01 工具并不等于能力。 不知道有没有人和我一样，无数次出现一种错觉，好像只要买下某样东西，就能拥有这样东西背后某种 能力，生活，或者状态。 比如之前经常会看到网上有人使用ipad进行手绘，潇洒灵动的线条，妙笔生花，他们可以在高铁，在机 场，在春天的草地上随时随地来上一幅速写。 这样记录生活的方式多有趣啊，我也想尝试这样的方式，于是入手了iPad、Apple Pencil、Procreate，然 后全网搜寻好看的笔刷和教程。但显然，我并不能依靠着这些画出什么好看的东西，于是它们很快被遗 忘在房间的某个角落，只有每次吃泡面的时候会被找出来。 又比如最近很活的大疆pocket，大家镜头下的生活总是那么肆意、张扬、充满自由。我想，我的生活也 需要这样激情，于是又果断下单。 但收到货之后我才发现，这些精美的视频背后，真正关键的并不是设备，而是时间和自由，而我恰恰又 没有这样的自由，pocket自然也就吃了灰。 在消费主义盛行的今天，我发现我们越来越容易将对自己，对生活的某种期待，异化成一种消费行为。 仿佛只要购买了某种东西，就能找到那么梦寐以求的自己。 但这件事显然不太正确。就好像网友在pocket视频评论中说道的那 ...

Core Viewpoint - Xiaomi's recent product launch highlights the introduction of AI glasses, which are expected to create significant interest and potential market impact, alongside the YU7 car model [5][24][25]. Group 1: Product Launch and Market Reception - The AI glasses are seen as a new narrative for Xiaomi, generating excitement among consumers and influencers, with immediate sales success noted as they sold out quickly [15][22]. - The YU7 car model is perceived as a certain success, with expectations of high demand and sales, although the stock price of Xiaomi experienced volatility post-launch [3][4]. - The AI glasses are positioned as a practical tool for content creators, offering convenience and a new way to capture first-person perspectives [8][40]. Group 2: Competitive Landscape - Xiaomi enters a competitive market for AI glasses, with established players like Lenovo, Samsung, and ByteDance also exploring similar technologies [21][36]. - The AI glasses market is projected to grow significantly, with estimates suggesting global sales could reach 5.5 million units by 2025, indicating a robust demand for such devices [34]. - Xiaomi's strategy focuses on addressing specific consumer needs rather than attempting to dominate the market with a single perfect product, which may allow it to carve out a niche [32][33]. Group 3: Technological Features and User Experience - The AI glasses are designed to enhance user experience by integrating AI capabilities for tasks like navigation and photography, making them a companion device rather than a replacement for smartphones [30][31]. - Current limitations of the AI glasses include some AI recognition issues, but these are expected to improve with future iterations [15][28]. - The glasses are anticipated to unlock new content creation opportunities, particularly in experiential storytelling, which could lead to innovative monetization strategies for creators [48][49].

Core Insights - JD.com's 618 sales event achieved record-breaking performance, with digital product sales exceeding double the amount from the same period last year, marking a historic high [1] - The event was significantly supported by government subsidies and trade-in policies, driving strong consumer engagement and sales growth [1] User Growth and Consumer Preferences - During the 618 event, new user transactions for JD's digital products increased by 50% year-on-year, indicating a growing preference for JD as a primary platform for digital products [3] - Sales volume and user transactions for new products surged over six times, reflecting strong consumer demand for innovative digital products [3] - The trade-in service saw order volume increase by over six times, showcasing consumer commitment to sustainability and recognition of JD's trade-in offerings [3] Innovative Consumption Trends - JD's digital products are becoming a trendsetter in consumer behavior, with AI smart glasses sales increasing over seven times, highlighting the deep penetration of AI technology in consumer markets [5] - Fashionable smartwatches saw sales revenue double, meeting consumer desires for the integration of technology and fashion [5] - Sales of no-data monitoring devices and gaming products also more than doubled, indicating robust demand for convenient monitoring and entertainment solutions [5] Brand and Product Performance - Notable brands such as DJI, Huawei, Sony, Xiaomi, and Canon emerged as top performers during the event, thanks to their product quality and technological innovation [6] - Top-selling products included DJI Pocket 3, Sony Alpha 7C II, and Huawei GT5, which stood out for their unique advantages [6] New Product Launches - Many brands chose to debut new products on JD during the 618 event, achieving remarkable market responses, such as Huawei Watch 5 sales tripling year-on-year [8] - The Switch 2 auction attracted over 500,000 viewers, demonstrating significant consumer interest [8] - New products like the Fujifilm X-half and Huawei FIT 4 garnered top attention in their respective categories, quickly becoming market highlights due to their innovative features and designs [8] Future Outlook - JD's impressive performance during the 618 event serves as both a validation of past efforts and an encouragement for future initiatives [8] - The company aims to continue its commitment to innovation, quality, and service, striving to provide consumers with superior digital products and shopping experiences [8]

