编者荐语： 京沪的朋友们别慌，不是经济总量和地位。 以下文章来源于前瞻经济学人 ，作者产业观察组 前瞻经济学人 . 关注中国城市发展战略、把握全球新兴产业趋势！这是省长书记爱看的智库号之一。 逆势夺冠的背后，深圳做对了什么？ 深圳，再一次走在了中国城市的最前面。 01 超越京沪，深圳登顶专精特新第一城 2025年末，中国专精特新"小巨人"企业版图上，发生了一场历史性的"大洗牌"。随着全国第七批专精特 新"小巨人"企业名单公示，深圳以347家的新增数量位居全国城市首位，使得深圳有效期内"小巨人"企业总 量达到1333家，超越北京（1210家）和上海（1032家），登顶全国第一。 这标志着深圳正式成为中国的"专精特新第一城"！ 此外，按照目前深圳已上市"小巨人"企业71亿元的平均市值估算，这1333家企业总市值已接近10万亿量级， 彰显了巨大的经济价值。 作为优质中小企业的核心力量，专精特新"小巨人"企业集中在国家重点推进的"制造强国""补短板、强链 条"领域，入选门槛极高：必须在细分领域做到国内领先、掌握关键核心技术、拥有高强度的研发投入体 系，往往代表中国制造业的高端水准。 而在2019年国家层面正式启动培育 ...

Group 1 - Shenzhen leads China with a total of 1,333 "specialized, refined, distinctive, and innovative" (专精特新) "little giant" enterprises, surpassing Beijing (1,210) and Shanghai (1,032) [2][3] - The growth of "little giant" enterprises in Shenzhen reflects a focus on key segments of the industrial chain, mastery of core technologies, and high market share, indicating a high level of development in China's manufacturing sector [3] - Shenzhen's proportion of newly added "little giants" has increased from 6.3% in 2022 to 8.4% in 2023, and is projected to reach 9.8% in 2024 and 9.9% in 2025, maintaining the top position in the country for three consecutive years [4] Group 2 - Notable "little giants" include Jieput's MOPA pulsed fiber laser, which holds over 70% of the domestic market and ranks first globally, and Guangyue Technology, which has developed world-leading high-power transmission cable series [4] - Shenzhen's "little giants" exhibit an average R&D intensity of 7.63%, with annual R&D expenditure averaging 33.39 million yuan, surpassing the national average for similar enterprises [4] - The city has established a comprehensive nurturing system for enterprises, with plans to support "gazelle" and "unicorn" companies through a structured service system aimed at fostering innovation and collaboration within the electronic manufacturing ecosystem [5]

Core Viewpoint - Shenzhen has officially become China's "first city" for specialized and innovative "little giant" enterprises, surpassing Beijing and Shanghai in quantity and economic value [2][3][19]. Group 1: Overview of "Little Giants" - By the end of 2025, Shenzhen will have 1,333 "little giant" enterprises, leading the nation with 347 new additions, compared to Beijing's 1,210 and Shanghai's 1,032 [2][3]. - The total market value of these enterprises is estimated to be close to 10 trillion yuan, based on an average market value of 71 million yuan per listed "little giant" [3][8]. - These enterprises are concentrated in key areas of national focus, such as "manufacturing power" and "strengthening supply chains," with high entry barriers requiring domestic leadership in niche sectors and significant R&D investment [3][8]. Group 2: Growth and Innovation - Shenzhen's "little giants" exhibit remarkable growth, with an average time of 13 years from establishment to becoming a national-level "little giant," which is 1.71 years faster than the national average [8]. - The average R&D intensity of these enterprises is 7.63%, with annual R&D expenditure averaging 33.39 million yuan, significantly higher than the national average [8][19]. - These companies are also active in patent applications, averaging 152 patents per enterprise, with nearly 30% involved in setting international or national standards [8][19]. Group 3: Ecosystem and Support - Shenzhen's "20+8" industrial cluster strategy serves as a core engine for nurturing "little giant" enterprises, providing a structured ecosystem for growth and collaboration [9][10]. - The government facilitates connections between large and small enterprises through mechanisms like "chain leader" and "chain master" systems, resulting in over 500 technical cooperation agreements in 2024 alone [12][14]. - The city combines effective market strategies with government support, creating a comprehensive market support system that includes local validation and global expansion initiatives [14][15]. Group 4: Financial Support - Shenzhen has developed a "bold capital" approach to support innovative enterprises, allowing for long-term investments in high-tech sectors despite initial project risks [16][19]. - The city has established four major equity investment platforms to back innovative enterprises, with significant investments in numerous "little giants" [16][19]. Group 5: Future Implications - Achieving the title of "first city" for specialized and innovative enterprises marks a new starting point for Shenzhen, strengthening its industrial foundation and enhancing its resilience against global market fluctuations [19][20]. - The pathway from "little giants" to potential global leaders indicates a clear trajectory for future economic growth, with these enterprises expected to contribute significantly to Shenzhen's high-quality development [19][20].

