影石创新 20250716 摘要 影石科技作为一家年轻的新消费品公司，以研发为主导，保持高毛利率 和健康的净利率，目前处于行业成长期，收入和业绩增速迅猛，过去七 年收入复合增长率达 66%。 公司消费级产品（全景相机、运动相机、便携手持类相机）占据收入的 近九成，海外收入占比接近 80%，线上线下销售各占一半，海外官网表 现突出，美国市场线下经销和 KA 专业渠道占比均衡，显示出成熟的市 场布局。 智能便携影像设备行业受益于短视频平台发展，满足用户生活分享需求， 国内 2024 年整体销量约为 300 万台以上，产品形态升级带来潜在需求 增长。 国内创作者需求基数约为 4,000 万人，专业创作者保有率可能突破 50%，业余创作者保有率不到 10%，预计未来三年专业创作者人均拥 有量将超过 100%，业余创作者保有率将达到 30%左右。 海外市场视频创作者基数约为 1 亿人，专业创作者保有率预计达到 110%，业余创作者接近 40%，预计到 2027 年总销量可达 2000 万台， 行业规模可达 600 亿元人民币。 Q&A 请介绍一下公司的基础情况及主要产品。 公司主要产品包括全景相机、运动相机和手持便携影 ...

海外弱美元与国内资产荒的再平衡 - 2025 年中期宏观策 略 20250716 摘要 国内供需再平衡是下半年核心政策目标，通过政策组合实现供给出清和 需求释放，以应对 PPI 持续负增长的挑战，并对市场预期和宏观基本面 产生积极影响。 A 股市场在股债再平衡背景下呈现震荡牛市趋势，股票型 ETF 成为居民 资产配置的重要载体，持续净流入并形成正循环，国债收益率下行空间 收窄。 下半年市场整体趋势为慢牛格局，中枢不断上移，9 月前后是重要布局 节点，届时中美关税落地、国内增量政策补足、海外降息窗口开启，宏 观政策将集中发力。 上半年港股在全球权益资产中表现强势，受益于弱美元环境和东升西落 的预期，而 A 股市场风格明显下沉，微盘股表现突出。 特朗普政府的经济政策重心边际变化，从开源、节流、化债转向通过减 税和要求降息来保持经济稳定并降低美债成本压力，关税政策仍是重要 手段。 Q&A 国内宏观政策如何应对低物价问题，供需再平衡的背景是什么？ 特朗普政府的经济政策主张及其影响是什么？ 特朗普政府主要聚焦三个方面：开源、节流、化债。开源通过全球对等关税收 取收入弥补财政缺口，是 4 月份关税大超预期核心因素；节流通 ...

| | 电子 | 消费电子组件Ⅲ | | --- | --- | --- | | 投资评级 | | 增持(维持) | | 股价(2025-07-16) | | 41.77 元 | | 交易数据 | | | | 总市值（百万元） | | 96,824.99 | | 流通市值（百万元） | | 96,354.27 | | 总股本（百万股） | | 2,318.05 | | 流通股本（百万股） | | 2,306.78 | | 12 个月价格区间 | | 42.60/26.23 | 2025 年 07 月 16 日 公司研究●证券研究报告 鹏鼎控股（002938.SZ） 公司快报 预计 25H1 业绩同比亮眼，AI+汽车双轨并进 投资要点 2025H1 归母净利润同比预计增长超 50%，全年算力相关营收占比有望超 70%。 2025H1，公司预计归母净利润在 11.98 亿元–12.60 亿元之间（2024H1 归母净利 润为 7.84 亿元），同比增长 52.79%-60.62%；公司预计扣除非经常性损益后净利 润在 11.05 亿元–11.61 亿元（2024H1 扣除非经常性损益后净利润为 7.56 亿元）， ...

文 | 银行螺丝钉 （转载请注明出处） 之前有朋友问，如何快速查看投资中常用的各个指数呢？ 螺丝钉也做了指数地图，包括各个常见指数的代码、选股规则、行业分布、成分股的市值平均 数和中位数等，会定期更新，方便大家查看。 螺丝钉指数地图，主要包括以下几类股票指数： 长图片后面，有详细的介绍。 • 宽基指数 • 策略指数 • 行业指数 • 主题指数 • 海外指数 | 000300.SH | | 沪深300 | | | 1-300 | | | | | | 1,888.48 | | 907.96 | | 300 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 000905.SH | | 中证500 | | | | | 301-800 | | | | 279.59 | | 259.32 | | 500 | | 000906.SH | | 中证800 | | | | 1-800 | | | | | 882.92 | | 340.58 | | 800 | | 000852 ...

