当前餐饮行业正处于"基本面边际改善—政策持续发力—价格机制修复—估值提升可期"多重因素的共振 阶段。经营层面，2025下半年以来社零餐饮收入与主要餐饮细分赛道同店表现持续回暖，叠加供给扩张 节奏放缓，行业竞争烈度边际下降，为企业经营修复与盈利改善提供了更友好的外部环境。政策层面， 服务消费导向持续强化，餐饮凭借高频、强场景与短决策链条特征，成为消费刺激政策中受益路径最为 清晰的方向之一。价格层面，在国家明确推动物价合理回升的背景下，餐饮企业顺价行为陆续展开，历 史经验显示成本扰动更多体现为阶段性影响，中长期毛利率有望修复抬升。估值层面，对标海外经验， 通胀预期改善往往推动餐饮板块估值中枢回升。餐饮行业在基本面、政策、价格与估值的多重因素作用 下，正向着更为积极的复苏方向发展。 中信建投：家电出海红利与变革周期 昨日市场探底回升，沪指重返4100点，深成指翻红，此前一度跌超1%，创业板指午后跌幅收窄。沪深 两市成交额2.48万亿，较上一个交易日缩量633亿。盘面上，市场热点快速轮动，全市场超3200只个股 上涨。从板块来看，煤炭概念掀起涨停潮，太空光伏概念爆发，机场航运概念走强；下跌方面，AI应 用、贵金属、算 ...

（编辑 丛可心） 证券日报网讯 2月3日，龙旗科技在互动平台回答投资者提问时表示，公司近年来研发费用有所增长， 主要由于新业务的拓展带来的研发投入增加，例如AIPC、汽车电子和智能眼镜等新品类的突破过程 中，公司同步推进了多个研发项目，涉及核心技术攻坚与产品迭代优化，由此带动研发支出阶段性上 升。就短期规划而言，公司仍将聚焦新业务领域，保持持续投入力度，以巩固技术壁垒、加速产品落地 进程。从更长期视角来看，随着新业务逐步进入收获期并产生规模化收入，研发效率将不断提升，整体 研发费用率也将有所下降。 ...

AI端侧可能迎来爆发 近期，AI投资热度出现从上游算力端向下游应用端转移的迹象。复盘过去几轮科技浪潮，吴海健表 示，行情基本遵循了从上游基建到爆款应用、终端出现，再到生态繁荣的路径。 "当前国内AI算力基础设施已具规模，产业焦点正在向下游应用和终端迁移，爆款AI硬件产品呼之欲 出。"吴海健以AI眼镜举例表示，其发展路径可能与TWS耳机相似，从传统眼镜到音频眼镜、拍摄+音 频眼镜，再到多模态AI眼镜以及AR眼镜，预计未来几年会迎来渗透率的快速提升。2026年至2027年， 苹果、Meta、OpenAI、字节跳动等全球巨头将密集发布新品，或持续带来催化因素。 在吴海健看来，AI端侧可能迎来类似2010年前后智能手机与移动互联网相互推动的产业大周期。从 AIPC、AI手机到AI眼镜、智能穿戴、机器人等新终端，一场由技术创新驱动、应用生态反哺的产业革 命正在展开。 回顾前几轮科技创新产业周期，吴海健注意到，核心公司往往能实现业绩与估值的"戴维斯双击"："例 如2019年至2020年的消费电子行情中，龙头公司股价涨幅远超业绩增速，估值提升贡献显著，AI端侧 的投资机会值得关注。 近期，市场关注已久的AI应用板块开始有所 ...

□本报记者 王鹤静 近期，市场关注已久的AI应用板块开始有所表现。西部利得基金的基金经理吴海健在接受中国证券报 记者采访时表示，随着当前国内AI算力基础设施初步完善，产业焦点或向下游应用和终端迁移，爆款 AI产品呼之欲出。 在吴海健看来，AI端侧可能迎来类似2010年前后智能手机与移动互联网相互推动的产业大周期。从 AIPC、AI手机到AI眼镜、智能穿戴、机器人等新终端，一场由技术创新驱动、应用生态反哺的产业革 命正在展开。 回顾前几轮科技创新产业周期，吴海健注意到，核心公司往往能实现业绩与估值的"戴维斯双击"："例 如2019年至2020年的消费电子行情中，龙头公司股价涨幅远超业绩增速，估值提升贡献显著，AI端侧 的投资机会值得关注。 立足核心标的 为了更大程度地参与AI端侧未来的发展机遇，吴海健介绍，西部利得基金权益投资团队采取体系化作 战的方式，深耕AI产业。 "在AI产业链中，我们重点关注卡位核心环节标的，寻找其中竞争格局、公司治理、产业链地位等相对 占优且赔率合适的企业作为底仓，这些企业往往绑定龙头客户、占据核心环节（例如整装代工、关键芯 片、核心零部件等），并且具备主要供应商份额，希望在产业贝塔上 ...

