Group 1 - The National Development and Reform Commission and the Ministry of Finance have included smart glasses in the subsidy program for 2026, with a subsidy rate of 15% and a maximum subsidy of 500 yuan per unit, applicable to products priced below 6000 yuan [1] - The introduction of subsidies is expected to lower the purchase threshold and accelerate market penetration, as over half of the top-selling XR devices on Tmall during the Double Eleven sales were priced below 4000 yuan, aligning with the subsidy criteria [1] - The upcoming CES from January 6-9, 2026, is anticipated to showcase over 50 exhibitors of AI glasses, indicating a rapid acceleration in product education and market presence [1] Group 2 - Kangnait is the exclusive lens supplier for Quark AI glasses, with higher prices for lenses with different refractive indices compared to standard lenses, indicating a strong competitive advantage in the XR business [2] - The company is expected to strengthen its competitive position in the smart glasses supply chain, with a projected net profit of 5.6 billion, 7.0 billion, and 8.7 billion yuan for 2025-2027, corresponding to PE ratios of 41, 34, and 27 [2] - Kangnait has established partnerships with several leading 3C companies to expand its smart glasses offerings, with a target price of 63.63 HKD based on a 40X valuation for 2026, maintaining a "strong buy" rating [2]

Core Viewpoint - Huachuang Securities reports that Kangnait Optical (02276) is deeply engaged in the eyewear manufacturing industry, with both domestic and international sales progressing simultaneously, and structural upgrades are expected to drive continuous improvement in profitability [1][5] Group 1: Financial Projections - The company has partnered with several leading 3C brands to develop smart glasses, indicating promising growth potential [1] - Huachuang Securities forecasts the company's net profit attributable to shareholders for 2025-2027 to be 560 million, 700 million, and 870 million yuan respectively, with corresponding P/E ratios of 41, 34, and 27 times [1][5] - The target price for 2026 is set at 63.63 HKD, maintaining a "strong buy" rating based on a valuation of 40 times [1][5] Group 2: Policy Impact - On December 30, 2025, the National Development and Reform Commission and the Ministry of Finance announced a subsidy policy for 2026, including smart glasses for the first time, with a subsidy rate of 15% and a maximum subsidy of 500 yuan per unit for products priced under 6000 yuan [6] - It is estimated that smart glasses priced above 3300 yuan can fully enjoy the national subsidy [6] Group 3: Market Trends - The Tmall Double Eleven sales data shows that over half of the top 20 hot-selling XR devices are priced below 4000 yuan, with mainstream AI/AR glasses meeting the subsidy requirements [2][6] - The company expects that the reduction in product prices due to subsidies will further stimulate consumer demand, leading to an increase in smart glasses penetration rates next year [2][6] Group 4: Upcoming Events - The 2026 International Consumer Electronics Show (CES) will take place from January 6-9 in North America, with over 50 exhibitors showcasing AI glasses, indicating a rapid acceleration in product education and market presence [3][6] - The supply and ecosystem are expected to enter a fast development phase, resonating with the national subsidy to create a "supply prosperity + demand stimulation" effect [3][6] Group 5: Competitive Position - Kangnait is the exclusive lens supplier for Quark AI glasses, with higher prices for lenses with different refractive indices compared to standard lenses [3][6] - The company has a significant first-mover advantage and high technical barriers in its XR business, which is expected to strengthen its competitive position during the industry innovation process [3][6]

购置门槛降低，加速市场渗透 从天猫双十一XR设备热卖榜单来看，前20款热销产品中4000元以下产品占比过半，主流AI/AR眼镜产 品价格基本满足国补要求（价格基本不超过6000元）。该行认为，补贴后产品价格下探，有望进一步撬 动C端需求提升，持续看好明年智能眼镜渗透率提升。 CES临近，关注后续新品进展 2026年国际消费电子展（CES）将于1月6日—9日在北美举办，据VR陀螺初步统计显示，本届CES的AI 眼镜展商超过50家，国内外厂商集中发布/展示新品与参考设计，品类教育与心智占领明显提速。从产 业链层面来看，随着技术迭代和新品推广，供给端与生态端预计进入发展快车道，将与国补形成"供给 繁荣+需求刺激"的共振，建议持续关注后续新品推广节奏。 国内标杆客户反馈积极，持续看好消费级产品放量 事项：25年12月30日，国家发改委、财政部发布2026年国补政策，首次将智能眼镜纳入补贴范围，补贴 标准为15%，单件补贴上限500元（单件产品售价不超过6000元）。根据测算，智能眼镜价格超过3300 元基本可以全额享受国补。 智通财经APP获悉，华创证券发布研报称，康耐特光学(02276)深耕眼镜制造行业，内外销齐头 ...

