消费新业态新模式不断涌现，市场潜力多层次释放。各地首店、首展、首秀轮番登场，北京大吉巷、成 都春熙路等商圈凭借首发经济实现客流与消费双增长；人工智能、VR、AR等技术与消费场景深度融 合，咖啡机器人、AI糖画机、元宇宙体验空间等数字消费场景走进日常生活，让消费从"交易"向"体 验"延伸；绿色消费理念深入人心，一级能效家电、新能源汽车持续走俏。与此同时，"悦己"成为消费 新风向，国货潮品崛起，乡村消费增速快于城市，"中国游""中国购"持续火热。这些现象共同勾勒出多 元化、个性化、品质化的消费市场新貌。 因此，读懂中国这个超大规模市场的消费表现，既要看商品消费的"基本盘"，更要看服务消费的"新动 能"；既要看总量的"稳"，更要看结构升级的"进"。 消费市场的真实面貌远比单一总量数据更为复杂多元。读懂中国这个超大规模市场的消费表现，既要看 商品消费的"基本盘"，更要看服务消费的"新动能"；既要看总量的"稳"，更要看结构升级的"进"。 2025年，我国社会消费品零售总额首次突破50万亿元，同比增长3.7%，消费对经济发展的主引擎作用 持续发挥，超大规模市场优势进一步巩固。然而，50万亿元并非中国消费故事的全部，如果将 ...

Core Insights - The event "Lohas Zhongguancun Science and Art Carnival" was launched on February 4, coinciding with the beginning of spring, emphasizing the integration of cultural and technological experiences for the New Year [1][3] - The event features four main sections: AI Innovation Workshop, Neighborhood Joy Gathering, Smart Play Zone, and New Village Goods Collection, catering to diverse age groups and consumer needs [3] Group 1 - The AI Innovation Workshop showcases over 20 high-quality tech companies, providing an immersive experience in cutting-edge technology [3] - Interactive exhibits include a human-machine hybrid robot, brain-machine interface experiences, and adaptive massage robots, attracting significant public interest [3][5] - Tsinghua University volunteers are providing professional product introductions and science popularization on advanced technologies like laser security, smart robots, and 3D printing [5] Group 2 - Engaging activities such as AI tennis, AI piano playing, VR moon exploration, and robot calligraphy are designed to attract families and young people [5] - The event includes hands-on activities like New Year horse-making, allowing citizens to participate for free and enhancing their festive experience [7] - The event will run until February 7, with special performances scheduled on February 4 and February 7 from 18:30 to 20:00 [7]

2026 年 02 月 03 日 Meta（META.O）：AI 赋能驱动营收新高，战略聚 焦拓展增长新空间 推荐(维持) 事件 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 分析师：谢孟津 S1050525120001 xiemj@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 4.1 | -2.6 | 25.8 | | 沪深 300 | -0.5 | -1.0 | 20.7 | 市场表现 -20 -10 0 10 20 30 40 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 Meta 于 2026 年 1 月 28 日发布第四季度财报。公司当季实现营收 598.93 亿美元，同比增长 23.8%，环比增长 16.9%。营业利润为 247.45 亿美元， 同比增长 6.0%，运营利润率同比下降 7 个百分点至 41%。 投资要点 ▌营收与盈利表现：广告业务核心驱动，季度营收 再创新高 营收端：第四季度实现营收 598.93 亿美元，同 ...

▲ Meta Quest 3 头显 参考IT之家先前报道，Meta 旗下 Reality Labs 部门在 2025 年第四季度录得 60.2 亿美元（IT之家注：现汇率约合 418.54 亿元人民币）经营亏损，全年累计亏 损接近 192 亿美元（现汇率约合 1335.57 亿元人民币），显示出其尖端技术研发仍处于高投入、低回报的阵痛期。尽管该部门第四季度实现销售额 9.55 亿美 元（现汇率约合 66.43 亿元人民币），但持续亏损态势未改。 IT之家 1 月 30 日消息，在 Meta 本周举行的 2025 年第四季度财报电话会议中，有德意志银行分析师提问，Meta 旗下 Reality Labs 部门未来是否会把重心收 窄，对此 Meta 首席财务官 Susan Li 表示，公司对 VR 的未来"依然保持乐观"，并确认仍在"打造未来的头显产品"。 Susan Li 称，尽管消费者对 VR 的整体接受度增长速度确实慢于可穿戴设备，不过 Meta 仍然着眼于相应产业，当下公司正在重新平衡 Reality Labs 的业务布 局，对 Horizon"元宇宙"生态内容进行削减，同步加大对智能眼镜等可穿戴设备投资 ...

世界经济论坛组委会在对海信灯塔工厂的评价中说："在显示技术快速迭代、用户需求日益多元的电视 市场，海信电视工厂在新产品研发与制造全流程中采用了AI、大数据、模拟仿真和大规模VR技术，研 发周期缩短了34%，材料成本降低18%，新员工培训时间减少60%。" 据悉，海信电视灯塔工厂的成功打造得益于全链路的AI赋能。依托全链AI驱动，实现从用户需求洞 察、研发、生产到交付全流程的智能闭环，在效率、质量与柔性维度持续突破。 在用户需求洞察环节，工厂实现海量用户数据分钟级分析，用户声音转化为产品功能输入的时间缩短 62%。当前在高端市场备受欢迎的RGB-Mini LED电视E8S系列正是来自快速响应用户需求的成功实 践，其动态画面流畅度与色彩稳定性的升级精准命中消费痛点。 中证报中证网讯（记者 张鹏飞）1月19日，世界经济论坛第56届年会在瑞士达沃斯举行，论坛开幕当 天，全球"灯塔工厂"颁奖典礼隆重举行。海信电视工厂凭借"以用户为中心+全链AI智造""双引擎"数字 化转型，获评全球电视行业首家灯塔工厂。海信视像（600060）总裁李炜受邀出席颁奖晚会。 "对海信而言，这不仅是一项荣誉，更是对全球用户的承诺：我们将持续交 ...