Group 1 - The company, YingShi Innovation, announced an incentive plan on September 24, granting a total of 695 individuals restricted stock options, which represents approximately 0.35% of the company's total share capital of 401 million shares [1] - The total number of restricted shares to be granted is about 1.3871 million shares, with a grant price set at 148.92 yuan per share, valid for a maximum of 48 months [1] - For the first half of 2025, the revenue composition of YingShi Innovation is as follows: consumer-grade panoramic cameras account for 86.06%, accessories and others 12.63%, other businesses 1.01%, and professional-grade panoramic cameras 0.3% [1] Group 2 - As of the report, YingShi Innovation has a market capitalization of 120.4 billion yuan [2]

Core Viewpoint - YingShi Innovation (688775.SZ) faces significant challenges post-IPO, highlighted by its first semi-annual report showing revenue growth but minimal profit increase, indicating a "revenue growth without profit" dilemma [1][3]. Financial Performance - For the first half of 2025, YingShi Innovation reported revenue of 3.67 billion yuan, a year-on-year increase of 51.2%, while net profit attributable to shareholders was 520 million yuan, only a slight increase of 0.3% [1]. - Following the earnings report, the company's stock price dropped by 8.48%, with total market capitalization falling below 130 billion yuan [2]. - Sales expenses reached 628 million yuan, up 75.46% year-on-year, outpacing revenue growth by 24 percentage points, indicating diminishing returns on marketing investments [2]. - The company's R&D expenses doubled to 562 million yuan, reflecting a strategic shift towards higher investment in innovation [2]. Business Segmentation - Revenue from consumer-grade panoramic cameras was 3.16 billion yuan, a 53.8% increase, while professional-grade panoramic camera revenue declined by 14.5% to 11 million yuan [3]. - The gross margin remained high at 51.2%, although it has decreased compared to previous years, with margins of 51.27%, 55.90%, and 52.21% from 2022 to 2024 [4]. Strategic Initiatives - The company is increasing R&D investment as a necessary path to overcome growth challenges, with R&D expenses constituting 15.3% of total revenue, up from 11.55% [5]. - YingShi Innovation is adjusting its product strategy in response to intensified competition, launching new products like the X5 panoramic camera and GO Ultra [6][7]. - The company aims to penetrate the drone market, which is projected to have a compound annual growth rate of over 10.32%, with a market size expected to exceed 13 billion USD by 2033 [8]. Market Position and Outlook - YingShi Innovation holds a 67.2% market share in the global consumer-grade panoramic camera market, indicating proximity to market saturation [7]. - The company’s entry into the drone sector is seen as a potential avenue for growth, especially as it seeks to create a second growth curve beyond its existing business [8]. - Following the announcement of its drone initiatives, the stock price surged, with market capitalization briefly exceeding 140 billion yuan [8][9].