想要选出稿度同收+ 看啥指标? 建议重点关注胜率、收益率 及回撤等数据。 一看 胜率,稳健的产品需要有持续跑赢基准的能 力。基金净值相对于基准的日胜率可作为重要的参 考数据, 净值创新高频率 也是。净值创新高越频 繁,收益曲线越平滑。二看长期年化收益率,如果 基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 扫码进入基本功专栏 中泰资管616宠粉节来啦！ 持有人参与，100%有奖，还有机会抽到 大疆 Pocket 3、足金金元宝、Labubu 盲盒 等好礼！ 年度宠粉王炸： 福利天花板，抽奖管够，高中奖率，已有3人抽中Labubu，下个幸运儿会是你吗？速 来～ 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身 ...

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关注国补的核心，是看红利品牌、平台抓住机会修炼了多少内功。 618叠加国补，本是国补类目消费的重大利好。但上月底开始，不少网友发现，一些地方的国补资格需要限量抢，京东APP江苏、湖北等地的国补页面也 有提示「活动暂缓」或「活动升级」的通告，继而引发「国补是不是要取消」的讨论。 首先，国补不会取消。作为国家提振社零消费的主要动作之一，国家发改委有明确规划，今年预计总补贴3000亿，目前已下发1600亿，「后续还有1400亿 元左右，会根据各地支付进度陆续下达」。且接下来会进一步扩容至育儿、养老、服务消费等行业。 只是各省市的补贴消耗情况不同，因此出现部分地区要限量发券的情况。 国补之所以如此引人关注，除了因为它补贴力度大、覆盖范围广，能真金白银给消费者实惠、能刺激消费活力，还因为它独特的补贴资格获取方式，会加 速行业的头部集中效应，尤其随着国补的推进，已经从去年的「向行业前三名集中」，发展到「向第一名集中」。 平台层面，有更强自营和家电3C优势的京东也享受到国补的显著利好。 因此品牌们，以及京东、拼多多的投资者都在关心的一个核心事实是：国补红利什么时候会结束？ 尤其目前，多个线索表明，国补确实遇到了对耐消品进一 ...

Core Viewpoint - YingShi Innovation is preparing for its IPO with a share price set at 47.27 CNY, but faces significant challenges in both the panoramic camera and action camera markets due to market saturation and intense competition [2][3]. Financial Performance - YingShi Innovation's projected revenues for 2022 to 2024 are 2.041 billion CNY, 3.636 billion CNY, and 5.574 billion CNY respectively, with net profits of 407 million CNY, 830 million CNY, and 995 million CNY [2]. - The company's overseas sales revenue for the same periods are 1.596 billion CNY, 2.903 billion CNY, and 4.223 billion CNY, accounting for 79.43%, 80.83%, and 76.35% of total revenue [2]. Market Position - YingShi Innovation holds a 67.2% market share in the global panoramic camera market, but the market is limited with a size of only 700 million USD and a growth rate of 7.5%, compared to the action camera market which is valued at 7.18 billion USD with a growth rate of 9.3% [2]. - The company is compelled to expand into the action camera sector, where it faces competition from established players like GoPro and DJI [2]. Competitive Landscape - DJI is entering the market with a low-price strategy, leveraging its expertise in optical stabilization and image algorithms, which poses a threat to YingShi Innovation's pricing strategy [3]. - GoPro dominates the U.S. market with a 62% share by bundling sales with telecom operators, creating a barrier for YingShi Innovation to penetrate this channel [3]. Technological Challenges - The demand for professional equipment is being eroded by advancements in smartphone imaging capabilities, such as Apple's spatial video and Huawei's XMAGE [4]. - Although YingShi Innovation is investing in AI editing and HDR technologies, its pace of innovation in consumer products is lagging behind that of major smartphone manufacturers [4].