港股公司 证 券 研 究 报 告 康耐特光学（02276.HK）重大事项点评 强推（维持） 智能眼镜首次纳入国补，看好消费级产品渗 透率加速提升 事项： ❖ 25 年 12 月 30 日，国家发改委、财政部发布 2026 年国补政策，首次将智能眼 镜纳入补贴范围，补贴标准为 15%，单件补贴上限 500 元（单件产品售价不超 过 6000 元）。根据测算，智能眼镜价格超过 3300 元基本可以全额享受国补。 评论： 其他轻工Ⅲ 2025 年 12 月 31 日 | 目标价：63.63 | 港元 | | --- | --- | | 当前价：51.80 | 港元 | 华创证券研究所 证券分析师：刘一怡 邮箱：liuyiyi@hcyjs.com 执业编号：S0360524070003 联系人：周星宇 邮箱：zhouxingyu1@hcyjs.com ❖ 风险提示：智能眼镜发展不及预期、国内渠道拓展不及预期、行业竞争加剧。 [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | ...

Group 1 - The core viewpoint of the news is that the implementation of the new policy by the National Development and Reform Commission and the Ministry of Finance in China will significantly lower the purchase costs for smart glasses, thereby accelerating the penetration rate of smart glasses in the market [1][2] - The policy announced on December 30, 2023, expands the categories of digital and smart products eligible for subsidies, including the addition of smart glasses, while maintaining the same subsidy amounts and ratios [1] - The market response to 康耐特光学 (Kangnate Optical) has been positive, with the stock opening over 3% higher and reaching a price of 53.6 HKD, indicating strong investor interest [1] Group 2 - 康耐特光学 (Kangnate Optical) has three major advantages in the XR industry chain: it is one of the few manufacturers capable of mass-producing 1.74 ultra-high refractive index lenses, which are essential for lightweight AR glasses [2] - The company utilizes a mature C2M "small batch quick response" production system, allowing it to efficiently meet the personalized customization demands of the new retail model for smart glasses [2] - As the exclusive lens supplier for Alibaba's "Quark AI glasses," 康耐特光学 (Kangnate Optical) is positioned to expand its customer base in the smart glasses market, leveraging its relationship with major shareholder GoerTek, a leader in XR hardware manufacturing [2]

（文章来源：每日经济新闻） 每经AI快讯，康耐特光学(02276.HK)高开逾3%，截至发稿，涨3.47%，报53.6港元，成交额85.22万港 元。 ...

Core Viewpoint - 康耐特光学's stock price increased by 4.92% to 54.35 HKD, with a trading volume of 9.31 million HKD, following the announcement of a new policy by the National Development and Reform Commission and the Ministry of Finance regarding the implementation of a large-scale equipment update and consumer goods replacement policy in 2026, which includes subsidies for smart glasses [1][6]. Group 1: Policy Impact - The new policy will expand the categories of digital and smart products eligible for subsidies in 2026, adding smart glasses while maintaining the same subsidy amounts and ratios [1][6]. - 中金 believes that this policy will significantly reduce the end-user purchase costs, accelerating the penetration rate of smart glasses and opening up incremental market space for all segments of the industry chain [1][6]. Group 2: Company Advantages - 康耐特光学 is one of the few manufacturers capable of mass-producing 1.74 ultra-high refractive index lenses, which are lightweight and meet the demand for AR glasses, while also possessing advanced freeform technology to address optical distortion issues caused by waveguides [2][7]. - The company utilizes a mature C2M "small batch quick response" production system, allowing it to efficiently meet the personalized customization needs of the new retail model for smart glasses [2][7]. - With GoerTek as its second-largest shareholder, 康耐特光学 is well-positioned to leverage GoerTek's customer channels to quickly enter the supply chain of leading global technology giants in the smart glasses market [2][7].

