Group 1: Consumer Trends in Home Appliances - Over 66 million consumers have purchased over 109 million units of 12 categories of home appliances under the "trade-in" policy this year, indicating a shift from "replacement" to "upgrade" in traditional appliance consumption [1] - Smart home appliances are gaining popularity among consumers, with features like air conditioners that adjust airflow based on location and washing machines that can differentiate fabric types [2][4] - The sales of dual-tub washing machines have surged, with over 15 units sold daily, as consumers seek machines that can wash different fabric types separately [6] Group 2: Growth in Digital Products - More than 69 million consumers have purchased over 74 million digital products, with AI smartphones, AI computers, and AI glasses becoming trendy among young consumers [9] - The smart glasses market has seen explosive growth, with transaction volume increasing tenfold compared to last year, and the average price dropping from over 2000 yuan to around 1500 yuan [11] - Smart imaging devices, such as action cameras and drones, are increasingly popular, with overall sales in this category growing by 30% year-on-year [12][14] Group 3: Economic Impact and Market Transformation - The sales generated from the "trade-in" program reached 1.4 trillion yuan, surpassing the total sales of the previous year, reflecting a transition from simple replacement to enhanced quality of life [14] - The integration of artificial intelligence in consumer products is becoming a new growth point for economic development, with over 100 AI-enabled devices now available in the market [14] - The shift in consumer behavior from purchasing individual products to seeking "smart living solutions" signifies a transformation in the market landscape, opening up a trillion-yuan consumption market [14]

Group 1 - The core viewpoint of the article is that Citic Securities has conducted a verification of the use of raised funds by Ying Shi Innovation Technology Co., Ltd. to replace self-raised funds that were pre-invested in fundraising projects and already paid issuance expenses [1][5] - The total amount of funds raised in the initial public offering (IPO) is 1,938.07 million RMB, with a net amount of 1,747.77 million RMB after deducting issuance expenses [1][2] - The company has signed a fundraising supervision agreement with the sponsor and the commercial bank where the raised funds are stored, ensuring proper management of the funds [2] Group 2 - The investment projects funded by the raised funds include the construction of an intelligent imaging equipment production base and the establishment of a research and development center in Shenzhen, with a total investment scale of 463.78 million RMB [3] - The company has pre-invested a total of 205.87 million RMB in fundraising projects using self-raised funds, which will be replaced by the raised funds [3][4] - The total amount of self-raised funds to be replaced for pre-invested projects and paid issuance expenses is 209.32 million RMB, with 195.43 million RMB for projects and 13.89 million RMB for issuance expenses [4][5] Group 3 - The company has completed the necessary procedures for the use of raised funds, which have been approved by the board of directors and the supervisory board, and verified by the accounting firm [5] - The verification report from the accounting firm confirms that the use of raised funds complies with relevant regulations and the company's fundraising management system [5]

Market Overview - On June 11, the Shanghai Composite Index rose by 0.52%, the CSI 300 increased by 0.75%, the STAR Market 50 fell by 0.2%, the CSI 1000 rose by 0.4%, the ChiNext Index increased by 1.21%, and the Hang Seng Index rose by 0.84% [4][5] - The best-performing sectors on June 11 were non-ferrous metals (+2.21%), agriculture, forestry, animal husbandry and fishery (+2.02%), non-bank financials (+1.9%), automotive (+1.7%), and media (+1.6%). The worst-performing sectors were pharmaceutical and biological (-0.41%), telecommunications (-0.28%), beauty and personal care (-0.1%), utilities (+0.09%), and food and beverage (+0.21%) [4][5] - The total trading volume for the entire A-share market on June 11 was 12,866.77 billion, with a net inflow of 1.377 billion HKD from southbound funds [4][5] Key Insights - The report suggests that in the short term, the Shanghai Composite Index is likely to exhibit a range-bound trend. In the medium term, it is expected to rebound after testing the annual line and may challenge the pressure level of 3,509 points set on November 8, 2024, and potentially reach the high of 3,674 points from October 8, 2024 [6][7] - The report emphasizes three main investment themes: dividend assets represented by banks, elastic varieties represented by non-bank financials (brokerage), computers, media, and electronics, and sectors with potential catalysts such as national defense, military industry, and innovative pharmaceuticals [6][7] Industry Analysis - The report highlights that the global smart imaging equipment industry is experiencing significant growth in the short video era, with Chinese brands leading in market share in the panoramic action camera segment [8][9] - Key catalysts for investment in the smart imaging sector include technological iterations and ecosystem collaboration [9]

新浪科技讯 5月29日上午消息，今日，影石创新首次公开发行股票并在科创板上市网上投资者交流会召 开，谈及AI技术对于影石创新发展的影响，影石创新董事长刘靖康认为，目前在AI技术的帮助下，智 能影像设备已经可以实现场景识别、人像识别、色彩优化等效果。 他表示，通过AI的深度学习功能，可以实现对智能影像设备中的相片或视频进行针对性的优化。AI算 法通过海量的数据进行深度学习和训练，了解用户偏好画面的构成、色彩分布以及成像风格，从而为用 户摄影带来更多观感更佳的作品。目前在AI技术的帮助下，智能影像设备已经可以实现场景识别、人 像识别、色彩优化等效果。公司自主研发的AI影像处理技术，包括AI剪辑技术、AI调色技术、AI追踪 技术、AI全景自动拍摄技术、AI低光视频画质增强技术均已运用在产品中，能够显著提升智能影像设 备的性能和使用体验。 此外，刘靖康还提到，截至2024年12月31日，公司拥有9家境内全资子公司、7家境外全资子（孙）公 司、3家分公司、2家参股公司，其中重要子公司5家（最近一年总资产、净资产、营业收入或净利润任 一指标占公司合并口径相应指标5%以上的控股子公司为"重要子公司"），无对公司有重大影响的 ...

