购买电子设备时，优先选择有良好安全口碑的大品牌产品，此类产品的隐私保护和安全保障措施相对完 善。不用智能摄像头时，直接盖上或拔掉电源，进行物理隔绝。另外，当电子设备第一次联网时，立即 修改默认的用户名和密码，改为高强度、较为复杂的密码。同时定期检查手机APP对智能设备的控制权 限，仅授予必要的权限，关闭不必要的权限，以防不法分子"趁虚而入"。 警方提醒，通过"AI换脸"等新技术实施诈骗，与传统的诈骗行为在本质上没有区别。对于构成诈骗罪 的，要依照我国刑法第二百六十六条的规定追究刑事责任。如果通过操控摄像头等设备偷窥偷听他人隐 私，则可能构成非法侵入计算机信息系统罪或非法获取计算机信息系统数据、非法控制计算机信息系统 罪等。 在日常生活中，个人一定要提高防范意识，筑牢保护个人信息安全的第一道防线。遇到疑似信息泄露或 诈骗的，要保留好截图、录音、交易记录等证据，及时拨打110报警。（记者 张天培） [ 责编：袁晴 ] 利用"AI换脸"伪造身份、智能设备"偷听"、摄像头被操控……AI生成视频、智能管家、刷脸支付等新技 术让生活更便利的同时，也隐藏着个人隐私被泄露的风险。如何提升防范意识、保护个人信息安全？ 深度伪造 ...

Core Insights - The article highlights the record attendance of 410,300 visitors at ChinaJoy, with a significant portion being young players aged 18-29, making up 64% of the audience [1] - It emphasizes the emerging trends in consumer behavior among young people, particularly in the gaming and digital entertainment sectors, focusing on personalized experiences and emotional value [1][20] Group 1: Emerging Consumer Trends - The "one square meter desktop economy" reflects a trend where young consumers seek to personalize their workspace, transforming it into a healing corner [2] - Brands like AKKO are capitalizing on this trend by offering customizable gaming peripherals that resonate with young people's interests and emotions [2][5] - The demand for personalized products extends to various consumer segments, including female gamers who are increasingly seeking tailored gaming accessories [26][27] Group 2: Brand Collaborations and IP Licensing - Many brands are leveraging game collaborations to attract young consumers, with notable partnerships observed at ChinaJoy, such as Merck's collaboration with "Bai Yao Pu" and "Duo Duo Lemon Tea" with "Identity V" [11][15] - The article discusses the importance of aligning brand image with the chosen IP to ensure resonance with the target audience, as seen in the case of Duo Duo Lemon Tea [15][17] - Creative engagement strategies, such as interactive experiences and unique product designs, are essential for brands to deepen their connection with young consumers [17] Group 3: Niche Market Focus - Companies are increasingly focusing on specific consumer segments rather than trying to appeal to everyone, as demonstrated by brands like Hitcard, which targets adult collectors rather than the younger demographic typically associated with card games [20][22] - The success of brands like Piececool, which offers metal 3D puzzle models, showcases the potential of catering to diverse interests and aesthetics within the consumer base [22] - The article notes that the growing female gamer demographic is prompting brands to create products that cater specifically to their needs, as seen with LAMZU and its mouse designed for smaller hands [26][27] Group 4: Emotional Connection and Brand Identity - The overarching theme of ChinaJoy is the emotional connection brands seek to establish with young consumers, aligning with the event's theme of "Gathering What You Love" [35] - Brands are not just selling products but are also creating identities and experiences that resonate with consumers' passions and interests [35] - The focus on emotional value and personal expression is becoming a key driver in the purchasing decisions of young consumers [35]

