报告导读： 下游渠道经营业态变化催化行业洗牌，智能化浪潮有望进一步扩张头部品牌竞 争优势。 投资建议： 推荐具备较强品牌、渠道及生产制造基础，有望受益智能化浪潮下产业集中度提升的头部品 牌。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 扫码关注 星标不迷路 报告名称：AI风起，健身器材产业智能化加速——健身器材行业首次覆盖报告 报告日期：2025.07.02 报告作者： 刘佳昆 （分析师），登记编号： S 0880524040004 王文杰 ( 分析师 ) ，登记编号：S 0880525040070 毛宇翔 ( 分析师 ) ，登记编号：S 0880524080013 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听 内容 下游业态变化，商业类健身场馆需求所有收缩，长期趋势向好。 各类健身场馆、工作室等是器材最主要的 需求市场。自 2023 年以来尽管疫情已然得到有效控制，但国内各种线下健身场馆仍然呈现数量萎缩的态 势。根据 2023 中国健身行业数据报告， 2023 年我国广义健身场馆数量为 11.7 万家，相比 2022 年下 跌了 13% ，各类健身场馆中健身工作室下跌的幅度 ...

2025 年 07 月 03 日 英派斯(002899.SZ) 联手李未可进军 AI 眼镜赛道， 开辟第二成长曲线 携手李未可布局 AI 眼镜，开辟业务新增长点 2024 年 10 月，英派斯发布公告，公司拟向杭州李未可科技有限公司 投资 1000 万元，专项用于其 Chat 系列 AI 眼镜及 S 系列 AR 眼镜等 产品的迭代升级。同时，双方计划共同设立合资公司，股权结构为英 派斯持股 40%、李未可科技持股 25%，该合资公司将专注于智能运动 装备的研发、生产及销售业务。此次合作旨在以 AI 智能眼镜为切入 点，打造骑行、健身等垂直场景的智能运动装备产品系列，为 C 端消 费者提供全新的产品形态和商业模式，创造公司的第二增长曲线。 AI 眼镜领航，开拓运动健康新蓝海 AI 眼镜市场成长潜力显著。根据 IDC 预测，2025 年全球智能眼镜出 货量将达 1205 万台，同比增长 18.3%。随着 Meta 等科技巨头加速布 局运动场景 AI 眼镜，推出适配骑行、滑雪等场景的创新产品，运动 健康监测和户外交互正逐渐成为 AI 眼镜的核心应用场景，这为专业 运动品牌创造了新的发展机遇。在此背景下，国内健身器材 ...

此外，公共健身器材还要做好长期维护。健身器材在使用过程中可能出现零部件松动、掉落等情况，长 期处在户外环境经受风吹雨打，也难免腐蚀生锈。公共健身器材不可只建设不管理、只投放不维护，应 加快建立常态化检查、定期维护、责任到人的管理机制。 公共健身器材伤身，通常有三种情况。一种是采购、生产图便宜，产品偷工减料，防锈、承重能力不 足，质量不过关；一种是安装图省事，产品设计从"地埋"改成"地上"，器械稳定性不强；还有一种是缺 乏长期管护，破损严重的公共健身器材仍在继续使用。安全隐患暗藏在生产、采购和维护等多个环节， 需有的放矢加以解决。 要严把公共健身器材生产关，从源头堵住非标产品流入市场。一些生产商罔顾室外健身器材有关规定， 降低器材钢管壁厚以维持低成本，租借合格产品用于检测，再低价售卖不合格产品。表面看，非标器材 让供给端低价走量，需求端省钱办事，实现所谓的"双赢"。但从长期看，供给端为满足低价需求一味压 缩成本、忽视质量，会导致出现"劣币驱逐良币"的恶性循环，破坏市场生态；于需求端而言，采购器材 时如果不顾产品质量，只贪便宜，会导致群众不能用、不敢用，抑或用了反而伤身。 质检机构应进一步强化自身责任，避免非标器 ...

Core Points - Sanbai Shuo announced that its wholly-owned subsidiary, Qingdao Yuyang Sports Technology Co., Ltd., applied for a comprehensive credit limit of up to 10 million RMB from the Qingdao branch of Bank of Communications, with Sanbai Shuo providing a maximum guarantee of 11 million RMB [1] - The company and its subsidiary have been approved to apply for a total credit limit of up to 800 million RMB for the year 2025, which includes the current application [1] - The internal approval procedures for the credit and guarantee have been completed, and the amounts are within the previously approved limits, thus no further board or shareholder approval is required [1] Company Financials - Qingdao Yuyang Sports Technology Co., Ltd. was established on January 10, 2018, with a registered capital of 13 million RMB, focusing on the production and sales of leisure sports and fitness equipment [2] - As of March 31, 2025, the company's total assets were 11.0185 million RMB, total liabilities were 9.9709 million RMB, and net assets were 1.0476 million RMB [2] - As of December 31, 2024, the audited financials showed total assets of 13.0494 million RMB, total liabilities of 12.2788 million RMB, and net assets of 0.7706 million RMB [2] Guarantee Details - The guarantee provided by Sanbai Shuo is a joint liability guarantee covering all principal debts, interest, compound interest, penalties, and costs related to the enforcement of claims [2] - As of the announcement date, the total external guarantees provided by the company and its subsidiary amounted to 41 million RMB, which represents 38.54% of the latest audited net assets [2]

