AI耳机正在无线耳机市场中成为主流。洛图科技发布的一则报告显示，500元以下的AI耳机销量占比已经超60%，看来当其他行业不少还在借AI来炒作概 念"用AI给产品带货"时，AI耳机已开始向着低端市场俯冲。 图源：洛图科技 AI耳机的普及速度甚至比几年前TWS真无线耳机普及潮还要快。AI耳机到底是如何快速降低成本，并且抓住用户需求的？研究了目前市面上的主流AI耳机 后，小雷或许找到了答案。 真无线耳机+真AI，能带来什么？ 在雷科技看来，AI与真无线耳机的契合度本就很高，无线耳机的语音交互、降噪以及翻译等功能，都可以通过AI来实现体验的跃升，这也让AI耳机所涵盖 的耳机品类非常广。 毕竟过去几年时间里，真无线耳机早已将降噪、语音交互等功能逐渐"卷"成标配。特别是在倍思等品牌入场后，你甚至可以看到一百元出头的耳机就具备主 动降噪等智能化的功能。 不过若是用了AI（哪怕只是机器学习技术）就算AI耳机，那么AI耳机在耳机市场的覆盖率估计就轻松超过95%了，所以目前统计AI耳机主要还是看是否真 的应用了AI：接入AI大模型，并且提供特定的AI功能。打开京东、天猫等电商平台，不难发现500元以内的真无线耳机，很多都已经搭 ...

新华社记者刘梓漪、刘铭翔 宇树科技的机器人伴随动感音乐跳街舞，云深处的机器狗原地后空翻稳稳落地，浙江人形机器人创新中 心的机器人化身指挥家……在刚刚闭幕的第四届全球数字贸易博览会上，印度尼西亚拉贾瓦里电视台的 新闻记者奥利维娅·费拉里边用手机记录边赞叹："中国的人工智能和机器人太多样、太不可思议了！" 9月23日至29日，来自马来西亚、印度尼西亚、老挝、越南、缅甸等东盟国家的智库学者、媒体记者参 访团，走进浙江杭州、金华、湖州等城市，沉浸式感受科技助力发展的生动实践。 "这款吹风机多少钱？""拿货价格是48元人民币。"在义乌国际商贸城，奥利维娅借助AI翻译设备，用印 尼语与中国老板李军无碍沟通，顺利完成购物。她说："AI翻译机很有意思，不同国家的人都能用母语 顺利购物。" 能拍照录视频的AI眼镜、带实时翻译功能的AI耳机、可实时答疑解惑的AI手表……义乌国际商贸城内 还有很多科技产品。李军说，AI技术已深度融入日常销售，不仅可用于与外国顾客的交流，还可提供 有效的销售策略。 9月25日，在第四届全球数字贸易博览会上，印度尼西亚拉贾瓦里电视台的新闻记者奥利维娅·费拉里为 电视台录制视频。新华社记者 刘梓漪 摄 ...

