来源：格隆汇APP 格隆汇12月10日｜迪士尼宣布，已提名苹果公司前首席运营官Jeff Williams为独立董事候选人，将在 2026年年度股东大会上进行选举。若获批准，迪士尼董事会成员总数将增至11人。Williams于今年早些 时候从苹果公司首席运营官的职位上退休，他曾参与2007年首款iPhone的发布，并领导了Apple Watch项 目以及公司在健康和健身领域的扩张。此次提名有望为迪士尼董事会带来第二位科技高管，此前 Instacart前总裁、Meta Platforms资深人士Carolyn Everson已于2022年11月被任命为董事。 ...

来源丨国家统计局网站 编辑丨黎雨桐 中概股下挫，白银大涨创新高，比特币突破92000美元关口，俄乌局势有重大进展 手机电脑被迫涨价，小米多次预警、联想囤货，业内：未来1年内难降价 SFC 21君荐读 2025年11月份，全国居民消费价格同比上涨0.7%。其中，城市上涨0.7%，农村上涨0.4%；食 品价格上涨0.2%，非食品价格上涨0.8%；消费品价格上涨0.6%，服务价格上涨0.7%。1—11 月平均，全国居民消费价格与上年同期持平。 11月份，全国居民消费价格环比下降0.1%。其中，城市下降0.1%，农村持平；食品价格上涨 0.5%，非食品价格下降0.2%；消费品价格上涨0.1%，服务价格下降0.4%。 ...

新浪科技讯 12月10日上午消息，近日，在小米招聘页面中，出现了多个与AI教育相关的岗位。对于进 军AI教育的消息，截至发稿前，小米官方暂无回应。 以AI教育高级产品经理为例，该岗位负责AI教育方向产品设计、规划和落地，为小米多终端设备用户 打造个性化的学习体验；深入分析大模型在教育领域的机会，发掘有价值的应用场景。 儿童与教育高级产品经理岗位则要求结合GPT前沿和教育大模型，探索AI+教育的落地方案；为小米人 车家全生态的儿童和家长用户提供行业领先产品及内容体验，包含手机、平板、音箱、车机等。 此前，小米在教育领域已有相关布局。今年7月，小米REDMI宣布，REDMI Pad 2平板内置全新教育中 心App，具备九大学科15万+校内同步课；内置名校题库，满足小初高各阶段学生需求；同时支持AI作 业辅导。 新浪科技讯 12月10日上午消息，近日，在小米招聘页面中，出现了多个与AI教育相关的岗位。对于进 军AI教育的消息，截至发稿前，小米官方暂无回应。 以AI教育高级产品经理为例，该岗位负责AI教育方向产品设计、规划和落地，为小米多终端设备用户 打造个性化的学习体验；深入分析大模型在教育领域的机会，发掘有价值的 ...

Group 1: Company Adjustments and Developments - Xiaomi has initiated a series of personnel adjustments in its China operations, with key positions being reassigned to enhance performance amid pressure on sales [2] - Alibaba has established a new business unit, Qianwen C-end, aimed at transforming its Qianwen app into a super app and an AI assistant for users [3] - Insta360's new drone brand, Yingling, reported sales exceeding 30 million yuan within 48 hours of launch, countering rumors of poor sales performance [3] Group 2: Technology Innovations and Collaborations - Google and XREAL have launched Project Aura, integrating AI into AR glasses, with significant contributions from a Chinese team [2] - Group Nuclear Technology aims to provide foundational space intelligence capabilities, emphasizing the need for practical applications of AI in three-dimensional environments [7] - UBTECH has secured over 50 million yuan in orders for its humanoid robots, focusing on the Walker S2 model [7] Group 3: Market Responses and Strategic Moves - JD.com has acknowledged a bug in its "Sui Xin Tun" feature, committing to cover all losses incurred by merchants due to the issue [4] - Anker Innovation is advancing its global flexible supply chain strategy to mitigate the impact of fluctuating tariff policies [9] - Huagong Information has terminated its major asset restructuring with Zhongke Shuguang due to unfavorable market conditions [14] Group 4: Financing and Growth Opportunities - Yundongchu Technology has completed a C-round financing exceeding 500 million yuan, with participation from various investment firms [16] - Galaxy General has denied rumors regarding its IPO plans in Hong Kong, clarifying that recent corporate restructuring is aimed at accommodating new investors [17]

