（编辑 王雪儿） 证券日报网讯 捷荣技术10月10日在互动平台回答投资者提问时表示，公司高度重视市值管理工作。 2025年公司持续进行产品结构和客户结构的调整，在原有3C行业的智能手机、无人机、平板电脑、智 能家居、智能穿戴等业务的基础上，积极探索3C行业以外的精密结构件业务。同时，公司密切关注国 内外的产业环境和行业趋势，持续优化内部管理体系，降本增效，不断改善经营业绩，努力实现公司价 值与股东利益的协同增长。 ...

在蘩楼品味粤式茶点，在电子世界一站式购入各类新奇电子产品，再到光盒世界线下观看一场跨次元综 艺……这个"双节"，深圳华强北创新多元消费场景，这条全球闻名的"中国电子第一街"，用科技与文化 交织、潮流与烟火并存的多元场景，为市民和游客奉上了一场消费盛宴。 据监测数据显示，假期前五天，华强北累计客流量已突破300万人次，较去年同期增长23.7%，消费额 同比增长15%以上。较"五一"环比增长10%，华强北再一次以"人从众"的热闹景象，成为深圳最具人气 的消费打卡地，热度持续攀升。 夜幕降临，华强北的热闹丝毫不减。数据显示，夜间消费已占华强北假期消费总额的37%，成为推动增 长的重要引擎。 节日期间，华强北光盒世界化身沉浸式潮流秀场。每晚，跨次元直播综艺《Fighting! 次元重启》如约上 演：唱见、舞见、妆造达人、舞台剧表演者轮番登场，舞美炫目、氛围炸裂，超过300名素人选手登台 PK。Z世代达人秀的设定，让现场氛围持续高涨，粉丝在舞台前应援打卡，线上观众也同步"追综艺"。 抖音直播间累计观看突破10万人次，线下日均吸引客流超过1000人。通过营造共同兴趣、文化认同凝聚 Z世代、二次元等特定圈层，提供情感共鸣和 ...

Core Viewpoint - The tourism and cultural consumption during the National Day and Mid-Autumn Festival holidays in China has been robust, with specialized markets like Huaqiangbei in Shenzhen becoming popular destinations for tourists engaging in "bulk purchasing tourism" [1]. Group 1: Market Activity - Huaqiangbei, a significant electronic product trading hub in China, experienced a surge in visitors during the holiday period, with many tourists arriving early to queue for entry [3]. - The electronic market saw a diverse range of electronic products attracting consumers of all ages, particularly during the new product release season, which significantly boosted sales [5]. - Despite many shops focusing on electronic components being closed, the foot traffic in the market remained high, with vendors actively processing sales [5].

总台央视记者 沈显昱：这里是华强电子世界的二楼，现在大家能够看到在我身边有非常多的消费者，一般来讲电子世界每天的客流高峰是下午3点，但是在 国庆假期期间，每天早上9点半，电子世界刚开门，就已经有很多来自全国各地的游客来电子世界排队等候了。 浙江游客：从浙江来的，耳机、手表、摄像头品类比我想得还要丰富，第一次来真的有被震撼到，看到喜欢的就拿下。 国庆中秋假期期间，文旅消费持续火热，各类特色专业市场也成了游客们旅途中的打卡点。广东深圳的华强北市场，是我国重要的电子产品交易集散地。这 个假期，不少游客涌入那里，"进货式旅游"火出圈。 在华强北，从智能穿戴到AI玩具，各类电子产品柜台前都有不少提着大包小包的游客驻足，新奇的产品吸引各个年龄段的消费者询价、购买。眼下，正值 消费电子新品发布季，也大幅带动了卖场的销售。 双节假期期间，华强北市场主营元器件的楼层和商铺基本处于休业状态，电子世界只开放了三个楼层，但随着大量游客的涌入，市场内人流不减反增，商家 开单忙不停。 广东深圳华强电子世界二店市场部副部长 刘志刚：属于一个爆满的状态，日均人流量平时在三万一二人次左右，现在三万五的人流量，所以消费者人流量 比平时多了很多。 ...

