展望下一个五年，面对外部环境更加严峻复杂，内需依然是中国经济增长的第一引擎。 2025年中国经济总量预计可达到140万亿元左右，对世界经济增长的贡献率一直保持在30%左右。"十四 五"前4年，我国经济增速平均值为5.5%，内需对经济增长的平均贡献率为86.4%。 "十四五"以来，中国深入实施扩大内需战略，增强消费对经济发展的基础性作用和投资对优化供给结构 的关键性作用，积极建设消费和投资需求旺盛的强大国内市场，加快培育完整内需体系。 展望下一个五年，面对外部环境更加严峻复杂，内需依然是中国经济增长的第一引擎；我国仍将大力提 振消费、提高投资效益，全方位扩大国内需求，并更好地把促消费和惠民生结合起来，同时要深化改 革，挖掘内需潜力。 投资与消费互相促进 中国拥有超大规模且极具增长潜力的国内市场，内需始终是中国经济发展的主动力和稳定锚。 国家发改委主任郑栅洁日前在国新办发布会上表示，从内需整体看，过去4年中国经历了国际环境剧烈 变化等多重困难挑战冲击，但国民经济保持了年均5.5%的增长速度，其中内需对经济增长的平均贡献 率为86.4%。可以说，没有强大的国内市场，就没有稳定向好的中国经济。 国家发改委秘书长袁达表 ...

工业和信息化部日前发布的数据显示，前5个月，规模以上电子信息制造业增加值同比增长11.1%，增 速分别比同期工业、高技术制造业高4.8个和1.6个百分点；实现利润总额2162亿元，同比增长11.9%。 电子信息制造业生产增长较快，效益稳步改善。 专家认为，展望全年，受全球电子产品市场回暖、国内数字消费稳定增长、数字化转型深化等因素影 响，我国电子信息制造业仍将保持增长态势。 行业增长较快 赵刚建议，支持智能手机、AI终端等整机产品企业加快产品迭代创新，积极拓展海外市场，提升市场 占有率。推进新型数字基础设施投资和建设，促进电子产品供给。加快技术创新，培育未来产业，抢占 新兴市场。 市场需求扩大 电子信息制造业增长较快、效益改善的支撑因素包括政策、市场、技术、资本等多方面。朱克力分析， 政策层面，国家出台稳增长方案与"两新"政策，推动设备更新与消费品以旧换新，激活市场潜力。市场 层面，超大规模市场与数字化转型催生多样化场景，消费电子更新换代加速，工业领域智能化升级需求 激增。技术层面，人工智能、大数据、云计算等前沿技术深度融合，催生新业态与市场价值。资本层 面，投资并购活跃，企业通过整合提升产业链韧性，形成规模 ...

Group 1 - The core viewpoint emphasizes the importance of building a modern industrial system that aligns with high-quality development and domestic circulation to promote sustained economic growth and enhance new productivity [1][2] - Guangdong, as a major economic and manufacturing province, is expected to play a crucial role in accelerating the construction of a modern industrial system, particularly in the context of strengthening, expanding, supplementing, and extending industrial chains [1][2] - The meeting held by the Guangdong Provincial People's Congress highlighted the province's advancements in artificial intelligence and robotics, with the added value of the intelligent robotics industry cluster projected to grow by 32.9% in 2024 [1][2] Group 2 - Guangdong's modern industrial system is supported by significant production figures, including accounting for one-quarter of the national output of new energy vehicles, 44% of industrial robots, and over 40% of smart phones [2] - The province has formed nine trillion-yuan industrial clusters, including electronic information and new energy, and possesses eight national advanced manufacturing clusters, indicating a positive cycle of mutual empowerment between industrial clusters and regional economies [2] - The current industrial system in Guangdong is characterized by a strong total output and an optimized structure, integrating traditional industry upgrades with the development of strategic emerging industries and future-oriented industries [2][3] Group 3 - The construction of a modern industrial system requires a collaborative effort between government and market forces, emphasizing the need for both visible and invisible hands to work together [3] - The role of the Guangdong Provincial People's Congress is crucial in creating platforms that address the needs of enterprises, enhancing the effectiveness of industrial policies, and ensuring precise implementation [3] - The acceleration of new productivity in Guangdong's modern industrial system relies on thorough research and a grounded approach, particularly in high-tech industries such as artificial intelligence, drones, high-end equipment manufacturing, industrial robotics, semiconductors, and integrated circuits [3][4] Group 4 - Since the beginning of 2025, Guangdong's modern industrial system has been rapidly evolving towards innovation, supported by various initiatives and decisions from the provincial government [4] - The seven specialized meetings held by the Guangdong Provincial People's Congress focus on dissecting key tasks by sector, promoting breakthroughs in priority areas, and driving the integration of industry and technology [4] - These efforts aim to continuously inject support into the construction of Guangdong's modern industrial system and the development of new productivity, facilitating the province's industrial and intelligent manufacturing sectors to expand globally [4]

