策略研究 · 周度报告 港股板块轮动加速,行情是否延续? 2025 年 07 月 06 日 核心观点: 分析师 杨超 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:周美丽 相关研究 2025-06-22, 2025 年港股中期投资展望:时移世易, 见机而作 2025-06-10,稳定币概念股投资展望 2025-05-29，上市公司并购重组迎来哪些新变化? 2025-05-07, 关键时间节点的发布会：一揽子金融政策 稳市场稳预期 2025-04-25，4 月中央政治局会议解读："持续稳定和 活跃资本市场"聚焦哪些方面? 2025-04-23，公募基金一季度持仓释放哪些信号? 2025-04-08, 汇金入市,坚定看多 2025-04-03, 港股 2025 年二季度投资展望: 从估值修 复到盈利兑现 2025-04-02, 2025 年二季度 A 股投资展望: 风格切换, 均衡配置 2025-03-23, 港股市场 2025 年以来行情拆解 2025-02-21, 南向资金与国际资金结构同频还是分歧? ...

证券研究报告 策略 还有哪些行业兼具高景气和性价比？ 2025 年 7 月 06 日│中国内地 策略周报 配置：近期金融及必需消费，中期服务消费、软件及科技硬件 港股市场三季度波动加大，反而提供配置窗口。近期可关注更具性价比和安 全边际的行业如食品饮料、家庭个护及金融，中期景气改善催化的服务消费 （旅游、茶饮、餐饮等）、耐用消费（潮玩、黄金珠宝、服饰等）、科技硬 件、软件服务（云、AI 应用、媒体）仍有配置价值。 中国资产重估受景气支撑，流动性宽松放大重估弹性 2025 年，中国上市企业 EPS 连续第三年上升。EPS 是衡量股权投资回报 的核心指标。MSCI 中国指数 EPS 在 2002~2014 年间年复合增长率 15.7%， 但 2015~2022 年间年复合增长率只有-2.94%。2002~2014 年间，MSCI 中 国指数 ROE 均值 15.4%，2015~2022 年间趋势性降至 10%左右。过去数 年上市公司并未实现每股收益增长，就不难解释为什么指数中枢很难抬升； 但一旦出现阶段性 EPS 预期改善，市场就容易快速反弹，如 2017 年和 2020~2021 年。2023 年以来，ROE ...

策略研究 · 周度报告 2025 年 07 月 06 日 核心观点: 分析师 杨超 ☎：010-8092-7696 网: yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 研究助理:周美丽 相关研究 港股板块轮动加速,行情是否延续? 中国银河证券|CGS 策略研究 · 周度报告 目录 Catalog | 一、 本周港股市场回顾 | | --- | | (一) 指数涨跌幅. | | (二) 资金流动 . | | (三) 估值与风险溢价 | | 1 í 港股市场投资展望 . | | 三、 风险提示… | 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 2025-06-22, 2025 年港股中期投资展望:时移世易, 见机而作 2025-06-10,稳定币概念股投资展望 2025-05-29，上市公司并购重组迎来哪些新变化? 2025-05-07, 关键时间节点的发布会：一揽子金融政策 稳市场稳预期 2025-04-25，4 月中央政治局会议解读："持续稳定和 活跃资本市场"聚焦哪些方面? 2025-04-23，公募基金一季度持仓释放哪些信号? 2 ...

关于深圳市倍轻松科技股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 星佳顺贸易有限公司，2024 年 9 月 12 日对方已归还。2024 年 12 月 10 日至 2024 年 12 月 12 日，倍轻松公司累计净额转出 5,200 万元至深圳 市星佳顺贸易有限公司，形成关联方资金占 用。2024 年 12 月 18 日至 2024 年 12 月 31 日，通过深圳市星佳顺贸易有限公司、深圳市结香花信息服务有限公 司、深圳市创善实业有限公司、深圳市 俊捷科技有限公司、深圳市四正堂文化有限公司以及公司实际控制人之妹马蓉总计归还 8,200 万元资金，期末形成其 他应收款余额 3,711 万元，其他应 付款余额 6,711 万元，期末无资金占用本金。利息 0.15 万元于 2025 年 4 月 30 日前由深圳市星佳顺贸易有限公司 结清（由于借款时间较短，以 0.1%的 活期年利率按日结算）。 注 22023-2024 年度公司实际控制人通过公司员工向公司借款，形成资金占用。2023 年度实际控制人通过员工借 款 577.69 万元，2023 年已全部 归还本金。2024 年 ...

