该合伙企业为创业投资基金，原则上投早投小，将主要对具身智能产业链相关的创新企业进行直接或间 接的股权投资、准股权投资或从事与投资相关的活动，包括但不限于上游关键原材料及零部件，如伺服 系统、电机、控制器、减速器、传感器等；关键软件系统及人工智能算法等；中游机器人本体制造与集 成，以及机器人下游应用解决方案等。 龙旗科技表示，本次投资资金来源为龙旗智能的自有资金。协议的签署不会对公司2025年经营业绩构成 重大影响。 10月9日，据智元机器人消息，公司与龙旗科技就工业场景的具身智能机器人应用开展深度战略合作， 龙旗科技下达数亿元金额的智元精灵G2机器人框架订单。此次合作将部署近千台机器人，是目前国内 工业具身智能机器人领域最大订单之一。 11月24日晚间，龙旗科技(603341)公告称，全资子公司龙旗智能拟作为有限合伙人，以自有资金认缴出 资3000万元，参与认购上海瓴智新创创业投资合伙企业（有限合伙）的基金份额，占认缴出资总额的 23.08%。该合伙企业主要对具身智能产业链相关的创新企业进行直接或间接的股权投资。 此前接受调研时，龙旗科技也透露，目前公司内部已有专项团队，重点研究如何将机器人与AI技术结 合， ...

Core Viewpoint - Longqi Technology (龙旗科技) is actively investing in the embodied intelligence sector through its subsidiary Longqi Intelligent, aiming to enhance its competitive strength and secure quality investment targets in the industry [1] Group 1: Investment Activities - Longqi Intelligent plans to invest 30 million yuan in the Shanghai Lingzhi New Venture Capital Partnership, representing 23.08% of the total subscription amount [1] - The partnership focuses on direct or indirect equity investments in innovative companies related to the embodied intelligence industry, including key upstream materials and components, critical software systems, and downstream application solutions [1] Group 2: Business Expansion and Partnerships - Longqi Technology is a leading ODM for smart products, serving major global consumer electronics brands and has diversified its product offerings to include smartphones, tablets, AI PCs, automotive electronics, and more [2] - The company has entered a strategic partnership with Zhiyuan Robotics, placing a significant order for the Zhiyuan Spirit G2 robots, marking one of the largest orders in the domestic industrial embodied intelligence robot sector [2] Group 3: AI Hardware Developments - Longqi Technology has made breakthroughs in AI glasses and AI PCs, with the first smart glasses project entering mass production and two new self-developed AI PC products launched [3] - In Q3 2025, revenue from AIoT products reached 2.282 billion yuan, a year-on-year increase of over 47%, accounting for 20% of the company's total revenue [3]

【艾为电子：#AI眼镜或将替代手机# 】#AI眼镜出货量将暴涨247%# "目前，AI眼镜已具备手机的多种 功能，未来，AI眼镜将替代手机。" ——艾为电子董秘余美伊在股东会上表示。在消费电子领域，艾为 电子展现了对AI眼镜的高度重视。Meta是公司在AI眼镜领域的一大客户，除此之外，公司芯片也应用 在了其他品牌的AI眼镜中，如Google、小米、雷鸟等。余美伊表示："手机市场目前已成为存量市场， 但AI眼镜产品是0到1的过程，未来增长空间巨大。"根据IDC数据，智能眼镜品类在2025年的出货量将 增长247.5%，整个市场的硬件出货量到2029年将达到4310万台，复合年增长率高达31.8%。（科创板日 报，泽塔） ...

登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -10% -4% 2% 8% 14% 20% 26% 32% 2024.11 2025.03 2025.07 2025.11 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,834.89 | -2.45 | | 深证成指 | | 12,538.07 | -3.41 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,453.61 | -2.44 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,320.59 | -2.40 | | 中证 500 | | 6,817.41 | -3.46 | | 中证 1000 | | 6, ...

