岳 阳 近期，华创证券电子组联席首席分析师岳阳主讲上海证券报主办的第二十六期"上证首席讲坛"。岳阳 以"AI浪潮下如何把握电子赛道投资机会"为主题，深度拆解电子行业创新周期的演进逻辑，并剖析产业 链价值重塑背后潜藏的投资机遇。 岳阳表示，AI终端的发展潜力巨大，AI/AR眼镜是少数开始起量的赛道，具有成为下一代超级智能终端 的潜力。同时，AI正在推动电子产业链价值重塑，以AI算力需求爆发为代表的趋势使电子产业链迎来 新的增长空间。此外，电子行业目前仍处于创新阶段，未来需经历终端创新突破、业绩释放、利润爆发 等阶段，实现快速发展。 AI终端潜力巨大 "目前AI仍处于早期，但端侧投资热情非常高涨。"岳阳结合近期调研产业公司的见闻表示，AI终端产品 潜力巨大，行业布局正在加速。 在岳阳看来，AI与电子行业的结合正从云侧向端侧延伸。近年来，AI手机、AI PC、AI眼镜等新兴硬件 形态不断涌现。其中，AI/AR眼镜是少数开始起量的赛道，具有成为下一代超级智能终端的潜力。当 前，全球眼镜客群规模庞大， Wellsenn XR数据显示，仅视力矫正与时装类眼镜客群就在15亿左右，行 业空间广阔。 岳阳表示，AI/AR眼镜目 ...

Core Insights - The electronic industry is experiencing a transformative phase driven by AI, with significant investment opportunities emerging from the reshaping of the industry value chain [2][5][6] - AI/AR glasses are identified as a potential next-generation smart terminal, with a large global customer base and significant market potential [3][4] - The demand for AI computing power is expected to grow rapidly, with projections indicating the Chinese AI computing market could reach $25.9 billion by 2025, a 36.2% increase from 2024 [5][6] Group 1: AI Terminal Development - AI terminals are in the early stages but show high investment enthusiasm, with products like AI smartphones, PCs, and AR glasses gaining traction [3][4] - The content ecosystem for AI terminals is crucial for their success, as demonstrated by Apple's Vision Pro, which struggled due to a lack of content [3][4] - The emergence of "killer applications" in entertainment is anticipated to drive significant demand for AI terminals in the next three years [4] Group 2: Industry Value Restructuring - AI is driving a reallocation of value within the electronic industry, with companies like Industrial Fulian seeing their valuations rise alongside AI-related business growth [5][6] - The rapid iteration of large models since the advent of ChatGPT is expected to open new application scenarios, further increasing demand for AI computing power [5][6] - The PCB sector is undergoing upgrades, with trends towards high-density and high-performance products, reflecting the broader industry evolution [7] Group 3: Seeking New Growth Avenues - The electronic industry is in an innovation exploration phase, with traditional markets becoming saturated, prompting companies to seek new growth areas such as robotics and automotive electronics [8] - Companies are advised to embrace AI trends, carefully select quality clients, and maintain innovation to avoid low-level competition [8] - AI is also seen as a means to enhance production efficiency, with applications like AI inspection and automation expected to improve quality control and reduce costs [9]

Core Viewpoint - The article discusses the rising popularity of smart rings among young consumers as a new trend in health management, highlighting their rapid market growth and unique advantages over traditional smartwatches [2][3][13]. Market Overview - Smart rings are a relatively new category of wearable devices, currently holding a small market share but experiencing rapid growth, with a projected global shipment growth rate of 88.4% in 2024 [3][4]. - In the domestic market, smart rings accounted for only 0.1% of the wearable device market share in early 2025, yet their sales revenue saw a staggering year-on-year increase of 6401.7% [3][4]. Key Players - Oura Ring, launched in 2015, is the leading player in the smart ring market, holding an 80% share of global sales in 2023 [4]. - Other notable brands include Ultrahuman, which holds a 12% market share, and emerging domestic brands like RingConn, which has gained significant traction in China [4][7]. Competitive Landscape - The entry of major brands like Samsung with the Galaxy Ring has significantly increased consumer awareness and interest in smart rings in China [6][7]. - The number of smart ring brands available on major e-commerce platforms in China grew from 3 in May 2024 to 34 by June 2025, with monthly sales exceeding 394 million yuan [7]. Product Features and Innovations - Health monitoring is the core selling point of smart rings, with features like blood oxygen, heart rate, and sleep tracking becoming standard [11]. - Brands are differentiating themselves by enhancing the accuracy and range of health monitoring capabilities, with some models offering advanced features like non-invasive blood glucose monitoring and ECG [11][12]. Consumer Experience - Smart rings offer a "no-feel" wearing experience, making them more comfortable for continuous use compared to smartwatches, which can be bulkier [14][15]. - The accuracy of health monitoring is enhanced due to the thinner skin and richer capillary network in the fingers, allowing for better physiological signal detection [15][16]. Battery Life and Longevity - Smart rings generally have a longer battery life than smartwatches, with many models lasting 3-5 days or more on a single charge [18]. - However, concerns about their longevity arise due to the lack of replaceable batteries, leading some consumers to view them as "disposable devices" [19]. Conclusion - Smart rings are carving out a niche in the wearable market by addressing specific needs that smartwatches do not fully meet, such as comfort, precision in health monitoring, and extended battery life [20].

