每经记者｜黄海 每经编辑｜段炼 黄博文 "如果用一个字总结2025年，你会用哪个字？" 12月29日下午，面对《每日经济新闻》记者抛来的问题，邱智铭给出回答——"变"。 作为宁波贝发集团股份有限公司（以下简称"贝发集团"或"贝发"）董事长，邱智铭被外界称为"亚洲笔王"。他执掌的贝发集团占据中国笔类出口市场 16.5%的份额，触达全球超17亿人。 邱智铭佩戴的智能眼镜是贝发推出的新品。采访前一日，"贝发智品"全球首店（Beifa AI creative）在宁波鄞州印象城正式开业。主打体验的门店里，除了 此前在广交会吸引关注的翻译机外，还陈列着智能笔、智能手表、智能眼镜、智能耳机等设备。 马上就要67岁生日的邱智铭将AI创业视作他退休前要做的最后一件大事，他希望贝发智品未来三年可以布局30家国家级首店、300家城市级首店、3000家 区县级首店。而对于即将到来的2026年，邱智铭不畏惧关税大棒再袭。 2025年上半年，美国方面所谓"对等关税"大棒乱舞，邱智铭一度带领贝发打响生死保卫战。彼时，邱智铭态度强势，以一句"价格免谈、关税也免谈"硬刚 美国客户。直至5月初，美国大客户自行承担关税，请求中国供应商恢复供应，邱 ...

Core Insights - The AI application sector currently presents more narrative appeal and growth potential compared to the computing power layer, which has established a solid "value base" and clearer valuation logic [1] - Investment strategies are shifting towards AI applications, with fund managers increasing their focus on companies that can translate technology into profits, particularly in sectors like AI smartphones and AR glasses [1][2] - The end-side AI market is expected to see significant advancements, with new products emerging and a growing investment interest in hardware companies [2][3] Investment Trends - Fund managers are adjusting their portfolios to capitalize on the growth of AI applications, with notable increases in holdings of semiconductor stocks and consumer electronics [1][2] - Specific funds, such as Dongwu Fund, have significantly increased their positions in semiconductor companies while reducing exposure to certain optical module and PCB stocks [1] - The trend of investing in end-side AI applications is gaining momentum, with funds focusing on opportunities in areas like foldable screens, 3D printing, AI glasses, and robotics [2] Market Developments - Recent product launches in the end-side AI space include ByteDance's Doubao mobile assistant and Alibaba's Quark AI glasses, indicating a strong push into consumer-grade smart wearable devices [2] - Significant funding rounds have been reported in the end-side AI hardware sector, with companies like Thunder Innovation and Guangli Technology securing substantial investments [2] - Government initiatives, such as the State Council's plan for AI application proliferation by 2027, are expected to drive market growth and consumer adoption of smart devices [2][3] Future Outlook - The penetration of end-side AI devices is anticipated to increase, leading to performance growth for companies in the consumer electronics supply chain [3][4] - The investment focus is shifting from infrastructure (computing power) to applications, with a belief that AI applications will become a key investment theme by 2026 [3][4] - The integration of computing power and applications is expected to drive rapid ecosystem expansion, positioning 2026 as a pivotal year for end-side AI [4]

大会现场为优秀企业和招商优胜区代表颁牌。立讯精密、中远海运、东方希望、中旅国际、中国中冶、 中国一汽、达索系统、科大讯飞、桑坦德银行等企业获颁"2024-2025优秀落户企业"。前海合作区、福 田区、盐田区、宝安区、龙岗区、龙华区获评"2025招商优胜区"。 12月5日，以"开放链全球 创新领未来"为主题的2025深圳全球招商大会在深圳会展中心举办，面向全球 推介深圳的投资机遇和共赢潜力，诚邀全球投资者创业者共创远大未来。中国电信、中国远洋、华润集 团、瑞士安达、丹麦马士基等来自30多个国家和地区的超1000家企业及机构代表齐聚深圳，其中500强 企业及跨国公司超300家。 大会现场，市各有关单位、各区与一批意向投资企业集中签约，包括中国电子、中国钢研、中国资环集 团、芬兰通力电梯、复星集团等高"含新量""含金量"的重大项目，涵盖电子信息技术、新材料、生物医 药等众多新兴产业领域，展现了深圳对高质量要素、高层级项目、高能级企业的"强磁力"。 中国电信集团总经理刘桂清、中国远洋海运集团总经理朱碧新、瑞士安达集团安达人寿总裁张博思、荣 耀终端总经理李健、摩根士丹利公司亚太投资银行部主管兼中国证券董事长张欣等企业家 ...

