2025 年 07 月 12 日 乐鑫科技 (688018) ——端侧 AIoT 领军，业绩高增下经营杠杆效应显著 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 07 月 11 日 | | --- | --- | | 收盘价（元） | 154.33 | | 一年内最高/最低（元） | 290.00/88.33 | | 市净率 | 10.8 | | 股息率%（分红/股价） | 0.39 | | 流通 A 股市值（百万元） | 24,184 | | 上证指数/深证成指 | 3,510.18/10,696.10 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 20.04 | | 资产负债率% | 23.09 | | 总股本/流通 A 股（百万） | 157/157 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03-11 04-11 0 ...

作者 | 悦木Ivy 编辑 | 自动驾驶之心 原文链接： https://www.zhihu.com/question/637090848/answer/3363233578 点击下方 卡片 ，关注" 自动驾驶之心 "公众号 戳我-> 领取 自动驾驶近15个 方向 学习 路线 >>自动驾驶前沿信息获取 → 自动驾驶之心知识星球 本文只做学术分享，如有侵权，联系删文 先看下Chat和Agent的差别。 Chat（聊天）：纯粹的Chat，像是一个主要由"大脑和嘴"构成的智能体，专注于信息处理和语言交流。比如 ChatGPT这样的系统，它能够理解用户的查询，给出有用和连贯的回答，但它本身不直接执行任务。 Agent（代理）：像一个具有"手、脚"的智能体，它能够进行思考、决策，并且能执行具体的任务。 我们可以简单粗暴的理解为， Chat强调的是"说"，Agent强调的是"做"。 要你你选哪个？ 这么讲吧， 但凡人类对于躺平的美好追求还在，"让机器替我干活"的念头就不可能熄灭。 自ChatGPT发布后，从plugin的推出，到Function Calling再到Assistant API的面世，OpenAI这一系列动作 ...

[Table_Reportdate] 2025年07月11日 [晨会纪要 Table_NewTitle]20250711 [证券分析师： Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.氟化工企业业绩预增，行业景气度有望维持——氟化工行业月报 ➢ 2.从定价模式和资本流动看人民币——人民币汇率专题深度研究 ➢ 3.乐鑫科技（688018）:AIOT长尾市场高速增长，规模效益显著利润增厚——公司简评报 告 ➢ 4.零碳转型启新章，关注风储领域破局机遇-电力设备与新能源行业2025中期投资策略 ➢ 1.国家发改委城市和小城镇改革发展中心：加大新型城镇化重点领域投入 ➢ 2.北京市 ...

[Table_Reportdate] 2025年07月10日 | [数据日期 Table_cominfo] | 2025/07/09 | | --- | --- | | 收盘价 | 147.95 | | 总股本(万股) | 15,670 | | 流通A股/B股(万股) | 15,670/0 | | 资产负债率(%) | 23.09% | | 市净率(倍) | 10.18 | | 净资产收益率(加权) | 4.26 | | 12个月内最高/最低价 | 290.00/88.33 | [乐鑫科技（ Table_NewTitle] 688018）:AIOT长尾市场高 速增长，规模效益显著利润增厚 ——公司简评报告 [table_main] 投资要点 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [Table_QuotePic] -49% -10% 30% 70% 110% 150% 190% 229% 2 ...

Core Insights - Amazon Prime Day is primarily designed to clear warehouse inventory rather than to provide the lowest prices for consumers [4][6] - The event has evolved into a significant retail holiday, providing Amazon with a reliable summer revenue boost [6] - Some advertised discounts during Prime Day may not represent genuine savings due to price manipulation tactics [7][8] Group 1: Purpose and Strategy of Prime Day - Prime Day was initiated as a solution to Amazon's inventory management issues, functioning as a large-scale clearance event [4][5] - The event has grown into a major retail occasion, allowing Amazon to control revenue during the summer months [6] - The urgency created by countdown timers and limited stock encourages impulsive buying behavior among consumers [14][15] Group 2: Pricing Tactics - Many Prime Day deals may not be the lowest prices of the year, as Amazon often raises prices prior to the event to create the illusion of discounts [7][8] - Price anchoring is a common tactic used by Amazon to manipulate consumer perception of savings [8][9] - Genuine deals do exist, particularly on Amazon's own devices, which are discounted to encourage further engagement with the Amazon ecosystem [10][12] Group 3: Consumer Behavior and Recommendations - Smart shoppers can navigate Prime Day effectively by avoiding purchases they wouldn't make at full price and planning ahead [16][17] - Following deal-hunting accounts and tracking price changes can help consumers identify true savings opportunities [17] - Comparing prices with other retailers during the same sales period can maximize savings [17]

