公司跟踪报告 · 家电行业 谨慎推荐 维持评级 分析师 何伟 更注重市场开拓与规模增长 2026 年 02 月 25 日 核心观点 影石创新（股票代码：688775） ：hewei_yj@chinastock.com.cn 分析师登记编码：S0130525010001 刘立思 ：liulisi_yj@chinastock.com.cn 分析师登记编码：S0130524070002 杨策 ：yangce_yj@chinastock.com.cn 分析师登记编码：S0130520050005 陆思源 ：lusiyuan_yj@chinastock.com.cn 分析师登记编码：S0130525060001 | 市场数据 | 2026 年 02 月 24 日 | | --- | --- | | 股票代码 | 688775 | | A 股收盘价(元) | 222.00 | | 上证指数 | 4,117.41 | | 总股本(万股) | 40,100 | | 实际流通 A 股(万股) | 3,280 | | 流通 A 股市值(亿元) | 73 | 相对沪深 300 表现图 2026 年 02 月 24 日 -20% 0 ...

以下文章来源于剁椒Spicy ，作者剁椒团队 剁椒Spicy . 专注于电商、营销、流量生态，以及消费者洞察的全新商业自媒体 来源丨剁椒Spicy（ID： ylwanjia ） 作者丨 豆芽 图源丨Midjourney 前几天，梓渝2026年巡演厦门站开唱，粉丝叶子早早地就租好了"演唱会神机"，打算到现场狠狠出 片。 不仅仅是叶子，很多粉丝都提前做足了功课，不同位置该租什么设备、如何调参数、如何录开箱视频 等都研究了一遍，社交平台上有大量的攻略贴、种草贴、还有最直观的"神图"分享。 租手机看演唱会这一消费趋势，爆发于2022年底、2023年初，彼时演出市场逐步复苏，看演出的消 费者也开始从追星族、小众演出爱好者向大众破圈。一些主打长焦性能的手机，凭借远距离拍摄优 势，被捧成"演唱会神机"。代表性产品是三星s23u、三星s24u，vivo X 200u、vivo X 300。 C端的热度驱动了很多玩家入局，成熟的相机租赁方、小规模作战的个人租赁方、甚至还有黄牛纷纷 下场，成功吃到了这一波红利。 2024年就有一位在演唱会门口摆摊租赁设备的小伙，在媒体采访中 表示，"一个月跑10个城市，当天一场能赚到四五千。" ...

春节临近，假日出行气氛拉满，年轻人的心已经不在工位了——新春旅程，是去滑雪场体验速度与激情，逛逛热闹的庙会？还是去温暖的海岛 感受浪与海风？ 虽然年轻人早已习惯随时掏出手机记录旅拍，能被成功收藏的精品照片却少之又少——手机里的影像完全无法还原旅途中肉眼所见精彩的万分 之一。拍景，不够绚丽，拍人，更成了翻车现场，想给亲朋好友留份纪念，却反而为拍摄效果烦恼不断，错过当下享受。 年轻人的拍照痛点究竟有多普遍？为此，"后浪研究所"发起了一项"年轻人拍照痛点小调查"，共有458位读者参与，9成人都在18-35岁之间。 调研显示，越来越多年轻人正转向独立影像设备以提升记录质量，而大疆Pocket 3成为其中的"高票"优选，7成因为"拍照痛点"而点进问卷的年 轻人，都曾体验过Pocket 3带来的更专业的摄影体验。 当大多数人还停留在"拍到就行"的阶段时，新一代"氛围派"与"记录派"已然崛起。这份"手机拍照痛点调查"，或许能揭露年轻人在"生活记 录"场景下的需求迁移与兴趣所在。 每到聚餐，"手机先吃"似乎已成常态；各种社交媒体上，出片的教程也是层出不穷。"记录生活"已成为年轻人的新刚需，当我们把拍照这件事 拆分成从Lv1到 ...