Core Viewpoint - 康耐特光学 and 歌尔光学 have entered into a joint venture agreement to develop and produce specialized lenses and optical components for AIARVR MR glasses, indicating a strategic move into the growing augmented and virtual reality market [1][2] Group 1: Joint Venture Details - The joint venture will focus on the research, production, and sales of custom lenses, waveguide eyepieces (including myopia correction and non-correction types), and electrochromic and eye-tracking optical components [1] - The initial registered capital of the joint venture is set at $1 million (approximately 7.8 million HKD), with 朝日镜片 contributing $300,000 (approximately 2.34 million HKD) for a 30% stake, while 歌尔光学 will invest $700,000 (approximately 5.46 million HKD) for a 70% stake [1] Group 2: Additional Capital Injection - By June 30, 2026, the joint venture will receive an additional capital injection of $2 million (approximately 15.6 million HKD), with 歌尔光学 contributing $1.4 million and 朝日镜片 contributing $600,000 [2] - After this additional funding, the ownership stakes will remain at 30% for 朝日镜片 and 70% for 歌尔光学 [2]

Core Viewpoint - The "Gift of the Nile: Ancient Egyptian Artifacts and Digital Art Experience Exhibition" will open at the Nanyue King Museum on February 6, showcasing 4300 years of history and 32 dynasties of ancient Egypt, with 169 significant artifacts making their debut in China [1] Group 1: Exhibition Details - The exhibition features 169 artifacts, including 3 mummies and 2 animal mummies, utilizing VR, AI, and naked-eye 3D technology to enhance visitor experience [1] - The exhibition is divided into five sections: The Land of Gods, Kings and Rulers, Writing and Communication, Life and Beauty, and The Journey of Life [1] - The first section presents the mythological system of ancient Egypt through immersive scenes, while the second section narrates the legendary stories of extraordinary pharaohs over 3000 years [1] Group 2: Cultural Exchange - 26 artifacts from the Nanyue King Tomb will be displayed alongside ancient Egyptian artifacts, allowing visitors to explore the ultimate thoughts on the "dream of immortality" shared by both civilizations [2] - The exhibition will run until October 11, providing an extended opportunity for cultural engagement [3]

Core Viewpoint - Lingyi iTech (002600) is focused on the development of core components and assembly for smart wearable devices such as AR, VR, MR, and AI glasses, providing essential parts and assembly services to leading domestic and international clients [1] Group 1 - The company specializes in soft functional components, injection molded parts, thermal solutions, chargers, and wireless charging core components [1] - Lingyi iTech has signed commercial confidentiality agreements with clients, limiting the disclosure of specific cooperation details [1]

Core Insights - The article highlights the booming development of Chinese online literature and arts, driven by the internet, which is evolving through cross-border integration and cultural innovation to meet diverse public spiritual needs [1][2]. Group 1: Cross-Border Integration - Cross-border integration is a prominent feature of online literature and arts, with trends of fusion becoming more evident across various dimensions by 2025 [2]. - Ordinary people are not only the subjects of stories but also the creators, sharing their life experiences through literature and art [3][4]. - The traditional boundaries between authors and audiences are being broken, leading to a shift from "writing for the public" to "the public writing" [5]. Group 2: Content Quality and Development - The success of the micro-drama "Home and Away 2" demonstrates the importance of quality content, achieving over 1 billion views within three days of its release [10]. - The production cycle for "Home and Away 2" was extended to 30 days to ensure depth in character portrayal, contrasting with the industry's typical 7 to 10-day production timeline [10]. - The focus on storytelling and deep values is essential for the competitive edge of online literature and arts, moving away from mere pursuit of traffic [12][13]. Group 3: Technological Empowerment - New technologies such as AI, ultra-high definition, and the metaverse are significantly transforming the entire process of artistic creation and dissemination, enhancing cultural experiences [15]. - By June 2025, the user base for generative AI in China reached 515 million, with 33% of users employing it for generating images and videos [17]. - Generative AI is lowering the barriers to creative expression, allowing ordinary users to produce professional-level works [18][19]. Group 4: Immersive Experiences - Advances in VR and AR technologies are facilitating immersive interactions in online literature and arts, providing new experiences that transcend traditional formats [20]. - The opening of the Beijing 798 Super Dimension VR Cinema showcases how technology can enhance storytelling and cultural experiences, attracting significant public interest [21].

Group 1 - The core viewpoint of the articles highlights the significant growth of the tourism and hospitality industry in Guizhou, with the total annual revenue of the homestay industry expected to exceed 7 billion yuan in 2024, accommodating 9 million visitors [1] - The average annual revenue per homestay is projected to be 580,000 yuan, with an average per capita consumption of approximately 800 yuan [1] - The development of the tourism and hospitality sectors is closely linked to the overall prosperity of the tourism industry, which is being enhanced by the comprehensive empowerment of digital technology [1] Group 2 - The "One Code to Travel Guizhou" platform serves as a comprehensive service platform for tourism, integrating over 570 A-level scenic spots and more than 1 million product resources, allowing visitors to easily access various services [1] - As of now, the platform has connected 96,600 tourism enterprises and has recorded a total of 222 million visits, serving nearly 10 million tourists during the 2025 Mid-Autumn Festival and National Day holiday [1] - The platform has introduced a "total entrance for ticket reservations," simplifying the ticket booking process for A-level scenic spots, allowing travelers to enter with just their ID cards [2]