亚马逊Prime Day购物节开局疲软，前四小时销售额较去年同期下滑近14%。这一全球最大电商平台的年度促销盛事正面临 消费者购买力放缓和关税冲击的双重挑战。 今年Prime Day面临的外部环境更加复杂。特朗普实施的关税政策推高了进口商品的价格，部分卖家因此选择退出促销活 动。Argent Capital 的投资组合经理 Jed Ellerbroek表示: "亚马逊可能是大型科技集团中受关税影响最大的，而这些关税本周再次成为焦点。" 据管理50个品牌、年销售额约70亿美元的电商服务商Momentum Commerce数据，今年Prime Day活动前四小时的销售表现明 显不及预期。该公司为Crocs、Beats和Therabody等知名品牌提供亚马逊销售管理服务，其庞大的样本量为评估Prime Day表 现提供了重要参考。 受此消息影响，亚马逊美股盘前跌1.8%。投资者和分析师正密切关注这一购物节的表现，以此作为判断美国经济强度和消费 者信心的重要指标。 值得注意的是，今年Prime Day活动从往年的两天延长至四天，这一调整使得同比数据对比变得复杂，但也为亚马逊分散销 售压力、维持整体表现提供了更大空间。 ...

数字商务科技和服务公司的数据显示，亚马逊的年度大促——Prime会员日今年开局不佳。 媒体援引Momentum Commerce的数据称，亚马逊Prime会员日的前四个小时销售额较去年同期下降将近14%。 Momentum Commerce代表Crocs和Beats 等50个品牌管理亚马逊约70亿美元销售额，它提供的数据通常被视为消费者情绪和 美国整体经济前景的晴雨表。 评论认为，Momentum的高频数据让投资者对今年的Prime会员日持负面态度，它不是投资者希望看到的盛夏消费者情绪表 现，可能预示着消费者购物更谨慎。 数据被披露当天，亚马逊本周二收跌逾1.8%，跌落周一刷新的2月19日以来高位，在美股科技七巨头Magnificent 7中，周二 表现最差。 三周前，亚马逊宣布，今年的Prime会员日于7月8日开启，持续到7月11日。亚马逊称，这是Prime会员日活动时间首次持续 四天，它将为亚马逊全球Prime会员创造更长的购物时间，也为亚马逊全球卖家提供拓展全球机遇、提升销量的机会。 媒体认为，Momentum数据体现的今年Prime会员日销售疲软就部分源于活动时长从两天延长到四天，这样一来，同比销售 ...

一位公司发言人表示，亚马逊一些较新的设施，例如为当日达配送所建造的物流中心，目前正拥有更少 的员工数量，但同时则能以更快的速度完成配送。今年5月，亚马逊还发布了其最新款仓储机器人 Vulcan。这款机器人拥有两只手臂，一只用于整理库存，另一只则配备摄像头和吸盘，用于抓取物品。 据亚马逊称，最值得一提的是，这些Vulcan机器人拥有"触觉"，能够感知到正在抓取的物品。 7月1日，亚马逊在日本东京举办的Delivering the Future大会现场宣布，刚刚部署了其第100万台机器 人，这台机器人最近交付给了日本的一个运营中心，成为亚马逊全球网络的一部分。亚马逊表示，自 2012年以来一直在推进机器人化，其部署的机器人数量已经达到100万台，分布在亚马逊全球的300多个 运营中心，既包括固定工位机器人，也有自主导航的搬运机器人，而且开始具备AI能力。 与此同时，亚马逊推出新生成式AI基础模型DeepFleet，被称为"智能交通管理系统"，这项AI技术将协 调亚马逊整个运营网络上机器人的行动，使机器人车队的行动时间缩短10%，能够以更快的速度和更低 的成本为客户送货。 据此前报道，亚马逊在美国纳什维尔运营中心每 ...