Group 1 - The core viewpoint of the news is that 康耐特光学 (Conant Optical) is experiencing a significant stock price increase due to favorable government policies aimed at promoting the adoption of smart glasses, which will enhance market opportunities for the company [1] - The National Development and Reform Commission and the Ministry of Finance issued a notice on December 30, outlining the implementation of a large-scale equipment update and consumer goods replacement policy for 2026, which includes support for smart glasses [1] - The policy is expected to lower the end-user purchase costs significantly, thereby accelerating the penetration rate of smart glasses and creating additional market space for the entire industry chain [1] Group 2 - 康耐特光学 has three major advantages in the XR industry chain: it is one of the few manufacturers capable of mass-producing 1.74 ultra-high refractive index lenses, which are essential for lightweight AR glasses [2] - The company utilizes a mature C2M "small batch quick response" production system, allowing it to efficiently meet the personalized customization demands of the new retail format for smart glasses [2] - With 歌尔股份 (GoerTek) as its second-largest shareholder, 康耐特光学 is positioned to leverage GoerTek's leading position in XR hardware manufacturing to quickly enter the supply chains of major global technology companies [2]

Group 1 - The core viewpoint of the news highlights the positive impact of the Chinese government's new policy on the smart eyewear market, which is expected to lower end-user costs and accelerate market penetration for smart glasses [1] - The National Development and Reform Commission and the Ministry of Finance issued a notice on December 30, 2023, regarding the implementation of large-scale equipment updates and the replacement policy for consumer goods, expanding the categories to include smart glasses by 2026 [1] - The policy is anticipated to create additional market space for the entire industry chain, enhancing growth opportunities for companies involved in smart eyewear production [1] Group 2 - Company has three major advantages in the XR industry chain: it is one of the few manufacturers capable of mass-producing 1.74 ultra-high refractive index lenses, which are essential for lightweight AR glasses [2] - The company utilizes a mature C2M "small batch quick response" production system, allowing it to efficiently meet the personalized customization demands of the new retail model for smart glasses [2] - With GoerTek as the second-largest shareholder, the company is positioned to leverage GoerTek's customer channels to quickly enter the supply chains of leading global tech giants in the smart eyewear sector [2]

Group 1: Core Insights - The light industry manufacturing sector is expected to experience a recovery in 2026, driven by external macroeconomic stabilization and internal demand adjustments, although the recovery will show differentiation among companies [5][6] - Investment strategies should focus on growth-oriented companies that are expanding overseas, as well as on the supply-side changes in the paper packaging sector and new consumer brands showing marginal improvements [5][6] Group 2: Home Furnishing Sector - The home furnishing industry is currently facing a downturn, with ongoing pressures from consumption and housing handovers, and limited benefits from national subsidies [13][19] - The market environment is expected to remain stable in 2026, with a focus on individual company performance, as the sector is significantly influenced by consumer sentiment and real estate policies [34][40] - The expected decline in new housing completions in 2026 is projected at 21%, which will continue to impact demand for home furnishings [34][40] Group 3: Essential Consumer Goods - The essential consumer goods market is adapting to new dynamics, with established brands facing challenges from evolving channels and increased competition [52] - The growth potential in mature markets remains stable, but the overall consumption environment has weakened, leading to increased competition among leading brands [52][53] - New consumption trends are emerging from changes in consumer sentiment and technological innovations, which are reshaping market dynamics [52][53] Group 4: Light Industry Exports - The light industry export sector has shown strong growth among leading companies, despite fluctuations due to economic cycles and inventory levels [5][6] - The outlook for 2026 suggests continued growth for top companies, supported by stable macroeconomic conditions and ongoing trends such as capacity relocation and cost reduction [5][6] - The overall recovery in the light industry export sector is anticipated to stabilize, with a focus on expanding product categories and niche markets [5][6] Group 5: Paper Packaging Sector - The paper packaging sector is expected to see a gradual recovery, with stable pricing anticipated for cultural paper and improved profitability driven by demand from the consumer electronics and AI sectors [5][6] - The profitability of the paper industry is projected to stabilize, with key factors including supply-demand dynamics and cost efficiencies playing a crucial role [5][6] - Leading companies in the metal packaging sector are expected to benefit from increased market concentration and enhanced pricing power [5][6]