资料来源：iFind，东莞证券研究所 （20250613-20250626）：小 米发布 AI 眼镜，Marvell AI Day 指引乐观 超配（维持） 电子行业双周报（2025/06/27-2025/07/10） 行 业 2025 年 7 月 11 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn Grok4 正式发布，Perplexity AI 推出浏览器 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电子行业 SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（06/27-07/10）累计上涨2.12%， 跑赢沪深300指数0.49个百分点，在申万行业中排名第19名；板块7月累 计下跌0.25%，跑输沪深300指数2.13个百分点，在申万行业中排名第27 名；板块今年累计上涨 ...

Core Viewpoint - Samsung, once a pioneer in the foldable smartphone market, is facing significant competition from Chinese manufacturers, leading to a decline in its dual-foldable devices. The company aims to regain its presence by launching a tri-fold smartphone by the end of this year, emphasizing the importance of AI in its strategy [1][4]. Group 1: Product Development - Samsung plans to launch a tri-fold smartphone, tentatively named Galaxy G Fold, by the end of this year, focusing on product usability and market demand [4][6]. - The company has reportedly completed the hardware design for the tri-fold smartphone and is preparing for production, with a small-scale launch expected in September [4][6]. - The tri-fold smartphone will feature a larger display of approximately 10 inches compared to the Galaxy Fold series, and it will utilize OLED panels [6][8]. Group 2: Market Competition - The foldable smartphone market has become a significant segment, with Samsung acknowledging the need for more companies to enter this space to stimulate innovation [4][9]. - Huawei currently holds the title for the world's first mass-produced tri-fold smartphone, the Mate XT Ultimate Design, which has a starting price of 19,999 RMB [6][9]. - In the Chinese foldable smartphone market, Huawei leads with a 48.6% market share, followed by Honor and Vivo, while Samsung has fallen out of the top five, holding only 7.0% of the market [10]. Group 3: Technical Specifications - The tri-fold smartphone is expected to be powered by the Qualcomm Snapdragon 8 Elite processor, crucial for high-resolution multi-screen displays and multitasking capabilities [8]. - The device's battery capacity is reportedly lower than competitors, with Samsung focusing on a thinner design, which limits battery size due to internal space constraints [8][9].

大公司： 新品被代购排队14小时溢价出售，上海迪士尼叫停线下发售 7月8日，上海迪士尼乐园上新夏日单品"夏日海洋派对"系列，产品一上线就秒罄。还有代购声称在上海 迪士尼排队14小时"实体抢购"，原价100多元的单个新品被黄牛溢价到近500元出售。为了抑制市场不规 范加价交易，同时鉴于目前的库存水平情况以及为了保护所有游客的体验，上海迪士尼7月10 日在官方 App表示：自2025年7月11日（星期五）起，"2025达菲和朋友们夏日海洋派对系列"将不通过上海迪士 尼乐园内的特选商品园内购买名额抽签或度假区酒店零售商店售卖。该夏日系列的剩余商品库存将转至 天猫上海迪士尼乐园官方旗舰店供游客在线选购。其他达菲和朋友们系列以及度假区的其他主题商品仍 可通过度假区商店或特选商品园内购买名额抽签方式购买。（第一财经） 美团辟谣"30万本科生送外卖"：任何关于骑手学历的总量数据都没有事实依据 36氪获悉，美团通过微信公众号发文称，针对不少自媒体开始扩散"广州美团满员，历史上第一次，本 科率接近30%""7万硕士，30万本科生在美团送外卖"等不实信息，澄清如下：学历情况需要骑手本人提 交相关证书到学信网/教育部留学服务中心/ ...

