7月15日，在由中国电子视像行业协会指导的2025中国智慧生活大会（CIC）上，洛图科技（RUNTO）研究专家刘闯预测，中国AI硬件（不含AI手机、AI汽 车）市场规模今年将首次突破万亿元，五年内将继续保持高速增长。 在国内AI消费电子硬件市场中，手表、眼镜和耳机的智能穿戴市场，以及彩电和投影组成的黑电市场，今年均超千亿元，分别将达1190亿元和1180亿元；白 电、生活家电、厨房家电市场今年分别将达760亿元、480亿元和290亿元；教育类智能硬件、智能家居类硬件（智能安防、家庭娱乐等）市场分别将达340亿 元和370亿元。 在刘闯看来，消费电子与AI结合的硬件产品主要分为几类：一类是以算力为基础的AI工具，包括AI手机、AI电脑、AI平板等；二是AI教育伙伴，包括学习 机、AI教具、AI玩具等；三是可穿戴产品，包括AI耳机、AI眼镜、AI手表、AI手环等；四是安防类产品，包括AI摄像头、AI门锁等；五是AI化的传统家 电。 上述产品的AI渗透率正不断提高。据洛图科技的数据，在国内传统家电的市场，AI在扫地机器人、空气净化器、智能床垫的渗透率已达90%；AI电视的渗透 率已突破70%，功能包括画质增强、观影 ...

Group 1 - The new consumption concept stocks in the Hong Kong market are experiencing a volatile pullback [1] - Pop Mart (09992.HK) has seen a decline of over 5% [1] - Gu Ming (01364.HK) has dropped nearly 3% [1] Group 2 - Wei Long (09985.HK) has decreased by more than 2% [1] - Mao Ge Ping (01318.HK) and Miniso (09896.HK) both fell by over 1.5% [1]

Core Viewpoint - Luxshare Precision is advancing its acquisition of a portion of the equity and assets of subsidiaries from Wingtech Technology, with all preconditions for the transaction being met and the transfer procedures progressing smoothly [1] Group 1: Business Expansion and Profitability - Luxshare Precision's rapid development of new projects in the consumer electronics sector, alongside its strong profitability, is a critical growth direction beyond its major clients in consumer electronics, automotive, and communications [1] - The acquisition strategy of "internal growth + external mergers" is key to Luxshare's continuous expansion and vertical integration in the consumer electronics sector, enhancing its overall competitiveness [2] - The acquired companies possess mature R&D and manufacturing systems in the ODM and OEM fields for mobile phones, tablets, laptops, and small appliances, which will complement Luxshare's existing precision manufacturing capabilities [2] Group 2: Competitive Advantage and Market Position - The acquisition will significantly enhance Luxshare's ODM scale and competitiveness, as Wingtech holds over 20% market share in the global mobile ODM market, serving major brands like Samsung and Xiaomi [3] - Luxshare aims to leverage this acquisition to provide integrated ODM services to well-known clients, increasing customer loyalty and opening new markets for its electronic components and modules [3] - The company has diversified its product offerings across various categories, including AI-driven products, positioning itself to benefit from the upcoming wave of product innovation driven by generative AI [3] Group 3: Global Strategy and Operational Efficiency - Luxshare's acquisition of Wingtech's assets in India marks a significant step in its global strategy, with operations fully taken over as of July 2, 2025 [4] - The company aims to build a "manufacturing + technology" dual-driven global industrial ecosystem over the next three to five years, focusing on deep collaboration with global tech leaders and international cooperation on technology and standards [4] - Luxshare has established a global closed-loop system for "design-manufacturing-service," enhancing its capacity and supply chain resilience, which supports its expansion in consumer electronics and automotive sectors [5] Group 4: Risk Management and Resilience - The company has developed a robust global capacity layout, with established production bases and R&D centers in countries like Vietnam, India, Mexico, and Germany, enhancing its risk management capabilities [5] - Luxshare's strong risk resilience and optimized global capacity layout position it to benefit from the trend of concentration in the supply chain, allowing it to flexibly meet customer market demands [5] - The company is creating a more resilient business model that not only serves existing clients well but also opens up new customer opportunities, thereby creating new growth avenues [5]

