近期，OPPO对市场传闻正式作出回应，称已启动新形态影像产品系列，计划于2026年内发布。而消息 人士对第一财经记者表示，vivo方面，相关产品线也已启动半年以上。"产品将对标GoPro、大疆等产品 主导手持智能影像设备。"该人士说。 消费巨头"杀入"Pocket市场。 当OPPO、vivo这两个手机圈的巨头，把目光投向手持影像这块蛋糕时，业内调侃道，大疆的"好日 子"或许要到头了。 当下，手持影像市场虽说竞争者不算少，但基本是"小圈子游戏"。根据头豹研究院分析，全球智能影像 设备市场呈现高度集中的竞争格局，影石创新、大疆创新以及美国的GoPro作为"前三甲"合计占据了 78.9%市场份额，而大疆则在手持智能影像设备市场拥有着绝对话语权。 但随着手机厂商的入局，这一长期由少数企业主导的市场平衡或将被打破，手持影像市场的竞争格局迎 来变数。 消费巨头"杀入"Pocket市场 一位手机供应链人士对记者表示，"手机厂商切入主要是看到了这个市场的增长机会，直播带动的视频 设备需求还在发酵，手持设备拍摄的素材可以自动同步至手机，通过AI剪辑工具生成内容后直连社交 平台，这种全场景生态能力是手机厂商的优势。" "此外，手 ...

Core Insights - Huawei announced a partnership with Insta360 to enhance its smart wearable ecosystem, focusing on integrating smart cameras with Huawei smartwatches [1][3] - The collaboration introduces gesture control and a digital dashboard feature, aimed at providing a new experience for sports enthusiasts [2][3] Group 1: Partnership Overview - The partnership marks Insta360 as the first collaborator in Huawei's smart wearable ecosystem, covering a range of camera types including panoramic, action, and thumb cameras [1] - The collaboration aims to combine the strengths of both companies to create a new experience in "sports imaging + data storytelling" [3] Group 2: Innovative Features - Gesture control allows users to operate cameras hands-free during extreme sports, enhancing usability in activities like skiing and cycling [2][4] - The digital dashboard feature integrates professional sports data into video content, providing a richer narrative for sports activities [2][3] Group 3: Market Position and Strategy - Insta360 is recognized for its high compatibility and functionality in the smart imaging sector, having established partnerships with major smartwatch brands like Apple and Garmin [3][4] - The collaboration with Huawei positions Insta360 to reach over 200 million smart wearable devices, expanding its market presence and innovation in sports imaging [4]

Core Insights - Huawei announced a partnership with Insta360 at the global innovation product launch in Paris on September 19, 2023, making Insta360 a smart wearable ecosystem partner [1] - The collaboration will cover a full range of products including panoramic cameras, action cameras, and thumb cameras, enhancing user experience [1] - Users can control Insta360 cameras using gestures through Huawei smartwatches HUAWEI WATCH Ultimate 2 and HUAWEI WATCH 5, creating a seamless interaction [1] - Insta360 will also provide a customized dashboard for Huawei wearable users, integrating sports data into the visual content for the entire Insta360 product line including X, GO, and Ace [1]

Core Insights - Insta360 has officially become a smart wearable ecosystem partner of Huawei, covering a full range of panoramic cameras, action cameras, and thumb cameras [1] - The collaboration aims to create a new experience by linking Huawei smartwatches with Insta360 cameras, allowing users to control the cameras via gestures [1] - Insta360 has introduced a customized dashboard for Huawei wearable users, compatible with the entire series of Insta360 X, GO, and Ace cameras [1]