Group 1: Domestic Circulation and Consumption - Strengthening domestic circulation is a strategic move to ensure stable economic growth, focusing on key areas such as boosting consumption and removing unreasonable restrictions on consumer spending [2][4] - The government aims to implement special actions to stimulate consumption, optimize policies for replacing old consumer goods, and diversify supply to meet increasing consumer demand [4][5] - In 2023, there has been a significant increase in sales of consumer goods due to large-scale equipment updates and policies promoting the replacement of old consumer goods, although there are concerns about the effectiveness of these policies [5] Group 2: New Energy Vehicle Industry - The meeting emphasized the need to regulate the competitive order in the new energy vehicle (NEV) industry, addressing irrational competition and promoting high-quality development [3][8] - Measures will include strengthening cost investigations, price monitoring, and ensuring compliance with payment commitments by key automotive enterprises [8][9] - The industry is facing challenges such as extended payment terms for suppliers, which could hinder technological innovation and sustainable development [9] Group 3: Service Consumption - Service consumption is identified as a key area for boosting overall consumption and expanding domestic demand, with a focus on upgrading sectors like education, healthcare, and entertainment [6][5] - The People's Bank of China has allocated 500 billion yuan for service consumption and elderly care loans to support high-quality supply in these sectors [5] - Experts suggest that removing restrictions such as car purchase limits could significantly enhance consumer spending potential [7]

公告披露，报告期内公司通过持续增加 AI 终端硬件高附加值产品相 关的研发投入、提升市场份额及建立供应商联盟，进一步提升产线稼 动率及降低制造成本；汽车板块，国内汽车业务在工艺能力提升及效 率提升方面进展较好，经营相对去年大幅好转；部分海外新工厂积极 采取应对措施，亏损幅度同期有所减少。上半年公司整体利润同比稳 步提升，上半年实现归属于上市公司股东的净利润 90,000 万元– 114,000 万元，同比增长 31.57%-66.66%。 2025 年 07 月 16 日 领益智造(002600.SZ) 持续发力 AI 终端+机器人业务，经营稳 步提升 事件： 7 月 15 日公司发布 2025 年半年度业绩预告，上半年实现归属于上市 公司股东的净利润 90,000 万元–114,000 万元，同比增长 31.57%- 66.66%，扣除股权激励摊销费用归属于上市公司股东的净利润 104,000 万元–128,000 万元，同比增长 48.59%-82.88%。 持续增加 AI 投入，利润同比稳步提升 积极开展产品创新，多项领域取得进展： 2024 年报披露，公司在折叠屏、XR 智能穿戴、VC 散热、服务器散 ...

Core Insights - The report highlights the steady growth of consumer finance companies in China, with total assets reaching 1.384859 trillion yuan and loan balances at 1.345603 trillion yuan by the end of 2024, marking year-on-year increases of 14.58% and 16.66% respectively [1] - Consumer finance companies have significantly contributed to inclusive finance, serving over 85.43 million county-level customers and achieving notable technological advancements with over 1,200 patents [1][2] - Companies are exploring cost control measures in customer acquisition and human resources, shifting towards more targeted marketing strategies [2] Industry Growth - By the end of 2024, consumer finance companies' assets and loan balances reached 1.384859 trillion yuan and 1.345603 trillion yuan, reflecting growth rates of 14.58% and 16.66% respectively [1] - The industry has successfully served over 85.43 million county-level customers, emphasizing its role in promoting inclusive finance [2] Technological Advancements - The industry has accumulated 1,242 technology patents, which support digital transformation and enhance service efficiency [4][5] - Companies are focusing on automation and intelligent systems to reduce operational costs associated with small loan sizes [4][5] Customer Service Innovations - Companies like Zhongyuan Consumer Finance have reported a loan balance of 20.946 billion yuan for new citizens, serving over 10.7816 million customers [3] - Innovations in customer service include self-service systems that allow clients to submit various forms of proof to enhance their creditworthiness, benefiting over 15 million customers [3] Cost Management Strategies - The average customer acquisition cost for leading internet platforms has exceeded 1,000 yuan, prompting companies to adopt more refined customer targeting strategies [2] - Some companies are moving towards "de-intermediation" by directly marketing to new citizens and county residents to increase self-operated business ratios [2] Social Responsibility - In 2024, 25 consumer finance companies provided interest waivers totaling 3.219 billion yuan to 1.8766 million customers, demonstrating their commitment to social responsibility [3]