港股早晨快訊 2025 年 7 月 16 日星期三 個股推介 藍思科技(6613) 19.44 元 / 短線目標價：21.80 元 / 19.1%潛在升幅 催化劑：i) 在美國解除 EDA 禁令和美越貿易協定於同日達成的背景 下，有利後續訂單交付外，料亦可舒緩市場對上游供應鏈單價、毛利率 壓力的憂慮；ii) 預期最快 8 月初可獲納入港股通； 估值：A 股現價對應 FY25E/26E 22.5x/17.7x 預測市盈率(P/E)，H 股 較 A 股折讓超過 25%，我們認為其於行業的龍頭地位，有助折讓收窄； 拜訪紀要 361 度(1361) 收市價：HK$5.01 / 評級：維持買入 / 目標價：HK$5.40 市場回顧 短期看好板塊 今日市場焦點 ➢ 美國聯儲局褐皮書；英國6月CPI及核心CPI ； 宏觀焦點 中國第二季GDP增長5.2%勝預期，工業勝預期，固投零售遜預期； 港滙再觸發弱方兌換保證，金管局買入逾148億港元； 美國6月CPI按年升2.7%，高於預期； 歐盟羅列反制美國關稅清單，涉720億歐元貨品； 企業消息 | 各國指數 | 收市價 | | 變動% 年初至今% | | --- | --- | ...

Group 1 - The core viewpoint highlights the significant growth in the domestic AI industry, with the Huabao AI ETF (589520) experiencing a 2.17% intraday increase, marking its fourth consecutive day of gains [1] - Key stocks contributing to this growth include Cambricon, which rose over 6%, and Yuntian Lifei, which increased by more than 5% [1] - The fifth RISC-V China Summit is set to take place from July 16 to 19, focusing on AI, high-performance computing, and automotive electronics, with an expected attendance of nearly 2,000 professionals [3] Group 2 - The RISC-V China Summit is one of the largest annual events in China, featuring speakers from major companies like Qualcomm, NVIDIA, and Alibaba [3] - NVIDIA announced the resumption of H20 chip sales in China, with expectations for continued procurement by downstream customers to meet AI development needs [3] - The global AI "arms race" is underway, with new models like Grok4 and Kimi K2 expected to significantly boost domestic computing power demand and application ecosystems [3] Group 3 - CICC forecasts that the integration of edge AI across multiple terminals will drive growth in the consumer electronics sector, with a focus on AI hardware upgrades and innovations in wearable technology [4] - The Huabao AI ETF is characterized by its focus on domestic AI industry chains, emphasizing end-cloud integration, innovation-driven growth, and impressive long-term returns, having increased by 90.90% since September 24 [4] - The electronic ETF (515260) tracks the Electronic 50 Index, covering key sectors such as AI chips, automotive electronics, and cloud computing, with a focus on policy support and AI empowerment [5][6] Group 4 - The semiconductor industry is under pressure to achieve self-sufficiency, supported by national policies, with a focus on domestic alternatives [6] - AI models are enhancing electronic products' capabilities, leading to hardware innovation and a potential wave of upgrades in consumer electronics [6] - The Electronic 50 Index includes leading companies in the electronics sector, such as Luxshare Precision and BOE Technology Group, highlighting the strength of domestic players [6]

Core Viewpoint - Wentech Technology Co., Ltd. is undergoing significant management changes and strategic shifts, focusing on its semiconductor business after divesting its struggling ODM operations, with a projected net profit increase driven by semiconductor growth [2][3][6]. Group 1: Management Changes - The resignation of key executives, including Chairman Zhang Qiuhong, is aimed at aligning the management team with the company's new semiconductor-focused strategy [4][5]. - New board members with strong backgrounds in the semiconductor industry have been nominated to provide targeted strategic guidance [4][5]. Group 2: Financial Performance - Wentech expects a net profit of 390 million to 585 million yuan for the first half of 2025, a significant increase from 140 million yuan in the same period last year [6]. - The company anticipates a turnaround in profitability, with a projected net profit of 260 million to 390 million yuan after excluding non-recurring losses, compared to a loss of 128 million yuan in the previous year [6][7]. Group 3: Business Focus - The semiconductor business is showing strong performance, benefiting from market demand recovery and cost reduction efforts, while the product integration business is in decline due to external pressures [7]. - The divestment of the product integration business is a strategic move to concentrate resources on the semiconductor sector, which is seen as a high-potential area for growth [3][7].