Market Overview - On September 24, the A-share market opened lower but closed higher, with the ChiNext Index reaching a three-year high and the STAR 50 Index rising nearly 5% during the day. The Shanghai Composite Index rose by 0.83%, the Shenzhen Component Index increased by 1.80%, and the ChiNext Index gained 2.28% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 2.33 trillion yuan, a decrease of 167.6 billion yuan compared to the previous trading day. Over 4,400 stocks rose, while fewer than 900 declined [1] Sector Performance - The semiconductor industry continued its strong performance, with over 20 stocks hitting the daily limit. The robotics sector also saw significant gains, and Alibaba Cloud-related stocks performed actively. In contrast, the tourism sector showed weakness [1] - The storage chips, photolithography machines, and energy metals sectors led the gains, while the tourism sector experienced the largest declines [1] International Market Trends - In the U.S. stock market on September 24, the three major indices fell, with the Dow Jones Industrial Average down by 171.50 points (0.37%), the S&P 500 down by 18.95 points (0.28%), and the Nasdaq Composite down by 75.62 points (0.33%) [2][4] - European markets showed mixed results, with the FTSE 100 rising by 27.11 points (0.29%), the CAC 40 down by 44.57 points (0.57%), and the DAX up by 55.48 points (0.23%) [2][4] Commodity Prices - International oil prices increased on September 24, with light crude oil futures for November rising by $1.58 to $64.99 per barrel (up 2.49%), and Brent crude oil futures for November rising by $1.68 to $69.31 per barrel (up 2.48%) [3][4] Policy Developments - Eight departments, including the Ministry of Commerce, issued guidelines to boost digital consumption, encouraging innovation in artificial intelligence terminal products and smart connected vehicles [5] - The central bank announced a 6 billion yuan MLF operation scheduled for September 25, aimed at maintaining liquidity in the banking system [6] - A joint plan was released by six departments to stabilize growth in the building materials industry, targeting over 300 billion yuan in revenue from green building materials by 2026 [7] Corporate News - Alibaba Cloud and NVIDIA announced a collaboration to advance physical AI applications, integrating NVIDIA's software stack into Alibaba's AI platform [8] - The U.S. government confirmed the implementation of a 15% tariff on EU-imported cars and automotive products as part of a trade agreement [9] - Huatai Securities and CITIC Securities provided insights on market opportunities, highlighting structural opportunities in the financial sector and the rising prices of sustainable aviation fuel (SAF) in Europe [10] Fund Flow Analysis - The semiconductor sector saw a net inflow of 15.42 billion yuan, with a 4.39% increase, while the electronic components sector experienced a net outflow of 3.84 billion yuan [11] - Notable stocks with significant net inflows included Yangguang Electric and SMIC, while Heertai and Industrial Fulian faced substantial outflows [13]

AI Hardware - The Ministry of Commerce and seven other departments issued guidelines to promote digital consumption, encouraging companies to accelerate the development of AI terminal products and explore new consumption potential in AI smartphones, computers, and other devices [1] - Dongfang Securities predicts that more large model manufacturers and internet companies will enter the hardware market, creating a direct path from models to terminals to users, which will drive innovation in smart hardware [1] AI Infrastructure - Alibaba's CEO announced a significant investment of 380 billion yuan in AI infrastructure, with plans for further investment, anticipating a tenfold increase in energy consumption at Alibaba Cloud's global data centers by 2032 [2] - North American cloud providers are expected to invest over $350 billion in AI infrastructure this year, with projections exceeding $400 billion by 2026 [2] Cement Industry - The Ministry of Industry and Information Technology and other departments issued a plan to stabilize growth in the building materials industry, prohibiting new cement clinker and flat glass production capacity [3] - Galaxy Securities believes that the "anti-involution" sentiment will accelerate supply optimization in the cement industry, leading to price increases and improved profitability for regional leading enterprises [3] Nuclear Fusion - China Fusion Energy Company showcased its technology and business layout at an industrial expo, aiming for commercial nuclear fusion energy by 2050 [4] - Controlled nuclear fusion is seen as a key to achieving "energy freedom," providing a clean and virtually limitless energy source [4] Physical AI - Alibaba Cloud and NVIDIA announced a collaboration in the Physical AI field, integrating NVIDIA's software stack into Alibaba's AI platform to enhance the development cycle of applications like embodied intelligence and autonomous driving [5] Macro and Industry News - The Ministry of Commerce and other departments issued policies to promote digital consumption and support the development of international data centers and cloud computing centers in specific regions [6] - The China Academy of Information and Communications Technology projected that the number of new Beidou-supported terminals and devices will exceed 400 million by the end of 2028 [7]

