在深圳，一个新的商业场景正在成形：曾经只在短视频和直播间里刷屏的"网红硬件"，开始走出屏幕、 走进商场中心位置。 2023年10月，智能影像品牌影石Insta360率先在深圳前海壹方城开出华南首家直营店，后面还将旗舰店 开到香港尖沙咀；今年9月，拓竹科技（Bambu Lab）在深圳湾万象城开出首店；11月，徕芬科技在福 田COCOPark开出首家线下旗舰店。从全景相机、3D打印机到高速吹风机，多家深圳新制造品牌不约而 同迈出同一步：从"线上网红"转向"线下实体"。 这并不是一次简单的渠道扩张，而是硬科技消费品在中国市场重构信任关系的一次集体试验。对影石 Insta360而言，线下门店是把"智能影像"从屏幕概念变成可以上手的日常工具；对拓竹而言，线下旗舰 店是把复杂技术变成可感知体验的场景载体；对徕芬来说，门店则是从"流量大王"走向"零售品牌"的关 键一跃。更深一层看，这些动作折射出深圳新制造在"流量见顶"之后，正在把竞争焦点从单一爆款产 品，转向供应链、体验与品牌生态的综合较量。 影石、拓竹和徕芬，分别代表了深圳新制造的三条路径：从细分赛道做到全球领先再反哺本土线下，从 极客圈层出发向大众扩散，从线上营销起家 ...

影视飓风潘天鸿则表示："登月之旅承载着人类的浪漫梦想，我们期待未来能继续发挥传媒平台的优 势，让更多普通人参与到这个梦想中来！" 影石此次支持探月微型探索机器人研制项目，源于多年航天级影像技术积淀，其技术实力已通过多重极 端环境验证。2019年，影石ONE X相机就随中国首个可回收火箭升空并记录发射全程，同年年底，专 业级全景相机Pro 2通过高空氢气球完成国内首次近太空8K全景拍摄；2023年，影石携手影视飓风发射 卫星，全景相机随卫星搭载长征二号丁运载火箭进入500公里近地轨道，成为史上首台太空完全裸露工 作的全景相机。 作为智能影像领域的新标杆，影石始终以技术研发为核心驱动力，2022至2024年累计研发投入达14.8亿 元，拥有境内外授权专利近千项，在全景影像处理、防抖算法等关键领域构建了坚实的技术壁垒。依托 多年的技术沉淀，影石将航天级标准融入产品创新，出色的产品表现让影石全景相机在全球市场份额连 续八年位居第一，并凭全景图像拼接算法与软件创新斩获2025年度艾美奖，入选《麻省理工科技评论》 2025全球"50家聪明公司"榜单。 11月26日，浙江大学航空航天学院探月微型探索机器人研制项目捐赠仪式暨 ...

同样依托这片创新生态土壤快速成长的，还有江波龙下游的智能影像企业——影石创新。2025年6月，影石登陆科创板，上市首日市值突破700亿元；两个月 后升至1000亿元。从2015年成立到跻身千亿市值行业，影石创新仅仅用了十年。 （央视财经《经济信息联播》）改革开放以来，广东始终站在创新创业的潮头。如今，这里已孕育出28家A股的千亿市值企业。它们既是中国制造业的中坚 力量，也是观察广东创新生态的窗口。广东当地企业如何实现创新突破？如何孕育出"千亿级"龙头企业？ 这个只有指甲盖大小的芯片，就是存储器的"主控大脑"。手机、汽车、AI服务器，几乎所有智能终端都离不开它。十多年前，高端主控芯片被外国厂商垄 断，如今它已能进行国产，而且国产化率在快速提升，现在江波龙自研的主控芯片累计产量已经突破1亿颗。 总台央视记者 刘溦祎：在企业位于深圳前海的总部大楼，隐约可以看到远处已经通车的深中通道，从总部出发约三十分钟车程，就能到达中山的产业园。 这个通道的贯通，让深圳前海的总部与珠江西岸的制造基地实现了"一小时级"的深度联动。研发迭代更快、物料流转更顺、产线验证更及时，一个覆盖整个 大湾区的高效供应链网络正在形成。 物理空间的联 ...

