近期股价单日明显反弹的核心驱动因素是什么？ 核心驱动来自美国时间 2 月 26 日 337 调查仲裁结果落地：影石核心专利不构 成侵权。该事项起源于 GoPro 于 2024 年 3 月底对影石提出 6 项专利侵权指控， 主要涉及防抖算法、水平校正、畸变校正等影像设备核心技术专利，诉求本质 为通过专利壁垒限制影石在美国市场准入，极端情形可能导致美国市场禁售、 巨额赔偿等重大不利后果。最终裁决显示 6 项指控中 5 项核心专利不构成侵权， 剩余 1 项外观专利对应老产品已不在美国销售，实际影响有限。公司为本次诉 影石创新 20260302 摘要 影石 Insta360 通过专利诉讼成功解除美国市场准入风险，此前因抖算 法、水平校正等核心技术专利面临禁售和巨额赔偿，但最终裁决 5 项核 心专利不构成侵权，剩余 1 项外观专利对应老产品已不在美国销售，实 际影响有限，显著降低了其在美国市场的不确定性。 AI 技术重塑影像创作链路，全景相机有望受益于 AI 在编辑端的突破，解 决剪辑复杂、学习成本高等痛点，使其从"采集优势+处理简化"，成 为旅游、Vlog 等场景的主力设备，市场规模或将从百亿级别向千亿级别 提升。 ...

每经记者｜文多 每经编辑｜何小桃 董兴生 2月27日盘后，全景相机龙头企业影石创新（SH688775）披露了其与美国运动相机企业GoPro长达两年之久的"337调查"的最终裁决结果。美国国际贸易委 员会（ITC）最终裁定，GoPro主张的6项专利中，5项发明专利均不构成侵权或专利权利要求被认定无效，仅1项外观专利涉及的部分旧款产品构成侵权， 但影石创新提出了新的设计方案并获ITC认可。 这意味着，影石创新几乎完全赢得了这场关乎其核心产品能否在美国市场继续销售的法律战役，为公司后续发展扫清了一大障碍。不过，法律博弈尚未完 全终结。根据公告，GoPro仍保留上诉权利。此外，此前被中止的加州中区法院诉讼平行诉讼也将恢复审理。 唯一构成侵权的是一项外观设计专利（专利号：D789435），但仅涉及影石创新的部分上一代产品，而这些旧款产品早已停止向美国出口。更为关键的 是，影石创新为应对诉讼而准备的新外观设计方案，已再次获得ITC的明确认可。 对比2025年7月发布的初步裁决结果，终裁结果对影石创新更有利。 影石创新在公告中明确表示，本次"337调查"已经终结，未对公司生产、经营造成实质性影响，公司将可以持续、不受限制地 ...

图片来 源：影石创新官网 智通财经记者 | 宋佳楠 智通财经获悉，2月27日，影石创新发布公告，宣布公司所涉美国337调查迎来最终裁决，公司可不受限 制地继续在美国进口和销售现有产品，此次调查未对公司生产经营造成实质性影响。 影石创新曾于2月14日发布2025年度业绩快报，公司实现营业总收入98.58亿元，同比大幅增长76.85%， 创下历史新高，但归属于母公司所有者的净利润约9.64亿元，同比下滑3.08%，扣非净利润约8.82亿 元，同比下滑6.74%，处于"增收不增利"态势。 对于营收增长，该公司称主要系积极加大市场开拓力度、持续加快新产品研发迭代与推向市场节奏、线 上线下销售渠道协同发力，推动销售规模稳步扩大所致。而净利润下滑受研发投入增加及原材料价格波 动影响。公司加权平均净资产收益率下降因IPO融资导致净资产上升——影石创新于去年6月正式登陆 上交所科创板。 截至今日收盘，影石创新股价有小幅下挫，报收218.26元，跌0.79%，市值为875.22亿元。此次337调查 终结的利好消息，有望为公司后续市场表现提供支撑。 337调查是美国国际贸易委员会（简称ITC）依据《美国1930年关税法》第337 ...

智通财经获悉，2月27日，影石创新发布公告，宣布公司所涉美国337调查迎来最终裁决，公司可不受限 制地继续在美国进口和销售现有产品，此次调查未对公司生产经营造成实质性影响。 来源：智通财经 智通财经记者 | 宋佳楠 值得注意的是，GoPro作为全球运动相机领域头部企业，也是影石创新在国际市场的主要竞争对手。影 石创新主营全景相机、运动相机等智能影像设备，产品销往全球超200个国家和地区，美国是其核心海 外市场之一，此次裁决结果有助于保障其在美国市场的正常经营。 影石创新曾于2月14日发布2025年度业绩快报，公司实现营业总收入98.58亿元，同比大幅增长76.85%， 创下历史新高，但归属于母公司所有者的净利润约9.64亿元，同比下滑3.08%，扣非净利润约8.82亿 元，同比下滑6.74%，处于"增收不增利"态势。 对于营收增长，该公司称主要系积极加大市场开拓力度、持续加快新产品研发迭代与推向市场节奏、线 上线下销售渠道协同发力，推动销售规模稳步扩大所致。而净利润下滑受研发投入增加及原材料价格波 动影响。公司加权平均净资产收益率下降因IPO融资导致净资产上升——影石创新于去年6月正式登陆 上交所科创板。 3 ...

