研究员：孙海洋 公司发布2025 半年度业绩预告 机构：天风证券 通过日本本土化生产，可有效对冲中美贸易摩擦导致的关税成本上升风险，确保对美国市场的稳定供 应。日本产线的区位优势亦将提升亚太地区客户响应速度。结合公司现有产能布局，我们预计日本车房 产线将会同位于中国江苏和上海的两大生产基地发挥协同效应，降低综合生产成本。多元化生产基地布 局将有望增强应对地缘政治不确定性及汇率波动的能力。 XR 业务积极接洽客户，研发中心助力创新升级XR 业务方面（包括AR 和AI 眼镜等），在与美国多家 头部企业在内的多个全球领先的科技和消费电子企业持续合作的同时，公司也积极拓展与其他国内外科 技和消费电子企业客户的业务合作机会。公司将继续配合客户持续推进现有研发项目，并积极开拓新项 目，为未来可能的AR 或AI 眼镜等项目的批量生产做准备。 公司在积极布局国家级研发中心的规划，包括新建XR（扩展现实）研发中心在内，公司将持续投入， 强化项目和知识产权管理机制，注重研发成果转化和产业协同效应。除此以外，公司也在不断研发不同 折射率、不同功能叠加创新产品，积极改进和升级现有产品。 调整盈利预测，维持"买入"评级 公司作为树脂镜 ...

上海浦东：聚焦关键技术 推动减速器、灵巧手、控制器等一批重点零部件企业在浦东快速集聚 智通财经7月10日电，据东方网，上海举行2025世界人工智能大会暨人工智能全球治理高级别会议新闻 发布会。上海浦东新区副区长李慧表示，浦东接下来将始终紧盯创新技术、满足创新需求、集聚优质人 才，不断优化人工智能产业生态、打造人工智能产业高地。聚焦关键技术，实现创新突破。在具身智能 赛道，我们要聚焦让 "大脑" 更聪慧——国地人形机器人创新中心已经发布了生成式机器人运动大模 型，而宝信工业大脑等相关主体都在不断强化多模态交互能力和场景应用，这是我们未来聚焦的关键领 域之一；在空间智能赛道，我们会聚焦让 "眼睛" 更明亮——国内领先的视觉处理芯片、国内唯一超大 规模动态时空数据融合分析平台、知名AR眼镜等都将在浦东持续攻克多模态感知、空间计算、融合孪 生等前沿技术；在机器人本体领域，我们将聚焦让 "肢体" 更灵便——浦东已有十余家机器人本体企 业，接下来我们将推动减速器、灵巧手、控制器等一批重点零部件企业在浦东快速集聚。 ...

Group A - The article highlights the significant focus of Sichuan province on artificial intelligence (AI) technology, with over 30,000 local leaders participating in AI training sessions, indicating a shift in governance philosophy towards technology [7] - Zhejiang province is actively promoting AI innovation, aiming for the core AI industry revenue to exceed 390 billion yuan by 2025, with over 700 core AI companies established [7][8] - The "Hangzhou Six Dragons," a group of emerging AI companies, have gained attention, showcasing the region's robust AI ecosystem and innovation capabilities [7][8] Group B - Zhejiang has implemented a statistical monitoring system for its AI core industry, projecting an annual output value exceeding 570 billion yuan by 2024, providing a clearer picture of the industry landscape [7][8] - The province has introduced 27 specific measures to support AI innovation, focusing on six key areas including industry ecology, talent, computing power, data, models, and applications [7][8] - Local cities in Zhejiang are leveraging their unique industrial strengths to develop AI applications tailored to their specific needs, such as Ningbo focusing on manufacturing and Wenzhou on digital security [7][8] Group C - Companies like Yushutech and Lingban Technology are leading in AI product development, with Yushutech focusing on humanoid robots and Lingban Technology on lightweight AR glasses, emphasizing user experience and practical applications [8] - The article notes that talent support and a favorable entrepreneurial environment in Hangzhou have made it a hub for young entrepreneurs, with a high net inflow of talent [8] - Alibaba's commitment to invest over 380 billion yuan in cloud and AI infrastructure over the next three years is set to enhance the AI ecosystem and support various industries [8] Group D - The article discusses the emergence of AI-related academic programs in Sichuan, with universities like Sichuan University and Electronic Science and Technology University launching new AI-focused courses to meet the growing demand for AI talent [9] - The increasing demand for AI professionals is reshaping the job market, with universities adapting their curricula to prepare students for careers in AI and related fields [9] - The establishment of AI programs in various Sichuan universities reflects a broader trend of integrating AI education into higher learning to address industry needs [9]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profit growth rates of 25.5%, 22.64%, and 23.76% for the years 2025, 2026, and 2027 respectively [5]. Core Insights - The company has issued a positive profit forecast, expecting a net profit growth of no less than 30% year-on-year for the first half of 2025 [2]. - The growth in the first half of 2025 is primarily driven by the increase in sales of high refractive index and functional lenses, leading to an optimized product mix and rising average selling prices [3]. - The smart glasses industry is accelerating, with a significant increase in global shipments, indicating a growing market opportunity for the company [3]. - The company's customization capabilities and technological advantages are expected to drive both volume and price increases, supported by strategic partnerships and new production lines [4]. Financial Projections - The company forecasts revenues of 2,472 million RMB in 2025, with a growth rate of 19.94%, and net profits of 538 million RMB, reflecting a growth rate of 30.96% [9]. - The projected diluted earnings per share for 2025 is 1.12 RMB, with a price-to-earnings ratio of 32.07 [9]. - The return on equity (ROE) is expected to be 25.32% in 2025, indicating strong profitability [9].