央视网消息：改革开放以来，广东始终站在创新创业的潮头。如今，这里已孕育出28家A股千亿市值企业。它们既是中国制造业 的中坚力量，也是观察广东创新生态的窗口。一起走进广东，看当地企业如何实现创新突破，共同探寻广东如何孕育"千亿级"龙头企 业。 同样依托这片创新生态土壤快速成长的，还有江波龙下游的智能影像企业——影石创新。2025年6月，影石登陆科创板，上市首 日市值突破700亿元，两个月后升至1000亿元。从2015年成立到跻身千亿市值行业，影石创新仅仅用了十年。 这个只有指甲盖大小的芯片就是存储器的"主控大脑"，手机、汽车、AI服务器，几乎所有智能终端都离不开它。十多年前，高端 主控芯片被外国厂商垄断，如今它已能进行国产，而且国产化率在快速提升，现在江波龙自研的主控芯片累计产量已经突破1亿。 物理空间的联通为企业提供了基础效率，而要将创新转化为真正的市场竞争力，则离不开能让技术迅速"产品化"的成熟产业生 态。这家企业正是受益于在广东深耕三十多年所积累的完整产业基础与即时响应的供应链，才能让实验室创新快速走向市场。 来到深圳前海的总部大楼，在记者身后，隐约可以看到远处已经通车的深中通道。从总部出发开车约三十分钟 ...

影石创新全景相机拍到的新疆和青藏高原地貌。（影石创新供图） 深圳商报首席记者 袁静娴 影石创新的故事始于一个偶然瞬间。2014年，还是南京大学软件工程系大四学生的刘靖康，在网络上看到一 个来自俄罗斯的空中全景视频。那种"360°无死角"的震撼让他意识到，一种全新的影像形式正在打开，但当 时市面上几乎没有成熟的全景相机产品。第二年7月，他带着同学来到深圳，创立了影石创新，希望做出能够 让人人拍出沉浸式画面的便携全景相机。 2025年6月，影石创新正式登陆科创板。刘靖康这位"90后"敲钟人，没有使用铜锣槌，而是用一个自家生产的 Insta360°全景相机。影石创新也正式成为"A股智能影像第一股"，上市首日市值突破700亿元，募资19.38亿 元，在2025年上交所募资规模中位居第三。 在过去的10年中，影石通过全景技术的持续突破构建了一整套技术体系，包括图像采集与拼接、防抖算法、 AI影像处理与计算摄影技术，这些底层能力形成了坚固的技术壁垒。影石没有把自己定义为一家"相机企 业"，而是用智能影像作为核心抓手，重塑人们记录与表达的方式。 这种技术路线带来了高速增长。2022—2024年，公司营收从20.41亿元增长 ...

【编者按】从创立到上市，可以说是一家企业在资本领域完成"成人礼"。一组最新数据显示：深圳121家企业 成立不到10年就成功上市，其中A股87家、港股34家。为何创立不到10年就能够上市？今日起，深圳商报推 出《深企"成人礼"观察》系列，破解121家深企的上市密码。 深圳刷新企业上市速度。一组最新数据显示：截至2025年10月，深圳A股、港股上市公司（合并计算）545 家，美股单独上市企业约30家。其中，深圳121家企业成立不到10年就成功上市，完成了它们的资本"成人 礼"，包括A股87家、港股34家。 2025年6月11日，影石创始人刘靖康手持全景相机敲响上市锣声，影石创新科技股份有限公司（影石 Insta360）正式登陆科创板，成为"全球智能影像第一股"。 2015年7月9日成立的影石，用了9年时间推开科创板上市的大门。在深圳，这样的"青年"企业有很多。 2023年4月4日，云天励飞登陆科创板，成为"深圳人工智能第一股"，从成立到上市仅用8年时间；2024年6月 13日，晶泰科技正式在香港交易所主板挂牌上市，成为首家通过18C特专科技规则的上市公司，"成人礼"的 完成时间为7年；2024年12月23日，越疆 ...