短期出现震荡，但中期方向没有变化。周二 A 股盘中出现明显震荡，上证指数一度跌破 3500 点整 数关，但午盘开始震荡回升，收盘依然站在 3500 点上方。由于上证指数已经正式突破 2024 年 11 月 8 日的高点，因此判断自 2024 年四季度以来的横盘震荡已经告一段落，短期震荡对中期方向不会产生影 响。近期市场对于贸易冲突的担忧情绪进一步缓解， 7 月政策窗口期愈来愈近，预计市场将在震荡中继 续维持缓慢盘升的格局。 风险提示：全球地缘格局出现超预期局面，关税预期的反复摇摆，关税冲击的后续影响，美联储降 息延后，海外经济衰退超预期，国内经济复苏不及预期，政策执行不及预期等 后市展望：3500 点后的两种路径判断，突破前震荡蓄势概率较大。在指数突破 3500 点之后，市场 未来的路径有两种可能：1）继续延续上升趋势，直接挑战 2024 年 10 月 8 日的高点； 2）在挑战 3674 高点之前震荡蓄势，消化前期的套牢盘。行情一蹴而就挑战前高需要满足三个条件：1）财政加码政策 开始落地；2）全球环境继续缓和；3）成交量能持续有效放大。在三个条件没有形成共振之前，市场预 计将进行震荡蓄势，待时机成熟后挑战 ...

国家统计局7月15日发布的数据显示，6月份，社会消费品零售总额为4.2万亿元，同比增长4.8%。 上半年，社会消费品零售总额为24.5万亿元，同比增长5.0%。国家统计局副局长表示，我国正处在消费 结构升级的关键阶段，人均GDP连续两年稳定在1.3万美元以上，文化旅游、医疗健康、养老消费空间 广阔，我国市场规模优势非常明显。中国未来的消费成长性非常好，市场空间非常广阔。 7月16日，港股三大指数集体高开，恒指涨0.46%，国指涨0.56%，恒生科技指数涨0.89%。盘面 上，大型科技股全线上涨，生物医药股继续上扬，创新药概念股活跃，稀土概念股走高，新消费概念股 多数上涨，港股消费板块走势强劲，港股消费ETF（513230）现涨近2.5%。 港股消费ETF（513230）一键网罗港股新消费龙头。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 平安证券研报称，紧抓精神需 ...

证券研究报告 | 2025年07月16日 宏观经济宏观月报 6 月国内产需背离加剧 3、6 月份，社会消费品零售总额 42287 亿元，同比增长 4.8%，比 5 月回落 1.6 个百分点； 4、1-6 月，全国固定资产投资（不含农户）248654 亿元，同比增长 2.8%， 比 1-5 月回落 0.9 个百分点；扣除房地产开发投资，全国固定资产投资同比 增长 6.6%； 5、6 月份，进出口总额 38527 亿元，同比增长 5.2%。其中，出口 23394 亿 元，增长 7.2%；进口 15134 亿元，增长 2.3%； 6、6 月份，全国城镇调查失业率为 5.0%，持平上月，亦持平上年同月。 2025 年 7 月 15 日国家统计局发布 2025 年 6 月份经济增长数据，重点关注 的经济增长类数据如下： 1、2025 年上半年国内生产总值 660536 亿元，按不变价格计算，同比增长 5.3%，其中二季度同比增长 5.2%，较一季度小幅回落 0.2 个百分点； 2、6 月份，规模以上工业增加值同比增长 6.8%，比 5 月加快 1.0 个百分点； 6 月国内经济增速约 5.2%，高于全年经济增速目标值。 ...

景气度哪里强 - 科技半年预告与 AI 动态 20250715 摘要 海外算力板块表现突出，受益于 AI 产业趋势和大规模算力发展，互联、 新盛、中际旭创等公司业绩超预期，反映了行业高景气度，即使面临资 本压力，巨头公司仍坚定投入 AGI 发展。 AI 产业国内外趋势总体向好，海外大规模算力发展迅速，国内更关注应 用创新。预计未来科技股市场，特别是海外算力、国内算力及端侧 AI 消 费电子等高景气度领域，将持续受到关注。 光模块市场需求强劲，800G 光模块 2025 年预计产量近 2000 万 G，1.6T 光模块预计 50 万支。新易盛二季度业绩预期乐观，全年营收 有望达 90 亿至 100 亿元，国内算力市场景气度也较高。 AI 应用板块持续发展，海外 B 端 AI 应用预算增速达 75%，企业认可 AI 降本增效能力。国内 ToB 和 ToC 公司 AI 驱动业务增速显著，AI 技术在 企业高管助手、编程辅助、营销客服等方面带来助益。 游戏市场一季度规模创新高，移动端占比 78.5%。上海上半年网络游戏 市场收入增长近 11%，A 股游戏公司迎来发展窗口期，关注《超自然行 动组》等新上线表现良好的游戏 ...