□本报记者 王鹤静 回顾前几轮科技创新产业周期，吴海健注意到，核心公司往往能实现业绩与估值的"戴维斯双击"："例 如2019年至2020年的消费电子行情中，龙头公司股价涨幅远超业绩增速，估值提升贡献显著，AI端侧 的投资机会值得关注。 立足核心标的 为了更大程度地参与AI端侧未来的发展机遇，吴海健介绍，西部利得基金权益投资团队采取体系化作 战的方式，深耕AI产业。 "在AI产业链中，我们重点关注卡位核心环节标的，寻找其中竞争格局、公司治理、产业链地位等相对 占优且赔率合适的企业作为底仓，这些企业往往绑定龙头客户、占据核心环节（例如整装代工、关键芯 片、核心零部件等），并且具备主要供应商份额，希望在产业贝塔上进一步挖掘个股的超额收益。"吴 海健介绍。 近期，市场关注已久的AI应用板块开始有所表现。西部利得基金的基金经理吴海健在接受中国证券报 记者采访时表示，随着当前国内AI算力基础设施初步完善，产业焦点或向下游应用和终端迁移，爆款 AI产品呼之欲出。 回顾前几轮科技创新产业周期，吴海健发现，核心公司往往能实现业绩与估值的"戴维斯双击"。在挖掘 AI应用领域的过程中，吴海健重点关注卡位产业链核心环节标的，寻找其中 ...

1月28日，重庆市第六届人民代表大会第四次会议开幕。重庆市政府市长胡衡华作政府工作报告时介 绍，今年经济社会发展主要预期目标是地区生产总值增长5%以上。 今年是"十五五"开局之年。重庆将主动服务融入新发展格局，扎实推动高质量发展，坚持稳中求进工作 总基调，增强政策前瞻性针对性协同性，强化改革、开放、创新三大动力支撑，持续扩大内需、优化供 给，做优增量、盘活存量，因地制宜发展新质生产力，积极融入全国统一大市场建设，持续防范化解重 点领域风险，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质的有效提升和量的合理增长，保 持社会和谐稳定，实现"十五五"良好开局。 为实现上述目标，重庆将重点抓好十一个方面的工作。 其中，重庆将深入实施消费提振行动。稳住商品消费，落实消费品以旧换新政策，促进汽车、家电等大 宗消费。提质扩容服务消费，加快"商文旅体展"深度融合，挖掘数字文娱、生态康养等增长潜力。培育 新型消费，推进消费新业态新模式新场景试点，开展数字消费提升行动，发展银发经济、首发经济、票 根经济、情绪经济。激活农村消费，加强乡镇商贸设施和到村物流站点建设。改善消费环境，落实职工 带薪错峰休假制度，优化入境消费便利化措 ...

