Investment Rating - The industry investment rating is "Overweight" [2] Core Insights - The report highlights the strong sales performance of Insta360's new panoramic camera, which has gained significant market attention and has surpassed GoPro to become a leading global brand in the panoramic camera market [5][6] - Insta360's market share in the global panoramic camera segment is projected to reach an impressive 81.7% by 2024, indicating that 8 out of every 10 panoramic cameras sold worldwide will be from Insta360 [5][34] - The report emphasizes the importance of product capability as a competitive moat, showcasing Insta360's rapid innovation and growth from being only one-fortieth the size of GoPro in 2017 to surpassing it in 2024 [6][34] Market Performance Review - During the week of April 21 to April 25, 2025, the Shanghai Composite Index rose by 0.56%, while the Shenzhen Component Index increased by 1.38%. The ChiNext Index saw a rise of 1.74%, and the Sci-Tech 50 Index decreased by 0.40%. The Shenwan Electronics Index increased by 0.83% [4][46] - Among industry indices, optical components performed the best with a rise of 3.61%, while analog chip design showed weaker performance with a decline of 6.22% [4][46] Industry News Highlights - The report notes that Insta360's flagship panoramic camera, the Insta360 X5, created a buzz in the U.S. market, with long queues forming at New York's Grand Central Station for its launch [5][33] - The collaboration between Insta360 and leading SaaS platform DroneDeploy is mentioned, which aims to integrate panoramic cameras into robotic applications for enhanced visual capabilities [7][44] - The report discusses the growing application of AI in various sectors, emphasizing the need for AI-enabled hardware and the potential for panoramic cameras in AI-driven solutions [10][29]

行情速递 ①主板领涨，横店影视(+10.03%)/海能达(+10.03%)/立昂微(+10.02%)/久其软件(+10.02%)/国 睿科技(+10.01%)/ ②创业板领涨，恒锋信息(+20.03%)/贝仕达克(+19.98%)/汉得信息(+14.77%)/ ③科创板领涨，仕佳光子(+20.00%)/金橙子(+14.26%)/博睿数据(+13.59%)/ ④活跃子行业，SW影视动漫制作(+5.09%)/SW光学元件(+3.41%) 国内新闻 ①盖世汽车资讯，仰望汽车宣布/其累计销量突破10000台/创造了中国百万 级汽车新纪录/ ②TechWeb，在腾讯云成都峰会工业和能源专场/腾讯云信息科技（重庆） 有限责任公司（简称"腾讯云"）与重庆储安科技创新中心有限公司（简称"清 安储能"）正式签署战略合作/双方将依托腾讯云在云计算、大数据、AI等领 域的技术优势/在智慧能源、智慧储能领域开展深度合作/有力推动能源产业 向绿色、智能方向转型升级/ ③快科技，NVIDIA H20禁运中国后/仅一天的时间/华为在合作伙伴大会发表 下代昇腾920（Ascend 920） AI 芯片/市场消息指出/昇腾920预计将于 20 ...

Market Performance - The main board led the gains with notable increases in stocks such as Hengdian Film (+10.03%), Hainengda (+10.03%), and Lianang Micro (+10.02%) [1] - The ChiNext board saw significant rises, particularly in Hengfeng Information (+20.03%) and Beishidake (+19.98%) [1] - The Sci-Tech Innovation board was led by Shijia Photon (+20.00%) and Jinchengzi (+14.26%) [1] - Active sub-industries included SW Film and Animation Production (+5.09%) and SW Optical Components (+3.41%) [1] Domestic News - Yangwang Auto announced its cumulative sales surpassed 10,000 units, setting a new record for China's million-level vehicles [1] - Tencent Cloud signed a strategic cooperation agreement with Chongqing Storage Technology Innovation Center to promote green and intelligent transformation in the energy industry [1] - Following the ban on NVIDIA H20 in China, Huawei announced the next-generation Ascend 920 AI chip, expected to be mass-produced in the second half of 2025 [1] - Meta introduced a new XR visual data upsampling technology based on eye-tracking to optimize perspective display performance [1] Company Announcements - Shiyida reported a total operating income of 141 million yuan for Q1 2025, a year-on-year decrease of 10.51%, with a net profit of 13 million yuan, an increase of 19.21% [2] - GoerTek achieved an operating income of 16.305 billion yuan in Q1 2025, down 15.57%, but net profit rose by 23.53% to 469 million yuan [2] - Zhejiang Shuju Culture reported a total operating income of 706 million yuan, a year-on-year increase of 4.16%, with a net profit growth of 44.86% to 144 million yuan [2] - Bichu Electronics posted an operating income of 496 million yuan, up 30.12%, with a net profit increase of 31.99% to 255 million yuan [2] Overseas News - Canalys reported that India's smartphone shipments fell by 8% year-on-year in Q1 2025, totaling 32.4 million units due to weak demand and high inventory levels [2] - Western Digital announced a collaboration with Microsoft and others to initiate a rare earth recycling pilot program in the U.S. [2] - C&C released a report indicating that the optical communication industry is expected to see its highest growth in decades in 2024, driven by AI applications, with a projected 52% increase in optical transceiver module demand [2] - The EU announced new regulations requiring all smartphones and tablets sold in the EU to include energy efficiency labels starting June 20, 2025 [2]