双节假期期间，华强北市场主营元器件的楼层和商铺基本处于休业状态，电子世界只开放了三个楼层，但随着大量游客的涌 入，市场内人流不减反增，商家开单忙不停。 广东深圳华强电子世界二店市场部副部长 刘志刚：属于一个爆满的状态，日均人流量平时在三万一二人次左右，现在三万五的 人流量，所以消费者人流量比平时多了很多。 总台央视记者 沈显昱：这里是华强电子世界的二楼，现在大家能够看到在我身边有非常多的消费者，一般来讲电子世界每天的 客流高峰是下午3点，但是在国庆假期期间，每天早上9点半，电子世界刚开门，就已经有很多来自全国各地的游客来电子世界 排队等候了。 浙江游客：从浙江来的，耳机、手表、摄像头品类比我想得还要丰富，第一次来真的有被震撼到，看到喜欢的就拿下。 在华强北，从智能穿戴到AI玩具，各类电子产品柜台前都有不少提着大包小包的游客驻足，新奇的产品吸引各个年龄段的消费 者询价、购买。眼下，正值消费电子新品发布季，也大幅带动了卖场的销售。 （央视财经《经济信息联播》）国庆中秋假期期间，文旅消费持续火热，各类特色专业市场也成了游客们旅途中的打卡点。广 东深圳的华强北市场，是我国重要的电子产品交易集散地。这个假期，不少游客涌 ...

Core Viewpoint - The industrial enterprises' profit growth has turned positive, indicating a recovery in the industrial economy and reflecting the effectiveness of industrial transformation and upgrading [1][2]. Group 1: Profit Growth and Economic Indicators - From January to August, the profit of industrial enterprises above designated size increased by 0.9% year-on-year, reversing the declining trend since May [1]. - In August alone, the profit growth rate surged to 20.4%, supported by a low base effect from the previous year when profits fell by 17.8% due to natural disasters and insufficient demand [2]. - The industrial added value growth rate in August was 5.2%, slightly down from 5.7% in July, while the Producer Price Index (PPI) decreased by 2.9% year-on-year, marking a narrowing of the decline since March [3]. Group 2: Drivers of Profit Recovery - The recovery in profits is driven by macro policies and market forces, including large-scale equipment updates and policies to boost domestic demand [2]. - The improvement in profits is not solely attributed to low base effects; it also reflects substantial positive changes in the industrial economy [2]. - The profit growth is supported by a reduction in costs, with costs per 100 yuan of revenue decreasing by 0.20 yuan, marking the first year-on-year decrease since July 2024 [3]. Group 3: Sectoral Performance and Quality Development - The profit of the equipment manufacturing sector increased by 7.2% year-on-year, contributing 2.5 percentage points to the overall profit growth of industrial enterprises [3]. - High-quality development characteristics are evident in the profit recovery, with emerging fields like high-end equipment and smart manufacturing driving value enhancement [3]. - The integration of new information technologies, such as artificial intelligence and industrial internet, with traditional industries is creating new economic growth points [3]. Group 4: Future Outlook and Recommendations - While the profit growth is a positive signal, challenges remain, including external uncertainties and insufficient domestic demand [4]. - Continuous efforts in technological innovation, demand expansion, and environmental optimization are necessary to stabilize and improve industrial profits [4]. - The promotion of "Artificial Intelligence+" initiatives and the implementation of policies to combat "involution" are essential for enhancing market mechanisms and ensuring sustainable profit growth [4].

Core Viewpoint - Lens Technology (06613) shares surged over 8%, reaching a new high of HKD 33.32, driven by news of Apple's shift in focus from the Vision Pro lightweight headset to AI-driven smart glasses development, aiming to catch up with Meta's lead in the sector [1] Company Performance - Lens Technology reported revenue of CNY 1.647 billion from smart headsets and wearable devices, marking a year-on-year increase of 14.74% [1] - The company achieved significant breakthroughs in core processes such as waveguide lens yield optimization and high-precision automated assembly [1] - Revenue from other smart terminal businesses reached CNY 364 million, showing a substantial year-on-year growth of 128.20% [1] Industry Developments - Apple has paused its plans for the Vision Pro lightweight headset, reallocating resources to the development of AI-driven smart glasses [1] - Meta is expected to launch the next generation of Ray-Ban AI glasses in September, which will feature new AR display capabilities [1] - Lens Technology is set to be the exclusive supplier of three core components for Meta's upcoming AI glasses, with production already underway [1]