Group 1: Event Overview - The 20th China International Small and Medium Enterprises Expo concluded in Guangzhou, featuring a scale of approximately 80,000 square meters and over 3,500 exhibition booths [1] - The event attracted more than 2,000 enterprises from over 50 countries and regions, with online and offline participation exceeding 13 million, resulting in intended transaction amounts reaching over 100 billion yuan [1] Group 2: Innovation and Technology - The expo showcased a dedicated area of 24,000 square meters for specialized and innovative SMEs, with over 1,100 companies participating [2] - Sichuan Yingmu Technology Co., Ltd. presented an AI-assisted AR translation glasses that supports over 40 languages, achieving sales of 100,000 units since its launch [2] Group 3: Robotics and Automation - Anno Robotics (Shenzhen) Co., Ltd. introduced its sixth-generation ice cream robot capable of producing 200 cups with various flavors in 30 seconds, highlighting its focus on AI-driven retail solutions [3] - The company holds over 70 national patents and has expanded its market to over 100 cities in China and more than 70 countries globally [3] Group 4: Traditional Brands and Transformation - Guangzhou Pearl River Piano Group, with nearly 70 years in piano manufacturing, is diversifying into solid wood furniture due to declining piano demand, showcasing its new products at the expo [4] - The event featured nearly 180 traditional brands and heritage craft institutions, emphasizing the transformation and upgrading of traditional industries [4] Group 5: International Collaboration - The Egyptian exhibition area featured around 80 enterprises showcasing products in textiles, food processing, chemicals, and electromechanical equipment [5] - The Melouk Group, established in the 1970s, aims to expand its customer base in Africa and Arab countries, having previously sourced materials from China [6] - The expo has evolved its international cooperation model since 2005, with over 550 overseas enterprises participating and expanding its global network [6]

美越贸易协议的达成，让果链巨头松了一口气。 要知道，立讯精密的营收大头可都在海外，尤其是在东南亚的布局颇深。 数据显示，2023年至2024年，立讯精密外销金额分别为2067.56亿元、2354.67亿元、占当年营收比重分别为89.16%、87.6%。在东南亚、东亚地区，公司也 分别布局了越南、泰国、印尼、马来西亚、印度等国家。 | | | | | | 单位:元 | | --- | --- | --- | --- | --- | --- | | | 2024年 | | 2023 年 | | | | | 金额 | 占营业收 | 金额 | 占营业收 | 同比增减 | | | | 入比車 | | 入比重 | | | 营业收入合计 | 268, 794, 737, 612. 58 | 100% | 231, 905, 459, 83 | 100% | 15. 91% | | 分行业 | | | | | | | 电脑互联产品及精密组件 | 9.002. 416. 983. 24 | 3. 35% | 7, 492, 410, 071. 11 | 3.23% | 20. 15% | | 汽车互联产品及精密组件 | 13, ...

7月6日，武汉南太子湖畔，芯擎科技工程师正在测试新一代自动驾驶芯片"星辰一号"。这颗将于今年大规模量产的"中国芯"，是武汉 独角兽企业10年进化路的生动写照。 "引发产业创新变革时，创新型中小企业就像蜂群一样集中成批出现。这一现象在产业演化历程中被反复印证。"武汉市社会科学院相 关课题组专家曾在接受长江日报调研组（以下简称"调研组"）采访时说。 近七成入库独角兽拥抱AI 独角兽群落竞逐。上月底，胡润研究院发布全球独角兽榜单，武汉以9家独角兽企业跻身全国城市第七位。 从2016年《长江日报》头版报道武汉首家独角兽企业诞生，到如今涵盖半导体、新能源汽车、生物医药、商业航天的硬科技军团，这 座城市用10年时间走出了一条从"U"形到"J"形的韧性增长曲线。 持续10年关注，历时半个多月调研，调研组相继走进武汉多家独角兽与潜在独角兽企业，探寻武汉独角兽企业10年浮沉背后的得失， 寻找未来驱动独角兽可持续增长的内外部力量。 消费者体验武汉独角兽企业星纪魅族生产的AR眼镜 矩阵： "你要站在AI的肩上。"数月前在武汉的一次公开分享中，中国工程院院士李培根说。 7家独角兽、11家潜在独角兽、26家种子独角兽……翻开武汉最新公 ...

