格隆汇12月25日丨汇顶科技(603160.SH)在互动平台表示，公司的多功能交互传感器、音频产品及解决 方案已成功商用于品牌智能眼镜。同时，公司触控芯片、光线传感器等产品也可支持AI眼镜、VR、 AR、MR等设备应用。 ...

编者按： 如果说2003 年网络游戏被正式列入国家 863计划后的十多年，是中国游戏厂商起步发展的十年；那2015年游戏游艺设备生 产和销售解禁、《关于改进移动游戏出版服务管理的通知》与《移动游戏内容管理规范》宣布发布，则是中国游戏产业全 面崛起的又一里程碑式节点。 在2015年后的十年间，中国游戏产业年营收经历了从1407亿元到3257亿元的翻倍增长，移动游戏大发展、游戏出海开疆拓 土、经典IP的文化与商业价值塑造，均可在2015年找到增长加速的原始动力。 在这样的背景下，南方财经全媒体集团数字娱乐课题组策划"中国游戏产业10年纪事"专题，从游戏出海、产业趋势、企业 成长、长青产品、明星游戏人等多个维度，总览中国游戏产业在十年间的发展历程，展现中国游戏公司与从业者的专业能 力、市场潜力和文化创造力，探讨产业在下一个10年的发展路径。 在本专题的第五篇，我们将目光聚焦到作为经营主体的游戏公司本身，如果说早年游戏公司对海外市场的探索大多是单个 产品的海外发行，当前的经营路径则是自投资、立项、研发到测试、发行、运营的全面全球化，以全球市场为目标对象， 配置跨国团队与经营体系，成为中国游戏产业自商业影响力到资本、文 ...

舜宇光学 20251217 摘要 车载镜头市场增长潜力巨大，预计 2025 年单车平均搭载 4.3 个摄像头， 新能源汽车已超过 10 个。舜宇光学已完成 1,700 万至 1,800 万像素 ADAS 产品研发，技术领先，小型化和自清洁是未来发展方向。预计 2025 年车载镜头和模组营收增长超 20%，下半年环比改善。 XR 领域中，VR 市场需求疲软，但智能眼镜表现良好，尤其受北美大客 户 2025 年 9 月发布四款智能眼镜的推动。未来智能眼镜单副搭载摄像 头数量可能增至 10 个以上，AR 眼镜带显示功能比例也将增加。舜宇光 学在波导片、光机等核心部件已有布局，预计 XR 相关业务营收与去年 持平。 智能手机市场饱和，预计 2025 年出货量持平或低个位数增长。存储涨 价对中低端机型有影响，但高端机型规格持续升级，如潜望式摄像头、 可变光圈等。舜宇光学聚焦高端产品线，预计手机镜头和模组营收增长 5%~10%，ASP 及毛利率均提升，全年 ASP 实现双位数增长。 舜宇光学与歌尔合作集中在波导片领域，双方看好 AR 技术并投入多年。 由于 AR 市场发展缓慢，技术和供应链不成熟，前期投入尚未转化为显 著 ...

中央经济工作会议12月10日至11日在北京举行。会议指出，坚持内需主导，建设强大国内市场。坚持创 新驱动，加紧培育壮大新动能。坚持对外开放，推动多领域合作共赢。 众信旅游（002707）集团股份有限公司(以下简称"众信旅游")董事长冯滨表示，中央经济工作会议对文 旅消费扩容、入境游提质、产业创新升级的部署精准契合行业发展需求，既划定了前行路径，又提振了 发展信心，众信旅游将坚决践行会议精神，以实际行动推动旅游业高质量发展。 具体来看，第一，面向国内游及出境游市场，众信旅游将持续强化国内游产品创新与服务升级。众信旅 游将继续推出"我的世界拼图""众信制造"等一批特色鲜明兼具品质保障的产品，进一步提升游客出游品 质。 第二，众信旅游坚持科技赋能与标准化双轨并进。随着我国科技持续发展，AI、VR等科技手段持续赋 能旅游行业高质量发展。众信旅游此前推出了全球首个沉浸式南极VR体验展，推出U护航等AI智能服 务平台，不断迈出旅游行业科技探索的脚步。 第三，面向入境游市场，众信旅游聚焦"便利化"与"国际化"，重塑"中国服务"的金字招牌。2025年，众 信旅游率先引入国际清真友好酒店认证服务标准及认证资质，推动我国入境游发 ...