Core Viewpoint - The article discusses the financial challenges faced by Huqin Technology, highlighting a shift from positive to negative cash flow and significant short-term debt pressure despite achieving over 100 billion RMB in revenue [2][14][22]. Group 1: Financial Performance - Huqin Technology's revenue reached 109.9 billion RMB in 2024, with a projected revenue of 83.94 billion RMB in the first half of 2025, but the gross margin dropped to 7.4% [2][11]. - The company's operating cash flow turned negative, with a net cash flow of -1.52 billion RMB in the first half of 2025, indicating increased working capital demands [17][21]. - Total liabilities increased from 31.41 billion RMB in 2022 to 70.89 billion RMB by mid-2025, with a debt ratio rising to 74.64% [22]. Group 2: Customer Concentration - Huqin Technology has a high customer concentration, with the top five customers accounting for 56% to 65% of revenue from 2022 to mid-2025 [3][15]. - The company collaborates with major global brands, including Lenovo, OPPO, Vivo, Samsung, and Xiaomi, which contributes to its revenue but also increases risk due to reliance on a few clients [15]. Group 3: Innovation and Growth - The company has established a strong position in the ODM market, being the largest ODM manufacturer for smartphones, tablets, and wearables globally [9]. - Huqin Technology's innovative business segments, including automotive electronics, software, and robotics, have shown significant revenue growth, with increases of 32.9%, 91.9%, and 67.5% year-on-year for 2023, 2024, and the first half of 2025, respectively [11]. Group 4: International Expansion - Over 50% of Huqin Technology's revenue has consistently come from international markets, with overseas revenue reaching 61.41 billion RMB in 2022 [12]. - The company aims to leverage its upcoming Hong Kong IPO to enhance its international capital market presence and facilitate future financing and acquisitions [6]. Group 5: Shareholder Actions - Huqin Technology's founder and major shareholders have distributed significant dividends, totaling 8.69 billion RMB and 9.12 billion RMB in 2023 and 2024, respectively [23]. - Shareholders planned to reduce their holdings by up to 40.63 million shares but later terminated the plan, indicating potential liquidity concerns [25]. Group 6: R&D Investment - The company has invested approximately 14.8 billion RMB in R&D from 2022 to 2024, with R&D expenses constituting about 5.4% to 3.5% of total revenue during the same period [27][28]. - Maintaining innovation and competitiveness in the consumer electronics sector will require ongoing substantial R&D investments [28].

Core Insights - The State Council's "Opinions on Deepening the Implementation of 'Artificial Intelligence+' Action" emphasizes the application of AI technology across various sectors, aiming to foster new infrastructure, technology systems, industrial ecosystems, and job opportunities, thereby accelerating the development of new productive forces and ensuring that all citizens benefit from AI advancements [1][6] Technology Development - The "Opinions" address three major challenges in domestic AI technology development: insufficient model originality, data resource issues, and rapidly growing computing power demands. It proposes measures such as supporting multi-path technology exploration, promoting open-source community development, and enhancing data processing and service industries [2][3] Application and Innovation - The document highlights the transition of AI technology from research-focused to widespread application, detailing plans for its use in industries like manufacturing, agriculture, and services. This shift is expected to enhance social productivity and improve living standards while enabling companies to realize value creation through technology [3][4] Consumer Market Expansion - AI technology is projected to significantly expand in consumer sectors such as entertainment, e-commerce, and smart home devices. The demand for AI-driven products, including smart vehicles and home automation, is expected to rise, with the sales of new energy vehicles projected to reach 12.87 million units in 2024, marking a 35.5% increase year-on-year [4] Employment Impact - The "Opinions" propose strategies to manage the relationship between AI and employment, emphasizing the creation of new jobs and the empowerment of traditional roles. It suggests exploring human-machine collaboration and fostering new business models to stimulate innovation and re-employment opportunities [5][6] Future Policy Directions - The release of the "Opinions" marks a significant shift towards integrating AI technology with economic and social sectors, indicating that future policies will focus on legal frameworks, corporate investment, and market openness to promote high-quality industry development [6]

Group 1 - The core viewpoint of the articles highlights the growth in the flat panel display module exports from Fujian Province, which reached 15.01 billion yuan in the first eight months of the year, marking a year-on-year increase of 14.7% [2] - Fujian's flat panel display module exports to ASEAN countries amounted to 5.08 billion yuan, reflecting a significant year-on-year growth of 34.9%, with exports to Vietnam and Thailand increasing by 57.8% and 9% respectively [2] - Exports to Latin America surged to 2.71 billion yuan, showing a remarkable year-on-year increase of 90.6%, particularly with exports to Mexico rising by 111.1% to 2.04 billion yuan [2] Group 2 - The export method primarily utilized processing trade, accounting for 12.38 billion yuan of the total exports, which is a year-on-year increase of 16.6% and represents 82.5% of the total export value [2] - Foreign-invested enterprises in Fujian exported flat panel display modules worth 12.63 billion yuan, reflecting an 18.1% year-on-year growth [2] - The domestic market for display-related terminal products is also performing well, with online sales of home appliances and digital products growing rapidly, including smart wearables, computers, and mobile phones, which saw increases of 25.2%, 23.7%, and 20.2% respectively [2] Group 3 - Recent policy initiatives from the Ministry of Commerce and other departments aim to boost digital consumption and related industries, encouraging companies to accelerate R&D and innovation in digital products [3] - The guidelines emphasize expanding digital product consumption and fostering the development of new consumer brands, particularly in areas such as artificial intelligence terminals and smart home appliances [3]