2025 年 12 月 10 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 210 期 观点精粹: 最新报告摘要 证券研究报告 1、最新报告摘要 1.1、资金供给端改善，解禁减持规模高增--策略周报 分析师：赵阳 S0350525100003 联系人：郭可凡 S0350124070038 资金供给端改善，解禁减持规模高增--策略周报 2027 年订单能见度提高，业绩有望持续高增--工业富联/消费电子(601138/212705) 公司点评 投资要点: 1.本周（2025/12/01-2025/12/05，下同）宏观资金面宽松，央行通过公开市场操作开展 7 天逆回购净回笼 8480 亿元，开展 10000 亿元 3 个月买断式逆回购操作，本周总计实现资金净投放 1520 亿元。资金价格方面，短 端利率下行，中端与长端利率上行，期限利差走阔。 2.股市资金供给端整体改善，权益基金发行回暖。融资余额小幅回升，但杠杆资金参与度有所下降，融资净流 入较多的行业为有色金属、电子，融资净流出较多的行业为 ...

Summary of Conference Call on Tesla Chain Investment Opportunities Industry and Company Involved - The discussion centers around the **Tesla Chain** and its implications for the **robotics sector** and **consumer electronics industry**. Core Points and Arguments - **Hardware Technology and Standards**: Tesla Chain's hardware technology has been finalized, with a blue paper establishing technical standards, indicating a shift towards durability to optimize lifecycle costs and robustness. Mass production is expected to ramp up in August 2024 after a release in Q1 2024 [1][2] - **Market Expectations**: The market has a conservative outlook on Tesla Chain's progress due to previous delays, leading to investor hesitation. However, the actual progress is exceeding expectations, with December to Q1 2024 being a critical window for the robotics sector [1][5] - **Investment Strategy**: Recommended investments include supply chain companies with certainty such as **Sanhua Intelligent Controls**, **Top Group**, and **Zhejiang Rongtai**. Additionally, companies in the consumer electronics sector like **Lens Technology** and **Changying Precision** are suggested as their stock prices do not yet reflect the potential of humanoid robots [1][6] - **Impact of Humanoid Robots on AI Industry**: Humanoid robots are seen as a key application in the AI industry. If Tesla releases products that exceed expectations, it could accelerate development efforts from major players like Apple, Google, and OpenAI, significantly impacting consumer electronics companies [1][7] - **Key Variables for Market Entry**: Critical variables include market entry, market share, and Average Selling Price (ASP). Companies like **Wuzhou Xinchun** are highlighted for their potential ASP expansion, with core components' value possibly doubling post-mass production [1][8] - **Profitability of Core Components vs. Ordinary Structural Parts**: Core components have higher profitability due to technological barriers and limited supply, while ordinary structural parts are less profitable. For instance, **Hengli** in Mexico meets Tesla's requirements and is expected to have higher profit margins [1][9] - **Future Position and Profitability of Consumer Electronics Companies**: Companies like **Changying Precision** and **Lens Technology** are becoming increasingly important in the consumer electronics landscape, although their expected profitability may be lower than that of core components. However, they still have significant growth potential based on market estimates [1][10][11] Other Important but Possibly Overlooked Content - The upcoming months are expected to have a clear development rhythm for Tesla Chain, with significant milestones in product release and mass production anticipated [3][4] - The importance of the December 7 factory audit is emphasized, marking a significant step in the production process and confirming the readiness of the hardware technology [2]

Summary of Key Points from Conference Call Records Industry Overview - The report focuses on the technology sector, particularly the AI and consumer electronics industries, with an emphasis on the impact of the US-China tech competition on valuations and growth prospects in 2026 [1][2][4]. Core Insights and Arguments - **Growth Projections for 2026**: The edge growth is expected to be robust, primarily driven by the Apple supply chain and robotics chain, with the Apple chain benefiting from foldable screens and new products, showing strong growth potential and lower valuations compared to competitors [1][2]. - **Valuation Trends**: Despite the current high valuations in the domestic tech sector, there remains upward potential when compared to the 1990s internet boom in the US. The overall valuation in the domestic tech sector is still seen as having room for growth [2][4]. - **AI Applications**: The AI sector is entering a phase of strong reasoning and native multimodal capabilities, with significant advancements in models like the kimi K2 thinking model, which has improved reasoning speed and tool usage capabilities at a lower training cost compared to OpenAI [1][6]. - **Consumer Electronics Innovations**: The consumer electronics industry is expected to see significant changes, particularly with Apple’s new foldable devices and the anticipated release of Meta's AI glasses, which are projected to reach over 20 million units in 2026. Companies like Luxshare Precision and Crystal Optoelectronics are recommended for investment [5][11]. Important but Overlooked Content - **AI Model Developments**: Recent advancements in AI models, such as Gemini 3 and DeepMind's Gemini 3 DeepThink, have set new benchmarks in reasoning and multimodal understanding, which could significantly influence the AI application landscape [7][9][13]. - **Investment Opportunities**: Companies involved in the AI supply chain, such as Luxshare Precision and Xinwei Communication, are highlighted as having strong potential due to their unique positions and expected improvements in profitability [5][11]. - **Future Trends in AI**: The report anticipates a strong push towards AI integration in various sectors, including industrial AI, military-commercial aerospace, and satellite internet, with a focus on companies like 聚水潭 and those in the financial office sector [3][11][19]. Conclusion - The technology and AI sectors are poised for significant growth in 2026, driven by innovations in consumer electronics and advancements in AI models. Investment opportunities are abundant, particularly in companies that are well-positioned within the evolving supply chains and technological advancements.

