Group 1: Investment and Expansion - Meituan plans to invest $1 billion in Brazil over the next five years to support the launch of its food delivery platform, Keeta, marking its second overseas market after Saudi Arabia [1] - BYD has established its European headquarters in Hungary with a total investment of 100 billion HUF (approximately €248 million), creating 2,000 jobs and focusing on smart driving technology and electric vehicle research [5] - The first overseas collaborative innovation center of Chery Group has been established in Singapore, focusing on key technologies in new energy and intelligent connected vehicles [4] Group 2: Autonomous Driving Initiatives - WeRide has launched a pure driverless Robotaxi trial operation in Abu Dhabi, aiming to operate without safety personnel on public roads by the second quarter of 2025 [2] - Baidu's autonomous driving service, "萝卜快跑," is planning to expand into Japan, Switzerland, and Turkey [3] Group 3: Consumer Market Entry - Mixue Ice Cream plans to open its first store in Brazil this year and is preparing to establish a local supply chain factory, committing to invest at least 4 billion RMB in local agricultural products over the next 3-5 years [6][7] - Huawei has launched a series of smart hardware products in Europe, including the HUAWEI WATCH 5 and HUAWEI MatePad Pro12.2, with pre-sales exceeding 20,000 units across 12 countries [8][9] Group 4: Media and Content Expansion - iQIYI has officially launched its Middle East and North Africa station in Dubai, focusing on promoting Chinese and diverse international content in the region [10][11] Group 5: Automotive Industry Developments - GAC Group has announced plans for localized production in Brazil, including the establishment of a research center in collaboration with local universities [12] - Changan Automobile's factory in Thailand has officially commenced production, with plans to reach an annual capacity of 200,000 vehicles [13] Group 6: Financing Activities - CATL has completed a cornerstone financing round of $2.628 billion, with participation from various investment firms [14] - Aoyi Technology has secured nearly 100 million in B++ round financing, with a significant portion of its revenue now coming from overseas [16] - SAIL Medical has completed an A+ round financing to accelerate its global expansion in the sequencing technology field [17]

Group 1 - The article highlights the integration of technology and culture in Hangzhou, showcasing the city's innovative products aimed at enhancing tourism experiences [5][6] - A new policy for immediate tax refunds for outbound tourists was introduced, allowing visitors to experience the convenience of purchasing local tech products [5][7] - The launch event featured over 10 innovative tech products, including smart devices and AR glasses, aimed at promoting Hangzhou's technological advancements [6][7] Group 2 - The Hangzhou government has initiated a selection process for "tech new specialties," gathering over 80 innovative products from local tech companies, focusing on practicality and user engagement [6][7] - The first batch of these products is now available for sale in designated areas, with plans for immersive experience spaces in various commercial districts and online platforms [7] - A promotional event for the 2025 China Tourism Day was held, featuring discounts on tickets for local attractions and introducing new tourism products like the "CityFly" tour, which leverages low-altitude flying experiences [7]

【1】国家大学生就业服务平台招聘会上新 5月19日，据"微言教育"微信公众号消息，近日，国家大学生就业服务平台有多场专场招聘会正在进 行。其中，为精准助力河南地区高校毕业生高质量充分就业，教育部学生服务与素质发展中心和河南省 教育厅共同举办面向2025届河南地区高校毕业生网络招聘活动；同时，为助力民营经济高质量发展和高 校毕业生高质量充分就业，全国工商联、教育部、人力资源社会保障部联合开展"百城千校万企"促就业 行动。 【3】2025年北京房山中学宏志班招生通道开启 5月19日，据"北京房山"微信公众号消息，2025年房山中学宏志班开启招生。据悉，房山中学宏志班 2025年计划面向全区招生10人，凡家庭贫困（具有四证之一）、品学兼优、身心健康的房山区应届初中 毕业生均可报名。宏志生在校三年享受"四免一补"政策（免缴学费、住宿费、书本费、校服费，并享受 一定数额的生活补贴）。 【4】豆包旗下AI智能体耳机升级 5月19日，字节跳动豆包旗下AI智能体耳机Ola Friend升级，用户可以在耳机端直接语音唤起独立英文学 习智能体Owen进行实时对话。此前，Ola Friend仅支持通过语音唤起主智能体"豆包"。据悉 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-05-20 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250519：【勘误版】谁是消费"领头羊"：人口周期改变 消费模式 当人口高峰遇见消费高峰，2025-2035 年消费总量的增速可能比 2020- 2025 年更乐观。过去十多年，我国人口高峰和消费高峰的移动并不一致， 少子化老龄化驱动人口高峰右移，但消费高峰却在左移，二者反向移动是 不利于消费总量增长的，因为人口最多的年龄段，可能不是人均消费最高 的年龄段。而下一个五年（2025-2030 年）我国 40-49 岁人口比重将从 13.8%提高到 15.9%，如果消费高峰也右移到这一年龄段，人口高峰与消 费高峰重叠，消费总量将更加乐观。2030-2035 年也是同样的逻辑，未来 十年（2025-2035）消费总量将有更多潜力空间。 风险提示：（1）数据相 对滞后，CFPS 调查数据目前仅更新到 2022 年，但受到外部冲击影响， 2022 年是中国消费的次低谷（仅次于 2020 年），可能不能完全代表常态 下的中国消费情况。（2）由于官方没有分年龄段的消费和收入数据， ...