回顾从2021年至今，这几年12月的行情似乎都有一个规律，大家是否发现了呢？每年11月底到12月中 旬，市场表现都不错，但为什么到了12月12日前后，行情就会出现拐点呢？原因或许就在这轮行情的核 心逻辑——博弈。每年12月中旬都会召开重要会议，大家可以看看会议的结束时间，与2021年以来每年 12月行情拐点的时间是否完全一致。我们的市场一直都有这样的规律，在重大事件之前，市场表现通常 都很稳定，但等大事落地之后，市场就不那么乐观了。每年12月的大会就是一个很好的例子。12月是一 个关键节点，既要总结过去一年的工作，又要规划下一年的工作。就拿去年来说，当时提到的消费、科 技反内卷等概念，完全主宰了今年大部分的行情。所以每年从10月底到12月中旬，市场都会围绕大会进 行博弈，等到大会结束就会迎来预期兑现。 那么接下来这一轮反弹我们该如何把握呢？关键就在于你认为大会将会提到哪些方向。这几年有两个明 显的变化：一是产业重点方面，2021年和2022年提到的是数字经济新基建，也就是AI应用和算力。那 时候炒作算力和现在还不一样，炒作的是国资云概念，也偏重于AI软件。等到2023年和2024年，进一 步提出要发展心智生产 ...

和网球名将郑洁对战是什么感觉？在11月21日举行的2025青岛虚拟现实创新大会上，记者在现场沉浸式 体验了一番VR带来的乐趣。虽然大比分输了，但与网球名将"隔空"挥拍的快乐依然真实可感。 记者了解到，国家虚拟现实创新中心（青岛）以网球运动为切入口，创造性地推出了VR数智体教融合 平台，为网球运动带来了全新的视角和玩法。现场工作人员表示，VR网球赛通过VR设备呈现出虚拟的 网球场景，并且完全不受空间的限制，可以在家里就完成网球训练。 此次大会以"虚实无界 智享未来"为主题，聚焦创新应用、产业集聚、成果转化、人才培育，全面呈现 了虚拟现实全产业链的前沿动态和创新应用。大会现场，歌尔、大朋VR等30余家国内外领先企业带来 的一批创新成果惊艳亮相，从沉浸式文娱到工业级应用，虚拟现实技术已深度赋能千行百业，并以其独 特的沉浸式体验改变着人们的生活，虚拟与现实的边界正被重构。 在主题演讲环节，围绕"深耕AI+元宇宙 开启虚实相融新世界"，歌尔集团有限公司副董事长、歌尔股份 有限公司副董事长兼总裁姜龙表示，全球正迈入"AI+元宇宙"时代，AI眼镜将成为下一代重要终端，未 来5—8年有望部分取代智能手机。 记者在会上了解到， ...

在工业与商用领域，亿道信息通过将加固终端与AI算法深度融合，实现了多场景技术突破。仓储场景 中的手持终端可实现货物信息的毫秒级识别与离线处理，配合本地部署的AIGC软件助手，大幅提升分 拣效率。在智能制造领域，公司的工业平板通过边缘计算节点实现设备数据的实时分析，助力企业打造 智能化产线。此外，公司AI技术应用已延伸至智慧教育、智能办公、智慧零售等多个领域，形成了从 端侧硬件到边缘计算、从算法框架到行业解决方案的全场景覆盖能力。 亿道信息表示，亿封智芯先进封装项目的落地，是公司AI生态建设的重要战略布局。通过三方联合发 力，公司将进一步整合资源、实现优势互补，推动封装技术与AI终端、应用场景的深度融合，持续完 善"端-边-云"协同生态。 资料显示，亿道信息是一家以研发设计为核心的智能终端产品及解决方案提供商，公司产品矩阵覆盖消 费级电脑与平板、加固智能行业终端、XR/AI穿戴及AIoT产品等，广泛用于生活娱乐、智能办公、智慧 教育、智能制造、智慧零售等多元场景。2025年前三季度，公司实现营业收入同比增长24.23%，经营 质量稳步提升。 依托深厚技术积累，亿道信息成功构建了覆盖端侧与边缘侧的算力产品矩阵，从 ...

前10月 000 电商发展"成绩单"出炉 智能产品等增长亮眼 商务部消息 2025年1-10月,我国电子商务在提振消费 惠民生、促进现代产业体系建设、扩大高水 平对外开放等方面发挥积极作用,不断释放 商务发展新动能。 数字消费助力扩内需惠民生 O 数字消费、品质电商以新供给创造新需求, 不断激发消费潜力 -- 1-10月 同比增长 全国网上零售额 9.6% 1 Al眼镜、智能手表等 增长 智能穿戴网零额 23.1% I 增长 网络服务消费 21% 其中 线上购券-线下体验的 即时电商 到店餐饮 销售额增长 增长 25.1% T 24.3%- 产业电商助力数智化转型 C 惠企对接提升中小企业数字化转型和柔性制 造能力,主要电商平台开展产业电商对接超 400场,带动: 纺织领域产业电商 药品领域产业电商 交易额增长 交易额增长 5.5% I 3.4% 山东"数商兴农"活动,联动山西 甘肃、江西等地,推动电商赋能 特色农产品销售 .. 1-10月 农产品网络 农村网络 零售额增长 零售额增长 9.5%1 7.5% "丝路电商"助力共享中国大市场】 O 打造高质量共建"一带一路"新实践,"丝 路电商"合作先行区建设形 ...