Group 1: Company Overview - Longqi Technology is a leading global provider of smart products and services, offering solutions for renowned smart product brands and leading technology companies, including product research, design, manufacturing, and support [2] - The company has established a diverse product portfolio covering smartphones, AIPC, automotive electronics, tablets, smartwatches/wearables, and smart glasses, serving a wide range of core clients such as Xiaomi, Samsung, Lenovo, Honor, OPPO, and vivo [2] - According to Frost & Sullivan, Longqi Technology is the second-largest consumer electronics ODM manufacturer globally, with a market share of 22.4% based on ODM shipment volume in 2024, and the largest smartphone ODM manufacturer with a market share of 32.6% [2] Group 2: Financial Performance - Longqi Technology's revenue for the years 2022 to 2024 and the first nine months of 2025 were 29.343 billion RMB, 27.185 billion RMB, 46.382 billion RMB, and 31.332 billion RMB respectively, with corresponding net profits of 562 million RMB, 603 million RMB, 493 million RMB, and 514 million RMB [3] Group 3: Recent Developments - The company has initiated an A+H listing, launching a global offering of 52.2591 million shares, with a maximum share price of 31.00 HKD, and expects to raise approximately 1.521 billion HKD, with 40% allocated for expanding production capacity and 20% for R&D [1] - Longqi Technology has secured a domestic leading client's AI glasses project, indicating early market entry and long-term strategic partnerships, with optimistic sales growth projected for AI glasses in 2025 compared to 2024 [3] - The company has attracted several notable cornerstone investors, including Qualcomm Ventures LLC, Jiangxi Guokong, and Well Semiconductor Hong Kong, with total subscriptions amounting to approximately 440.2 million HKD, representing about 27.17% of the global offering [1]

Core Viewpoint - Longqi Technology (龙旗科技) is set to launch an IPO from January 14 to January 19, 2026, offering 52.2591 million H-shares, with a maximum price of HKD 31.00 per share, aiming to raise approximately HKD 1.521 billion [1][3] Group 1: Company Overview - Established in 2004, the company focuses on customer-centric values and has developed industry-leading capabilities in smart products, offering a comprehensive solution matrix that includes design, hardware innovation, software development, lean manufacturing, supply chain integration, and quality control [2] - The company has a diverse product portfolio covering smartphones, AIPC, automotive electronics, tablets, smartwatches, and smart glasses, serving major clients such as Xiaomi, Samsung, Lenovo, Honor, OPPO, and vivo [2] Group 2: Market Position - According to Frost & Sullivan, the company is the second-largest consumer electronics ODM manufacturer globally, holding a 22.4% market share, and the largest smartphone ODM manufacturer with a 32.6% market share as of 2024 [1][2] Group 3: Financial Performance - The company's revenues for the years 2022, 2023, and 2024, as well as for the nine months ending September 30, 2024, and 2025, were RMB 29.343 billion, RMB 27.185 billion, RMB 46.383 billion, RMB 34.921 billion, and RMB 31.332 billion respectively [2] - The corresponding net profits for the same periods were RMB 562 million, RMB 603 million, RMB 493 million, RMB 425 million, and RMB 515 million [2] Group 4: Use of Proceeds - The company plans to allocate approximately 40% of the net proceeds from the IPO to expand its production capacity, 20% for ongoing R&D, 10% for marketing and customer development, 20% for strategic investments or acquisitions, and 10% for working capital and general corporate purposes [3]

Group 1 - The company, Longqi Technology, plans to offer 52.2591 million H-shares globally, with 10% allocated for Hong Kong and 90% for international sales, at a maximum price of HKD 31.00 per share, expected to start trading on January 22, 2026 [1] - Longqi Technology is a leading global provider of smart products and services, holding the second-largest market share of 22.4% in the global consumer electronics ODM market and the largest share of 32.6% in the smartphone ODM market for 2024 [1][2] - The company has established a diverse product portfolio, including smartphones, AIPC, automotive electronics, tablets, smartwatches, and smart glasses, serving major clients like Xiaomi, Samsung, Lenovo, Honor, OPPO, and vivo [2] Group 2 - The company has entered cornerstone investment agreements with several entities, including Qualcomm and OmniVision HK, agreeing to subscribe for shares worth approximately USD 56.5 million under certain conditions [3] - The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, will be approximately HKD 1.521 billion, with 40% allocated to expand production capacity, 20% for R&D, 10% for marketing, 20% for strategic investments or acquisitions, and 10% for working capital [3]

Core Viewpoint - The company, Tonglian Precision, is focusing on expanding its product applications in the new consumer electronics sector, particularly in areas influenced by artificial intelligence technology [2]. Group 1: Revenue Structure - The company's products are primarily used in new consumer electronics, including foldable smartphones, tablets, laptops, desktop computers, smart touch capacitive pens, smart wearable devices, aerial drones, and action cameras [2]. - The company is actively exploring new application areas such as components for smart wearables, communication products, and portable smart terminal components, targeting products like smart glasses, signal receivers, and AIPC [2].