Core Viewpoint - Jiadou Technology's stock price has shown significant fluctuations, with a year-to-date increase of 52.14% and a recent decline over the past 20 days, indicating volatility in market performance [1]. Financial Performance - For the first half of 2025, Jiadou Technology reported revenue of 4.919 billion yuan, representing a year-on-year growth of 65.22%. The net profit attributable to shareholders was 135 million yuan, reflecting a substantial increase of 170.47% [2]. - The company has distributed a total of 501 million yuan in dividends since its A-share listing, with 39.4846 million yuan distributed over the past three years [3]. Stock Market Activity - As of September 25, Jiadou Technology's stock was trading at 7.12 yuan per share, with a market capitalization of 15.184 billion yuan. The stock experienced a net outflow of 28.5324 million yuan in principal funds on that day [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on August 28, where it recorded a net buy of -118 million yuan [1]. Shareholder Structure - As of June 30, 2025, Jiadou Technology had 103,000 shareholders, a decrease of 14.28% from the previous period. The average number of circulating shares per shareholder increased by 16.10% to 20,702 shares [2]. - Notable new shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, holding 25.0353 million shares and 19.8018 million shares, respectively [3]. Business Overview - Jiadou Technology, established in 2001 and listed in 1996, operates in various sectors including intelligent security, intelligent transportation, value-added communication, and IT comprehensive services. The main revenue sources are ICT products and services (72.51%), industry intelligent solutions (25.18%), and other segments [1].

风语筑所属申万行业为：传媒-数字媒体-其他数字媒体。所属概念板块包括：数据要素、网红经济、小 盘、3D建模、数字经济等。 截至6月30日，风语筑股东户数4.12万，较上期减少8.55%；人均流通股14437股，较上期增加9.35%。 2025年1月-6月，风语筑实现营业收入7.75亿元，同比增长33.97%；归母净利润1695.21万元，同比增长 112.62%。 分红方面，风语筑A股上市后累计派现7.44亿元。近三年，累计派现2.59亿元。 9月22日，风语筑盘中下跌2.02%，截至09:59，报9.68元/股，成交3134.75万元，换手率0.54%，总市值 57.58亿元。 资金流向方面，主力资金净流出499.06万元，特大单买入0.00元，占比0.00%，卖出161.46万元，占比 5.15%；大单买入363.20万元，占比11.59%，卖出700.80万元，占比22.36%。 风语筑今年以来股价涨6.14%，近5个交易日跌1.73%，近20日跌13.03%，近60日跌4.06%。 今年以来风语筑已经1次登上龙虎榜，最近一次登上龙虎榜为3月20日，当日龙虎榜净买入-8520.46万 元；买入总计644 ...

电商产品摄影是指通过机器人和各种摄影技术手段，将产品摄影流程自动化。这样做是为了提高生产力，更高效地完成工作。它还将在促进 电商发展方面发挥关键作用，提供高质量的产品图片，从而缩短交付周期。 据 QYResearch 调研团队最新报告"全球电商产品摄影市场报告 2025-2031 "显示，预计 2031 年全球电商产品摄影市场规模将达到 4 亿美元， 未来几年年复合增长率 CAGR 为 12.4% 。 电商产品摄影 ，全球市场总体规模 全球 电商产品摄影 市场前 10 强生产商排名及市场占有率（基于 2024 年调研数据；目前最新数据以本公司最新调研数据为准） 根据 QYResearch 头部企业研究中心调研，全球范围内电商产品摄影生产商主要包括 Orbitvu 、 Ortery 、 PhotoRobot 、 Packshot Creator 、 Iconasys 等。 2024 年，全球前四大厂商占有大约 60.0% 的市场份额。 电商产品摄影是电子商务的一个分支行业，旨在为在线销售的产品制作高质量的、具有商业价值的产品图片。 电商产品摄影 ，全球市场规模，按产品类型细分 电商产品摄影 ，全球市场规模，按应 ...