Core Viewpoint - The legal battle between GoPro and Chinese competitor Insta360 culminated in a victory for Insta360, allowing it to continue selling its products in the U.S. market without restrictions, while GoPro's market position has significantly weakened [2][15][20]. Group 1: Legal Proceedings - The ITC ruled that five out of six patents claimed by GoPro were either not infringed or invalid, with only one design patent partially applicable to an older product that is no longer sold in the U.S. [2][13] - The legal dispute lasted nearly two years, with Insta360 spending over $10 million to defend against GoPro's claims, showcasing its financial and legal capabilities [11][14]. - The outcome of the case not only confirmed Insta360's technological independence but also eliminated compliance barriers for its expansion in the North American market [15][14]. Group 2: Market Performance - Insta360 reported a record revenue of 9.858 billion yuan in the last fiscal year, marking a 76.85% year-on-year increase, despite the ongoing legal challenges [3][17]. - The company's market share in the global consumer panoramic camera market reached 67.2% in 2023, while GoPro's share dropped to 9.2% [5]. - Following the legal victory, Insta360's sales network expanded to over 60 countries, with significant growth in North America, where revenue from major retail channels increased from 6.5% to 19% [15][19]. Group 3: Product Development and Innovation - Insta360 has consistently updated its product line, launching five iterations of its panoramic camera from ONE X2 to X5, while GoPro has struggled with product delays [5][12]. - The company has invested heavily in research and development, with a total expenditure of 1.649 billion yuan in the last year alone, focusing on core areas such as chip customization [19]. - Insta360's commitment to innovation is evident in its upcoming product launches, including a handheld gimbal camera and a panoramic drone, reinforcing its position as a technology-driven company [19][20].

体验非遗民俗 购买"中国智造" 其他非遗体验项目也让外国游客跃跃欲试。在书法体验区，大家蘸墨挥毫，书写福字与趣味英文春联； 景泰蓝点蓝体验中，外国游客亲手为铜丝纹样填抹釉料；北京泥人张体验现场，大家跟随非遗代表性传 承人亲手创作憨态可掬的彩塑小马，通过"马"这一文化符号，读懂"马上如意""马上福禄"的新春祝福。 "这次来中国旅行，我买到了心仪的新款运动相机等商品。"在广东广州白云国际机场T2航站楼出境申报 台前，正在办理离境退税业务的加拿大籍旅客穆亚明展示了他的离境退税申请单。申请单上写明了他所 购商品的名称、单价、税额等，退税率为11%，退税约2800元人民币。 "便利的通关体验、持续织密的航线网络，吸引越来越多外国游客来广州过年。"广州海关相关负责人介 绍，广州白云国际机场构建了覆盖全球105个主要城市的航线网络，进一步激活了商贸、旅游双向流 动。 依托便利的免签政策和大湾区便捷的出行方式，春节假期，法国游客露西与朋友从香港西九龙搭乘广深 港高铁来到广州，依照网上的"攻略"前往长隆旅游度假区游玩，其中汇聚了多国表演者的长隆大马戏让 她印象深刻。 "海关依托信息化系统优化办理流程，在口岸现场增派懂外语的工作 ...

从20世纪80年代的布匹烟酒，到90年代的米面粮油，再到如今的无人机、国潮文创等"中国好物""国货 之光"，《金融时报》记者连日来走访春节年货市场，发现年轻人的年货清单，正悄悄变了模样。 在大疆国贸商城旗舰店，不少年轻人围着展示台，仔细研究各款无人机产品，时不时发出赞叹。 "看，这是我为自己准备的'电子年货'。"来自北京平谷区的女孩李冉（化名）拿着刚刚下单的大疆最新 款运动相机，兴奋地展示给记者看："今年赶上'史上最长春节假期'，早早就约好了朋友，利用假期后 半段去天津深度游，这次做了个升级换代，就当作送给自己的新年礼物。" 另一对小情侣王浩（化名）和张琪（化名），在店内耗时许久，最终选定一款心仪已久的无人机。与李 冉不同的是，他们着实"下了一回血本"，趁着春节前入手了防风性能最强、稳定性最好的"终极款"产 品，尤其适合户外开阔场景的航拍。 "大年初五，我们就飞往印度尼西亚旅行，那里允许游客携带无人机入境，虽然花了些银子，但这份'大 件儿'年货，符合我们的审美，满足我们的需求，期待这趟印尼之旅。"王浩和张琪对记者说，这款承载 硬核技术的"电子年货"，是"中国制造"中的高端产品，贵有贵的理由，他们也愿意把钱花在 ...

