology validation, commercial trials, and product diversification [1] - AI glasses are emerging as a significant market segment, with Meta's Ray-Ban Meta leading the charge and expected to capture 98.68% of global AI glasses sales in 2024 [2] Smart Glasses Development - The development of smart glasses has gone through four phases: pre-2012 (technology validation), 2012-2016 (commercial trials), 2017-2022 (product diversification), and 2023 (robust growth) [1] - Smart glasses can be categorized based on optical display systems, with AI shooting glasses focusing on photography and voice interaction, VR glasses providing immersive experiences, and AR glasses overlaying virtual information on the real world [1] AI Glasses Market - AI glasses are characterized by the integration of cameras, Bluetooth controls, and voice interaction, sacrificing optical display for lightweight and low-cost designs [2] - The core logic of AI shooting glasses is to achieve portability and practicality for all-day wear, targeting markets previously dominated by action cameras [2] AR Glasses Insights - AR glasses utilize micro-displays and optical modules to project virtual images onto real-world scenes, categorized into viewing glasses and full-domain glasses [3] - Viewing glasses are lightweight and designed for portable viewing, while full-domain glasses are used for outdoor navigation and industrial applications, albeit at a higher price point [3] VR Glasses Overview - Traditional VR glasses focus on providing an immersive experience, primarily for gaming and viewing, with a market that is relatively mature [4] - The expected sales for traditional VR glasses in Q2 2025 is 1.26 million units, reflecting a year-on-year growth of 6.7% [4] Industry Chain and Competitive Landscape - The upstream sector focuses on chips, optical modules, and screens, with Micro OLED expected to become a primary solution for XR devices by 2030 [5] - In the midstream, Thunderbird Innovation holds a 50% market share in AI/AR glasses online sales, while PICO dominates the domestic VR market [5] - The downstream sector is supported by offline channels, with Doctor Glasses establishing over 100 smart display cabinets [5] Key Companies to Watch - Companies to monitor include Luxshare Precision and GoerTek in manufacturing, Sunny Optical Technology and OFILM in optics, and various firms in storage and display technologies [7]