E-commerce Growth - In the first ten months of 2025, China's online retail sales increased by 9.6% year-on-year, driven by strong growth in smart products and online services [1] - Sales of smart wearables, including AI glasses and smartwatches, saw a remarkable growth of 23.1%, while online service consumption grew by 21% [1] - The demand for instant e-commerce convenience led to a sales increase of 24.3%, with in-store dining experiences from online coupons growing by 25.1% [1] Smart Wearable Market - As of the first three quarters of this year, the total number of registered smart wearable products reached 181,000, involving 6,000 companies, marking a 91.4% increase since September 2020, with an average annual growth rate of 13.9% [3] - The growth rate of smartwatches and smart glasses significantly outpaced the industry average, with smartwatches reaching 29,000 varieties and an annual growth rate of 46.8% [4] - Smart glasses totaled 2,000 varieties with an annual growth rate of 23.5%, while smart headphones and smart bands had 122,000 and 28,000 varieties, growing at 14.0% and 1.2% respectively [4] Regional Distribution - By September 2025, the top five provinces and cities for the number of registered smart wearable products were Guangdong (158,400), Beijing (6,500), Zhejiang (3,200), Shanghai (3,100), and Fujian (2,800) [4]

Group 1 - The core theme of the WISE 2025 conference is to create an engaging and enjoyable experience, moving away from traditional business conference stereotypes [2][3] - The event will feature various interactive segments, including "Deep Talk" discussions with industry leaders and a unique Q&A format involving younger entrepreneurs [5][6] - A significant pre-event activity, the "WISE Super Live Month," will involve discussions on trending topics like AI and international expansion, engaging a wide audience [7] Group 2 - The conference will showcase a variety of innovative robots, enhancing the interactive experience for attendees [9][10] - The "Future AI Pavilion" will allow participants to experience cutting-edge technology firsthand, including smart devices and AI applications that are already integrated into daily life [19][20][21] - Attendees will have opportunities to engage with technology through live demonstrations and interactive exhibits [23][25] Group 3 - The event includes a gamified experience where attendees can collect stamps from different booths, leading to prize draws with valuable tech products [35][38] - A "Career Bonus Party" aims to foster networking between different professional backgrounds, encouraging collaboration and idea exchange [43][44][45] - The conference will also feature a collaborative short film project, "Forging Dawn," which highlights community engagement and creativity [55][57]

Core Insights - The smart wearable device market is evolving from bands and watches to include headphones, glasses, and rings, creating new demands and changing consumer lifestyles [1] - The industry is entering a new phase characterized by "multiple blooming and scene integration," driven by technological innovation and consumer upgrades [1] - The development of smart wearables relies on breakthroughs in core technologies and the establishment of an open and collaborative innovation system [1] Industry Overview - Smart bands and watches have established mature applications in sports and health, while smart headphones are becoming common accessories [1] - Smart glasses are exploring new applications such as AR navigation and first-person perspective photography, and smart rings are emerging as a new industry hotspot due to their compact form and rich functionalities [1] Technological Development - The industry is experiencing collective breakthroughs in underlying technologies such as chips, sensors, batteries, and algorithms [1] - The rapid development of the "AI+" industry in China supports a robust foundation for the smart wearable device sector, with industrial clusters in regions like the Pearl River Delta and Yangtze River Delta becoming significant global production bases [1] Collaborative Innovation - To make smart wearable devices accessible to households, the industry must move beyond hardware innovation and software integration [1] - There is a need to enhance the independent innovation capability of key core technologies and promote cross-national and cross-industry collaborative development [1]

Core Points - The Guangdong provincial government has launched the "Enjoy Warm Winter, Travel Guangdong" consumption season activity, which will run from November 1, 2025, to the end of March 2026 [1] - The initiative includes the distribution of "Guangdong Quality Products Purchase" vouchers for consumers purchasing various categories of products, including new energy vehicles, home appliances, electronic products, and sports equipment [1] Group 1 - The consumption season aims to stimulate local economic activity through targeted subsidies and promotions [1] - Specific details of the program will be formulated by the provincial government, with local cities responsible for implementation [2] - Participating enterprises are encouraged to offer additional discounts based on valid credentials such as sports event tickets [2]