Core Insights - The online travel agency (OTA) market in China is experiencing intense competition, with new players aggressively entering the space while established companies are fortifying their positions [2][7] - The shift in consumer behavior, particularly among the Z generation, emphasizes experiential travel over traditional destination-focused trips, driving demand for personalized and immersive experiences [10][11] Group 1: Market Dynamics - Established players like Ctrip and Tongcheng maintain supply chain advantages, with Ctrip reporting a net profit of 19.9 billion yuan in Q3 2025, a 193% year-on-year increase, driven by accommodation bookings [5] - New entrants such as Douyin and Xiaohongshu leverage content and traffic advantages to penetrate traditional OTA markets, with Douyin's hotel content generating 350 billion views annually and driving a 118% increase in orders [6] - The competitive landscape is characterized by a clear division between traditional players focusing on supply chain and new players utilizing content-driven strategies to attract users [4][6] Group 2: Consumer Behavior Changes - The Z generation, aged 18-35, now represents 65% of total travelers during the 2025 Spring Festival, reflecting a 20 percentage point increase since 2020, indicating a shift towards experience-driven travel [10] - Platforms are adapting to this change by offering personalized travel inspirations and utilizing AI and VR technologies to enhance user experience and streamline travel planning [10][11] Group 3: Competitive Strategies - Companies are not only competing for market share but also seeking sustainable growth opportunities in both saturated and emerging markets [12][13] - Strategies include leveraging high-frequency local services, integrating e-commerce capabilities, and focusing on niche markets such as student travel and local experiences [5][6][14] - The need for differentiation is critical, as companies face challenges from price competition and the risk of service dilution, with 35% of travel complaints related to "false discounts" [13] Group 4: Future Outlook - The future of the OTA market will depend on companies' ability to convert their core strengths into unique user value, balancing service reliability with innovative experiences [15][16] - The industry is moving towards a collaborative model where specialized service providers, traffic generators, and ecosystem players work together to expand the overall market [16]

Core Viewpoint - The article discusses the successful listing of the domestic GPU leader, Moer Thread (688795), and the potential benefits for several A-share companies, particularly Century Huatong (002602), which has invested in Moer Thread [1][3]. Group 1: Investment Details - Century Huatong's wholly-owned subsidiary, Shanghai Shengqu Shuming Enterprise Management Co., Ltd., holds a 7.3121% stake in Guosheng Capital, which owns 19.588689 million shares of Moer Thread, accounting for 4.8968% of the total shares before the IPO and 4.1676% after the IPO [3]. - The fair value of Century Huatong's stake in Moer Thread is expected to impact its net profit by approximately 640 million yuan for Q4 2025, representing about 53% of the audited net profit attributable to shareholders for 2024 [3][5]. Group 2: Market Performance - Moer Thread's stock surged by 425.46% on its first trading day and reached 735 yuan per share on December 10, with a market capitalization of 345.5 billion yuan [3][6]. - Century Huatong's stock has increased by over 240% this year, with a current market value of 130.5 billion yuan [6]. Group 3: Broader Industry Context - Other A-share companies, such as Heertai, have also invested in Moer Thread, with Heertai holding 4.105109 million shares valued at approximately 3 billion yuan based on Moer Thread's closing price on December 10 [6]. - Century Huatong has been investing in Moer Thread for several years, focusing on the metaverse hardware ecosystem, which includes investments in leading companies in the AR display and GPU sectors [5].

Core Viewpoint - The stock of Furong Technology experienced significant price fluctuations, with a cumulative increase of over 20% from December 1 to 2, 2025, and a closing price of 13.30 yuan on December 3, 2025, indicating abnormal volatility [1] Group 1 - The static price-to-earnings ratio of the company is 75.52, which is considerably higher than the industry average of 58.28 [1] - The stock price saw a cumulative increase of 30.03% from December 1 to 3, 2025 [1] Group 2 - The company has indicated that there are no significant changes in its production and operations, and there are no undisclosed matters that need to be revealed [1] - The revenue contribution from materials used in MR and VR glasses is very low, and the company's products do not incorporate AI functionalities [1]

格隆汇12月3日丨福蓉科技(603327.SH)公布，公司主要产品有消费电子产品铝制结构件材料、新能源和 汽车铝型材及其精深加工件。公司产品本身不具有AI功能，具体产品情况详见公司披露的定期报告。 公司生产的高强度铝制结构件材料已用于MR、VR眼镜，主要有三星、vivo等品牌,但占公司营业收入比 重极其有限。 ...

福蓉科技发布股票交易风险提示公告称，公司股票交易连续三个交易日以涨停价收盘。股票价格近期涨 幅较大，可能存在短期涨幅较大后的下跌风险。截至本公告日，公司主营业务、生产经营情况及经营环 境与前期披露的信息相比，未发生重大变化，公司不存在应披露而未披露的重大事项。公司主要产品有 消费电子产品铝制结构件材料、新能源和汽车铝型材及其精深加工件。公司产品本身不具有AI功能。 公司生产的高强度铝制结构件材料已用于MR、VR眼镜，主要有三星、vivo等品牌，但占公司营业收入 比重极其有限。 ...

RT Chris Menahan 🇺🇸 (@infolibnews)At Miriam Adelson's Israel Hayom summit in New York, two entrepreneurs pitched their macabre "VR October 7th experience" to Jewish investors."The conversion rate of this VR is something like we haven't seen before!"Never heard anyone so excited to share footage of a massacre. https://t.co/FfxUUJk4We ...