Investment Rating - The industry rating is "Overweight" (maintained) [4] Core Insights - The report highlights that the National Development and Reform Commission will subsidize digital products such as mobile phones, and the penetration rate of AI smartphones continues to rise [3] - Domestic manufacturers have made technological breakthroughs in the storage sector, presenting investment opportunities [3] - The wearable device market saw a year-on-year growth in the third quarter, with smart glasses becoming an important carrier for AI [3] - The global VR and MR headset shipment volume is expected to reach approximately 9.6 million units in 2024, representing a year-on-year growth of 8.8% [4] - Major manufacturers, including NVIDIA, Foxconn, and Alibaba Cloud, are increasingly entering the AR/AI glasses market, which may accelerate industry technology development and drive demand growth [4] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 13.4% compared to the CSI 300 index, with an absolute return of 27.05% [2] Key Events - NVIDIA announced a patent for AR glasses in January 2025, utilizing advanced holographic technology for clearer virtual image presentation [4] - Foxconn has partnered with Porotech to enter the AR glasses market, planning to establish a Micro LED wafer processing line by Q4 2025 [4] - RayNeo and Alibaba Cloud have formed a strategic partnership in the AI glasses sector, marking a significant collaboration in the industry [4] - Thunderobot unveiled new AI+AR glasses at CES 2025, showcasing advanced display and processing technologies [4] Investment Recommendations - The report suggests focusing on companies within the supply chain, including Goertek, Luxshare Precision, Yida Information, Crystal Optoelectronics, and Hengxuan Technology, as the VR/MR and AR/AI glasses industries are expected to accelerate in growth [4]

Investment Rating - The industry rating is "Overweight" (maintained) [4] Core Insights - The implementation of the "old-for-new" policy for home appliances in 2025 is expected to stimulate domestic demand for home appliances, with the subsidy range expanded from 8 categories to 12 categories, including refrigerators, washing machines, televisions, air conditioners, computers, water heaters, kitchen stoves, and range hoods [4][5] - The subsidy standard for energy-efficient products is set at 15% of the sales price for level 2 efficiency and 20% for level 1 efficiency, with a maximum subsidy of 2000 yuan per item [4] - The policy is anticipated to enhance collaboration across the home appliance supply chain, benefiting manufacturers, retailers, and recycling companies [5] Summary by Sections Recent Industry Performance - In the past 12 months, the absolute return of the industry was 29.5%, with a relative return of 14.19% compared to the CSI 300 index [2] Policy Impact - The central government has allocated 810 billion yuan for the "old-for-new" policy in 2025, following the successful implementation in 2024, which saw over 36 million consumers purchase more than 56 million home appliances, generating sales of 240 billion yuan [6][4] Investment Recommendations - The report suggests focusing on listed companies in the white goods sector such as Midea Group, Gree Electric Appliances, Hisense Home Appliances, Haier Smart Home, and Changhong Meiling, as well as black goods companies like TCL Electronics and Hisense Visual [5]

Investment Rating - The investment rating for the company is "Accumulate" (first coverage) with a target price of 32.91 CNY [1][6]. Core Viewpoints - The company is expected to achieve steady revenue growth driven by its core products, particularly in the military communication and display sectors. The revenue from network bus products and special display products is projected to increase significantly in the coming years [6][19][35]. Company Overview - The company, Chengdu Chengdian Guangxin Technology Co., Ltd., was established in May 2011 and is headquartered in Chengdu, Sichuan Province. It specializes in the research, development, production, and sales of network bus products and special display products [12][19]. Shareholding Structure - As of December 27, 2024, the actual controllers of the company are Qiu Kun, Xie Jun, and Fu Mei, holding a combined 38.80% of the shares. The company has a total share capital of 63.75 million shares, with a circulation ratio of 48.66% for A-shares [1][13]. Core Management Team - The core management team has a strong educational background and extensive industry experience, with Qiu Kun serving as the chairman and a notable expert in optical communication [15][16]. Industry Analysis Special Display Sector - The military special display applications include airborne, shipborne, and ground simulation systems. The company's LED dome visual system is a key product in this sector, providing realistic training environments for military personnel [19][20]. High-Speed Network Bus Sector - The development of military high-speed network buses is primarily represented in the avionics field, with increasing demands for bandwidth, real-time performance, and reliability. The FC network bus technology is highlighted as a leading solution in this area [21][22][23]. Main Business Analysis Network Bus Products - The company's network bus products utilize FC network bus technology, focusing on high-speed communication components and avionics network simulation and testing equipment. The revenue from these products has shown significant growth, particularly from the FC network data communication card [26][31]. Special Display Products - The special display products are mainly used in military simulation training, with the LED dome visual system being a standout product. The revenue from these products has also been increasing, driven by the rapid growth of the LED display segment [34][35]. Financial Analysis Revenue and Profit Growth - The company has demonstrated robust revenue growth from 2021 to 2024, with significant contributions from special LED display products and FC network data communication cards. The net profit has also shown a steady increase during this period [45]. Gross Margin Trends - The gross margin has fluctuated, with a notable increase in 2023 due to improved margins in network bus products. However, a decline in 2024 is attributed to a higher proportion of lower-margin special display products [49].

