CES 2026计划于2026年1月6日至9日在美国拉斯维加斯举行，媒体日将从1月4日开始。目前官方CES参展商名录已开放查询，但在参展 商列表中搜索"尼康（Nikon）"并未得到任何相关结果，显示其并未作为参展商出现。 - end - 编辑 | 无忌君 今年，尼康将不会参加2026年CES展会（国际消费电子展）。在过去的多年里，尼康一直是CES的常规参展商，并且保持着相当高的存 在感，展示重点不仅包括影像产品，也逐步扩展到更广泛的技术领域，例如机器人视觉、肋片（riblet）加工、虚拟制作，以及航天相关 技术（如为NASA"阿耳忒弥斯"任务改装的Z9相机）。 ...

很多人第一次认识我们，是通过一篇微信公众号文章、一份白皮书、一组行业深度稿件，或一次行业大会。也 有不少企业在合作之后才逐渐意识到： 思宇是帮忙宣传的平台，更是一家长期站在产业视角、理解技术与临床逻辑的内容与研究型机构。 我们成立于2016年底，已度过9岁生日。现计划在2026年内扩充团队，因此发布本招聘说明。为了找到真正合 适的人，我们并不着急，也欢迎长期关注。 一、我们在做什么？ 思宇 MedTech 面向医疗科技行业的专业人群，核心工作包括： 主要读者与合作对象包括： 二、需要应聘者做什么？ 围绕医疗科技产品、企业与行业开展内容工作，包括但不限于： 为医疗器械企业进行内容策划 参与年度传播主题、系列文章与关键节点内容的策划与拆解 希望具备以下特质和习惯： 补充说明： 教育背景以工科/医/药相关专业为主，硕士研究生；目前不招聘本科生，也暂不招聘博士。团队为全女性成 员。 四、我们如何一起工作？ 对企业原始素材进行专业化改写与重构 将研发进展、产品资料、临床信息等，转化为逻辑清晰、表达克制、可被行业理解的内容 参与白皮书、行业报告等中长期项目 包括资料调研、结构梳理、章节撰写或协作，理解一个赛道如何被系统性 ...

Core Insights - Zhejiang province is experiencing a consumption boom driven by new consumption trends such as "technology + cultural tourism" and "national tide" [1][4] - In the first three quarters of this year, the total retail sales of social consumer goods in Zhejiang reached 28,408 billion yuan, reflecting a year-on-year growth of 5.2% [1][8] Group 1: New Consumption Trends - The "first launch economy" is a key strategy for revitalizing commercial vitality, focusing on introducing first stores and hosting first exhibitions to enhance consumer experiences [1][4] - The X-SPACE Fujifilm Imaging Space in Hangzhou has become a popular destination, attracting over 5,000 visitors on its opening day, showcasing a blend of product experience and artistic interaction [3][4] Group 2: Diverse Consumption Upgrades - The "Wenshan Digital Life Block" has transformed from a traditional computer street into a digital lifestyle hub, featuring over 300 tech products that appeal to young consumers [5][7] - Smart consumption is on the rise, with retail sales of wearable smart devices and smartphones increasing by 105.6% and 62.6% respectively in the first three quarters [7][8] Group 3: Policy Support and Market Activation - Zhejiang's consumption market is bolstered by a combination of policy initiatives and promotional activities, with nearly 2,500 events held to stimulate consumer spending [8][10] - The province has allocated 278 billion yuan for trade-in subsidies and issued approximately 3 billion yuan in consumption vouchers, significantly boosting retail sales in various categories [8][10] Group 4: Future Consumption Landscape - The "2025 Golden Autumn Shopping Festival" aims to enhance consumer experiences and promote new consumption models, with nearly 500 events planned to engage consumers [10] - The focus on quality upgrades in consumption is expected to be a dominant theme in the upcoming "15th Five-Year Plan" period, driven by both policy and market forces [8][10]

Core Insights - The article highlights the booming "first-store economy" in Hangzhou, particularly during the recent National Day holiday, with various new brands and products attracting significant consumer interest [1][5] - Hangzhou has become a key location for international brands to launch new products and establish flagship stores, leveraging China's vast market potential [1][5] Group 1: First-Store Economy - The "first-store economy" serves as a direct reflection of the regional business environment and the overall prosperity of urban commerce [5] - In 2024, Hangzhou is expected to introduce over 200 new first-store brands, indicating a strong growth trajectory [5] - The X-SPACE Fujifilm Imaging Space, a unique experiential venue, has attracted over 5,000 visitors on its opening day, showcasing the appeal of innovative retail concepts [2][4] Group 2: Consumer Trends - During the recent holiday, various trendy products and dining experiences have drawn large crowds, indicating a shift in consumer preferences towards unique and experiential offerings [1] - The popularity of new brands, such as international beauty products and trendy beverage shops, highlights the changing landscape of consumer behavior in Hangzhou [1][5] Group 3: Urban Development - The Wulin business district in Hangzhou, covering just 1.37 square kilometers, is a historical and commercial hub, housing over 1.3 million square meters of commercial space [5] - The district has seen the introduction of 38 new first-store brands and 9 first-time exhibitions in the first half of the year, with further developments expected to enhance the local economy [5]