尽管嘴上自嘲"脆皮"，但行动上没少给健康"上装备"：除了护眼仪、艾灸贴、血糖仪等保健产品，如今 还盯上了智能健康监测工具，来实现对身体的掌控感。 《DT商业观察》之前就关注过动态血糖仪的流行，最近我们发现，年轻人的健康工具又添了一位新成 员。智能指环/戒指正俘获年轻人的青睐，成为健康管理的新宠。 智能指环/戒指，成为新流行 本文来自微信公众号：DT商业观察 （ID：DTcaijing），作者：林美汕，编辑：郑晓慧，题图来自：视 觉中国 年轻人已经开始智能养生了。 这是一种可佩戴在手指上的智能穿戴设备，和智能手表、智能手环一样，具有健康监测、运动追踪等功 能。 作为可穿戴设备中一个相对新颖的品类，智能指环的市场份额还比较小，但增长速度很快。 根据IDC在2024年中旬的预测，2024年全球智能戒指出货量约占可穿戴设备整体的0.3%，而增速达到 88.4%，远超整体增速6.1%。 国内市场同样如此，2025年上半年主要电商平台数据显示，智能指环的市场份额在手环、手表、指环三 大品类中仅占0.1%，但销售额同比增幅达到6401.7% 其实，智能指环并不是一个新物种，它诞生至今已有10年时间。 你买过智能指环/戒指吗 ...

Core Viewpoint - Shenzhen Xipuni Precision Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to expand financing channels and enhance international influence [2] Company Overview - Xipuni is a designer, manufacturer, and brand company specializing in precious metal watches [2] Core Technologies - The company's core technologies focus on precious metal material modification, precision manufacturing processes, and smart wearable integration, establishing significant innovation barriers [3] Supermolecular Hard Gold Technology - Xipuni's proprietary supermolecular hard gold technology enhances the Vickers hardness of traditional pure gold (999‰) from approximately 34-40 to over 90 without affecting purity, setting new standards for durability and precision in high-end watchmaking [4] Gold Weight Control Technology - The company has developed a gold weight control technology that maintains a weight variance of within 0.015 grams during manufacturing, ensuring consistency in gold weight and purity, thereby enhancing consumer trust [5] Precision Manufacturing Process - The use of supercritical carbon dioxide injection technology in smart ring production improves optical sensor accuracy and comfort, while a dual-structure design addresses waterproof challenges [6] Production Control and Integration - Xipuni employs a robust production control system and a vertically integrated business model, utilizing an advanced ERP system to monitor every production step, ensuring efficiency and quality [7] Smart Wearable Integration - The company launched the world's first gold watch equipped with Huawei's smart movement, integrating traditional craftsmanship with health monitoring and fitness tracking features [9] Industry Outlook High-End Wearable Market Expansion - The demand for high-end watches is growing, with China being the largest consumer of gold jewelry globally. Xipuni, holding a 35.83% market share in gold watches, benefits from increasing penetration rates [10] New Opportunities in Smart Wearables - Xipuni is pursuing a "gold + smart" strategy, planning to launch smart gold watches with health monitoring features in collaboration with Huawei, targeting a market expected to exceed 230 million units globally by 2024 [11] Policy and Industry Standards - The company participates in setting national standards for gold watches, benefiting from supportive policies for the gold jewelry industry, which provide opportunities for international market expansion [12] Technological Innovation - Continuous R&D investment allows Xipuni to introduce innovative products, positioning the company favorably in future market competition [13] Export and Globalization Opportunities - The company is testing the Southeast Asian market through a Malaysian distributor and plans to expand into the Middle East, leveraging the "Belt and Road" initiative [14] Competitive Advantages Technological Leadership - Xipuni leads the industry in hard gold technology and gold weight control, establishing high technical barriers with over 200 core technology patents [15] Brand Influence - As the first brand in China to design and manufacture gold watches, Xipuni enjoys high recognition and reputation among consumers, reinforced by award-winning designs [16] Strong R&D Capability - The company has a dedicated R&D team of over 40 members, enabling rapid commercialization of innovative technologies to meet market demands [17] Extensive Sales Network - Xipuni has built a stable sales network covering multiple domestic and international markets, enhancing market share and brand influence [19] Production Efficiency and Quality Control - The vertically integrated business model and strong production control systems ensure consistency and precision in gold processing, improving efficiency and reducing costs [20]

Group 1 - "Mosu Space" is rapidly emerging as a key AI innovation ecosystem in Shanghai, attracting over 100 companies and facilitating the establishment of nearly 400 AI firms in the Xuhui District, accounting for approximately 61% of the city's registered large models [1][2] - The ecosystem has developed a complete industrial chain from infrastructure construction to vertical applications in sectors such as consumption, finance, and entertainment [1] - The area aims to become the world's largest AI incubator, addressing challenges faced by AI companies through five public service platforms, including computing power scheduling and financial services [2] Group 2 - Companies like Wunwen Xinqun have significantly expanded their teams from 7 to nearly 200 members, with over 70% being R&D personnel, focusing on creating standardized computing power service platforms [2] - The AI industry is seeing practical applications with companies like Zhibo Zhixing and Xingji Meizu developing products that enhance human-computer interaction, such as intelligent cockpit systems and smart wearable devices [3] - Xuhui District plans to continue expanding the AI industry layout and support more AI companies with subsidies and assistance, while exploring independent operations and joint incubation models [3]

Core Viewpoint - Gree Electric Appliances, Inc. has recently published a patent for a "smart ring, control method, device, and storage medium," indicating its expansion into the smart control technology sector [1] Summary by Relevant Categories Company Developments - Gree Electric has applied for a patent related to a smart ring, which includes a ring body and a smart sensing component [1] - The smart sensing component is designed to detect the gravity direction and/or touch information from the user [1] Industry Trends - The development of smart control devices, such as the smart ring, reflects a growing trend in the technology industry towards wearable devices that enhance user interaction and control [1]