科技硬件 点击小程序查看原文 半导体：实现算力芯片及半导体先进制造环节国产替代是科技攻坚的核心领域 半导体芯片 "十五五"规划对于科技自立自强水平提出了更高的要求，并提出了引领发展新质生产力的概念。 当前，全球生成式AI技术正在推动科技行业 经历前所未有大变革，算力芯片作为生成式AI行业发展的必要基础设施，是推动全要素生产率提升的核心支持。 我国本土企业当下在云端AI 芯片领域面临采购海外先进产品不畅，实施芯片自主化迫在眉睫。当下，在政策鼓励及相关企业的不懈努力下，我国企业已经在云端AI芯片 领域实现与海外次先进产品性能对标，集群能力也逐步提升，面对国内大模型企业星辰大海的需求，我们认为未来国产云端AI芯片行业有望 迎来持续、快速的成长；而在端侧AI芯片领域，在部分低功耗场景中我国企业已实现全球引领水平，产品有望跟随端侧AI产业落地节奏迎来 快速上量部署。此外，我们认为存储芯片、接口及互联芯片等环节也同样在我国AI基础设施构建和推动新质生产力发展中起到关键作用。目 前，本土企业仅在利基型存储器及部分中低速率/带宽接口及互联芯片中形成了一定的国产化替代方案，针对AI的中高端应用依然有较大发展 空间，市场机会广阔 ...

Core Insights - DJI, a leader in consumer handheld imaging devices, faces new competition from smartphone manufacturers like OPPO, which plans to launch handheld smart imaging products by 2026, indicating a shift in the competitive landscape [1] - The handheld smart imaging market is projected to grow significantly, with a market size of 36.47 billion yuan in 2023 and an expected compound annual growth rate (CAGR) of 12.9% from 2023 to 2027, reaching 59.2 billion yuan by 2027 [2] - The market is highly concentrated, with major players like DJI, Insta360, and GoPro holding a combined market share of 78.9% in 2024, highlighting intense competition [2] Market Dynamics - The rise of short video content has driven demand for handheld smart imaging devices, creating new growth opportunities [2] - The competitive landscape is shifting, with Insta360's market share increasing from 28.4% in 2023 to 35.6% in 2024, while GoPro's share declines from 38.2% to 30.1%, and DJI's share drops from 19.1% to 13.2% [2] - The Pocket series by DJI and the Insta360 Go series are recognized as leading product categories in the market [2] Competitive Challenges - The Pocket series has seen limited competition since the launch of Pocket3, primarily due to the challenges in balancing portability and high image quality in camera design [3] - Smartphone manufacturers are entering the handheld imaging market as their primary market growth slows, seeking new revenue streams [4] - Insta360 has demonstrated significant growth, with revenue increasing from 850 million yuan in 2020 to 5.574 billion yuan in 2024, reflecting a CAGR of 60.02% [4] Strategic Advantages - Smartphone manufacturers benefit from shared technology and supply chains with handheld imaging devices, allowing for rapid entry into the market [5] - OPPO has invested heavily in imaging technology, with over 1,000 personnel in its imaging team and an annual R&D budget exceeding 1 billion yuan [5] - The entry of smartphone manufacturers into the handheld imaging sector is expected to enhance overall industry development, despite increased competition for established players like DJI [5]

Core Insights - The handheld imaging market is witnessing new entrants like OPPO and vivo, who are developing handheld smart imaging devices to compete with established products from DJI [1][3] - The mobile imaging sector is becoming a new growth area for smartphone manufacturers as the smartphone market growth slows down [1][6] Market Dynamics - The global smart imaging device market is highly concentrated, with the top three companies (DJI, Insta360, and GoPro) holding 78.9% of the market share in 2024 [3][6] - Insta360 is experiencing significant growth, increasing its market share from 28.4% in 2023 to 35.6% in 2024, while GoPro's share is declining from 38.2% to 30.1% [6] Growth Potential - The Chinese market for panoramic cameras is expected to grow at a compound annual growth rate (CAGR) of 17.8% from 2023 to 2027, significantly outpacing other regions [6][11] - The sports camera segment in China is projected to grow at a CAGR of 26.1% during the same period, indicating strong growth potential [6][11] Competitive Advantages - Smartphone manufacturers possess advantages in hardware supply chains, design, and production capabilities, which can be leveraged in the handheld imaging market [7][8] - The software capabilities related to stabilization, AI algorithms, and color reproduction developed in smartphones can be applied to mobile imaging devices [7][8] Strategic Shifts - Traditional smartphone manufacturers are seeking to diversify beyond "pure smartphone" business models to explore broader smart terminal markets [10] - OPPO and vivo are cautiously expanding their product lines, with OPPO focusing on high-quality products and exploring new categories like MR glasses and home robots [10][11] Profitability Outlook - The handheld imaging market offers attractive profit margins, with companies like Insta360 reporting gross margins above 50% from 2022 to 2024 [11] - The entry of OPPO and vivo into this market is expected to enhance their profitability compared to the highly competitive smartphone market [11]