与收入端的表现有所不同，龙旗科技的盈利表现在24年出现了短期承压的情形。招股书显示，22-24 年，龙旗科技的毛利分别为23.65亿元、25.9亿元、27.06亿元，虽然利润规模持续增加，但对应毛利率 分别为8.1%、9.5%及5.8%，未能同步走高。也是在24年，龙旗科技的净利润为4.93亿元，对应净利率为 1.1%，这亦低于前两年水准。值得一提的是，根据龙旗科技此前披露的一季报，25Q1公司实现营收 93.78亿元，同比减少9.27%；归母净利润1.54亿元，同比增加了20.33%，利润已恢复增长。 按产品类型划分，智能手机是龙旗科技的主要收入来源，22-24年该类产品的收入占比分别为82.7%、 80.3%、77.9%。受到终端消费者对于智能产品的需求的影响，23年公司的智能手机业务贡献收入出现 了同比下滑，不过次年便显著回升，并创出新高。 在报告期内，龙旗科技的AIoT及其他产品的收入规模及占比连续走高，这也是这三年里公司唯一一个 业务收入保持连续增长的业务板块。数据显示，22-24年，该业务的收入分别为18.87亿元、25.11亿元、 55.73亿元，对应收入占比6.5%、9.2%、12%。同期，龙 ...

近期，银行板块表现亮眼，估值修复行情特征明显。板块年内涨幅超17%，多只银行股也创下入市以来 的新高。银行股属于典型的低估值高股息行业，该板块不仅具有稳定盈利和较高的股息回报率，还有险 资、国家队、以及被动基金ETF等中长期资金入市布局。同时，银行股作为沪深300指数的重要权重板 块，获得了稳定的被动资金流入支持。长期以来，银行股普遍存在估值偏低的问题，股价常常跌破每股 净资产。今年，这一特征得到了改善：随着年内银行股涨幅明显，部分银行的市净率已高于1。此外， 多家上市银行还推出了估值提升计划，增持频现，这将对银行股未来的走势再次形成一定支撑。在投资 者风险偏好较低的情况下，银行股仍然具备一定的投资吸引力。 另一方面，科技股还是下半年可以重点关注的方向。人形机器人板块正在从0-1走向1-10的阶段，未来 成长空间较大。近期举办的人型机器人跑步比赛、足球比赛等活动提升了行业关注度，更多资本可能会 流入人形机器人等板块，为投资者带来新的机会。人形机器人也有望成为我国继家电、手机、新能源汽 车之后第四大产业赛道。当前，科技巨头正加速AI硬件布局：宇树科技完成C轮融资，集结了腾讯、阿 里、字节系等众多明星投资机构，目 ...

曲全武介绍，以往需等待较长时间，"可菌丝的活性等不起，有一次韩国客户紧急追加一个大订单，海 关协调多地查检人员支援，最终十余辆冷藏车才未耽误发运"。 在豫西三门峡伏牛山深处，河南金海生物科技有限公司外贸经理曲全武清晨便忙碌起来，既要关注冷库 中即将发往韩国的蘑菇菌丝，又要协调海关查验时间。查检人员到达现场后戴上AR眼镜，将货物实时 画面传输至三门峡海关指挥中心大屏。 郑州海关相关负责人表示，近年来，郑州海关通过"中心+现场"作业模式，实现从海关查验"单一现 场"到"云端+实地"无缝对接，有效提升出境种苗、进境加工食品和粮食等50多个业务领域货物的查验效 率和验放速度提升30%以上，惠及200余家进出口企业。 "核对批号、检查是否霉变、是否有根茎叶果、查看菌丝形态……"现场查检人员对着AR眼镜报读，后 端专家远程核查货物标签与状态。18分钟后，检查完成的信息便反馈到企业端界面。 （文章来源：中国新闻网） 郑州海关2日消息称，一部手机、一个眼镜即可完成进出口货物海关查验，出境种苗、进境加工食品和 粮食等逾50类货物的通关效率提升30%以上。 在豫南信阳海关业务现场，该海关查检科科长张秋华通过手机端远程视频查验一家 ...