Group 1 - The core viewpoint of the news highlights that Kefa Investment has conducted research on a listed company, Edifier, focusing on its product development and market strategies for 2024 and beyond [1] - Edifier has strengthened its R&D and market launch of mid-to-high-end and differentiated products, leading to a continuous increase in brand strength [1] - In 2024, Edifier's gross margin reached 42.62%, an increase of 1.49% compared to the same period last year, with a net profit attributable to shareholders of 429 million yuan, a year-on-year growth of 13.66% [1] - In the first quarter of 2025, Edifier's gross margin continued to improve to 40.94%, but due to insufficient recovery in residents' income expectations and high-end consumer demand, both revenue and net profit experienced a slight decline [1] - The company has launched multiple high-end new products, including TWS headphones and speakers, with wireless headphones upgraded to Bluetooth 6.0, featuring real-time multilingual voice translation [1] - The open-ear headphone market is rapidly growing, prompting Edifier to increase investment and introduce various product forms [1] - Edifier operates multiple brands in synergy, launching several sub-brands to cover different consumer groups [1] Group 2 - Kefa Investment is a macro-hedge fund management company that invests in global commodities, bonds, equity assets, and their derivatives [2] - The company is a member of the China Fund Industry Association and the China Futures Association, with qualifications approved by the China Securities Investment Fund Association [2] - Kefa Investment has received multiple awards for its performance and scale in managing various funds, including the "2014 Golden Bull Private Fund Management Company (Macro Futures Strategy)" [2] - The firm emphasizes the investment philosophy of "details hide industrial codes, research discovers value cores," focusing on macro and industrial fundamental research [2] - Kefa Investment has a research team of over 50 professionals and covers major trading varieties in domestic and international futures markets [2] - The company aims to strengthen communication and cooperation with real enterprises, providing comprehensive solutions in the industrial chain, including consulting, hedging, and industrial funds [2]

Core Insights - The opening of "Super Turn" marks a significant step in the second-hand luxury goods market, showcasing a multi-category approach to second-hand retail [1][3] - The store features a wide range of nearly 30,000 second-hand items across over 200 categories, emphasizing a shift from traditional luxury retail experiences to a more casual and exploratory shopping environment [2][4] - The strategy reflects a broader industry trend where second-hand e-commerce platforms are increasingly integrating offline experiences to build consumer trust [3][12] Company Strategy - "Super Turn" is the first major project following the acquisition of the second-hand luxury brand Hongbulin, indicating a strategic shift towards a multi-category retail model [3][6] - The store's design and product offerings aim to challenge consumer perceptions by excluding mobile phones, which were previously a core product for the company, to promote a broader understanding of second-hand goods [8][12] - The company is focused on creating a "trust delivery" model that integrates online and offline sales, enhancing consumer confidence in second-hand purchases [13][15] Market Positioning - The launch of "Super Turn" comes at a time when competitors like Xianyu are also expanding their offline presence, but "Super Turn" distinguishes itself with its large-scale, multi-category format [3][17] - The company aims to position itself as the go-to choice for high-value second-hand goods, contrasting with competitors that focus on fragmented transactions [17] - The initial success of the store has exceeded expectations, with a significant portion of foot traffic generated through organic word-of-mouth rather than formal advertising [12][13] Operational Insights - The store operates under a "trial operation + word-of-mouth" strategy, with a focus on refining the business model before expanding to additional locations [12][17] - The company has reported a significantly lower return rate in-store compared to online, indicating that the physical shopping experience enhances consumer decision-making [15] - The management acknowledges the need for continuous improvement in product selection and store offerings to better meet consumer preferences [12][13]

