Huatai Securities Research Report stated that with the rise of outdoor sports, the rapid growth of social media content, and the gradual maturity of VR/AR, sports cameras and panoramic cameras, as key devices for capturing and sharing dynamic moments and immersive experiences, are gradually changing from niche imaging devices for extreme sports players to "breaking the circle" and becoming creative productivity tools for outdoor sports enthusiasts and short video users. The "new consumption" attribute is significant, and the industry is in a rapid growth stage. Inspur, GoPro, and DJI are the three core players. Looking to the future, "all-round" personal imaging equipment may be the development direction, and the core of competition in the industry is shifting from hardware parameters to multi-dimensional competition such as AI, software ecology, and differentiated innovation capabilities.