Group 1 - The storage market in Shenzhen Huaqiangbei has seen a "daily price change" become the norm, with the PC industry being the first to feel the impact of rising costs [1] - Due to the surge in DRAM and SSD prices, several overseas distributors indicate that prices for certain laptops and commercial PCs will undergo a new adjustment cycle by the end of this year to early next year, with expected increases ranging from 10% to 20% [1] - The most affected products are mainstream lightweight laptops and high-spec office computers with standard configurations of 16GB or more RAM [1] Group 2 - In the highly competitive smartphone market, price increases are occurring in a more subtle manner [1] - Xiaomi executives have acknowledged the significant rise in BOM costs and have repeatedly warned about industry price pressures [1] - Lenovo's management has expressed confidence, stating that they have taken proactive inventory measures and will not pass the pressure onto consumers in the short term due to sufficient stock [1] Group 3 - There is currently no clear indication of when the price increase trend will peak, with industry experts predicting that the structural imbalance caused by AI demand will be difficult to alleviate in the next 6 to 12 months [2] - High storage prices are expected to persist until 2026 [2]

在AI投资热潮受质疑的背景下，苹果因审慎的资本开支策略意外成为市场赢家。其股价自6月底以来上涨超35%，市值突破4.1万亿美元，超越微软成为 标普500第二大权重股。苹果凭借其硬件生态与高利润服务业务，被视为既能规避AI泡沫风险、又能在技术普及时受益的标的，估值已升至历史高位。 上半年垫底到下半年领跑 苹果股价在2025年上演了戏剧性转折。上半年，其在"科技七雄"中表现垫底，股价累计下跌18%；然而自6月底起，走势完全逆转。投资者正将苹果视 为一个独特的防御性选择，既规避了过度投资的风险，又能在AI技术成熟普及时，凭借其生态与硬件优势持续受益。 Glenview Trust Company首席投资官Bill Stone将苹果定义为"反AI概念股"，并指出该公司虽必将强化手机AI功能，却主动避开了当前的AI军备竞赛及伴 随的天量资本开支。 Needham积极成长基金投资组合经理John Barr评论称： "关键在于，当同行纷纷加大投入时，苹果选择了保持理性与支出克制。" 当华尔街对人工智能的投资热潮日趋审慎之际，此前因AI布局相对迟缓而备受争议的苹果公司，反而成为近期市场中的意外赢家。 今年下半年以来，苹果股价 ...

在技术创新与需求修复的共振下，消费电子板块正显现新的活跃信号。近日，谷歌与国内企业共同推出 全球首款Android XR平台的AI智能眼镜，或再次催化该板块。国内哪些产业链企业有望从中受益？请 看机构最新研判。 全年来看，消费电子板块在1-2月上涨，4月受美国加征关税影响有较大幅度回调，6-7月逐步进入上涨 趋势，8-9月加速上涨，10月以来高位震荡。估值方面，目前消费电子板块PE-TTM约38倍，相对电子行 业其他板块仍处于偏低状态，为后续行情演绎留出空间。 从基本面看，2025年以来消费电子复苏趋势持续巩固，技术创新成为板块景气度抬升的重要驱动力。一 方面，折叠屏手机新品密集发布，带动相关零部件需求回暖；另一方面，人工智能技术快速迭代，AI 基础设施需求维持高景气，同时，AI在终端侧的加速落地推动端侧硬件升级，端侧SoC、散热材料等零 部件赛道景气度高企。 与此同时，近期百度、阿里夸克相继发布眼镜产品后，理想汽车也正式发布其第一代AI眼镜理想 Livis。机构认为，此前的AI眼镜多为支付、导航、影音等手机生态的延伸，而此次Livis的发布为AI眼 镜的发展开辟了和手机厂商、互联网公司等不同的新路径，车机联 ...