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index and the Hang Seng China Enterprises Index rising by 0.57% and 0.83% respectively, while the Hang Seng Tech Index fell by 0.29% [1][2] - The Hang Seng Index returned above 24,000 points, closing at 24,028.37 [2] Sector Performance - Major financial stocks, including banks, insurance, and brokerage firms, collectively rose, contributing to the market's afternoon gains [2] - Real estate stocks saw significant gains, with companies like China Oceanwide Holdings rising over 27% and Longfor Group nearly 21% [6] - The "anti-involution" trend continued, with solar, steel, and building materials stocks maintaining upward momentum [2] Technology Sector - Large tech stocks generally declined, with Bilibili, NetEase, JD.com, and Baidu dropping over 1%, while Alibaba saw a slight increase [4][5] - The Hang Seng Tech Index closed at 5,216.60, down by 0.29% [2] Copper Industry - Copper stocks were weak due to the U.S. imposing import tariffs on copper, leading to a decline in prices [2] - China Metal Resources fell over 13%, and other copper-related stocks also experienced declines [6] Pharmaceutical Sector - Pharmaceutical stocks continued to rise, with Junsheng Tai Pharmaceutical increasing over 18% and other companies like Innovent Biologics and Hengrui Medicine also showing strong performance [8][9] - Goldman Sachs noted that Chinese biotech companies are undervalued compared to their U.S. counterparts, indicating potential for revaluation [8] Financial Sector - The financial sector saw significant gains, with banks like Zhengzhou Bank and Sunshine Insurance rising over 6% [7][10] - Analysts view banks as "certainty assets" amid global low growth and increasing uncertainty, leading to a revaluation of their value [10] Future Outlook - Wall Street investment banks are optimistic about China's "anti-involution" policies, with expectations that the "capacity reduction" policy may boost the stock market [12] - Companies in the new energy vehicle and real estate sectors are expected to benefit from stronger pricing power and healthier profit margins [12]

Group 1: Event Overview - The "Breaking Waves: Eurasia - Consumer and Market Insights Seminar" hosted by NielsenIQ (NIQ) focused on market trends in Europe and the Asia-Pacific region, discussing consumer behavior insights, market entry strategies, and brand internationalization strategies to aid companies in overseas expansion [1] - The seminar attracted nearly 100 senior executives from Chinese enterprises and included representatives from the Ministry of Commerce, the China Chamber of Commerce for Import and Export of Foodstuffs, and the Investment Promotion Service Center of Chaoyang District, Beijing [1] Group 2: Market Insights - NIQ's data indicated a 2.9% growth in global fast-moving consumer goods (FMCG) sales as of March 2025, with Europe accounting for 36% and Asia-Pacific for 17% of the global market [2] - The European market is characterized by increased price sensitivity among consumers and a growing demand for sustainable and health-oriented products, with significant growth potential in Eastern Europe and expansion opportunities in Western Europe [2][3] Group 3: Brand Strategies - Chinese brands are gaining a foothold in the technology and durable goods sectors by offering competitively priced and high-performance products, particularly in smart home ecosystems [3] - NIQ emphasized the need for brands to adapt to local cultures and innovate to capture consumer mindshare when entering international markets, particularly targeting the X generation through omnichannel marketing and personalized experiences [4] Group 4: Internationalization of Chinese Brands - Successful case studies of Chinese brands include Huaxizi, which achieved premium positioning through cultural elements, and Bawang Tea, which met European consumer needs through functional innovation [5] - NIQ highlighted the importance of transitioning from product advantages to model advantages for Chinese brands, focusing on supply chain optimization and localized operations for rapid market expansion [5] Group 5: Future Trends and Opportunities - NIQ's latest market monitoring data revealed that emerging consumer trends and digital transformation are driving the global FMCG market's expansion, with cross-border e-commerce channels growing at an annual rate of 28% [6] - NIQ aims to support Chinese brands in accurately understanding different market dynamics and building global competitiveness, facilitating the transition from "Made in China" to "Global Brand" [6]