INAIR AI空间计算机由三部分核心硬件组成：AR 眼镜INAIR 2 Pro、独立计算中心INAIR Pod，以及3D空间操作键盘INAIR Touchboard，三者集合在 一个形态近似笔记本电脑的"外部舱"中，共同构建起了AI空间计算平台。 INAIR 空间计算机 来源：企业授权 对于经常需要在移动场景中办公的商务人士来说，传统笔记本存在着屏幕限制和重量问题。而INAIR AI空间计算机的画面显示不再受产品外型与所处 空间的限制，可轻松投射出等效4米的134英寸无边界巨幕，让用户可以在移动场景中快速处理文件或会议。 INAIR的现阶段目标是逐步取代 Pad和笔记本的市场份额。 文 ｜ 王方玉 编辑 ｜ 苏建勋 封面来源 ｜ 企业官网 随着软件技术的发展及硬件设备的快速迭代升级，人们对于随时随地、跨设备的移动轻办公需求日益增长。 瞄准这一市场需求，5月15日，AR+AI眼镜公司威海多屏未来智能科技有限公司（以下简称INAIR）正式发布智能新品——INAIR AI空间计算机，为 差旅商务人士和轻办公用户提供了电脑之外的第二选择。 谈及对这款空间计算产品的定义，INAIR CEO黄海对36氪透露，它有一个最 ...

Core Viewpoint - LiberLive has emerged as a successful brand in the smart hardware sector, achieving rapid growth and becoming a billion-dollar brand despite initial skepticism from investors [3][9][21]. Group 1: Product Overview - LiberLive's product, the "stringless guitar," features a unique design with silicone pads that light up according to the music, allowing users to play without traditional strings [3][5]. - The product was launched in April 2023 and quickly became a bestseller in the musical instrument category on platforms like Tmall and JD, ranking first in global sales of stringless guitars from June 2023 to June 2024 [8][9]. Group 2: Market Performance - The brand achieved over 1 billion yuan in revenue in 2024, a significant milestone for many projects that have received substantial institutional funding [9][21]. - The stringless guitar gained immense popularity on social media platforms, with videos receiving tens of thousands of likes, contributing to its rapid sales growth [6][8]. Group 3: Investment Challenges - Despite its eventual success, LiberLive faced challenges in securing investment during critical development phases in 2019 and 2023, with many investors expressing a lack of understanding of the product [9][21]. - The company has only completed two rounds of financing, primarily from incubators and industry partners, with no major investment firms involved until recently [9][21]. Group 4: Founder Background - The founder, Tang Wenxuan, has a background in automation and engineering, previously working at DJI before starting the company in 2016 [11][20]. - The development of the stringless guitar took four years, during which the founder self-funded the project due to a lack of external investment [11][20]. Group 5: Consumer Insights - The product appeals to a younger demographic (ages 18-30), who are more open to the concept of a stringless guitar compared to traditional guitar users [18][24]. - The emotional value associated with playing the instrument in social settings has been a key factor in its acceptance and popularity among consumers [18][24]. Group 6: Industry Implications - LiberLive's success highlights the importance of addressing genuine consumer needs over following trends or investor preferences, suggesting a shift in focus for future hardware entrepreneurs [24][23]. - The case of LiberLive parallels that of Pop Mart, which also experienced initial investor skepticism but later achieved significant market success [21][24].

Core Insights - The company announced that its smart two-wheeled electric vehicle shipments in the Chinese market have surpassed 7 million units, achieving a significant increase from 6 million units in just two months [1][3] - In Q1 2025, the company reported a revenue of 5.112 billion yuan, a year-on-year increase of 99.52%, and a net profit attributable to the parent company of 456 million yuan, up 236.22% year-on-year [1][4] Group 1: Company Performance - The company achieved a sales volume of 1.0038 million electric two-wheelers in Q1, generating revenue of 286.2 million yuan; retail sales of self-branded scooters reached 206,700 units with revenue of 39.5 million yuan; and all-terrain vehicle sales were 4,822 units with revenue of 21.5 million yuan [4][5] - The company’s R&D investment increased by 54.14% year-on-year, indicating a strong focus on innovation [10] - The company’s robot business generated revenue of 895 million yuan in 2024, a year-on-year increase of 254.76% [10] Group 2: Market Dynamics - The electric vehicle industry is shifting from incremental competition to stock competition, with brands innovating to capture greater market share [5][6] - The company’s product matrix, which includes electric two-wheelers, scooters, and robots, has contributed to its revenue growth through synergistic effects [9][10] - The company plans to expand its store count beyond 7,800 this year, indicating a strategy for increased market penetration [8] Group 3: Strategic Vision - The company aims to serve 1 billion people globally with innovative short-distance transportation and robotic products, highlighting its ambition in a market with strong demand [14] - The company has established a strategic development plan, with Q1 performance being a result of strategies formulated in 2023 [4][14] - The company has proactively set up production in Vietnam to mitigate potential impacts from U.S. tariff policies, demonstrating strategic foresight in global operations [12]