Group 1: Domestic Circulation and Consumption - The meeting emphasized the importance of strengthening domestic circulation as a strategic move for stable economic growth, focusing on key action points to boost consumption [1][4] - Specific measures include implementing special actions to stimulate consumption, removing unreasonable restrictions on consumer spending, and optimizing the trade-in policy for consumer goods [4][5] - The government aims to enhance investment in new production capabilities and emerging service industries to fully unleash domestic demand potential [4] Group 2: New Energy Vehicle Industry - The meeting addressed the need to regulate the competitive order within the new energy vehicle (NEV) industry, which has been experiencing irrational competition [2][7] - Measures proposed include strengthening cost investigations, price monitoring, and ensuring compliance with payment commitments from major automotive companies [7] - The focus is on establishing a long-term mechanism for fair competition and encouraging technological innovation to enhance competitiveness [7][8] Group 3: Service Consumption - Service consumption is identified as a key area for boosting overall consumption and expanding domestic demand, with a significant emphasis on improving supply in this sector [5] - The People's Bank of China has allocated 500 billion yuan for service consumption and elderly care loans to support high-quality supply in sectors like hospitality, tourism, and education [5] - Experts suggest that relaxing restrictions such as car purchase limits could effectively release consumer potential and stimulate spending [5][6]

Group 1: Inflation and Economic Outlook - Goldman Sachs indicates that potential inflation in the U.S. remains relatively mild, although price pressures are expected to increase during the summer months, with July and August CPI reports being critical [1] - BlackRock notes that the U.S. CPI shows early signs of tariff-driven price increases, particularly in household appliances and entertainment products, suggesting that the full impact of tariffs has yet to materialize [1] - Bank of America reports that 38% of investors view a trade war-induced global recession as the biggest tail risk event, while 20% cite inflation hindering Fed rate cuts as the second-largest risk [3] Group 2: Investor Sentiment and Market Trends - Bank of America finds that 34% of investors believe shorting the dollar is currently the most crowded trade, marking a shift from previous preferences for gold [4] - A significant 59% of investors now believe a recession is unlikely, a notable change from 42% in April, with 65% expecting a soft landing for the economy [5] - Bank of America also reports a record increase in investor positions in euros, with a net 20% of investors overweight in euros, the highest since January 2005 [6] Group 3: Sector-Specific Insights - ING analysts expect the Eurozone economy to receive some support from a rebound in factory output, driven by preemptive stockpiling ahead of anticipated U.S. tariffs [7] - ING also warns that if France fails to implement spending cuts to reduce the budget deficit, the euro may face downward pressure [10] - Citic Securities highlights the investment value in the energy storage sector, driven by ongoing market reforms and the establishment of a capacity pricing mechanism [13]

在华投资组合净值较上一财年增加40亿新元。 （淡马锡中国区主席吴亦兵） 从最新披露的财报来看，在截至2025年3月31日的财年里，淡马锡投资组合净值创下历史新高，为4340亿新元，比上一财年增加450亿新元。在全球直接投资 板块中，中国、美国和印度是重要驱动。随着不确定性加剧，去年淡马锡的投资和脱售（出售）活动都变得更为活跃。 不过，淡马锡在中国的投资组合敞口占比进一步小幅下滑至18%。吴亦兵对此表示，淡马锡长期看好中国、重仓中国的立场没有发生变化，去年投资组合绝 对值增加了约40亿新元。他认为，中国市场在消费、科技尤其AI等多个维度都表现出更加成熟的特点，接下来继续关注房地产行业的企稳回升。 不确定性考验灵活性，继续重仓中国 淡马锡过去一个财年投资额为520亿新元，出售额为420亿新元。过去10年里，淡马锡的投资额为3500亿新元。 与以往不同的是，随着淡马锡投资组合的不断演进，本次财报中，公司的投资组合明确为三大板块：截至2025年3月31日，总部在新加坡的淡马锡投资组合 公司占投资组合价值的41%，全球直接投资占36%，其余的23%则为合作投资项目、基金和资产管理平台。 其中，过去一财年，投资组合净值的 ...