Core Viewpoint - The globalization narrative of Chinese companies is evolving from merely exporting products to offering culturally rich experiences and identities, as discussed in the recent forum on "Chinese Brand Culture Going Global" hosted by 36Kr [1] Group 1: Industry Trends - Chinese companies are shifting from a focus on price and supply chain efficiency to emphasizing cultural narratives and consumer experiences in their global strategies [1] - The forum highlighted the importance of capital, branding, infrastructure, and AI in navigating the new landscape of globalization [4] Group 2: Company Strategies - Voice AI company, Voice Intelligence, is expanding its product line to include AI hardware such as headphones and hearing aids, achieving significant sales milestones with over 100,000 units sold in the first month of launch [5][6] - Pet lifestyle brand VETRESKA has been strategically pivoting towards international markets since 2019, establishing offices in Singapore and Japan to enhance its overseas presence [8][9] - CMC Capital emphasizes the long-term nature of consumer demand and the need for companies to adapt their strategies to local markets, particularly in the context of cultural and operational differences [10][11] Group 3: Market Insights - The logistics sector is crucial for successful market entry, as demonstrated by the experiences of logistics company Able Logistics in Southeast Asia, which has built a comprehensive logistics network to support e-commerce growth [13][14] - Companies are advised to understand local cultural and infrastructural differences when entering Southeast Asian markets, as these factors significantly impact operational success [16][18] Group 4: Investment Perspectives - CMC Capital is focusing on investing in companies with strong organizational capabilities and is actively looking for opportunities in the overseas market [12][19] - The investment strategy includes supporting companies in their international expansion efforts, particularly those that can leverage local insights and adapt to consumer preferences [20][21] Group 5: Challenges and Opportunities - Companies face challenges in balancing cost, speed, and safety in logistics, particularly in the context of fluctuating tariffs and regulations in international markets [15][18] - The discussion highlighted the need for companies to build strong local partnerships to navigate the complexities of international expansion effectively [19][35]

Core Viewpoint - The article discusses the shift in China's globalization strategy from merely exporting products to promoting cultural experiences and identities, emphasizing the importance of cultural output in various sectors such as gaming, new consumption, and short dramas [3]. Group 1: Cultural Output and Globalization - Over the past two decades, Chinese companies primarily focused on product exports, but the narrative is changing towards cultural experiences and recognition [3]. - The "Breaking the Circle: Chinese Brand Culture Goes Global" forum highlighted the new paths, challenges, and opportunities for Chinese culture in the global market [3]. Group 2: Company Insights and Strategies - Voice Intelligence Technology is focusing on AI hardware for global markets, achieving significant sales milestones, and expanding into regions like Thailand, North America, and Japan [6][7]. - VETRESKA, a pet lifestyle brand, began exploring overseas markets early on and shifted focus to international expansion post-pandemic, establishing offices in Singapore and Japan [9]. - CMC Capital emphasizes the long-term nature of consumer demand and the importance of brand content over mere price-performance ratios in the context of globalization [11]. Group 3: Market Dynamics and Challenges - The logistics sector plays a crucial role in supporting brands entering Southeast Asian markets, with companies needing to adapt to local regulations and infrastructure challenges [15][17]. - Companies are advised to understand local cultures and market dynamics to avoid pitfalls when entering new regions [18][19]. Group 4: Investment and Resource Allocation - CMC Capital is actively investing in companies with strong organizational capabilities for overseas expansion, focusing on both internal and external resource mobilization [12][19]. - The importance of aligning product offerings with local consumer preferences is highlighted, suggesting that companies should prioritize markets where their products can meet specific consumer needs [33][36]. Group 5: Strategic Recommendations - Companies are encouraged to choose their initial overseas markets based on product characteristics and local market conditions, with Southeast Asia being a suitable testing ground for new products [36][37]. - The article suggests that brands should leverage their strengths and adapt their strategies based on the unique demands of each market, whether it be high-end or cost-sensitive segments [33][36].

Group 1: Robotics Sector Performance - The robotics sector experienced a collective surge on September 16, with significant gains in related concepts such as Yush Robot, reducers, and integrated die-casting [1] - The Robotics ETF (562500) saw a substantial increase of 3.75%, reaching a net value of 1.082, marking a historical high [1] - Among the 73 constituent stocks, 69 showed positive performance, with Jiangsu Leili leading at a 14.16% increase, achieving a historical high [1] Group 2: Market Liquidity and Fund Inflows - The total trading volume for the day reached 2.568 billion yuan, indicating strong capital inflow into the robotics sector [1] - The Robotics ETF attracted 416 million yuan in a single day, with a total net inflow of 1.269 billion yuan over the past five trading days [1] - The ETF's total scale increased by 1.11 billion yuan in a single day, reaching a new high of 19.898 billion yuan, approaching the 20 billion yuan mark [1] Group 3: AI and Technology Developments - AI startup Figure announced the completion of a Series C funding round, securing over 1 billion USD in commitments, with a post-funding valuation of 39 billion USD [2] - OpenAI launched the GPT-5-Codex model, which introduces a dynamic time allocation system for software engineering tasks, allowing processing times to extend up to 7 hours based on task complexity [2] - Tencent Cloud has fully adapted to mainstream domestic chips, focusing on optimizing AI computing power through a software-hardware collaborative strategy [2]