中国商务部外贸发展事务局副局长邓波说，面对复杂严峻的国际形势，中国和中东欧相向而行，互 利合作不断巩固，贸易、投资和互联互通合作日益深化，成为跨区域多边合作的典范。中国品牌商品展 知名度与影响力与日俱增，成为中国与中东欧国家深化经贸合作的重要桥梁。 匈中经济商会主席派特·艾尔诺表示，在共建"一带一路"倡议的带动下，中国与包括匈牙利在内的 中东欧地区经济关系蓬勃发展。期待今年的展会能够延续往届传统，促成互利共赢的经贸往来。 据了解，本次展会为期3天，总展出面积1万平方米，展品涵盖机电、机械设备、建材、健身器材、 轻工纺织、日用品和食品等中国品牌商品。展会期间，预计将有来自匈牙利、波黑、罗马尼亚、斯洛伐 克、斯洛文尼亚、塞尔维亚等中东欧国家7000余家客商到会。 新华社布达佩斯6月26日电（记者 陈浩 黄富慧）由商务部外贸发展事务局主办、中欧商贸物流合作 园区承办的2025年中国品牌商品（中东欧）展26日在匈牙利首都布达佩斯开幕。来自中国山东、辽宁、 江西、天津等17个省市的270家企业参展，是参展省份数量最多的一届。 匈牙利国会副主席洛托尔曹伊·亚诺什在开幕式上说，中国是全球最具活力的经济体之一，在创新 和制造 ...

历经全球性冲击与深刻社会心理变迁，中国消费市场正处于关键的转型节点。在不确定性犹存与内生动力萌发的交织下，一场从底层逻辑到行为模式的深刻 进化正在发生，塑造着未来市场的新图景——"理性繁荣" 正破土而出。 01 财务谨慎主义：收缩与重构 疫情长尾效应仍持续显现，29%的家庭收入尚未恢复至疫情前水平，其中25-34岁年轻职场人群受冲击最大，收入缩水比例达30.1%。这一群体作为消费市场 主力，其财务压力直接导致非刚需消费品类大幅收缩，耐消品市场复苏乏力。 随着"限塑令"政策落地，消费者开始将环保纳入购买决策，环保消费意识逐步觉醒。消费者对环保的认知并非停留在企业的宣传口号，而是更注重实际体 验，如通过包装材料的可降解性来评判产品环保性。 04 刚需升级：平凡品类的精致化 刚需品类逆势增长，食品消费增33.8%、日用品消费增26.5%。消费者呈现"理性繁荣悖论"——在非必需消费坚守审慎，于必需消费追求品质突围，如食品 饮料品类，因健康、体验、功能需求推动向"多元刚需"转型；对卫生纸、洗衣液等日化品类，因抗菌、环保要求，向精致化刚需进阶。 02 健康霸权时代：新消费信仰 调研数据显示，消费者将健康列为消费决策首要关 ...

Core Insights - The sports industry is reshaping the consumption ecosystem and becoming a key engine for activating the domestic economy through a multi-format integration approach [1] - The "sports+" model is driving collaborative development across various sectors such as culture, tourism, and manufacturing, showcasing strong growth momentum [1] Group 1: Event Economy - The event economy is emerging as a "traffic password" for consumption upgrades, with a 14.2% year-on-year increase in sales of sports entertainment products in Q1 2025, significantly outpacing the growth of total retail sales of consumer goods [3] - In March 2025, 32 marathons were held nationwide, attracting over 420,000 participants, with the Wuxi Marathon generating 505 million yuan in surrounding industry benefits and the Wuhan Marathon drawing 70,000 out-of-town runners, leading to nearly 300 million yuan in total consumption [3] - The deep integration of events with urban tourism is creating a new trend of "traveling with events," as seen in the Wuhan Marathon, which linked over 20 cherry blossom viewing spots, resulting in a more than fivefold increase in ticket bookings for scenic spots and a 364% surge in hotel bookings near the event [3] Group 2: Manufacturing and Consumption - The dual approach of manufacturing and consumption is constructing a full-chain ecosystem in the sports industry, with Ningjin, Shandong, being the largest commercial fitness equipment production base, holding over 70% of the domestic market share and exporting to over 170 countries [3] - The transformation of Beijing Shougang Park is a model of urban renewal, incorporating new sports projects and attracting a daily foot traffic of over 1,000, thus revitalizing existing assets and creating new consumption spaces [3] Group 3: Technological Empowerment and Policy Innovation - Technological advancements and policy innovations are injecting new momentum into industry upgrades, with the Shanghai sports consumption resource integration platform addressing traditional event resource fragmentation by connecting event resources with financial services and commercial support [5] - The popularity of smart fitness equipment and VR sports training is enhancing the exercise experience, with 540 million people in China regularly exercising and a 57% increase in per capita sports spending compared to pre-pandemic levels, where smart equipment consumption accounts for 28% [5] - The sports industry has been included in the national strategic layout, with the "14th Five-Year Plan for Sports Development" aiming for a total industry scale of 5 trillion yuan by 2025, contributing 2% to GDP [5] Group 4: Economic and Social Impact - The synchronization of the sports industry with urban renewal, technological innovation, and consumption upgrades is not only releasing economic momentum but also fulfilling the public's aspiration for a better life [6] - Sports are transitioning from a "niche hobby" to a "national lifestyle," injecting lasting vitality into high-quality economic development [6]