Group 1 - Jiahe Intelligent announced a plan to acquire German audio brand Beyerdynamic for €12.2 million (approximately 1.0 billion RMB), with the final transaction amount to be determined based on financial data at the closing date [1] - Beyerdynamic, established in 1924, is a leading brand in the professional headphone market, known for its high-end audio products and strong brand recognition globally [1] - In 2024, Beyerdynamic reported revenues of €84.45 million, a year-on-year increase of 16.57%, and a net profit of €8.54 million, marking a return to profitability [1] Group 2 - Jiahe Intelligent's revenue for 2024 was 2.467 billion RMB, with total assets of 4.375 billion RMB, and headphones accounted for 77.25% of its revenue [2] - The acquisition is expected to enhance Jiahe Intelligent's brand revenue scale, operational capabilities, and facilitate expansion into the European and American markets [2] - The integration of technical resources from both companies aims to complement their strengths in consumer and professional audio products, accelerating technological upgrades and product innovation [2] Group 3 - Concerns have been raised regarding the high acquisition price of 999 million RMB, which is 14 times Beyerdynamic's 2024 net profit, indicating a high valuation risk [3] - Jiahe Intelligent's focus on OEM/ODM and lack of direct consumer market experience may pose challenges in expanding Beyerdynamic's presence in the mass market, potentially requiring significant additional investment [3] - The success of this rare cross-border acquisition in the A-share consumer electronics ODM sector remains to be seen [3]

Group 1 - The essence of marketing is to understand consumers and their needs, rather than projecting one's own preferences onto them [1] - Effective product design should focus on the consumer's understanding and usage, rather than aesthetic preferences that may not align with consumer behavior [1] - Communication with consumers and continuous validation of assumptions are crucial for understanding market demands [1] Group 2 - New products must incorporate innovative elements to remain competitive, which can be achieved through technology or by adapting to societal and economic changes [2] - Consumer preferences may not always align with their actual choices, highlighting the importance of understanding the context and subconscious influences on decision-making [2] - The transformation of business logic behind products can lead to entirely new market entities, even if the consumer-facing experience remains similar [2]

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Views - The company experienced short-term pressure on performance, with a slight revenue increase in 2024 driven by the growth of smart wearable products. The revenue breakdown for 2024 shows headphones, speakers, and smart wearables accounting for 77.25%, 11.16%, and 8.38% of total revenue, respectively, with a significant increase in the share of smart wearables [2][4]. - The company's net profit for 2024 saw a substantial decline of 68.85%, primarily due to a decrease in gross margin, increased management and financial expenses, and higher asset impairment losses [3][4]. - The company is focusing on diversifying its business, aiming to develop new growth points in the AI/AR glasses segment while leveraging its strong foundation in the consumer electronics industry [4]. Financial Summary - For 2024, the company reported total revenue of 24.67 billion, a year-on-year increase of 3.76%, and a net profit of 0.41 billion, a year-on-year decrease of 68.85% [1][9]. - The projected revenues for 2025 and 2026 are 26.86 billion and 29.35 billion, respectively, with expected year-on-year growth rates of 8.9% and 9.3% [7][9]. - The forecasted net profits for 2025 and 2026 are 1.00 billion and 1.46 billion, reflecting significant recovery with year-on-year growth rates of 142.3% and 45.5% [7][9]. - The company's earnings per share (EPS) for 2025 and 2026 are projected to be 0.26 and 0.38, respectively [7][9].

天键电声股份有限公司 首次公开发行股票并在创业板上市发行公告 保荐人（主承销商）： 特别提示 天键电声股份有限公司（以下简称"天键股份"、"发行人"或"公司"）根据中 国证券监督管理委员会（以下简称"证监会"）《证券发行与承销管理办法》（证监 会令[第 208 号]）（以下简称"《管理办法》"）、《首次公开发行股票注册管理办法》 （证监会令[第 205 号]）（以下简称"《注册办法》"），深圳证券交易所（以下简称 "深交所"）《深圳证券交易所首次公开发行证券发行与承销业务实施细则》（深证 上[2023]100 号，以下简称"《业务实施细则》"）、《深圳市场首次公开发行股票网 上发行实施细则》（深证上〔2018〕279 号）（以下简称"《网上发行实施细则》"）、 《深圳市场首次公开发行股票网下发行实施细则（2023 年修订）》（深证上〔2023〕 110 号）（以下简称"《网下发行实施细则》"）、《深圳证券交易所创业板投资者适 当性管理实施办法（2020 年修订）》（以下简称《投资者适当性管理办法》）和中 国证券业协会（以下简称"证券业协会"）《首次公开发行证券承销业务规则》（中 证协发〔2023〕18 号）（ ...