当大多数人还停留在"拍到就行"的阶段时，新一代"氛围派"与"记录派"已然崛起。这份"手机拍照痛点调查"，或许能揭露年轻 人在"生活记录"场景下的需求迁移与兴趣所在。 春节临近，假日出行气氛拉满，年轻人的心已经不在工位了——新春旅程，是去滑雪场体验速度与激情，逛逛热闹的庙会？还 是去温暖的海岛感受浪与海风？ 年轻人的拍照痛点究竟有多普遍？为此，"后浪研究所"发起了一项"年轻人拍照痛点小调查"，共有458位读者参与，9成人都在 18-35岁之间。调研显示，越来越多年轻人正转向独立影像设备以提升记录质量，而大疆Pocket 3成为其中的"高票"优选， 7成 因为"拍照痛点"而点进问卷的年轻人，都曾体验过Pocket 3带来的更专业的摄影体验。 虽然年轻人早已习惯随时掏出手机记录旅拍，能被成功收藏的精品照片却少之又少——手机里的影像完全无法还原旅途中肉眼 所见精彩的万分之一。 拍景，不够绚丽，拍人，更成了翻车现场，想给亲朋好友留份纪念，却反而为拍摄效果烦恼不断，错过 当下享受。 每到聚餐，"手机先吃"似乎已成常态；各种社交媒体上，出片的教程也是层出不穷。"记录生活"已成为年轻人的新刚需，当我 们把拍照这件事拆分成从L ...

Core Viewpoint - The article discusses the rise of the Osmo Pocket 3 as a significant player in the imaging market, highlighting its transition from a niche product to a mainstream favorite, and its impact on the industry as a whole [2][3][4]. Group 1: Product Evolution and Market Impact - The Osmo Pocket 3 has maintained high visibility and popularity over two years, becoming a symbol of cross-cycle appeal in the consumer electronics market [3]. - The product has successfully bridged the gap between professional equipment and everyday use, evolving from a tool for creators to a device for the general public [3][4]. - DJI's Pocket 3 has achieved a user demographic shift, with female users surpassing 50%, indicating a successful break from traditional tech product marketing [4]. Group 2: Technological Advancements - The development of the Pocket series began in 2014, inspired by user modifications of existing DJI products, leading to the creation of the first integrated handheld gimbal camera [6][8]. - The transition to a more compact design in the Pocket series involved significant engineering challenges, including miniaturizing components while maintaining functionality [10][11]. - The Pocket 3's success is attributed to overcoming three main challenges: image quality, ease of use, and aesthetic appeal, which have collectively enhanced its market position [20][21][23]. Group 3: Competitive Landscape - The emergence of competitors in the "Pocket-like" product space indicates a growing recognition of the market potential for handheld imaging devices [4][28]. - DJI's vertical integration strategy allows for cost advantages, enabling the Pocket 3 to maintain competitive pricing while ensuring high profit margins [25]. - The article predicts a future where both smartphone ecosystems and independent imaging tools coexist, with DJI continuing to focus on high-end imaging solutions [30][31]. Group 4: Future Trends - The demand for independent cameras is on the rise, particularly among younger consumers in China, suggesting a robust market for products like the Pocket series [28]. - Future iterations of the Pocket series may incorporate advanced features such as dual-camera systems, expanding its functionality beyond just Vlog applications [30]. - The article emphasizes that the future of the imaging industry will not be a zero-sum game, as both software-driven and hardware-focused approaches will thrive [31]. Group 5: Historical Context and Brand Evolution - DJI's journey from pioneering consumer drones to defining handheld gimbal cameras illustrates a consistent product logic focused on solving complex mechanical and physical challenges [33]. - The brand's ability to create a unique user experience through engineering excellence has established a competitive barrier that is difficult for competitors to replicate [33].