Core Insights - The integration of private venture capital, state-owned capital, and Hong Kong-Macau resources is creating a comprehensive capital network that supports the entire lifecycle of enterprises in the Guangdong-Hong Kong-Macau Greater Bay Area [1] - The Greater Bay Area is rapidly becoming a global hub for technological innovation and venture capital, driven by the collaboration of various capital sources [1] Group 1: Private Venture Capital - Private venture capital is a significant highlight in the Greater Bay Area, with firms like Dongfang Fuhai, Dacheng Caizhi, and others deeply engaged in the market [3] - The professional specialization among private venture capital firms is deepening, with specific focuses such as consumer sectors, hard technology, and precision medicine, enhancing investment accuracy and creating a collaborative ecosystem [3] - The success story of Ying Shi Innovation, which saw a 164% increase in R&D investment and a 90% rise in revenue, exemplifies the effective partnership between capital and technological innovation [2][3] Group 2: State-Owned Capital - State-owned venture capital plays a crucial role in the investment landscape, acting as a key funding source and shaping the investment framework in the Greater Bay Area [4] - The establishment of various funds, including a 150 billion yuan angel fund and a 500 billion yuan venture capital fund, demonstrates the commitment to fostering innovation and supporting emerging industries [4][5] - Shenzhen's state-owned capital has built a comprehensive innovation ecosystem, facilitating significant projects in the semiconductor industry and supporting early-stage investments through a network of seed funds [5][6] Group 3: Cross-Border Collaboration - Cross-border collaboration is being enhanced through institutional innovations, with many investment firms establishing connections between mainland China and Hong Kong to explore diverse investment opportunities [7][8] - The establishment of funds like the Qianhai Shenzhen-Hong Kong Youth Dream Factory Fund illustrates the growing trend of integrating resources and capital across borders to support early-stage projects in various sectors [7][8] - The unique conditions of the Greater Bay Area, characterized by "one country, two systems," present both challenges and opportunities for regional integration and development [8]

Core Insights - The article highlights the rapid development of Chinese technology companies, exemplified by YingShi Innovation's panoramic cameras and SiKan Technology's 3D scanners, showcasing their global presence and innovation capabilities [5][7][12] - The role of the securities industry, particularly CITIC Securities, is emphasized as a crucial facilitator in supporting these technology firms through comprehensive financial services, aiding their growth and market expansion [6][13][19] Company Highlights - YingShi Innovation has maintained the largest market share in the global panoramic camera market for six consecutive years, with over 70% of its revenue coming from international sales [11][12] - SiKan Technology became the first A-share listed company in the 3D scanning sector, raising 569 million yuan during its IPO, with a revenue growth of 17.70% year-on-year [11][12] - Both companies have leveraged capital market support to enhance their R&D capabilities and expand production capacity, with significant increases in their respective R&D investments [11][12] Industry Trends - The securities industry is increasingly returning to its investment banking roots, providing tailored financial solutions to technology firms, thus fostering a healthy cycle between technology, capital, and industry [7][13] - The capital market is evolving to better accommodate technology innovation, with a focus on supporting high-tech enterprises through various financing methods, including IPOs and bond issuances [14][15] - The growth of the Sci-Tech Innovation Board (STAR Market) is highlighted, with a significant number of companies in new-generation information technology and high-end equipment manufacturing, indicating a strong trend towards supporting innovative industries [14][18]