Group 1 - The overall IPO landscape in the first half of the year shows a strong presence of large-cap leading companies, with a close connection between listed companies and local industrial endowments [1][2] - A total of 51 companies went public in the A-share market in the first half of the year, raising approximately 37.355 billion yuan, with an average fundraising of about 732 million yuan per company [2][4] - The total market capitalization of newly listed companies in the first half of the year reached approximately 500.4 billion yuan, with 15 companies having a market value exceeding 10 billion yuan [2][4] Group 2 - The second quarter saw a significant increase in IPO activity compared to the same period last year, with 24 new listings compared to 14 in the previous year, and total fundraising rising from 8.874 billion yuan to 20.879 billion yuan [2][4] - The month of March recorded the highest number of new IPOs, with 14 companies listed, although this may have been influenced by the "Spring Festival effect" due to only one listing in February [4] - The main board and the ChiNext board saw a relatively high number of new listings, with a diverse industry distribution including power equipment, machinery, electronics, pharmaceuticals, and basic chemicals [4][6] Group 3 - Taizhou emerged as a "dark horse" in the IPO rankings, with three new listings in the first half of the year, focusing on industries such as basic chemicals, automotive parts, and home products [7][10] - The success of Taizhou's IPOs is attributed to its emphasis on manufacturing industry chains, with significant clusters in precision manufacturing, new energy, and new pharmaceutical health [10][11] - New Henghui from Zibo and Tianyouwei from Suihua also contributed to the list of companies with market values exceeding 10 billion yuan, highlighting the growth of the semiconductor and automotive instrument sectors in these regions [10][11] Group 4 - The characteristics of newly listed companies indicate a strong correlation between their valuations and their leading market positions, with companies like Yingshi Innovation and Zhongce Rubber holding significant global market shares [6][11] - The majority of companies with market values over 10 billion yuan are not from traditional sectors, with only four such companies listed on the main board, while others are from the Sci-Tech Innovation Board, ChiNext, and Beijing Stock Exchange [6][10] - The regional dynamics of IPOs reflect a balance between the resurgence of established cities like Shenzhen and Suzhou and the rise of emerging cities, driven by local industrial chain advantages [11]

Core Viewpoint - The company, YingShi Innovation, has shown a stable stock performance with a current market capitalization of 67.913 billion yuan, ranking 7th in the consumer electronics sector and 209th in the A-share market [1] Group 1: Market Performance - As of July 11, 2025, YingShi Innovation's stock closed at 169.36 yuan, a 0.56% increase from the previous week [1] - The stock reached a peak of 178.63 yuan on July 9 and a low of 166.66 yuan on July 7 [1] Group 2: Strategic Insights - During a recent institutional survey, the company emphasized its focus on user value creation and brand characteristics to maintain market uniqueness amid new competition [2] - The company adopts a strategy of experimentation and long-term investment, identifying both consensus and non-consensus opportunities [2] Group 3: Product and Market Position - The company has significant potential for hardware iteration and software development in its product offerings [3] - According to Frost & Sullivan, YingShi Innovation holds a 67.2% market share in the global consumer-grade panoramic camera market, ranking first worldwide [3] - The company's core business focuses on user value creation in the recording and sharing sectors, distinguishing between the two user needs [3] Group 4: Corporate Announcements - The company has passed six resolutions in its second supervisory board meeting, covering fundraising usage, payment methods, and cash management [4] - A temporary shareholders' meeting is scheduled for July 28, 2025, to discuss significant changes including capital structure and governance [4] - The company plans to establish a special account for managing excess fundraising, with an investment limit of up to 15.384 billion yuan from idle funds and 35 billion yuan from its own funds [4][6] - The company intends to use 209.324 million yuan of raised funds to replace pre-invested project funds and issuance costs [6] - The company is seeking to increase its comprehensive credit limit to 2 billion yuan and provide guarantees for subsidiaries totaling 1.3 billion yuan [6]

Core Viewpoint - The successful listing of Yingshi Innovation on the Sci-Tech Innovation Board marks a significant milestone in the capital market for 2025, showcasing the potential of the consumer-grade action camera market and positioning the company as a leader in the global panoramic camera sector [2][3]. Group 1: Company Overview - Yingshi Innovation's stock price reached 171.8 yuan per share, a nearly 3.5 times increase from its issuance price of 47.27 yuan, with a market capitalization that once exceeded 700 billion yuan [2]. - The company was founded ten years ago during the "Double Innovation" policy era and has since become a leader in the consumer-grade action camera and panoramic camera markets, with revenue growing from 1.328 billion yuan in 2021 to 5.6 billion yuan in 2024, a fivefold increase [2][3]. Group 2: Market Position and Competition - Yingshi Innovation holds a 67.2% market share in the global consumer-grade panoramic camera market and a 61.4% share in the professional-grade panoramic camera market, ranking among the top two in the action camera sector [5]. - The ONE X series is a flagship product line, contributing approximately 2.92 billion yuan in revenue by 2024, accounting for about 50% of the company's total revenue [5][10]. Group 3: Product Development and Innovation - The company has accelerated its product development and marketing efforts, with R&D expenditures increasing significantly, reaching 7.76 billion yuan in 2024, which is a 73.5% year-on-year growth [18]. - Yingshi Innovation has introduced innovative features such as AI-driven editing and unique shooting capabilities, which have helped differentiate its products in a competitive market [20][22]. Group 4: Future Challenges and Strategies - The entry of competitors like DJI into the consumer-grade panoramic camera market poses significant challenges, prompting Yingshi Innovation to adopt a more aggressive market strategy [7][12]. - The company emphasizes the importance of capturing unmet customer needs and continuously innovating to maintain its competitive edge in the rapidly evolving smart imaging market [14][23].