Core Insights - Bilibili (B站) has released its 2025 Z100 Good Products List, marking the sixth consecutive year of this ranking, which reflects the consumption choices of contemporary youth based on data from its "Bilibili Index" platform [1][5] - The list includes products from nine categories such as digital 3C, home appliances, and beauty, highlighting trends of hard technology and emotional value as key themes for this year [1][3] Group 1: Trends in Consumer Behavior - The trend of creating "AI smart homes" is becoming prominent among young consumers, shifting their focus from individual smart products to comprehensive smart living systems [3] - In the digital 3C sector, products like the Apple iPhone 17 and NVIDIA RTX 50 series GPUs reflect the youth's pursuit of cutting-edge technology [3] - Emotional value is increasingly influencing young consumers' purchasing decisions, with a willingness to pay for products that resonate with their interests and provide emotional satisfaction [3] Group 2: Role of Content Creators - Content creators (UP主) on Bilibili play a significant role in shaping product perceptions through creative content and professional reviews, enhancing the value of products in the eyes of young consumers [4] - Brands like Laifen have effectively utilized Bilibili as a primary communication platform with users, resulting in significant growth in GMV during promotional events [4] Group 3: Importance of the Z100 List - The annual Z100 Good Products List serves as a critical reference for understanding the young consumer market, representing their "life solutions" through consumption choices [5] - For brands, the list acts as a trend indicator and a guide for long-term engagement with young consumers, emphasizing the need for ongoing dialogue to integrate into their ideal lifestyle [5]

Core Insights - The article highlights the evolving consumption behavior of Chinese university students, emphasizing their shift towards a more balanced approach between rational spending and emotional satisfaction [2][11]. Spending Habits - The primary areas of expenditure for respondents include food (96.12%), social activities (57.63%), daily necessities (54.52%), personal image (51.14%), entertainment (44.53%), and education (41.60%) [1][3]. - A significant portion of students (69.57%) consider their spending habits to be relatively rational, with occasional impulsive purchases [2][11]. Emotional Influence on Spending - Emotional states are identified as a major factor influencing spending decisions, with 57.30% of respondents acknowledging this impact [2][9]. - The trend of prioritizing emotional value and experiences in consumption is emerging, with students willing to spend on activities that provide emotional satisfaction, such as concerts [8][10]. Financial Management - The majority of students (97.04%) rely on family for their living expenses, with a notable percentage managing their finances through part-time jobs or scholarships [5][11]. - Many students adopt budgeting strategies, with 82.73% practicing some form of expense tracking, indicating a growing awareness of financial management [12]. Shift in Consumption Philosophy - There is a noticeable shift from materialistic consumption to a focus on experiences and emotional fulfillment, with students increasingly valuing the quality of their spending over mere quantity [9][12]. - The concept of "post-material" consumption is gaining traction, where emotional and experiential needs take precedence over basic material needs [8][11].

Core Insights - The camera market is experiencing a resurgence, with a 1350% increase in film photography searches on Xiaohongshu in the first nine months of the year and a 24.1% overall growth in camera shipments in China during Q1, which is double the global growth rate [1][2] - Young consumers are increasingly seeking cameras for their aesthetic quality, as they feel that even the best smartphone cameras fall short in comparison [1][2] - The trend of outdoor activities among young people has expanded the demand for cameras, with action and panoramic cameras becoming popular choices alongside traditional brands like Canon and Fujifilm [2][3] Market Dynamics - Classic camera models maintain their value in the second-hand market, with models like the Canon A620 seeing prices rise from an original price of approximately 2600 yuan to over 1500 yuan [2] - The rise of social media has created a strong desire among consumers for high-quality images, leading to a shift in the types of cameras being sought, from DSLRs to compact and action cameras [5][9] - Rental services for cameras are becoming increasingly popular, allowing consumers to try before they buy, which lowers the barrier to entry for new users [8][9] Consumer Behavior - Young consumers are motivated by trends and the desire to capture aesthetically pleasing moments, leading to a continuous demand for new camera models [10][12] - The integration of AI technology in cameras is enhancing user experience by simplifying the shooting process and improving image quality, further driving interest in new camera purchases [15][16] - The emergence of new brands and models, such as the DJI Pocket 3, reflects the evolving preferences of consumers who prioritize portability and ease of use [12][13] Future Trends - The camera industry is likely to see continued growth as younger generations seek innovative and user-friendly devices that cater to their social media needs [16][17] - Companies are focusing on developing AI-driven imaging solutions that simplify the photography process, making it accessible to a broader audience [16][17] - The ongoing evolution of consumer preferences indicates that the demand for cameras will remain strong, with a focus on lightweight, intelligent, and high-quality output devices [16][17]

