导读：当14亿人的中国迈入人均GDP 1.5万美元的门槛，当AI革命撞上蓝星最强的数字基础设施高地， 我们能否迎来一波文化繁荣？ 在2025年世界人工智能大会观察者网直播间，展开了一场围绕 "AI 平权 与东方文艺复兴" 的深度对话。由观察者网财经频道副主编周宇舫主持，机核网知名主播白广大， WaytoAGI 社区创始人AJ，资深游戏人、野神殿社区创始人吉川三位嘉宾，结合游戏、影视行业现状， 探讨了 AI 作为生产工具如何重塑文化创作生态 —— 从技术突破带来的生产效率革命，到东方式共创 共享的文化基因如何借 AI 焕发新生。 这场对话不仅剖析了当前中国文化产业的 "个案困境" 与 "突破可 能"，更展望了技术赋能下，文化创作从 "少数人专属" 走向 "全民参与" 的未来图景。以下为对话实录 （因篇幅限制有一定删减）： 观察者网：大家好，欢迎来到世界人工智能大会，观察者网直播间。观察者网是"全球视野、中国关 怀"的互联网新闻媒体，也是智库平台。很荣幸能再次成为大会"特别支持媒体"。 从左至右：观察者网财经频道副主编周宇舫、机核网知名主播白广大、WaytoAGI 社区创始人AJ、野神 殿社区创始人吉川 我们今天 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 150.00 RMB [6][4]. Core Views - The company is expected to achieve revenue of 1.626 billion RMB in H1 2025, a year-on-year increase of 1.63%, and a significant increase in net profit attributable to shareholders of 88.66 million RMB, up 84.56 million RMB year-on-year [1][4]. - The company is focusing on vertical integration of "hardware + algorithms + optics" to optimize cost control and enhance the universality of key components, leading to a recovery in profitability [1]. - The company is accelerating its penetration into overseas markets through smart and localized strategies, aiming to capture a larger share of the global mid-to-high-end market [1]. - The automotive optical products have been successfully implemented in various models from clients such as Seres, JAC, and BAIC, indicating potential for growth beyond the retail market [1][3]. Summary by Sections Financial Performance - The company forecasts net profits of 350 million RMB, 404 million RMB, and 447 million RMB for 2025, 2026, and 2027 respectively, representing year-on-year growth of 191%, 15.4%, and 10.8% [4][10]. - The expected EPS for the same years is 5.00 RMB, 5.77 RMB, and 6.39 RMB [4][10]. Market Conditions - The domestic market for smart projectors is under pressure, with a 3.9% decline in sales volume to 2.778 million units and a 2.9% decrease in sales revenue to 4.68 billion RMB in H1 2025 [2]. - Despite the challenges, the company has managed to increase its average selling price by 22.7% year-on-year across major e-commerce platforms [2]. Product Development - The automotive optical products are expected to contribute to revenue starting from H1 2025, although initial depreciation and amortization costs may impact profitability [3]. - The company’s long-standing expertise in projection technology is anticipated to create differentiated advantages in various application scenarios, including automotive and commercial uses [3].

Core Insights - The report suggests focusing on three main investment themes: brand side, channel side, and long-term global trade dynamics [4][12] - The retail industry is experiencing a K-shaped demand structure, with high-end cultural consumption and rational functional consumption trends emerging [9][21] - The valuation system for consumer growth stocks has evolved through two phases, with a premium placed on growth potential [10][69] Industry Trends - The demand side is characterized by a K-shaped transformation, where cultural and emotional consumption is increasingly premium, while functional consumption emphasizes cost-effectiveness [21][25] - The channel side is transitioning from rapid expansion to refined operations, creating a favorable environment for brand growth [9][68] Valuation System - The consumer growth stocks have developed in two stages: the first from 2016 to 2021 focusing on mid-range upgrades, and the second from 2022 onwards emphasizing high-end optional consumption brands [10][69] - Valuations are anchored to leading consumer stocks, with growth potential receiving relative premiums [10][69] Segment Analysis - In the beauty and personal care sector, brands that align with local aesthetic preferences and offer high cost-performance ratios are favored [11][25] - The gold and jewelry sector is shifting from store expansion to product refinement, with a focus on design and profitability [11][18] - Online retail is stabilizing, with head companies showing potential for growth through capital investments [11][20] - Offline retail is resilient, with supply chain upgrades and standardized services driving growth in supermarkets [11][21] - Cross-border e-commerce remains a promising area, with companies optimizing supply chains to mitigate tariff risks [11][23] Investment Recommendations - The report recommends selecting companies with strong consumer insights and operational capabilities in high-end and cost-effective segments [4][12] - It emphasizes the importance of supply chain optimization for companies in the channel sector [4][12] - Long-term prospects for Chinese brands and manufacturing models expanding internationally are highlighted as a significant trend [4][12]

丈量城市 . 走进华高莱斯创始人李忠的顾问思维世界，用城市战略专家的视角丈量城市，一起"看世界"。 以下文章来源于丈量城市 ，作者华高莱斯 来源丨丈量城市（Measure-the-World） 作者 | 杨思洁 图源丨摄图网 摇摆的Z世代，县城的机会！ 在快速城镇化、「抢人大战」、「青年发展型城市建设」这一场场没有硝烟的战争中，县城往往是向城 市输送年轻人的那方。「小城镇→县城→城市」，似乎已经成为小镇青年一条序列严格的迁移路径。 这样的故事还会继续在Z世代身上上演吗？ 1. Z世代眼中的县城，不再是大城市的「蓄水池」 作为数媒土著，Z世代天然消除了城乡认知差。在互联网普及之前，城乡二元的一大表现就是城乡信息不 对称，对上几代年轻人来说，「见世面」是驱动他们前往发达城市的核心因素之一。 而Z世代，不像上几代人中途接入互联网，他们是直接嵌入互联网，这就使他们在成长过程中可以接触同 样的动漫、网文，追同一部爆款网剧，打同一款热门手游，讨论同一个热点话题，足不出户看世界。不 同级别城市之间，大家的认知被拉平了。 一方面，「高线」在祛魅，大城市没那么好。 当前中国已经从追求经济高速发展，进入到「满足人民日益增长的美好 ...