Core Insights - China has maintained its position as the world's second-largest importer for 16 consecutive years, driven by a population of over 1.4 billion and more than 400 million middle-income individuals, resulting in an annual import volume exceeding 20 trillion yuan [1][8]. Group 1: Trade and Economic Scale - China is the world's largest goods trader, holding this position for eight consecutive years and serving as a major trading partner for over 150 countries and regions [2]. - The service trade scale is projected to exceed 1 trillion USD for the first time in 2024, ranking second globally [3]. - China's cross-border e-commerce is the largest in the world, with total import and export volume expected to reach 2.71 trillion yuan in 2024 [4]. - By the end of 2024, China is expected to attract over 100 billion USD in foreign investment for 15 consecutive years, maintaining its status as the largest recipient of foreign investment among developing economies [5]. Group 2: Market Openness and Connectivity - The national negative list for foreign investment has been reduced to 29 items, with the manufacturing sector achieving a complete clearance [6]. - Shenzhen is emerging as an "international hub," enhancing its connectivity with the world through busy ports and efficient logistics, with significant growth in international shipping routes [7]. - In the first ten months, Shenzhen's import of mechanical and electrical products reached 1.2 trillion yuan, an increase of 8.5%, while agricultural product imports grew by 10% to 82.26 billion yuan [7]. Group 3: Tourism and Consumer Trends - The recent implementation of a 240-hour visa-free transit policy at several ports in Guangdong has significantly increased foreign tourist arrivals, with over 1.2 million foreign travelers processed this year, marking a 100% increase in visa-free entries [9]. - The integration of "China travel" and "China shopping" has become a popular topic on social media, with foreign tourists increasingly purchasing Chinese electronic products [9]. Group 4: Expert Insights on Market Potential - Experts emphasize that China's import demand accounts for 10.5% of global demand, providing opportunities for countries to leverage their advantages in participating in China's economic development [10]. - The expansion of green trade, particularly in new energy vehicles and solar products, has significantly reduced global costs for wind and solar power generation, enhancing the world's capacity to address climate change [10]. - The "14th Five-Year Plan" suggests actively expanding autonomous openness and aligning with international high-standard trade rules, with institutional openness being a key focus [10].

Core Viewpoint - Elon Musk predicts that traditional smartphones and apps will disappear within the next 5 to 6 years, with AI generating most of the content consumed by users [2][3] Group 1: Future of Smartphones and Apps - Musk envisions a future where smartphones become mere display devices, integrating AI deeply to provide personalized content without the need for complex operating systems or numerous apps [2][4] - The transformation will shift from manual operations to proactive AI services, allowing for seamless interactions such as ordering breakfast based on health data and schedules [4][6] - The concept of apps as "function containers" is evolving, with AI expected to deconstruct and reassemble functionalities, leading to a dynamic service presentation rather than static app icons [6][8] Group 2: AI's Impact on Work and Daily Life - Musk indicates that AI will significantly reduce office tasks like email management and customer service in the near future, with creative jobs such as programming and writing also at risk of replacement [3][5] - The development of AI systems, such as Baidu's "伐谋," showcases advancements in self-evolving intelligent agents capable of providing optimal solutions and enhancing user interaction [5][6] Group 3: Evolution of Interaction Devices - Wearable and implantable devices are emerging as the next generation of human-computer interaction, potentially replacing smartphones as the primary interface [7][8] - The trend towards "AI-enhanced terminals" is evident, with devices like Samsung's Galaxy S25 adapting to user environments and Huawei's Mate 60 enabling seamless task transitions across multiple screens [8][9] Group 4: Challenges and Future Considerations - Despite rapid technological advancements, the transition away from traditional smartphones and apps will be gradual, with significant market presence still expected for smartphones in the near term [9][10] - Key challenges include the need for comprehensive 5G/6G network coverage, privacy concerns regarding AI algorithms, and user attachment to physical buttons [9][10]