Group 1: Company Performance - Western Gold achieved operating revenue of 7.001 billion yuan in 2024, a year-on-year increase of 56.68%, and net profit of 290 million yuan, turning from loss to profit [1] - Jihong Co. reported operating revenue of 5.529 billion yuan in 2024, a year-on-year decrease of 17.41%, with net profit down 47.28% to 182 million yuan [2] - Sanli Co. achieved operating revenue of 227 million yuan in 2024, a year-on-year increase of 14.35%, but reported a net loss of 49.88 million yuan, narrowing the loss by 56.50% [2] - Sanli Co. reported operating revenue of 2.590 billion yuan in 2024, a year-on-year increase of 25.25%, with net profit of 68.09 million yuan, up 59.07% [4] - Huaiqi Mountain achieved operating revenue of 1.631 billion yuan in 2024, a year-on-year increase of 15.60%, with net profit of 196 million yuan, up 17.74% [6] - Huayuan Holdings reported operating revenue of 2.449 billion yuan in 2024, a year-on-year increase of 1.60%, with net profit of 70.74 million yuan, up 739% [8] - Hangfa Power achieved operating revenue of 47.880 billion yuan in 2024, a year-on-year increase of 9.48%, but net profit decreased by 39.48% to 860 million yuan [10] - Zhongcai Energy reported operating revenue of 2.324 billion yuan in 2024, a year-on-year decrease of 24.21%, with net profit down 94.70% to 760,240 yuan [10] - Longxing Technology achieved operating revenue of 4.355 billion yuan in 2024, a year-on-year increase of 1.95%, with net profit of 142 million yuan, up 28.70% [11] - Jinying Co. reported operating revenue of 1.308 billion yuan in 2024, a year-on-year decrease of 4.52%, with net profit down 36.73% to 22.35 million yuan [12] - Zhujiang Co. achieved operating revenue of 1.558 billion yuan in 2024, a year-on-year decrease of 52.38%, but net profit turned to profit at 15.57 million yuan [12] - Chuanwang Media reported operating revenue of 288 million yuan in 2024, a year-on-year increase of 20.05%, but net profit decreased by 24.02% to 23.80 million yuan [13] - Ronglian Technology achieved operating revenue of 2.022 billion yuan in 2024, a year-on-year decrease of 14.91%, with net profit of 28.11 million yuan, up 107.87% [13] - Oufeiguang reported operating revenue of 20.437 billion yuan in 2024, a year-on-year increase of 21.19%, but net profit decreased by 24.09% to 58.38 million yuan [14] Group 2: Dividend Proposals - Western Gold proposed a cash dividend of 0.5 yuan per 10 shares [1] - Jihong Co. proposed a cash dividend of 1.58 yuan per 10 shares [2] - Sanli Co. proposed a cash dividend of 1.50 yuan per 10 shares [4] - Huaiqi Mountain proposed a cash dividend of 4.00 yuan per 10 shares [6] - Huayuan Holdings proposed a cash dividend of 1.00 yuan per 10 shares [8] - Hangfa Power proposed a cash dividend of 0.97 yuan per 10 shares [10] - Zhongcai Energy proposed a cash dividend of 0.05 yuan per 10 shares [10] - Longxing Technology proposed a cash dividend of 1.20 yuan per 10 shares [11] - Jinying Co. proposed a cash dividend of 1.00 yuan per 10 shares [12] - Zhujiang Co. proposed a cash dividend of 1.25 yuan per 10 shares [12] - Chuanwang Media proposed a cash dividend of 1.25 yuan per 10 shares [13] - Ronglian Technology proposed a cash dividend of 0.0425 yuan per share [13] - Oufeiguang proposed a cash dividend of 0.0178 yuan per share [14]

Investment Rating - The report does not explicitly provide an investment rating for the companies discussed [3]. Core Insights - The new stock market activity has decreased, with the first-day gains and opening valuations of mainboard new stocks rising in March 2025 [1][12]. - In March, the first-day gains and opening valuations of new stocks on the ChiNext board decreased, while those on the mainboard increased [2][25]. - The report highlights specific new stocks that have recently been listed, including Hongjing Optoelectronics and Hengxin Life, which experienced significant fluctuations in their stock prices [1][25]. Summary by Sections New Stock Market Activity - In March 2025, the mainboard saw an increase in the first-day gains and opening valuations, while the overall activity in the new stock market declined, with only 12 out of 46 new stocks (26.09%) recording positive gains [1][12]. - The ChiNext board had new listings including Hongjing Optoelectronics and Hengxin Life, with first-day gains of 210.26% and 119.44% respectively, but later recorded declines exceeding 10% [25][26]. - The report notes that the total number of new stocks listed in 2023 has reached 333, raising a total of 407.88 billion yuan [12]. Key New Stocks - The report identifies key new stocks that have been listed since January 2023, including Hongjing Optoelectronics, Sikan Technology, and others, highlighting their core products and market performance [49][51]. - Specific attention is given to Sikan Technology, which focuses on 3D visual digital products and has shown promising financial forecasts [44][45]. Market Valuation Trends - The report indicates that the first-day price-to-earnings (P/E) ratios for new stocks on the ChiNext board have increased to 19.24 times in March, compared to 17.14 times in February, while the mainboard's P/E ratio decreased to 15.56 times [17][29]. - The opening valuations for new stocks on the mainboard have also shown an upward trend, with a notable increase in the first-day gains compared to previous months [29][33].