市场消息称，华为将在本月下旬举办的发布会上发布集成AR导航、健康监测等功能的智能眼镜新品，苹果智能眼镜的发布时间或提前至2026年末。Rokid创 始人祝铭明则透露，过去三个月Rokid旗下带显示功能的AI眼镜在全球已交定金订单已超25万台。信达证券分析指出，智能眼镜产品正从基础硬件叠加阶 段，逐步向智能辅助与智能助理方向发展，未来有望成为智能协同与计算终端。 大模型时代，智能体正加速从手机APP里走出，走进更多的创新硬件载体中。5月16日，高德地图与国内智能眼镜厂商Rokid宣布达成合作，将推出基于全场 景智能眼镜的导航智能体（NaviAgent）应用。 来源：北京日报客户端 以骑行模式为例，如今借助Rokid Glasses智能眼镜，骑行者能够以"手不离车"、更适配动态场景的方式获取核心信息，体验"秒懂式"导航。例如，用户能提 前知晓红绿灯信息，还能实时监测后方来车情况，保障骑行安全；若骑行途中想顺路买奶茶，只需语音添加途径点，还能询问剩余到达时间；系统还能贴心 推荐周围适合骑行的公园，并提供公园的阴凉覆盖情况以及不同高度坡度的路线信息，满足人们骑行中的多样化需求。 除了导航服务外，双方还计划将生活服务、 ...

以骑行模式为例，借助Rokid Glasses，骑行者能够以"手不离车"、更适配动态场景的方式获取核心信息，体验"秒懂式"导航：例如，能提前知晓红绿灯信 息、实时监测后方来车情况；若骑行途中想顺路买奶茶，只需语音添加途径点，还能询问剩余到达时间；还能贴心推荐周围适合骑行的公园，并提供公园的 阴凉覆盖情况以及不同高度坡度的路线信息，满足用户多样化的骑行需求。 据悉，此次智能眼镜导航方案的推出，只是高德地图与Rokid合作的起点。双方后续或将进一步拓展合作领域，共同探索智能服务的更多可能性。除了导航 服务外，双方还计划将生活服务、文旅景区等丰富内容融入Rokid Glasses中。 官网资料显示，Rokid（灵伴科技）创立于2014年，是一家专注于人机交互技术的产品平台公司，2018年被评为国家高新技术企业。该公司目前致力于AR眼 镜等软硬件产品的研发及以YodaOS操作系统为载体的生态构建。通过语音识别、自然语言处理、计算机视觉、光学显示、芯片平台、硬件设计等多领域研 究，该公司将前沿的A!和AR技术与行业应用相结合。 本文系观察者网独家稿件，未经授权，不得转载。 观察者网获悉，5月16日，高德地图与Rokid ...

文｜王方玉 编辑｜苏建勋 随着软件技术的发展及硬件设备的快速迭代升级，人们对于随时随地、跨设备的移动轻办公需求日益增长。 瞄准这一市场需求，5月15日，AR+AI眼镜公司威海多屏未来智能科技有限公司（以下简称INAIR）正式发布智能新品——INAIR AI空间计算机，为 差旅商务人士和轻办公用户提供了电脑之外的第二选择。 谈及对这款空间计算产品的定义，INAIR CEO黄海对36氪透露，它有一个最核心的逻辑，就是直觉intuitive。"你所有的操作，你所有的设备，包括 智能，它都是为了满足人的第一直觉的。都是能够让你直接便利地使用到，这是第一出发点。" INAIR AI 空间计算机由三部分核心硬件组成：AR 眼镜INAIR 2 Pro、独立计算中心INAIR Pod，以及3D空间操作键盘INAIR Touchboard，三者集合 在一个形态近似笔记本电脑的"外部舱"中，共同构建起了AI空间计算平台。 此外，INAIR AI空间计算机还采用了护眼设计。INAIR CMO兼CFO陈亮对36氪表示，AR眼镜的成像原理类似于远视仪，画面模拟4-5米的观看距 离，比手机或电脑更符合人眼的自然状态。 NAIR成立于20 ...