Investment Rating - The industry investment rating is maintained at "Overweight" [6] Core Insights - The report highlights the release of the "Opinions on Deepening the Reform and Development of Elderly Care Services" by the Central Committee and the State Council, which aims to address population aging and enhance the well-being of the elderly [6] - The report emphasizes the importance of integrating medical and elderly care services, which is expected to create opportunities for companies involved in the elderly care industry [6] - The report suggests that companies focusing on smart elderly care devices, remote medical services, and health big data analysis are likely to benefit from market opportunities [6] Summary by Sections Industry Performance - The industry has shown relative returns of -6.18% over the past month, -7.39% over the past three months, and -28.78% over the past year compared to the CSI 300 index [3] Policy Highlights - The report outlines key tasks such as building comprehensive elderly care service management platforms and enhancing community-based elderly care services [6] - It also mentions the promotion of state-owned capital participation in the elderly care sector and the encouragement of foreign investment in domestic elderly care services [6] Investment Opportunities - The report identifies potential investment opportunities in the elderly care industry, particularly in companies involved in the construction and operation of elderly care facilities, elderly health management, and the development of elderly products [6] - Specific companies to watch include Yuexin Health, Madi Technology, and Yuyue Medical, which are positioned to benefit from the integration of medical and elderly care services [6]

证券研究报告·行业点评报告 2025 年 1 月 7 日 江海证券研究发展部 医药生物行业 执业证书编号：S1410524050001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.86 -3.43 -26.61 绝对收益 -9.0 -9.62 -13.4 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-医药生物行 业：瑞金医院与信通院联合发布元医院调 研报告，开启智慧医疗新篇章 – 2025.01.06 2. 江海证券-行业点评报告-医药生物行 业：国家医保局与卫健委完善医药集中带 量采购政策 – 2024.12.13 3. 江海证券-行业点评报告-医药生物行 业：医保个人账户打破地域限制，"家庭共 济"模式升级 – 2024.12.06 4. 江海证券-行业点评报告-医药生物行 业：2024 年国家医保药品目录调整：创新 药企的新机遇与挑战 – 2024.12.05 5. 江海证券-行业点评报告-医药生物行 业：医保基金预付政策实施，关注医药行 业个股机会 – 2024.11.26 分析师：吴春红 药品医疗器械政策不断升级，改革效果 显著 事件： ...

证券研究报告·行业点评报告 2025 年 1 月 7 日 江海证券研究发展部 执业证书编号：S1410524050001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.86 -3.43 -26.61 绝对收益 -9.0 -9.62 -13.4 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-医药生物行 业：瑞金医院与信通院联合发布元医院调 研报告，开启智慧医疗新篇章 – 2025.01.06 2. 江海证券-行业点评报告-医药生物行 业：国家医保局与卫健委完善医药集中带 量采购政策 – 2024.12.13 3. 江海证券-行业点评报告-医药生物行 业：医保个人账户打破地域限制，"家庭共 济"模式升级 – 2024.12.06 4. 江海证券-行业点评报告-医药生物行 业：2024 年国家医保药品目录调整：创新 药企的新机遇与挑战 – 2024.12.05 5. 江海证券-行业点评报告-医药生物行 业：医保基金预付政策实施，关注医药行 业个股机会 – 2024.11.26 医药行业研究组 分析师：吴春红 DLL3 药物研发热情升温，国产 ADC 药物前 ...

