AIPC 开发顺利，有望受益AIPC 渗透率提升。目前公司多款AIPC 产品顺利完成开发与交付，其中与两 家国内头部客户的产品分别实现了落地量产和研发工作圆满收官。公司持续强化ARM/X86 等多平台开 发及制造能力,完善供应链管理。在客户拓展方面，公司持续深耕笔电行业头部客户群体，积极配合完 成多个预研项目。我们认为，公司作为智能产品ODM 龙头，具备技术与客户双卡位优势，未来有望深 度受益AIPC 出货高速增长。 盈利预测与投资评级：我们预计公司 2025-2027 年分别实现营业收入458.43、541.51、659.06 亿元，同 比分别增长-1.16%、18.12%、21.71%，2025-2027 年分别实现归母净利润6.51、8.97、12.49 亿元，同比 分别增长29.92%、37.81%、39.18%，公司作为行业龙头，在稳固主业的同时有望受益AI 眼镜、AIPC 等产品带来的新增量，首次覆盖给予"强烈推荐"评级。 智能产品ODM 龙头，多品类布局驱动高质量增长。公司业务覆盖多个国家和地区，为全球头部消费电 子品牌商和全球领先科技企业提供专业的智能产品综合服务，主要客户包括小米、三星电子、 ...

Core Viewpoint - The article discusses the increasing trend of elderly care in Beijing, highlighting the shift towards home-based care and the integration of smart technology to enhance safety and convenience for seniors [1][3][8]. Group 1: Home-Based Elderly Care - Over 5 million elderly residents live in Beijing, accounting for 23.5% of the city's population, with most opting for home-based care [1]. - Communities are providing smart elderly care devices, such as fall detection alarms and smoke detectors, to enhance safety for seniors living at home [3][5]. - A specific initiative has equipped 162 households of vulnerable elderly individuals with seven types of smart devices, ensuring 100% safety coverage for these residents [3]. Group 2: Community Support and Services - Community services operate 24/7, allowing elderly individuals to request assistance quickly, with response times typically within 10 minutes for emergencies [7]. - The demand for community-based elderly care services is rising, with many seniors choosing local care facilities due to their proximity and familiarity [10][11]. Group 3: Institutional Elderly Care - There is a noticeable increase in occupancy rates at community elderly care facilities, reflecting a shift in preferences among seniors [8]. - By September 2025, Beijing plans to establish 120 street-level elderly service centers, covering 2.07 million seniors, which will represent 40% of the city's elderly population [11]. Group 4: Cultural and Recreational Activities - In addition to basic care, some elderly care institutions are focusing on "cultural elderly care," providing activities that enhance the quality of life for seniors [13]. - Programs such as art classes and organized short trips are being introduced to engage seniors in cultural experiences and leisure activities [16][19].

Group 1 - The core viewpoint emphasizes that technology should serve the public good and improve social governance and legal frameworks to maximize the positive effects of technological innovation while mitigating social risks [1][3] - The introduction of humanoid robots in various household scenarios showcases significant advancements in "hardcore" technology, illustrating a promising future for daily life [1] - During the "14th Five-Year Plan" period, numerous small yet impactful technological innovations have been integrated into everyday life, enhancing the quality of life for the public [1] Group 2 - The large population and growing middle-income group in China create a vast market and diverse technological application scenarios, driving demand for new technologies and products [2] - Successful projects like the CR450 high-speed train and advancements in commercial aerospace are expected to significantly boost their respective industries, with the commercial aerospace market projected to reach 2.8 trillion yuan by 2025 [2] - The application of technology in improving the lives of disabled individuals highlights the expanding pathways for public welfare through technological innovation [2] Group 3 - The implementation of AI-assisted medical services and the widespread use of electronic social security cards streamline processes for patients and citizens, enhancing their overall experience [3] - Emphasizing the importance of technology serving the public good, the article discusses the need for improved governance and legal frameworks to address the challenges posed by emerging technologies [3] - The focus on human-centered technological innovation aims to leverage favorable conditions to transform beneficial technologies into practical applications for the public [3]

Group 1 - The core idea emphasizes the importance of integrating technology with daily life to create new industrial opportunities and enhance the quality of life for citizens [1][2] - The interaction between production and consumption is highlighted as a catalyst for innovation, leading to the emergence of new market opportunities [2] - Technological advancements in various sectors, such as transportation and healthcare, are expected to significantly improve efficiency and service delivery [2][3] Group 2 - The application of innovative technologies, such as AI and robotics, is transforming everyday services, enhancing the overall experience for citizens [3] - The focus on "technology for good" is essential for ensuring that technological advancements benefit society while addressing potential risks and ethical concerns [3] - The commitment to improving people's lives through technology is seen as a key driver for future innovation and societal progress [3]

Group 1 - The core viewpoint of the articles highlights the significant boost in consumer activity in Guangxi during the 2025 National Day and Mid-Autumn Festival holidays, driven by various promotional activities and government subsidies [1][2] Group 2 - A combination of fiscal subsidies, car exhibition discounts, and manufacturer incentives has led to a resurgence in large-scale consumption, with the government investing an additional 350 million yuan in new car purchase subsidies, offering up to 5,000 yuan per vehicle [1] - As of October 7, the trade-in program for consumer goods has resulted in over 6.4 million items sold, with subsidies amounting to nearly 6.1 billion yuan [1] Group 3 - The collaboration between government, banks, and enterprises has significantly enhanced consumer vitality, with various promotional events organized in commercial districts and shopping complexes, generating over 14.5 million yuan in consumption during specific events [1] - Major cities like Nanning, Wuzhou, Hezhou, and Laibin have distributed over 1 million yuan in consumer vouchers for supermarkets, department stores, and restaurants [1] Group 4 - The integration of commerce, tourism, and culture has led to rapid growth in service consumption, with the "Vibrant Night Guangxi" carnival attracting numerous participants through various events [2] - Nighttime consumption orders during the holiday period increased by over 15% compared to last year, with "night park tours" and "night camping" seeing significant growth in online transaction volumes [2] Group 5 - Digital empowerment has fostered new consumption patterns, with online retail sales in Guangxi rising by 10.4% year-on-year during the holiday [2] - AI translation glasses showcased at the East Expo sold over 14,000 units, generating approximately 500 million yuan in sales, while smart watches and home devices also saw substantial online sales growth [2]