Core Viewpoint - Shenzhen's consumer-grade smart imaging industry is rapidly gaining global traction, with products like 360-degree cameras and drones becoming highly popular among international consumers, particularly in the U.S. [1][4] Group 1: Product Popularity and Market Reach - A panoramic camera from Shenzhen has sparked a buying frenzy in the U.S., with long queues forming for purchases [1] - Shenzhen-manufactured smart imaging devices, including panoramic cameras and drones, are exported to over 200 countries and regions, capturing around 70% of the global market share [4] - The popularity of these products is attributed to their innovative features, such as a selfie stick that can become "invisible" and the ability to capture immersive 360-degree images [5][4] Group 2: Technological Innovation and Ecosystem Development - Shenzhen companies are shifting from hardware competition to a new ecosystem that integrates "devices + software + content," enhancing their global influence in the smart imaging industry [7][10] - Innovations in AI algorithms and hardware allow devices to automatically recognize and track subjects, significantly improving user experience [7][8] - The development of 8K ultra-high-definition imaging technology and advanced stabilization techniques has further enhanced the capabilities of these consumer-grade devices [8] Group 3: Industry Growth and Support - Shenzhen has established a comprehensive supply chain and manufacturing ecosystem for consumer electronics, supported by significant investments in AI and technology [18] - The local government has introduced action plans and funds totaling 20 billion yuan to support the development of strategic emerging industries, fostering a favorable environment for innovation [18] - The collaborative nature of the industry, exemplified by the interconnected businesses in Huaqiangbei, enables rapid product development and customization to meet diverse market demands [17][15]

证券研究报告•深度/专题 影石创新投资探讨 ——25年前瞻专题之影石创新（688775.SH） 2025. 06. 11 华安证券研究所 分析师：邓 欣 S0010524010001 dengxin@hazq.com 分析师：成浅之 S0010524100003 chengqianzhi@hazq.com 联系人：唐楚彦 S0010124070002 tangchuyan@hazq.com 核心要点 影石创新坐拥三重产品壁垒全景优势+软件突出+迭代领先，以强产品力逐步抢占GoPro全球份额，最新销量已超越手持影 像设备昔日龙一GoPro；我们认为：从投资逻辑看，公司未来在产品外延、海外抢占、成本优化三方面皆有成长空间。 定价探讨：我们看好影石创新未来产品拓展空间与全球份额空间，我们测算25-26年公司收入78/101亿元（同比 +40%/+29%），利润13.4/16.5亿元（同比+35%/+23%），参考科技消费可比标的26年平均估值21X，公司当前价格存成 长性溢价空间（远期更存云增值、第二曲线等额外长期空间），关注公司长期价值。同步建议关注产业链标的：弘景光电、 韦尔股份、虹软科技、迅雷等（详见正文）。 ...

Group 1 - The trend of "hiking" is emerging as a new travel method among young people, moving away from traditional tourism and budget travel [1][2] - Data from Meituan and Dianping indicates that the search volume for "hiking" is expected to increase by nearly 100% year-on-year in 2024 [3] - Popular hiking destinations such as Nanjing Lu, Tiger Leaping Gorge, and Rainy崩 are becoming mainstream, while nearby day trips are replacing traditional weekend getaways [4][6] Group 2 - Hiking is perceived as a form of mental healing, allowing participants to disconnect from digital distractions and immerse themselves in nature [5][12] - The outdoor market is thriving, with a reported 50% increase in revenue for hiking shoes and over 20% for equipment from Decathlon in 2024 [7] - The hiking trend is leading to a diversification of products, with brands focusing on footwear, apparel, and accessories as new market opportunities [8][28] Group 3 - The hiking movement is becoming more inclusive, with a significant increase in sales of related products, showing over 60% compound growth since 2021 [29] - Companies like Arc'teryx and Salomon are experiencing substantial revenue growth, with a reported 53.7% increase in revenue in the Greater China region [30] - The hiking community is expanding, with brands like Anta acquiring outdoor brands to enhance their market presence [31] Group 4 - The conversion rate for hiking as an outdoor activity is high, with 47% of interested individuals actually trying it [32] - The market is seeing a wide range of products catering to different consumer needs, from budget-friendly options to high-end technical gear [34] - As hiking becomes a popular lifestyle choice among young people, it signifies a shift towards outdoor activities beyond traditional sports like marathons and trail running [35]