Core Viewpoint - China's technological innovation capabilities are increasingly attracting global capital attention [1] Group 1: Foreign Investment Research - Since 2026, foreign institutions have conducted research on 189 A-share listed companies, focusing on hard technology sectors such as power equipment, electronics, and machinery [2][3] - The most popular companies among foreign investors include Huaming Equipment, Yingshi Innovation, and Huichuan Technology, each receiving over 50 foreign institution inquiries [3][4] Group 2: Company-Specific Insights - Huaming Equipment has been a focal point for foreign investors, with 59 institutions including Morgan Asset and BlackRock showing interest. The company's global business development and plans for an H-share listing in Hong Kong are key discussion points [5] - Yingshi Innovation has attracted attention from 58 foreign institutions, focusing on its new product developments in cameras and wearable technology [6] - Huichuan Technology is also under scrutiny from 53 foreign institutions, with aspirations to enhance its international business presence [6] Group 3: Industry Focus - The power equipment, electronics, and machinery sectors are receiving the highest levels of international attention this year [7][8] - Notable companies in the power equipment sector include Huaming Equipment, Huichuan Technology, and Dajin Heavy Industry, while the electronics sector features Yingshi Innovation and Aobi Zhongguang [8][9] Group 4: Future Economic Outlook - Foreign institutions believe that China's large technology sector, domestic demand, innovation, and high-tech investment will be key drivers of economic growth in 2026 [9] - The FTSE Russell's global investment research head indicates that technology will constitute 27.1% of the FTSE China Index by the end of 2025, suggesting a diversified industry composition that could benefit Chinese stocks [9] - UBS's China equity strategy head notes that potential inflows of $16 billion could occur if foreign funds reallocate to include Chinese stocks in their portfolios [9]

Group 1 - DJI's former Vice President of Sales, Yuan, was detained by police for alleged bribery as a non-state public official, with the case currently in judicial proceedings [1] - During Yuan's tenure from May 2019 to May 2024, he was accused of leveraging his position to gain substantial illicit benefits [1] - Major internet companies have established regular anti-corruption reporting and institutional governance, focusing on commercial bribery and embezzlement [1] Group 2 - According to the Hurun Global Unicorn List, DJI's valuation stands at 84 billion yuan [2] - The online retail market for action cameras in China saw significant growth, with sales reaching 331,000 units and revenue of 790 million yuan in the first six weeks of 2026 [2] - DJI holds a commanding 63.6% market share in the online action camera segment, solidifying its position as the market leader in China [2]

Core Viewpoint - The article discusses the transformation of panoramic and action cameras from professional equipment to consumer-friendly devices, driven by the growing demand from short video creators and outdoor enthusiasts in China. It highlights how domestic brands have outperformed established foreign competitors in this market [2][3]. Group 1: Camera Technology - Consumer-grade panoramic cameras utilize a "dual-lens + automatic stitching" technology, allowing users to capture 360° images effortlessly with AI algorithms [5][7]. - Professional-grade panoramic cameras feature multiple optical sensors and are designed for high-end applications, providing immersive experiences for events like parades and VR experiences [7]. - Action cameras are characterized by strong protection and high stability, making them suitable for extreme sports and outdoor activities, thus meeting the recording needs of outdoor enthusiasts [9]. Group 2: Market Growth - The market for handheld smart imaging devices has seen significant growth, expanding from 16.4 billion yuan in 2017 to 36.5 billion yuan in 2023, with projections to reach 59.2 billion yuan by 2027 [11][13]. - The rise in popularity of platforms like Douyin and Xiaohongshu has turned content creation into a widespread activity, contributing to the increased demand for panoramic cameras among users who want to elevate their video content [13]. - The global retail market for panoramic cameras grew from 2.51 billion yuan in 2017 to 5.03 billion yuan in 2023, with an expected compound annual growth rate (CAGR) of 11.8% [13]. Group 3: Domestic Brand Success - Domestic brands have captured 67.2% of the global consumer-grade panoramic camera market in 2023, significantly outperforming foreign competitors, which hold only 9.2% [18]. - These brands have successfully innovated by understanding the preferences of younger consumers and enhancing product features, such as editing capabilities and image quality [18]. - The second leading domestic brand leveraged its expertise in drone technology to expand into the action camera market, creating a comprehensive smart imaging product lineup [20]. Group 4: Competitive Advantages - Domestic brands have thrived by recognizing the "shallow water" nature of the handheld smart imaging device market, characterized by diverse demands and low competition barriers [21]. - Key technological advancements include high-performance image sensors and intelligent algorithms that enhance image capture and processing capabilities [21]. - Product innovation focuses on meeting user needs for content creation, with new features and designs tailored to various usage scenarios [21].