Group 1 - The core viewpoint emphasizes that successful companies in the AI consumer market are those that deeply understand user needs and possess product thinking, rather than just those with advanced models [1][5] - Zero Zero Technology's flying camera, a lightweight drone, is designed for consumer use, allowing hands-free photography during outdoor activities [1] - The CEO of Zero Zero Technology highlighted that achieving a closed loop for consumer products is challenging, requiring collaboration between computer vision, machine learning, and flight control systems [1] Group 2 - Saint Bella Group plans to launch "Doctor Bella," an AI Agent that utilizes extensive family care data to address issues faced by women during pregnancy and postpartum [2] - BabyTree has also introduced "Mika AI," a vertical AI Agent focused on parenting, shifting the market's focus from model development to practical applications [5] - The CEO of LeKe Sports stated that the use of AI in service industries should prioritize user experience rather than merely showcasing technology [5]

Core Insights - The global lawn care market is experiencing a dichotomy, with leading companies like Ninebot and Ecovacs reporting over 180% year-on-year growth in their lawn mower robot businesses, while several startups are failing due to funding issues and production challenges [1][2] - The market is transitioning from an exploratory phase to a competitive elimination phase, where comprehensive capabilities in production, distribution, and branding are critical for survival [1] Production Challenges - Many startups struggle with the transition from prototype to mass production, as highlighted by the failure of Senhe Innovation, which faced issues with production yield and delivery delays due to its complex design [2] - Effective mass production requires not just a good prototype but also the ability to produce thousands of identical units efficiently, which many startups fail to achieve [2] Competitive Landscape - Established companies like Ninebot and Ecovacs leverage their experience in related fields to excel in supply chain management and cost control, allowing them to offer competitive pricing [3] - Ninebot's self-developed RTK positioning system has significantly reduced costs, enabling it to sell products at a lower price point compared to competitors [3] Channel Strategy - Control over distribution channels is crucial, with approximately 80% of sales for high-priced durable goods occurring offline, necessitating a strong physical presence [4][5] - Traditional garden tool giants have established extensive distribution networks, creating high barriers for new entrants [5] Market Penetration Tactics - Chinese manufacturers are increasingly focusing on online channels to build brand awareness before expanding into offline markets, with companies like Ninebot and Ecovacs utilizing existing sales networks to penetrate new markets [6] - Successful entry into physical retail often relies on personal relationships and thorough market research, as demonstrated by Ecovacs' rapid entry into German retail chains [6] Brand Development - Leading companies are shifting focus from merely selling products to establishing a brand presence and emotional connection with consumers [7][8] - Mammotion's innovative features, such as "3D lawn printing," exemplify how products can transcend their functional roles to become lifestyle symbols, enhancing brand value [8][9] - Building a brand that resonates with local culture and values is essential for long-term success, as seen in Mammotion's sponsorship of local sports events and community engagement [9]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1]. Core Insights - The rise of AI technology is driving innovation in terminal devices, with AI smart glasses emerging as a new carrier for AI applications. Compared to traditional XR devices, AI smart glasses integrate AI technology and focus on visual and auditory functions, making them lighter and more suitable for daily life scenarios. Users primarily utilize AI smart glasses for photography, live streaming, music, calls, and AI voice interaction [3][24]. - With an increasing number of entrants, 2025 is expected to see a surge in new AI smart glasses releases. The market is shifting from "showing off technology" to "practical use," with features like translation, photography, and AI voice assistants becoming common in daily scenarios, especially in sports, commuting, and translation contexts. Major smartphone manufacturers like Xiaomi and Samsung are anticipated to launch their first AI smart glasses in 2025 [3][18]. - The AI+AR future application potential is significant, with SoC and optical display being core value segments. The cost structure of AI smart glasses shows that the chip segment accounts for a substantial portion of the overall cost, with SoC being the primary cost driver [3][28]. Summary by Sections 1. New Products and Market Potential - AI smart glasses are expected to become a new carrier for AI applications, integrating essential sensory interaction methods [3][19]. - The market is entering a phase of dense new product releases, with a projected global shipment of 5.5 million units by 2025 and a CAGR of 144% from 2024 to 2027 [3][49]. 2. Core Components and Technology - SoC is identified as the core cost source for AI smart glasses, with a significant portion of the BOM cost attributed to chips [3][62]. - The report highlights the importance of Micro LED and optical display technologies in enhancing the application scenarios of AI+AR smart glasses [3][97]. 3. Market Trends and Competitive Landscape - AI smart glasses are transitioning from novelty to practicality, with features that enhance user experience in various scenarios [3][37]. - Collaboration between AI smart glasses brands and traditional eyewear brands is emerging as a significant trend, enhancing the distribution and service ecosystem [3][33].