Core Viewpoint - The stock of Jiadu Technology has shown significant performance with a year-to-date increase of 50.64%, despite a slight decline in the last five trading days. The company operates in various sectors including smart security and intelligent transportation, and has reported substantial revenue growth in the first half of 2025 [1][2]. Financial Performance - As of June 30, 2025, Jiadu Technology achieved a revenue of 4.919 billion yuan, representing a year-on-year growth of 65.22%. The net profit attributable to shareholders was 135 million yuan, marking a significant increase of 170.47% compared to the previous year [2]. - The company has distributed a total of 501 million yuan in dividends since its A-share listing, with 39.4846 million yuan distributed over the last three years [3]. Stock Market Activity - On September 18, Jiadu Technology's stock price rose by 2.03%, reaching 7.05 yuan per share, with a trading volume of 163 million yuan and a turnover rate of 1.10%. The total market capitalization stood at 15.035 billion yuan [1]. - The stock has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on August 28, where it recorded a net buy of -118 million yuan [1]. Shareholder Information - As of June 30, 2025, Jiadu Technology had 103,000 shareholders, a decrease of 14.28% from the previous period. The average number of circulating shares per shareholder increased by 16.10% to 20,702 shares [2]. - Notable new shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, holding 25.0353 million shares and 19.8018 million shares respectively [3]. Business Segments - Jiadu Technology's main business segments include ICT products and service solutions (72.51%), industry intelligent solutions (25.18%), and other services (2.31%) [1]. - The company is categorized under the computer-IT services sector and is involved in various concept boards such as 3D modeling and AI multimodal [2].

行 业 及 产 业 机械设备/ 通用设备 行 业 研 究 / 行 业 点 评 王珂 A0230521120002 wangke@swsresearch.com 李蕾 A0230519080008 lilei@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 黄忠煌 A0230519110001 huangzh@swsresearch.com 杨海晏 A0230518070003 yanghy@swsresearch.com 崔航 A0230524080005 cuihang@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 韩强 A02305180600 ...

Group 1 - The core viewpoint of the articles highlights the integration of smart and digital technologies in daily life, particularly in the areas of clothing, food, and housing, showcased at the current service trade fair [1] Group 2 - A virtual fitting mirror can provide 13 measurements, including waist and chest size, allowing for online custom tailoring through AI algorithms and 3D modeling, enhancing convenience for consumers [3] - A food safety monitoring system utilizing 5G and AI can provide real-time oversight of food preparation areas, automatically alerting authorities to violations such as improper attire or smoking [5] Group 3 - In the construction sector, robots are being utilized as "smart craftsmen" for tasks such as painting, wall smoothing, and safety supervision, significantly improving efficiency and accuracy in construction processes [7] Group 4 - The introduction of a manned drone has marked the beginning of the "manned era" in China's low-altitude economy, reflecting advancements in smart transportation [9] - The diverse digital technologies related to clothing, food, and housing are expanding the growth potential of service trade, with knowledge-intensive service imports and exports reaching 1.7756 trillion yuan, a 6.8% increase, and telecommunications and information services growing by 12.6% to 626.8 billion yuan [9]

Core Viewpoint - Tencent's HunyuanWorld-Voyager model has been released and is now open-source, showcasing significant advancements in 3D scene generation and immersive experiences, outperforming existing models in the WorldScore benchmark [1][3][45]. Group 1: Model Features and Innovations - HunyuanWorld-Voyager is the industry's first model supporting native 3D reconstruction for long-distance roaming, allowing for the generation of consistent roaming scenes and direct video export to 3D formats [4][24]. - The model introduces a new "roaming scene" feature, enhancing interactivity compared to traditional 360° panoramic images, enabling users to navigate within the scene using mouse and keyboard [10][11]. - It supports various applications, including video scene reconstruction, 3D object texture generation, and video style customization, demonstrating its spatial intelligence potential [27]. Group 2: Technical Framework - The model innovatively incorporates scene depth prediction into the video generation process, combining spatial and feature information to support native 3D memory and scene reconstruction [29]. - It features a unified architecture for generating aligned RGB and depth video sequences, ensuring global scene consistency [33]. - A scalable data construction engine has been developed to automate video reconstruction, allowing for large-scale and diverse training data without manual annotation [34]. Group 3: Performance Metrics - In the WorldScore benchmark, HunyuanVoyager achieved a score of 77.62, ranking first in overall capability, surpassing existing open-source methods [36]. - The model demonstrated superior video generation quality, with a PSNR of 18.751 and an SSIM of 0.715, indicating its ability to produce highly realistic video sequences [39]. - In subjective quality assessments, HunyuanVoyager received the highest ratings, confirming its exceptional visual authenticity [44]. Group 4: Deployment and Open Source - The model requires a resolution of 540p and a peak GPU memory of 60GB for deployment [47]. - Tencent is accelerating its open-source initiatives, including the release of various models and frameworks, contributing to the broader AI landscape [48].