9月苹果发布召开，推出iPhone 17系列手机以及纤薄款机型Air。此外，苹果还发布了具备AI支持的实时 翻译功能的AirPods Pro 3，目前暂不支持中文。此前，国内AI耳机发展已经批量上市，受到海内外消费 者的欢迎。根据洛图科技预测，2025年全年AI耳机在中国传统电商渠道的总销量将达152.7万副，同比 增长超3倍。随着苹果AI耳机的发布，AI耳机有望进一步成为带动消费电子板块发展的驱动力。 消费电子ETF紧密跟踪中证消费电子主题指数，中证消费电子主题指数选取50只业务涉及元器件生产、 整机品牌设计及生产等消费电子相关的上市公司证券作为指数样本，以反映消费电子主题上市公司证券 的整体表现。 从AI眼镜来看，9月18日Meta的Connect大会期间或将上新AI眼镜，预计新品有望进一步带来AI眼镜的 市场热度。国内来看，小米的AI眼镜销量也大超预期，小米已将其AI眼镜3年出货目标定在500万台。 年内或还有阿里夸克AI眼镜和字节眼镜将发布，下半年比较值得关注。 数据显示，截至2025年8月29日，中证消费电子主题指数(931494)前十大权重股分别为寒武纪(688256)、 立讯精密(002475) ...

截至2025年9月12日 10:14，中证消费电子主题指数(931494)强势上涨1.87%，成分股芯原股份(688521)上 涨17.69%，景旺电子(603228)上涨10.00%，兆易创新(603986)上涨6.96%，工业富联(601138)，立讯精密 (002475)等个股跟涨。消费电子ETF(561600)上涨1.98%， 冲击3连涨。最新价报1.19元。拉长时间看， 截至2025年9月11日，消费电子ETF近1周累计上涨9.42%。 数据显示，截至2025年8月29日，中证消费电子主题指数(931494)前十大权重股分别为寒武纪(688256)、 立讯精密(002475)、中芯国际(688981)、工业富联(601138)、京东方A(000725)、澜起科技(688008)、豪 威集团(603501)、兆易创新(603986)、歌尔股份(002241)、东山精密(002384)，前十大权重股合计占比 54.8%。 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题ETF发起式 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company is currently in an expansion phase focusing on channel and regional development, with product innovation enhancing its brand momentum. The second half of the year is expected to show the benefits of domestic brand upgrades, while overseas growth is anticipated through e-commerce and offline expansion. The NAS products continue to lead consumer education, and the iteration of charging products is accelerating, benefiting from iPhone upgrades and compliance certifications for mobile power supplies. Long-term, the company aims to strengthen the Ugreen brand through product quality and user insights, which will further expand its product categories [2][10]. Financial Performance - In Q2 2025, the company achieved a revenue of 2.03 billion yuan, representing a year-on-year growth of 39%. The net profit attributable to the parent company was 124 million yuan, up 19% year-on-year [4]. - For H1 2025, the main growth categories were charging and storage products, with revenues of 1.43 billion yuan and 1.03 billion yuan respectively, showing year-on-year growth of 44% and 29%. The overseas business grew by 51% compared to the domestic growth of 27% [10]. - The gross margin for H1 2025 decreased by 1.4 percentage points, primarily due to an increase in the offline sales proportion [10]. Product Innovation and Market Strategy - The company has accelerated product innovation and channel expansion, launching new products such as the NAS model DH4300Plus and upgraded charging products, including the MagFlow magnetic wireless charger. The new AI headphones feature adaptive noise cancellation and AI voice assistant capabilities [10]. - The company is enhancing its market coverage through deep penetration in online platforms and localizing its offline channels, while also focusing on brand-building activities to improve its high-end and youthful brand image [10]. Future Outlook - The company expects to see the effects of brand upgrade investments in the second half of the year, with continued strong growth in overseas markets. The forecasted net profits for 2025, 2026, and 2027 are projected to be 680 million yuan, 950 million yuan, and 1.16 billion yuan respectively [10].