Group 1 - The article discusses the fluctuating tariff policies between the US and China since February 2025, highlighting the impact on Chinese businesses and their operational adjustments in response to these changes [1][2][5] - A timeline of tariff increases is provided, showing a cumulative increase of tariffs on Chinese goods reaching 104% by April 8, 2025, with significant changes in tax policies for small packages [2][5] - The article emphasizes the complexity of the international trade chain, particularly the uncertainties in international shipping due to fluctuating freight rates and geopolitical risks [6][8] Group 2 - The article outlines the implications of tariffs on different trade models, particularly the FOB (Free on Board) model, where the burden of tariff costs primarily falls on the purchasing party, affecting pricing strategies for Chinese manufacturers [8][11] - It highlights the challenges faced by small cross-border sellers due to changes in policies regarding international small packages, which are crucial for their operations [11][12] - The article notes that despite the tariff pressures, China's overall trade performance remains strong, with a 5.6% increase in total trade value in April 2025, indicating resilience in other markets [17][18] Group 3 - The article discusses potential new markets for Chinese brands, particularly in Southeast Asia, Latin America, and the Arab region, emphasizing the need for localization and understanding of cultural nuances [19][24][30] - It highlights the importance of deep localization strategies in Southeast Asia, where local regulations and market conditions require significant adaptation from Chinese companies [24][25] - The article points out the emerging opportunities in the Latin American market, particularly in Mexico, due to favorable trade agreements, while also noting the cultural barriers that need to be addressed [26][29] Group 4 - The article emphasizes the shift from low-cost strategies to high-quality manufacturing for Chinese products, suggesting that companies should focus on building brand value and sustainable pricing models [36][37] - It discusses the growing global interest in Chinese manufacturing, particularly in the 3C electronics sector, and the potential for cultural products and trendy items to succeed in international markets [40][41] - The article concludes with a call for companies to focus on long-term strategies and building strong brand identities rather than seeking quick profits, highlighting the importance of cultural understanding and product value [45][46]

Core Insights - The ongoing Tmall 618 event is shifting towards simpler promotional strategies, moving from "full reduction" to "instant discount" methods, which allows consumers to enjoy discounts without needing to meet minimum purchase requirements [3][4][16] - Brands are diversifying their goals during promotions, focusing on launching new products and enhancing member engagement rather than solely relying on price reductions [4][11] Group 1: New Opportunities in Promotions - The new promotional strategies are creating opportunities for brands that offer genuine discounts and have strong overall capabilities, with major brands like Apple, Midea, and Huawei quickly achieving over 100 million in sales [11][12] - Certain trending categories, such as pet products and toys, are experiencing significant growth, with pet industry sales exceeding last year's first-day totals within just 100 minutes [12][15] - The simplification of promotional methods is expected to reduce return rates and improve the quality of growth during the 618 event [7][16] Group 2: Brand Growth and Platform Requirements - The shift in promotional strategies reflects a change in brand growth logic, requiring platforms to provide an environment that supports multi-dimensional brand development [5][23] - Tmall's 618 event has shown effective encouragement of long-term brand growth, with significant sales increases in categories like home appliances and digital products, with some categories seeing a 283% increase compared to last year's Double 11 [6][11] - The new promotional framework emphasizes true discounts and diverse participation methods, allowing brands to better meet consumer needs and enhance their market presence [16][19] Group 3: E-commerce Platform Strategy - E-commerce platforms are transitioning their competitive focus from price wars to enhancing supply quality and service experience, as evidenced by the changes in Tmall's promotional strategies [18][19] - Tmall's 2025 strategy aims to support brand growth through substantial subsidies and improved product innovation capabilities, reflecting a commitment to long-term brand development [26][27] - The integration of AI technology is aimed at improving transaction efficiency and matching consumers with products, further optimizing the platform for new brand growth [28][29]

美东时间4月22日凌晨3点，纽约中央车站的insta360的快闪店开始排起了队，这只是为了抢一款来自中国厂商所推出的新品——全景相机X5。 这家厂商便是即将在5月30日启动科创板发新的影石创新科技股份有限公司（下称"影石创新"）。 影石创新的IPO之路并不算顺利。 自2020年申报上市至今年已历时近5年，终于要成为首家登陆A股市场的相机终端品牌。 成立仅10年的影石创新近3年收入复合增长率高达65%，核心产品全景相机在全球的市场份额已连续六年位居第一，2023年占比高达67%，较2021 年已经提升了超20个百分点。运动相机领域则仅次于多年以来的行业一哥GoPro。 摄影功能日益强大的智能手机快速普及的15年来，持续缩量的传统相机市场日渐式微，而影石创新所代表的中国相机却在抓住社交网络、流媒体 时代红利的基础上实现了异军突起。 2024年，影石创新实现收入、归母净利润分别为56亿元、10亿元。作为对比，昔日运动相机王者GoPro虽然收入尚有58亿元，但净亏损却超过了 31亿元。 从胶片到数码的数十年来，相机行业的每一次技术变革，都被尼康、佳能为代表的日本厂商所牢牢控盘，而中国厂商却迟迟未能拥有一席之地。 但1 ...