Core Viewpoint - The competition between Insta360 (Yingshi Innovation) and DJI has intensified, with Insta360's chairman Liu Jingkang suggesting DJI's monopoly in a recent social media post, highlighting the rivalry between the two companies in the imaging sector [1][3]. Company Performance - Insta360 holds over 80% of the global market share in panoramic cameras, while DJI has over 70% in consumer drones, indicating a competitive landscape where both companies have significant market power [3]. - After going public in June 2025, Insta360's stock price surged by 536.6%, reaching a market capitalization of 120.7 billion yuan [3][4]. - In Q3 2025, Insta360 reported a revenue of 2.94 billion yuan, a year-on-year increase of 92.64%, with total revenue for the first three quarters reaching 6.61 billion yuan, up 67.18% year-on-year [4]. Competitive Dynamics - DJI has responded to Insta360's market entry by launching its own panoramic camera, the Osmo 360, and has been actively lowering prices to maintain competitiveness [4][5]. - A recent market research report indicated that DJI's market share in the action camera segment reached 66% in Q1-Q3 2025, surpassing GoPro, while its share in the panoramic camera market reached 49% in China and 43% globally [5]. - The rivalry has escalated, with both companies engaging in aggressive marketing and product launches, indicating a shift in the competitive landscape of the imaging industry [6][9]. Market Trends - The drone and imaging markets are becoming increasingly competitive, with new entrants like OPPO and vivo rumored to be entering the drone market, further intensifying the competition against established players like DJI and Insta360 [13]. - DJI has begun to lower prices across multiple product lines in response to the competitive pressure from Insta360, marking a significant shift in its market strategy [14][16]. - The emergence of new competitors and the aggressive strategies of existing players suggest that the imaging and drone markets are entering a phase of heightened competition, which could lead to innovation and growth opportunities [20].

Core Insights - The article discusses the backlash faced by DJI after a sudden price drop of its popular product, the Pocket 3, leading to consumer dissatisfaction and complaints about pricing transparency [1][2][4][9] Group 1: Pricing Strategy and Consumer Reaction - DJI's Pocket 3 was originally priced at 3499 yuan but saw a price drop of 700 yuan shortly before the Double 11 shopping festival, causing frustration among consumers who had recently purchased the product at the higher price [2][4] - Many consumers reported confirming with customer service that there would be no price drop before making their purchases, only to be disappointed when the price was reduced shortly after [2][4] - Complaints related to DJI's price drop have surged, with nearly 1700 complaints registered on the Black Cat Complaints platform, indicating a significant consumer backlash [4] Group 2: Service Experience and Consumer Expectations - The disparity in service levels between online and offline channels has led to confusion and dissatisfaction among consumers, particularly regarding price protection policies [5][6] - Consumers have expressed frustration over the perceived double standards in DJI's pricing and refund policies, especially when purchasing through different channels [5][6] - The article highlights that as DJI transitions from a technology-driven company to a consumer brand, it faces systemic challenges in meeting rising consumer expectations for service and experience [9][10] Group 3: Competitive Landscape - The article notes that DJI is facing increased competition from emerging brands like Yingshi, which has adopted aggressive marketing strategies, including offering compensation to consumers affected by DJI's price drop [6][12] - Traditional smartphone manufacturers, such as Apple, Vivo, and OPPO, are also entering the imaging device market, leveraging their established service networks and consumer familiarity [12][14] - DJI's market share in the global smart imaging device sector is projected to decline from 19.1% in 2023 to 13.2% in 2024, reflecting a significant shift in the industry landscape [14][15] Group 4: Future Outlook - The article suggests that for companies like DJI, succeeding in the competitive landscape of smart imaging devices will require not only strong product offerings but also a focus on providing warm and responsive customer service [15]