Group 1: AI Industry Funds - Shenzhen has launched two AI industry funds focusing on artificial intelligence smartphones, computers, tablets, and embodied robots [3] - Zhejiang plans to create an AI fund cluster exceeding 10 billion yuan to support AI companies at various lifecycle stages [12] Group 2: Other Regional Funds - Xi'an has established a 10 billion yuan new materials industry fund, aiming to leverage additional capital to reach a total scale of 100 billion yuan [4][5] - Lhasa has initiated a 1.5 billion yuan "Strong City Mother Fund" to support cultural tourism and digital economy sectors [6] - Beijing Daxing has signed agreements to set up two equity investment funds totaling 4 billion yuan, focusing on life health and advanced manufacturing [7][8] - Tianjin is launching a biopharmaceutical industry fund to invest in key sectors like nucleic acid drugs and AI in healthcare [9] - Hangzhou has established a 1 billion yuan smart connected vehicle industry fund to cover the entire industry chain [10] - Changchun plans to set up two sub-funds with a total scale of 1 billion yuan to support automotive and high-tech enterprises [11]

Summary of Conference Call Records Industry or Company Involved - **ZTO Express (中通快递)** - **Lao Pu Gold (老铺黄金)** - **Smart Imaging Equipment Industry (智能影像设备行业)** - **Health Supplements Industry (保健品行业)** Key Points and Arguments ZTO Express - ZTO Express's market share has rebounded, with a projected growth in warehouse volume of 20%-24% for 2025. The price reduction at headquarters is primarily due to an increase in lightweight items and a decrease in customer acquisition costs, with a 50% increase in orders over 5 yuan. The overall price reduction of 1.1 jiao only narrows the price gap with competitors and does not exceed expectations [1][2] - The company faced challenges in cost control, with a single ticket cost of 0.94 yuan remaining stable year-on-year. Despite volume growth, costs did not decrease, mainly due to an increase in scattered orders. Capital expenditure reached nearly 2 billion yuan, a 16% year-on-year increase, aimed at boosting future capacity and gradually lowering costs [4] - The express delivery industry is expected to face intensified price wars, particularly in the second half of the year. ZTO Express has advantages such as strong capital expenditure capabilities and a flexible response to market changes [5] Lao Pu Gold - Lao Pu Gold completed a fundraising of approximately 2.6 billion HKD to enhance its capital structure, with funds allocated for inventory replenishment and store openings. The company reported over 100% growth in SKP and Vientiane channels, with online promotions also contributing to sales [6][7] - New store openings are expected to significantly boost revenue in the second half of the year and next year, with minimal conflict with existing channels [7][8] Smart Imaging Equipment Industry - The smart imaging equipment market is approaching 100 billion RMB, driven by increased outdoor activities and social media penetration. Chinese companies like Sunny Optical and Weir shares are performing well in the supply chain, with DJI and Insta360 rapidly rising in brand recognition [10][12] - Xi'an Catering's panoramic camera revenue has a compound growth rate exceeding 60%, with significant sales growth. The company leads in AI stitching and stabilization technology, with a competitive edge in cost compared to overseas manufacturers [13][15] - Despite a decline in profit margins due to reduced subsidies and increased R&D investment, the company expects to stabilize net profit margins at 15%-20% through innovation and cost advantages [17][18] Health Supplements Industry - The health supplement market has seen significant changes, with a rise in emerging consumer trends and capital market interest. Online sales channels are growing rapidly, while traditional channels are declining [19][20] - New categories such as beauty and anti-aging products are experiencing rapid growth, with companies like H&H and Xianle Health actively expanding in this sector [21][22] - Happiness Health reported double-digit growth in order numbers in Q1 2025, with a low single-digit revenue growth, and has successfully adjusted its business model to embrace new consumer channels [23][24] Other Important but Possibly Overlooked Content - The competitive landscape for smart imaging equipment is expected to focus on leading brands and specific price segments, with Xi'an Catering maintaining a stable profit margin despite market pressures [18] - The brand strength of Lao Pu Gold is crucial for its growth, with innovative product designs and a strong market presence enhancing its competitive position [9] - The impact of the US-China trade war on Happiness Health has led to strategic adjustments, including optimizing business structures and enhancing production capabilities [25]

Core Insights - The 2025 Global Artificial Intelligence Terminal Exhibition opened in Shenzhen, focusing on the latest technological breakthroughs in the AI terminal sector and serving as a key observation point for the high-quality development of Shenzhen's AI industry [1] Group 1: Investment Funds - Shenzhen has launched two significant investment funds: the Shenzhen Artificial Intelligence and Embodied Robotics Industry Fund with an initial scale of 2 billion, targeting algorithm models, AI applications, and key components for robots [3] - The Shenzhen Artificial Intelligence Terminal Industry Investment Fund has a scale of 5 billion, focusing on AI smartphones, computers, tablets, wearable devices, smart imaging equipment, and other new AI terminal products and related technologies [3] Group 2: Industry Development - Shenzhen is cultivating AI and smart terminals as a key cluster under its "20+8" strategic emerging industries, with over 2,600 AI-related companies established in the city [5] - The added value of Shenzhen's smart terminal industry cluster reached 204.55 billion, with a year-on-year growth of 9.9%, forming a matrix of high-value AI terminal products including AI smartphones, computers, and smart home devices [5] - In March, Shenzhen introduced the "Action Plan for Accelerating the Development of the Artificial Intelligence Terminal Industry (2025-2026)," aiming to strengthen its layout in core areas of AI terminal technology and establish a 5 billion fund to support the AI terminal industry chain [5]