Core Viewpoint - The handheld imaging market is witnessing new entrants like OPPO and vivo, who are developing handheld smart imaging devices to compete with established products from DJI [1][2] Group 1: Market Dynamics - OPPO has confirmed the launch of a new imaging product series based on over 17 years of experience in mobile imaging, with plans for release in 2026 [1][14] - The global smart imaging device market is highly concentrated, with the top three players expected to hold 78.9% market share by 2024, including companies like DJI, Insta360, and GoPro [3][6] - The Chinese market for panoramic cameras is projected to grow at a compound annual growth rate (CAGR) of 17.8% from 2023 to 2027, significantly outpacing other regions [6][7] Group 2: Competitive Landscape - Insta360 is the fastest-growing player, increasing its market share from 28.4% in 2023 to 35.6% in 2024, while GoPro's share is declining from 38.2% to 30.1% [6][7] - The mobile imaging market is seen as a new growth area for smartphone manufacturers, especially as their core mobile business faces saturation [7][10] Group 3: Technological Advantages - Smartphone manufacturers possess inherent competitive advantages in the mobile imaging sector due to their established supply chains and expertise in hardware and software development [9][10] - The transition of capabilities from smartphones to handheld imaging devices is supported by advancements in stabilization, AI algorithms, and color reproduction [7][9] Group 4: Future Prospects - The handheld imaging market is expected to provide significant growth opportunities and profitability, with companies like Insta360 reporting gross margins above 50% in their core business [13][14] - OPPO's new imaging products are anticipated to surprise consumers in 2026, while vivo is also expected to launch related products soon [14]

短视频时代给手持智能影像品类带来了新的增长动力。据咨询公司"Frost&Sullivan"的数据，手持类智 能影像设备2023年的市场规模为364.7亿元，在2023—2027年有望保持约12.9%的年均复合增速，其在 2027年的市场规模有望达到592亿元。其中，可实现360°拍摄的全景相机市场规模为50亿元，除生活、 运动、娱乐记录用途外，全景技术在视频会议、机器人等新运用场景有望进一步打开市场天花板。 封面图片来源：每经记者 张建 摄 每经记者｜王晶 每经编辑｜文多 9月29日，有媒体报道称，OPPO启动了手持智能影像设备（运动相机和全景相机）的立项，其产品将 对标GoPro、大疆等产品。 对此，记者联系OPPO方面了解情况，对方回应称："OPPO已启动新形态影像产品系列。新产品系列将 基于OPPO在手机影像上超过17年的技术积累，进一步拓展移动影像的体验，为影像创作提供更多的可 能性。该系列新品计划于2026年内发布。" ...

Core Viewpoint - OPPO is entering the handheld smart imaging device market, aiming to compete with leading products from GoPro and DJI, with plans to launch a new series of imaging products by 2026 [1] Group 1 - OPPO has confirmed the initiation of a new form of imaging product series [1] - The new products are expected to be released within the year 2026 [1]

OPPO方面对第一财经记者回应称，已启动新形态影像产品系列。 9月29日，有消息称，OPPO将入局手持智能影像设备市场，产品将对标GoPro、大疆等产品主导手持智 能影像设备。 对此，OPPO方面对第一财经记者回应称，已启动新形态影像产品系列，计划于2026年内发布。 ...

Core Insights - OPPO has confirmed its entry into the handheld smart imaging device market, aiming to compete with established products from GoPro and DJI [1] - The new product line will be developed by the smart imaging team under the Find product planning department, led by Li Yang, who previously worked on the Find series [1] - OPPO stated that the new series will leverage over 17 years of technological accumulation in mobile imaging, enhancing the imaging experience and providing more creative possibilities [1] - The launch of the new product series is planned for 2026 [1]

Core Insights - Vivo has entered the handheld smart imaging device market, prompting OPPO to confirm its own project in this category, targeting products from GoPro and DJI [1] - OPPO's new product will be developed by the smart imaging team under the Find product planning department, led by Li Yang, who previously worked on the Find series [1] - OPPO stated that there have been no recent changes in the imaging team [1]

Core Viewpoint - O-Film Technology Co., Ltd. has reported a return to losses in its 2025 interim results, with a net profit of -1.09 billion yuan, marking a 378.13% decrease year-on-year, primarily due to increased share-based payment expenses and reduced investment income from joint ventures [1][2] Financial Performance - In the first half of 2025, the company achieved operating revenue of 9.837 billion yuan, a year-on-year increase of 3.15% [1] - The net profit for Q1 2025 was -589.5 million yuan, a 470.51% decline year-on-year, while the net profit for Q2 2025 was -49.92 million yuan, a 314.87% decrease year-on-year [2] - The cash flow from operating activities for the first half of 2025 was 325 million yuan, a 2.39% increase year-on-year [3] Business Segments - The smartphone segment generated revenue of 7.437 billion yuan in the first half of 2025, a 0.43% increase year-on-year, accounting for 75.60% of total revenue [4] - The smart automotive business saw revenue of 1.262 billion yuan, an 18.19% increase year-on-year, making it the fastest-growing segment [6] - Revenue from new fields, including handheld imaging devices and smart locks, reached 1.105 billion yuan, a 9.73% increase year-on-year [7] Market Conditions - The global smartphone market showed a modest growth of 1.28% in the first half of 2025, while the Chinese smartphone market experienced a slight decline of 0.35% [5] - The company faces challenges in the automotive sector, where profit growth lags behind revenue growth [7]