Core Viewpoint - The A-share computing hardware sector is experiencing strong performance, driven by the rapid development of artificial intelligence technology and positive market expectations from overseas markets like Nvidia [1][2]. Group 1: Market Performance - The A-share computing hardware sector has shown robust performance, with companies like Huadian and Jingwang Electronics reaching historical highs [1]. - Yihua New Materials' stock surged over 10%, while Jin'an Guoji successfully hit the daily limit [1]. - Several other stocks, including Aoshikang and Dongcai Technology, also recorded gains exceeding 5% [1]. Group 2: Industry Drivers - The computing hardware industry is benefiting from the rapid growth of AI technology, with PCB playing a crucial role in AI servers and high-performance computing systems [1]. - The demand for high-end PCBs is surging, leading to increased demand for upstream high-end materials, creating a supply-demand imbalance [1]. Group 3: Supply Chain Dynamics - There is a growing scarcity of high-layer and high-density interconnect (HDI) capacity, as well as a shortage of high-end material supply in the industry chain [1]. - This supply-demand imbalance presents opportunities for related companies to achieve explosive growth in performance [1]. Group 4: Infrastructure Demand - The demand for computing infrastructure is continuously increasing, with leading domestic and international manufacturers ramping up efforts to meet the surging demand for computing power [2]. - The ASIC market's growth expectations are being continuously revised upward, supporting the high prosperity of the PCB industry chain [2].

算力硬件股反复活跃 沪电股份、景旺电子双双创历史新高 智通财经7月4日电，PCB、铜缆高速连接等算力硬件方向持续活跃，沪电股份、景旺电子双双创历史新 高，逸豪新材涨超10%，金安国纪涨停，奥士康、东材科技、中一科技、神宇股份、沃尔核材等涨超 5%。消息面上，美股英伟达昨晚再创历史新高。 ...

2025年上半年，中国资本市场迎来了一场前所未有的盛宴，港股与A股IPO市场呈现出齐头并进、交相辉映的火爆态势。 港股以其强劲的募资能力重回"全球募资王"宝座，而A股也在6月30日上演了震撼一幕，三大交易所一夜之间新增受理41家IPO企业，北交所、科创板、深 交所纷纷发力，共同点燃了资本市场的热度。 这两大市场的协同爆发，不仅彰显了中国资本市场的强大活力，更引发了市场参与者的深度思考：这场IPO热潮背后有着怎样的逻辑与机遇？ 据Wind数据显示，今年上半年，港股新上市企业43家，较去年同期增加13家，增幅达43.33%。 除找钢集团采用De-SPAC方式上市外，其余均通过IPO方式登陆资本市场。43只上市新股募资总额高达1067.13亿港元，较去年同期的135.33亿港元增长 688.54%，募资金额已超过2024年全年的881.47亿港元，强势回归"全球募资王"宝座。这一数据不仅刷新了市场预期，更让全球投资者将目光聚焦于港股 市场。 2025年上半年，港股IPO市场的火爆程度超乎想象。 6月26日，港交所迎来3家公司集体鸣锣——周六福、圣贝拉、以及颖通控股，"港交所的锣不够用了"的调侃，成为今年港股IPO市 ...