Core Viewpoint - The global panoramic camera market is experiencing significant shifts in market share, with companies like影石 (Insta360) and 大疆 (DJI) competing fiercely, leading to a dynamic and competitive landscape in the smart imaging sector [5][6][7]. Market Dynamics - A report from 久谦咨询 indicates that 影石's market share dropped from 92% in Q2 to 49% in Q3, while 大疆 captured 43% of the market [5]. - Another report by 弗若斯特沙利文 shows 影石 and 大疆's market shares at 75% and 17.1% respectively, highlighting discrepancies in market data [6]. - The entry of 大疆 into the panoramic camera market with its Osmo 360 has significantly impacted 影石's dominance, showcasing the competitive nature of the industry [8]. Industry Trends - The rise of short video content globally has increased the demand for smart imaging devices, with 大疆's Osmo Pocket 3 achieving over 10 million units sold, generating revenue exceeding 300 billion [13]. - The current global user base for vlogs is estimated at 520 million, with outdoor sports consumers at 220 million, indicating a growing market for smart imaging devices [16]. Competitive Landscape - New entrants in the smart imaging sector are advised to avoid direct competition with established players like 大疆 and 影石, focusing instead on niche markets and differentiated product offerings [20]. - Companies like Looki and XbotGo are exploring unique use cases, such as AI-driven wearable cameras and solutions for sports event recording, respectively [23][24]. Technological Innovations - The integration of AI and advanced algorithms is becoming crucial for product differentiation in the smart imaging market, as seen with 光子跃迁's AI-enabled camera that responds to natural language commands [25]. - The industry is characterized by a low barrier to entry for basic imaging products, but achieving brand recognition and competitive pricing remains challenging [40][42]. Market Entry by Smartphone Manufacturers - Major smartphone manufacturers like OPPO and vivo are entering the smart imaging space, indicating a shift in focus towards handheld imaging devices [28][30]. - The competitive pressure from smartphone companies is seen as a defensive strategy to maintain market relevance in the face of declining smartphone sales [37]. Conclusion - The smart imaging market is poised for growth, with a penetration rate of only 6%, suggesting ample opportunities for innovation and competition [16][38]. - Companies entering this space must be prepared with sufficient resources and talent to navigate the competitive landscape effectively [45].

Core Insights - The article emphasizes the importance of nurturing new productive forces and advancing new industrialization as the main line of economic work in 2025, with policies aimed at promoting the intelligent, green, and high-end transformation of manufacturing [2] Company Overview - Insta360, a company that recently went public on the STAR Market, saw its stock price surge by 276.56% on its first day, achieving a market capitalization of 71.38 billion yuan, which later exceeded 140 billion yuan, placing it among the top tier of hard-tech listed companies [5][6] - The company has shifted its product focus from extreme sports to broader applications such as Vlog and live streaming, showcasing its innovative spirit and commitment to redefining panoramic imaging [6][8] Product Innovation - Insta360's products have evolved significantly since the launch of its Nano panoramic camera in 2016, which was designed to be user-friendly and lightweight, contrasting with traditional bulky devices [5] - The company has introduced advanced features like "shoot first, retrieve later" and intelligent selfie stick hiding technology, enhancing the user experience in various activities [5][6] Market Performance - In Q3 2025, Insta360 reported a revenue of 2.94 billion yuan, marking a year-on-year increase of 92.64%, with a cumulative revenue of 6.61 billion yuan for the first three quarters, reflecting a growth of 67.18% [9] - The company is set to launch a panoramic drone in Q4 2025, which is expected to fill a market gap and create new growth opportunities [9] Strategic Positioning - Insta360 has established a global presence with offices in five major regions and a sales network covering over 60 countries, selling products through major online platforms and retail partnerships [8] - The company aims to transition from a hardware manufacturer to an intelligent imaging platform, integrating AI capabilities into its products [8] Industry Context - The article discusses the broader context of the STAR Market and the significance of the newly launched STAR Index ETF, which aims to capture signals across various technology sectors, particularly in AI and hard technology [11][12] - The STAR Index ETF is designed to provide a diversified investment approach, reducing risks associated with individual stocks while capitalizing on the growth of strategic emerging industries [12]