国家发展改革委秘书长袁达介绍，从内需整体看，过去4年内需对经济增长的平均贡献率为 86.4%。最终消费对中国经济增长的平均贡献率达到56.2%，比"十三五"期间提高8.6个百分点。消费领 域新产品、新业态、新模式层出不穷。市场消费的扩大，通过产品生产、配套建设等渠道带动投资，比 如，5G、智能手机等消费需求持续旺盛，带动近4年互联网和相关服务业投资年均增长21.9%、通信设 备制造业投资年均增长11.2%。 他表示，"十四五"以来每年制造业增加值都超过30万亿元，我国连续15年稳坐全球制造业"头把交 椅"，200多种主要工业品产量世界第一。拥有全球规模最大的研发人员队伍，全球百强科技创新集群数 量达到26个、占比全球第一，高新技术企业超过46万家。去年全社会研发经费投入规模比"十三五"末增 长近50%，增量达到1.2万亿元；研发投入强度提高到2.68%。2024年"三新"经济增加值超过24万亿元， 相当于北京、上海、广东地区生产总值的总和。 昨天，国新办举行"高质量完成'十四五'规划"首场新闻发布会，国家发展改革委有关负责人介绍"十 四五"时期经济社会发展成就。国家发展改革委主任郑栅洁表示，"十四五"期间我国 ...

Group 1 - The core viewpoint of the article highlights the growth and success of Lens Technology, which recently listed on the Hong Kong Stock Exchange, achieving a market capitalization of 104 billion HKD [1] - Lens Technology was founded by Zhou Qunfei, who overcame significant personal challenges to establish the company, which has become a leader in the glass manufacturing industry for consumer electronics [2][3][4] - The company has evolved significantly since its inception, particularly after securing key contracts with major clients like Apple and Motorola, which propelled its growth in the smartphone glass market [4][5] Group 2 - Lens Technology's product range includes components for high-end smartphones, smart wearables, tablets, laptops, and electric vehicles, with a focus on achieving a balance between aesthetics and functionality [8] - In the first half of 2024, the company's revenue reached 240.2 billion CNY, accounting for 83.21% of its total revenue, with significant contributions from the smart automotive sector [9] - The company has established partnerships with over 30 domestic and international automotive brands, indicating a strong presence in the electric vehicle market [9] Group 3 - Apple remains the most significant client for Lens Technology, contributing 315.12 billion CNY in revenue in 2023, which represents 57.83% of the company's total revenue [10] - The company has shown consistent revenue growth, with 2022 revenue at 466.99 billion CNY and 2023 revenue at 544.91 billion CNY, reflecting a 16.69% year-on-year increase [10][11] - Lens Technology's international sales accounted for 67.55% of its revenue in 2023, highlighting its global market presence [11] Group 4 - The consumer electronics components and assembly industry is projected to grow from 1.05 trillion USD in 2024 to 1.18 trillion USD by 2028, with a compound annual growth rate of approximately 3% to 7.63% [12] - Despite facing challenges such as rapid technological changes and high capital costs, Lens Technology maintains a competitive edge through its unique product offerings and strong client relationships [13][14] - The company is recognized as a leader in the ultra-thin glass market, holding 70% of the orders for 0.1mm UTG glass, and has a significant market share in the global glass cover market [14]