Core Viewpoint - The Guangdong Provincial Government has launched the "Yue Enjoy Warm Winter, Happy Travel in Guangdong" consumption season activity, which will run from November 1, 2025, to the end of March 2026, aimed at boosting consumer spending in various sectors [1] Group 1: Consumer Incentives - During the event, "Guangdong Quality Products Purchase" consumption vouchers will be issued to encourage personal consumers to purchase new energy passenger vehicles or fuel passenger vehicles that meet the National VI emission standards [1] - A one-time subsidy will be provided for the purchase of eight categories of home appliances, including televisions, refrigerators, air conditioners (including heaters), computers (including monitors), washing machines, robotic vacuum cleaners, kitchen appliances (including range hoods), and water heaters [1] - Consumers will also receive subsidies for purchasing four categories of local specialty products, five categories of electronic products (such as smartphones, tablets, smartwatches, smart headphones, and drones), and six categories of sports equipment (including treadmills, ellipticals, rowing machines, exercise bikes, skis, and roller skates) [1] Group 2: Implementation and Promotion - Specific details of the program will be formulated by the provincial government, while local municipalities will be responsible for organizing the implementation [1] - Participating enterprises are encouraged to offer additional discounts for holders of valid certificates such as those from the National Games and tickets to the National Games [1] - Local municipalities will announce specific promotional measures tailored to their regions [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth, with a new starting point in AI terminals. In Q3 2025, the company achieved a revenue of 681.07 billion yuan, a year-on-year decrease of 2.21%, while the net profit attributable to the parent company was 25.87 billion yuan, an increase of 10.33% year-on-year [4][5] - The company is experiencing a recovery in profitability, with a single-quarter gross margin of 12.85%, up 1.49 percentage points year-on-year, and a net margin of 3.78%, up 0.03 percentage points year-on-year [5] - The demand for AI glasses is strong, particularly in the North American market, driven by the success of Ray-Ban Meta smart glasses [5][6] - The integration of AI technology with smart headphones is expected to enhance their functionality, positioning them as a personal computing terminal [6] Financial Summary - For the first three quarters of 2025, the company reported a single-quarter revenue of 305.57 billion yuan, a year-on-year increase of 4.42%, and a quarter-on-quarter increase of 43.83% [4] - The projected net profits for 2025-2027 are 34.0 billion, 41.6 billion, and 51.6 billion yuan, respectively, with corresponding EPS of 0.96, 1.17, and 1.46 yuan per share [7] - The company’s revenue for 2025 is estimated at 105.32 billion yuan, with a year-on-year growth of 4.3% [9]

Core Insights - The smart wearable device market is rapidly evolving from a "durable good" to a "consumable necessity," becoming an integral part of consumers' daily lives [1][2] Market Growth - As of Q3 2023, the total number of registered smart wearable products in China reached 181,000, involving 6,000 companies, marking a 91.4% increase since September 2020, with an average annual growth rate of 13.9% [1] - The number of smart watch varieties has reached 29,000, with an annual growth rate of 46.8%, while smart glasses and smart earphones have seen annual growth rates of 23.5% and 14.0%, respectively [3] Consumer Behavior - Health monitoring is the primary reason for purchasing smart watches, accounting for 45.48% of consumer preferences, followed closely by product design and exercise tracking [2] - A significant portion of the smart watch market is dominated by elderly smart watches at 56.82%, indicating a strong demand for health and fitness functionalities among adults [2] Regional Distribution - The top five provinces with the highest number of registered smart wearable products are Guangdong (158,400), Beijing (6,500), Zhejiang (3,200), Shanghai (3,100), and Fujian (2,800) [3] Trends in Audio Devices - The demand for specialized earphones has surged, with 67.71% of users owning more than two pairs, reflecting a trend towards categorizing earphones for specific activities such as sleep, exercise, and work [4] - The evolution of smart glasses is gaining traction, with major brands like Xiaomi and Huawei launching new products, suggesting a potential shift towards integrating smart glasses into daily life [4] Technological Influence - The growth of the smart wearable market is driven by both technological advancements and a shift in consumer demand, with AI integration becoming a key factor in the development of these devices [4]