证券研究报告·行业点评报告 2025 年 1 月 7 日 江海证券研究发展部 电子行业 分析师：屈雄峰 发改委表示将补贴手机等数码产品， AI 手机渗透率持续提升 事件： 投资要点： 执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -2.63 12.76 4.94 绝对收益 -6.52 6.57 18.15 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-电子行业：国 产厂商在存储领域技术有所突破，关注相 关投资机会 – 2024.12.27 2. 江海证券-行业点评报告-电子行业：可 穿戴设备市场三季度同比增长，智能眼镜 将成为 AI 端侧重要载体 – 2024.12.19 3. 江海证券-行业点评报告-电子行业：AI 眼镜产品百花齐放，行业奇点将至 – 2024.11.14 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本 ...

证券研究报告·行业点评报告 2025 年 1 月 7 日 江海证券研究发展部 执业证书编号：S1410524050002 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -7.69 5.45 -11.25 绝对收益 -12.83 -0.74 1.96 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.12.16~2025.01.01） – 2025.01.06 2. 江海证券-行业点评报告-机械设备行 装备市场预期可观 – 2025.01.06 3. 江海证券-行业点评报告-机械设备行 业：2025 年水利建设相关机械设备产业发 展展望 – 2025.01.06 4. 江海证券-行业点评报告-机械设备行 业：原材料产业标准提升引领设备市场发 展 – 2024.12.19 5. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.12.02~2024.12.15） – 2024.12.18 机械军工行业研究组 分析师：任沐昕 电力系统优化与数据基础设施建设政 策齐发，推动相关设备市场发展 事件 ...

证券研究报告·行业点评报告 2025 年 1 月 6 日 江海证券研究发展部 执业证书编号：S1410524050002 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -5.32 6.09 -12.28 绝对收益 -9.69 0.05 -0.8 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.12.16~2025.01.01） – 2025.01.06 2. 江海证券-行业点评报告-机械设备行 业：加快低碳清洁氢能源应用，产氢用氢 装备市场预期可观 – 2025.01.06 3. 江海证券-行业点评报告-机械设备行 业：2025 年水利建设相关机械设备产业发 展展望 – 2025.01.06 4. 江海证券-行业点评报告-机械设备行 业：原材料产业标准提升引领设备市场发 2024.12.18 机械军工行业研究组 分析师：任沐昕 赤泥综合利用推动氧化铝设备更新与 赤泥利用设备需求扩张 事件： 行业评级：中性（维持） 2025 年 1 月 2 日，工业和信息化部、国家发展改革委、财政部等六部门联合发 布《赤泥综合 ...

证券研究报告·行业点评报告 2025 年 1 月 6 日 江海证券研究发展部 执业证书编号：S1410523100001 分析师：吴雁宇 执业证书编号：S1410124010015 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.09 8.16 11.22 绝对收益 -4.27 2.12 22.7 数据来源：聚源 注：相对收益与沪深 300 相比 注：2025 年 1 月 3 日数据 1. 江海证券-行业点评报告-通信行业：卫 星互联网高速发展，持续看好 – 2024.12.09 分析师：屈雄峰 AI 产业高速成长，算力重要性持续凸 显 事件： 投资要点： 在 2025 财年，微软有望投资约 800 亿美元建设人工智能数据中心。 在 2025 财年，微软有望投资约 800 亿美元建设人工智能数据中心，以训练人工 智能模型并在全球范围内部署人工智能和基于云的应用程序。总投资的一半以 上将在美国，反映其对美国经济的信心。自 OpenAI 于 2022 年推出 ChatGPT 以来，随着各行各业的公司寻求将人工智能整合到其产品和服务中，全球对人 工智能的投资激增。作为 OpenAI 的主要支持 ...