山水林湖连碧海，鹭岛潮起入画来。厦门城在海上、海在城中，漫步其间，每一步都是风景。素有"海 上花园"美誉的厦门，早已成为中外游客心中的"天然摄影棚"。然而，比厦门"高颜值"更具魅力的，是 其改革开放中的"高素质"——在这片被改革浪潮无数次定义的土地上，厦门经济特区40多年来敢闯敢 试、敢为人先、埋头苦干，书写了从"试验田"到"示范区"的壮阔篇章。 2024年10月，习近平总书记在中国（福建）自由贸易试验区厦门片区（以下简称"厦门自贸片区"）考察 时指出："今天，抓改革开放，无论深度还是广度，都比过去要求更高了。福建和厦门要适应形势发 展，稳步推进制度型开放，对接国际高标准深耕细作，多出一些制度性、政策性成果，为扩大高水平对 外开放再立新功。" 近10年来，以厦门自贸片区为代表，已发展成为中国重大改革先行政策密度最高、力度最大、措施最集 中、效果最突出的系统集成地之一，累计推出632项创新举措，为全国贡献了一批可复制可推广的新经 验新做法。 新故相推，日生不滞。《金融时报》记者近日在厦门采访时感受到，经过10年发展，厦门自贸片区建设 与金融高水平开放互相助益、融合发展，增强了国内国际两个市场、两种资源的联动效应 ...

不足900平方千米县域面积，却聚集了2986家健身器材企业，产品占国内商用健身器材70%的份额，并 销至170多个国家和地区， 形成从精密铸造、智能传感到物联网系统的完整产业链，山东省德州市宁津 县，正在全球健身产业版图上书写一段传奇。 在宁津，健身器材产业集群占地面积超500万平方米，从业人员超过4.5万人。目前，宁津县健身器材零 部件本地化率超过95%，一台健身器材从设计研发到生产加工再到包装销售，足不出县就能完成。 健身器材产业的发展，依赖于本地完整的产业链条，更得益于当地企业"数智化"管理水平。很多企业逐 年增加研发投入，凭借科技创新提高生产效率和产品竞争力。 随着智能化、数字化进程不断深入，宁津县健身器材展现了强大的核心竞争力，在研发生产及智能化应 用方面不断突破。智能化生产和智慧化管理，让现代化工厂运行更科学。 海水淡化不仅解决了企业"水从何来"的难题，也延伸出"盐向何用"的发展空间。淡化水有效缓解了用水 紧张，副产物浓盐水也变废为宝，形成了"吃干榨净"的循环利用模式。 数据显示，山东已建成海水淡化工程53处，日产规模达86.7万吨，居全国前列。 以低碳技术打造"绿色心脏"，是当前全球航运业转型和 ...

Group 1 - The sponsorship market for the "Su Super" league has seen significant changes, with the number of sponsors increasing from 6 to 20 within a month, indicating a substantial rise in the commercial value of this regional sports event [1][2] - The current sponsorship landscape includes a diverse range of sponsors from various sectors, including finance, fast-moving consumer goods, and healthcare, reflecting a five-tier sponsorship system [3][4] - Major companies such as JD.com and Yili have joined as sponsors, indicating a shift from local to national brands participating in the sponsorship landscape [2][4] Group 2 - The "Su Super" league has become highly popular, with inquiries from 70 to 80 companies, and the price for official sponsorship seats has surged to 3 million yuan, highlighting the demand for sponsorship opportunities [7] - The league is not only focused on sports but aims to create a community of interests among fans, clubs, sponsors, and cities, promoting a "football+" model that stimulates cultural and tourism consumption [8] - The overall football industry in China is showing signs of recovery, with other major football events also beginning to transform and regain commercial value after years of decline [9]