Core Viewpoint - The conference on "Party Building Work Exchange for Private Listed Companies" highlighted the importance of party building in driving the sustainable and high-quality development of private enterprises, with Aier Eye Hospital Group being a key participant and sharing its experiences in this area [1][2]. Group 1: Party Building and Corporate Development - Aier Eye Hospital Group emphasizes that strong party building leads to strong enterprises, asserting that high-quality party building is essential for high-quality corporate development [2][4]. - The company has integrated party building with corporate management and culture, transforming political and organizational advantages into governance and competitive advantages [4][5]. - Aier Eye Hospital has been recognized for its exemplary party building practices, being selected as a "Top 100 Private Listed Company Party Building Case" and receiving various accolades from local government bodies [4][6]. Group 2: Organizational Structure and Achievements - Aier Eye Hospital Group currently has 2 provincial party committees, 5 party general branches, and 309 party branches, with a total of 5,187 party members [5]. - The company has implemented innovative party building models, achieving recognition for its various local party branches, including awards for excellence in grassroots party organization [5][6]. Group 3: Business Performance and Innovation - Aier Eye Hospital reported a total outpatient volume of 16.94 million visits in 2024, reflecting a year-on-year growth of 12.14%, and a surgical volume of 1.29 million cases, up by 9.38% [8]. - The company has positioned itself as the largest and most comprehensive eye care chain globally, with a commitment to making eye health accessible to all [8][9]. - Aier Eye Hospital is focused on innovation, launching a "Digital Ophthalmology" model and collaborating with research institutions to enhance its technological capabilities [9][10]. Group 4: Social Responsibility and Community Engagement - Aier Eye Hospital has implemented a "cross-subsidy" model to support low-income patients, ensuring that profits from high-end services are used to assist those in need [11]. - The company actively engages in community health initiatives, with annual donations reaching 217 million yuan and support for numerous public welfare projects across China [11]. - Aier Eye Hospital's commitment to social responsibility is reflected in its extensive volunteer efforts and participation in health education and training programs [11]. Group 5: Future Outlook - The company aims to continue its high-quality development in alignment with the "14th Five-Year Plan" and is committed to enhancing public health and well-being [12]. - Aier Eye Hospital's leadership emphasizes the importance of party leadership and construction as foundational to the company's long-term success and sustainability [12].

Core Insights - Crocs, Inc. (CROX) is trading at a significant discount compared to the industry and broader market, with a forward 12-month P/E ratio of 7.50X versus the industry's average of 20.17X [1][3] Valuation - The low P/E ratio may attract value-oriented investors but also indicates caution due to potential slowing growth, post-pandemic normalization, or brand strength concerns [3][9] - Year-to-date, CROX shares have declined by 9%, while the Consumer Discretionary sector and S&P 500 have increased by 7.5% and 2.9%, respectively [3] Stock Price Performance - CROX closed at $98.64, approximately 34.7% below its 52-week high of $151.1, and trades below its 50- and 200-day moving averages, indicating continued downward momentum [5] Company Fundamentals - Despite challenges, Crocs shows strong fundamentals with solid consumer demand across its diverse brand portfolio, particularly in clogs and sandals [10][12] - The sandals segment, especially the Style Sandals lineup, has gained market share and is viewed as a key driver for attracting new consumers [11] Growth Potential - Crocs is focusing on innovation, global expansion, and direct-to-consumer strategies, positioning itself well for long-term growth [12] - The company experienced double-digit growth in global markets in Q1 2025, with China being a significant contributor [12] Challenges - The HEYDUDE brand has underperformed, with Q1 fiscal 2025 revenues falling nearly 10% year-over-year due to weak wholesale sales [13] - Rising SG&A expenses and potential tariffs on China-based sourcing may further pressure profitability [14]