2025年10月，大疆一场覆盖 Pocket 3系列、运动相机、无人机等多款产品的限时促销，将"最高 直降 900元"标签推至公众眼前，也把 "刚买就降价"的错愕与无奈抛给了无数消费者。 社交媒体上，"大冤种" 的自嘲与维权声浪迅速将大疆推上热搜，线上线下渠道的售后标准差异更引 发热议。 只是，这场掀起波澜的降价，对大疆而言，或许本就是一步没得选的棋。 01 刚买一天，就要降价了 2025年10月5日的杭州山姆会员店里，孟涛手里攥着刚买的大疆Pocket 3相机套装，价格为3519 元，心里还盘算着给姐姐送礼物时的惊喜。 孟涛没太在意这场购物的特殊流程，付款是在大疆展区旁的专用POS机完成，付完款后工作人员坚 持要现场拆封激活，说不这样就不能带离门店，还拿着手机拍下了拆封过程。 孟涛本不想激活新机，但想着能顺利取货也就遵从了，毕竟山姆"7天无忧退货"的政策让他觉得多 了层保障。 来源|大疆官方商城 购买当天，曾有其他顾客向山姆工作人员询问 "产品是否会降价"，得到的答复是："不会降价，从 未降过。" 这份保障在第二天就碎了。 10月6日，孟涛看到电商平台的公告：Pocket 3套装版将于10月9日起开展限时促 ...

Investment Rating - The report indicates a positive outlook for the AI industry, with expectations of significant growth in capital expenditures from major companies like Meta and Microsoft, suggesting a "Buy" rating for the sector [2][50]. Core Insights - The AI industry is experiencing robust demand for computing hardware, with companies like Meta and Microsoft reporting better-than-expected Q2 2025 earnings and optimistic capital expenditure forecasts for 2026 [1]. - Meta's Q2 2025 revenue reached $47.516 billion, a 22% year-on-year increase, while Microsoft's revenue was $76.441 billion, up 18% year-on-year [1]. - The demand for AI-related hardware, particularly ASIC chips and AI-PCB, is expected to continue growing, driven by the expansion of AI applications and infrastructure [1][31]. Summary by Sections 1. Industry Performance - The AI industry is witnessing a strong performance, with many companies exceeding earnings expectations for Q2 2025, indicating a healthy growth trajectory [1]. - Microsoft reported a 27% year-on-year increase in capital expenditures, with expectations to exceed $30 billion in Q3 2025, reflecting strong confidence in ROI from AI investments [1]. 2. Subsector Analysis - **Consumer Electronics**: DJI's launch of the Osmo360 panoramic camera highlights innovation in the sector, with a focus on the Apple supply chain [5]. - **PCB**: The PCB industry is maintaining high growth momentum, driven by demand from automotive and industrial control sectors, alongside AI expansion [7]. - **Components**: The passive components sector is seeing upward trends, particularly in AI applications, with increased usage of MLCCs and inductors in mobile devices [18]. - **IC Design**: The memory segment is expected to see price increases of 10-20% in Q3 2025 due to supply constraints and rising demand [20][22]. - **Semiconductor Equipment**: The semiconductor equipment market is projected to grow by 21% year-on-year, driven by AI and domestic production needs [27]. 3. Key Companies - **Meta**: Continues to show strong revenue growth and increased capital expenditures, indicating a solid position in the AI market [1][31]. - **Microsoft**: With a significant backlog of orders and strong growth in cloud services, Microsoft is well-positioned to benefit from the AI boom [1][31]. - **NVIDIA**: The rapid rollout of NVIDIA's Blackwell architecture and ASIC chips is expected to drive continued demand for AI-PCB [1]. - **Domestic PCB Manufacturers**: Companies in mainland China are expected to benefit from slow overseas expansion in AI PCB production, positioning them favorably in the market [31]. 4. Market Trends - The report highlights a trend towards increased capital expenditures in the AI sector, with major players like Meta, Google, and Amazon expected to significantly increase their investments [33]. - The demand for AI-related products is anticipated to remain strong, with companies adapting to new technologies and market needs [31][32].