Core Viewpoint - The company reported a decline in revenue and net profit for 1H25, with revenue at 16.743 billion yuan (-18.45% YoY) and net profit at 5.069 billion yuan (-32.96% YoY), which is in line with market expectations [1] Revenue Analysis - Revenue pressure is evident, with a breakdown by business segments showing: Life Information and Support segment at 5.479 billion yuan (-31.6% YoY), IVD segment at 6.424 billion yuan (-16.1% YoY) with international business experiencing double-digit growth (over 20% YoY), and Imaging segment at 3.312 billion yuan (-22.5% YoY) [2] - Domestic revenue was 8.411 billion yuan (-33.4% YoY) while overseas revenue was 8.332 billion yuan (+5.4% YoY), accounting for approximately 49.8% of total revenue [2] - The company’s revenue growth rate from Q1 2024 to Q2 2025 is expected to continue declining, attributed to inventory adjustments and fluctuations in domestic bidding and delivery schedules [2] Profitability Insights - The company’s gross margin for 1H25 was 61.7%, down 2.8 percentage points from 64.5% in 1H24, primarily due to price adjustments in the IVD industry and other cost pressures [3] - The ongoing recovery in industry procurement activities is anticipated to support profit improvement, alongside a shift away from lowest-bid procurement strategies [3] - The company is expected to enhance its market share in the domestic market due to solid product capabilities, while investments in digital strategies may strengthen long-term competitive advantages [3] Earnings Forecast and Valuation - The earnings forecast for 2025 and 2026 remains unchanged, with corresponding P/E ratios of 25.0x and 22.5x [4] - The target price is maintained at 300 yuan, reflecting a potential upside of 21% from the latest closing price, with a rating of outperforming the industry [4]

Macro Economic Overview - The decline in construction demand has slowed down year-on-year, with construction starts remaining at seasonal lows and cement dispatch volumes stabilizing [5][6] - Industrial production remains at a historically high level, although some sectors like chemical chains and automotive tire production have seen a decrease in operating rates [5][6] - The demand for construction materials is weak, with a slight recovery in rebar demand due to a low base in 2024, while automotive sales have also declined [6] Commodity Prices - International commodity prices are fluctuating, with oil prices declining and copper and aluminum prices remaining stable [7] - Domestic industrial product prices are experiencing weak fluctuations, with the South China comprehensive index showing a downward trend [7] Real Estate Market - New housing transactions remain at historical lows, with a significant drop in transaction volume in major cities compared to previous years [8] - The second-hand housing market also shows weak performance, with transaction volumes in key cities like Beijing and Shanghai declining [8] Export Trends - Exports are expected to show a year-on-year increase of around 7% to 9% for the period before August 17, driven by a lack of significant declines in high-frequency data [9] Investment Strategy - The North Exchange 50 index has shown strong upward momentum, breaking through the 1500-point mark, indicating a potential new equilibrium [11][12] - The index is characterized by smaller market capitalization and concentrated themes, which can lead to significant price elasticity with marginal changes in fund flows [12][13] Company-Specific Insights Meituan (01357.HK) - The company focuses on its core imaging business, with AI driving an increase in subscription rates, leading to an upward revision of net profit forecasts for 2025-2027 [17][19] - The user base is large, and the company is expanding globally while improving its product offerings [20] Leap Motor (09863.HK) - The company is accelerating self-research in intelligent driving, with revenue forecasts for 2025-2027 being revised upwards due to strong brand demand [22][23] - The company expects significant growth in vehicle deliveries and profitability from its partnerships and new product launches [24] InvoTech (002837.SZ) - The company reported a 50.25% increase in revenue for H1 2025, driven by the growth of its liquid cooling products in data centers [27][28] - The company is expanding its production capacity and focusing on R&D to enhance its competitive edge [29] Shengquan Group (605589.SH) - The company achieved a 51.2% increase in net profit in Q2, with plans to issue convertible bonds to fund new energy battery material projects [31][32] - The company is positioned to become a leading provider of biomass and chemical new materials solutions [34] Jinneng Technology (603113.SH) - The company reported a 24.1% increase in revenue for H1 2025, with significant growth in its olefin and carbon black production [36][37] - The company is expanding into the hydrogen energy sector and has adjusted its convertible bond price to enhance liquidity [38] China Shenhua (601088.SH) - The company is initiating a large-scale asset acquisition to strengthen its integrated operations, with expected stable profitability and high dividend returns [40][41] - The acquisition involves high-quality assets that will enhance the company's overall profitability and operational efficiency [42][43] Aofei Data (300738.SZ) - The company is a leading provider of IDC services, expanding its data center footprint across China and benefiting from the growth of AI applications [45][46] - The company has established partnerships with major internet firms and is focusing on enhancing its cloud computing capabilities [49] China Hongqiao (01378.HK) - The company reported an 8.48% increase in revenue for H1 2025, driven by higher prices for alumina and electrolytic aluminum [50][51] - The acquisition of additional equity in Yunnan Hongtai is expected to enhance its production capacity and profitability [52]