Core Viewpoint - 彩讯股份 has experienced a stock price increase of 35.86% year-to-date, despite a recent decline of 2.06% on August 29, indicating volatility in its stock performance [1][2]. Company Overview - 彩讯科技股份有限公司, established on January 6, 2004, and listed on March 23, 2018, is located in Shenzhen, Guangdong Province. The company specializes in industrial internet technology and services, focusing on enterprise information technology [1]. - The main revenue composition includes: technical services (77.16%), software product development and sales (15.08%), system integration (3.08%), and other services (4.68%) [1]. Financial Performance - For the first half of 2025, 彩讯股份 reported revenue of 920 million yuan, a year-on-year increase of 17.72%, and a net profit attributable to shareholders of 135 million yuan, up 14.74% [2]. - Since its A-share listing, 彩讯股份 has distributed a total of 304 million yuan in dividends, with 195 million yuan distributed over the past three years [3]. Shareholder Information - As of August 20, 2025, 彩讯股份 had 45,500 shareholders, a decrease of 0.50% from the previous period, with an average of 9,550 circulating shares per shareholder, an increase of 0.50% [2]. - Notable institutional shareholders include 中欧科创主题混合(LOF)A, 南方中证1000ETF, and 华夏中证1000ETF, with changes in their holdings indicating active institutional interest [3].

Core Viewpoint - Wuhan Juxin Microelectronics Co., Ltd. has completed a D++ round of financing with undisclosed amounts, attracting investments from various institutions including OPPO and several venture capital firms [1][2]. Financing Details - The financing round is categorized as D++ and includes multiple investors such as OPPO, Zhongwang Investment, and others, although specific transaction amounts remain undisclosed [1][2]. - Previous financing rounds include D+ round on February 27, 2024, and D round on January 23, 2022, with the latter raising hundreds of millions of RMB [2]. Company Overview - Wuhan Juxin Microelectronics is an innovative high-tech company focused on high-performance analog and mixed-signal chip design [2][3]. - The company has two main product lines: 3D optics and smart audio, with its smart audio amplifier recognized for its differentiated products and excellent cost-performance ratio [3]. Product Applications - The Time-of-Flight (ToF) sensor, utilizing leading back-illuminated (BSI) technology, offers high precision, small pixel size, high resolution, low power consumption, and full integration [3]. - The sensor is applicable in various fields such as artificial intelligence, facial recognition, autonomous driving, AR/VR, 3D modeling, motion capture, and machine vision, indicating a promising commercial outlook in mainstream markets like mobile phones, security, and automotive [3].

Core Insights - The 31st Beijing International Book Fair (BIBF) was held at the National Convention Center, showcasing NetEase's theme of "Technology Silk Road, Cultural Going Global" [1] - NetEase presented immersive exhibition areas focusing on three dimensions: "Technology Inheriting Intangible Cultural Heritage," "Technology Empowering Life," and "Technology Driving Breakthroughs" [1] Group 1 - The gaming AI experience area allowed visitors to interact with the intelligent NPC "Shen Qiusuo" from the game "Nirvana in Fire," powered by DeepSeek technology [3] - The non-material cultural heritage area highlighted NetEase's innovative practices in cultural inheritance through gaming, utilizing AI, 3D modeling, and motion capture technologies [3] - The exhibition featured collaborations between various games and traditional cultural elements, such as "A Dream of Jianghu" with "New Legend of the White Snake" and "Identity V" with Tang Sancai, showcasing the integration of gaming and cultural heritage [3] Group 2 - This year marked the first time NetEase's gaming, Youdao, and LOFTER businesses collaborated in the exhibition, demonstrating the synergy of digital technology in cultural heritage transmission [3] - The initiative aims to engage Generation Z as a new force in the inheritance of intangible cultural heritage, emphasizing NetEase's cultural responsibility to promote traditional culture globally [3]