Core Viewpoint - 康耐特光学's stock price surged over 5%, reaching a historical high of 58.65 HKD, driven by the inclusion of smart glasses in the national subsidy policy [1] Company Summary - 康耐特光学 is a leading lens manufacturer actively developing a second growth curve in smart glasses [1] - The company has established partnerships with several top 3C companies to expand its smart glasses offerings, indicating strong growth potential [1] Industry Summary - The National Development and Reform Commission and the Ministry of Finance have included smart glasses in the 2026 national subsidy policy, which is expected to stimulate consumer demand [1] - According to Huachuang Securities, smart glasses priced over 3300 RMB can fully benefit from the national subsidy, potentially lowering product prices and increasing market penetration [1]

Group 1 - 康耐特光学 (02276) saw a morning increase of over 5%, reaching a new historical high of 58.65 HKD, with a current price of 58.05 HKD and a trading volume of 24.53 million HKD [1] - The National Development and Reform Commission and the Ministry of Finance recently announced the 2026 national subsidy policy, which includes smart glasses for the first time [1] - According to Huachuang Securities, smart glasses priced over 3,300 RMB can fully enjoy the national subsidy, which is expected to lower product prices and stimulate consumer demand [1] Group 2 - The company is a leading lens manufacturer and is actively cultivating a second growth curve in smart glasses [1] - 康耐特光学 is deeply engaged in the eyewear manufacturing industry, with both domestic and international sales progressing, and structural upgrades are expected to enhance profitability [1] - The company has partnered with several leading 3C companies to develop smart glasses, indicating promising growth potential [1]

Core Viewpoint - 康耐特光学's stock price surged over 5%, reaching a new historical high of 58.65 HKD, driven by the inclusion of smart glasses in the national subsidy policy [1] Group 1: Company Performance - 康耐特光学's stock is currently trading at 58.05 HKD with a trading volume of 24.53 million HKD [1] - The company is recognized as a leading lens manufacturer and is actively developing a second growth curve in smart glasses [1] Group 2: Industry Insights - The National Development and Reform Commission and the Ministry of Finance have included smart glasses in the 2026 national subsidy policy, allowing products priced over 3,300 RMB to qualify for full subsidies [1] - The introduction of subsidies is expected to lower product prices and stimulate consumer demand, leading to an anticipated increase in smart glasses penetration rates next year [1] - 康耐特光学 is collaborating with several leading 3C companies to expand its presence in the smart glasses market, indicating strong growth potential [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海康耐特光學科技集團股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2026年1月7日 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02276 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 479,925,000 | | 0 | | 479,925,000 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 479,925,000 | | 0 | | 479,925,000 | 第 2 頁 共 10 頁 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [15]. Core Insights - The report emphasizes the importance of exploring supply chain opportunities from the demand side, particularly in the context of the upcoming CES event, which is expected to showcase a variety of new smart glasses products [3][9]. - The report highlights that 2026 is anticipated to be a year of significant growth for smart glasses, driven by supportive policies and supply upgrades, with a focus on enhancing product features and user experience [9]. Industry Overview - The light industry manufacturing sector comprises 164 listed companies with a total market capitalization of approximately 1,094.55 billion and a circulating market value of about 934.63 billion [6]. - The absolute performance of the industry over the past 12 months has been 32.9%, while the relative performance compared to the benchmark has been 5.8% [7]. Key Company Forecasts and Valuations - 康耐特光学 (Kangnait Optical) is projected to have an EPS of 1.18, 1.45, and 1.81 for 2025E, 2026E, and 2027E respectively, with a strong buy rating [4]. - The PE ratios for 康耐特光学 are forecasted to be 41.05, 33.26, and 26.64 for the same years, indicating strong growth potential [4]. Upcoming Events - The 2026 International Consumer Electronics Show (CES) is scheduled from January 6 to 9, showcasing over 50 exhibitors in the AI glasses segment, with significant product launches expected from various companies [9].

Core Viewpoint - 康耐特光学's stock price increased by over 6% in early trading, reflecting positive market sentiment driven by developments in the smart glasses sector at CES 2026 and government support for the industry [1] Group 1: Market Developments - At CES 2026, smart glasses emerged as a focal point, with over 50 manufacturers showcasing their products, including leading companies like 雷鸟创新, Rokid, 影目, VITURE, and XREAL [1] - 阿里巴巴 is set to present its first self-developed AI glasses, the Quark AI Glasses S1, at CES 2026, indicating a significant entry into the smart glasses market [1] Group 2: Government Policy - The National Development and Reform Commission and the Ministry of Finance announced a policy for 2026 that includes large-scale equipment upgrades and a trade-in program for consumer goods, with smart glasses being included for the first time in national subsidies [1] - 东方证券 believes that the inclusion of smart glasses in national subsidies signals strong governmental support for the integration of artificial intelligence and consumer products, which will lower consumer barriers and accelerate market education [1]

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 | | --- | --- | --- | --- | ...