Group 1 - The core viewpoint of the news is that YingShi Innovation successfully completed its IPO on the Sci-Tech Innovation Board after a five-year journey, with its stock price surging 285% on the first day of trading, reaching a market capitalization of over 70 billion yuan [1] - YingShi Innovation specializes in providing 360-degree panoramic camera solutions and has developed a strong technological framework centered around panoramic technology, anti-shake technology, AI image processing technology, and computational photography technology [1] - According to Frost & Sullivan, the global handheld smart imaging device market is expected to grow from 16.43 billion yuan in 2017 to 36.47 billion yuan in 2023, and is projected to exceed 59.2 billion yuan by 2027 [1] Group 2 - In 2023, YingShi Innovation held a 67.2% market share in the consumer-grade panoramic camera sector, maintaining its position as the global leader for six consecutive years [1] - In the action camera market, YingShi Innovation has entered the top three, competing closely with GoPro and DJI, and has surpassed GoPro in sales in the first half of 2024, becoming the global leader [1] - The founder of YingShi Innovation, Liu Jingkang, expressed a mission to help people better record and share their lives, which has been a driving force behind the company's establishment and growth [2]

Core Viewpoint - The company, YingShi Innovation, has successfully completed its initial public offering (IPO) on the Sci-Tech Innovation Board, raising significant interest from the capital market with a subscription multiple of approximately 4220.7 times, indicating strong investor confidence in its growth potential [1][2]. Group 1: IPO and Market Interest - YingShi Innovation issued 41 million new shares at a price of 47.27 yuan per share, with strategic investors including notable firms like CITIC Securities and Temasek [1]. - The company is set to be the first enterprise registered on the Sci-Tech Innovation Board by 2025, with plans to list in mid-June [1]. - The high subscription rate reflects the capital market's enthusiasm for the company's innovative capabilities and market position [1]. Group 2: Business and Market Position - YingShi Innovation has maintained a leading position in the global panoramic camera market, achieving a market share of 67.2% in 2023, significantly surpassing GoPro's 9.2% [4]. - The company has a diverse product matrix, including consumer and professional-grade cameras, and has successfully disrupted the market previously dominated by established brands [3][4]. - The company’s overseas revenue accounted for over 75% of total revenue last year, showcasing its strong global presence [1][2]. Group 3: Financial Performance and Growth - YingShi Innovation's revenue has shown a compound annual growth rate (CAGR) of 65.25% over the past three years, with revenues of 20.41 billion yuan in 2022, 36.36 billion yuan in 2023, and projected 55.74 billion yuan in 2024 [8]. - The net profit for the same period has also increased, from 4.07 billion yuan in 2022 to 9.95 billion yuan in 2024, indicating robust financial health [8]. - The company has maintained a high gross margin, with figures of 51.49%, 55.95%, and 52.20% over the last three years [8]. Group 4: Research and Development - YingShi Innovation has invested 1.48 billion yuan in R&D from 2022 to 2024, with a focus on enhancing its technological capabilities in panoramic imaging and stabilization technologies [4][5]. - The company plans to use the funds raised from the IPO to further develop its R&D center and production facilities, aiming to strengthen its technological barriers [5][6]. - The R&D expense ratio has increased by 3.21 percentage points year-on-year in the first quarter of this year, reflecting the company's commitment to innovation [5]. Group 5: Future Prospects and Market Expansion - The global market for handheld smart imaging devices is projected to grow from 36.47 billion yuan in 2023 to nearly 60 billion yuan by 2027, providing a favorable environment for YingShi Innovation's expansion [9]. - The company plans to enhance its market presence in various regions, including the U.S., Japan, and Europe, while also targeting new markets in Spain, France, and Italy [9]. - The integration of AI technologies into its product offerings is expected to drive further innovation and market growth, with a significant portion of its products already utilizing AI capabilities [10][11].