西部证券指出，新人群、新场景、新渠道正成为内需的长期结构性推手，其中"Z世代"与"新中产"对智 能科技消费等情绪价值类高复购产品具有较强带动作用。同时，出海已成为2-3年的时代景气主题，优 质中国消费品牌在海外市场的供给替代趋势不可逆转，在估值具备安全边际时值得配置。 消息面上，市场调查机构CounterPoint Research发布报告称，受智能手机季节性需求强劲、显示器市场 爆发推动，2025年第三季度全球OLED面板出货量环比增长14%，同比增长5%。 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题ETF发起式联接E：024557)。 数据来源：wind 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人 ...

每经AI快讯，12月10日，苹果概念股走低，工业富联跌超5%，鹏鼎控股、立讯精密、环旭电子等跟 跌。 （文章来源：每日经济新闻） ...

| 代码 | 简称 | 12月9日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 300476 | 胜宏科 技 | 10.81 | 97014.76 | 1699041.86 | 6.25 | 电子 | | 601138 | 工业富 联 | 7.22 | 64213.57 | 1011551.96 | 0.75 | 电子 | | 601933 | 永辉超 市 | 9.95 | 40859.11 | 181201.36 | 4.20 | 商贸零 售 | | 300115 | 长盈精 密 | -3.80 | 38566.17 | 390446.06 | 6.62 | 电子 | | 300308 | 中际旭 创 | 6.32 | 37362.33 | 1947160.90 | 2.91 | 通信 | | 002938 | 鹏鼎控 股 | 6.05 | 33851.88 | 172277.26 | 1.41 | 电子 | | ...

Group 1 - As of December 9, the margin trading balance in A-shares reached 25,105.72 billion yuan, an increase of 100.58 billion yuan from the previous trading day, accounting for 2.59% of the A-share circulating market value [1] - The trading volume for margin transactions on that day was 2,031.2 billion yuan, a decrease of 256.13 billion yuan from the previous trading day, representing 10.58% of the total A-share trading volume [1] - Among the 31 primary industries in the Shenwan index, 23 industries experienced net financing inflows, with the electronics sector leading at a net inflow of 5.487 billion yuan [1] Group 2 - A total of 42 individual stocks had net financing inflows exceeding 100 million yuan, with Shenghong Technology leading at a net inflow of 970.14 million yuan [2] - Other notable stocks with significant net financing inflows included Industrial Fulian, Yonghui Supermarket, Changying Precision, Zhongji Xuchuang, Pengding Holdings, Demingli, Shengyi Electronics, Hudian Co., and Kweichow Moutai [2] - Guojin Securities research report indicates that strong demand for AI is driving both price and volume increases in PCB, with many AI-PCB companies experiencing robust orders and full production, leading to high growth expectations for Q4 and next year [2]

每经AI快讯，12月10日，消费电子代工指数盘中震荡下挫，工业富联跌超5%，立讯精密、歌尔股份、 领益智造、环旭电子跌幅分别为2.95%、2.79%、2.35%、2.28%。 （文章来源：每日经济新闻） ...

2025 年 12 月 10 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 210 期 观点精粹: 最新报告摘要 证券研究报告 1、最新报告摘要 1.1、资金供给端改善，解禁减持规模高增--策略周报 分析师：赵阳 S0350525100003 联系人：郭可凡 S0350124070038 资金供给端改善，解禁减持规模高增--策略周报 2027 年订单能见度提高，业绩有望持续高增--工业富联/消费电子(601138/212705) 公司点评 投资要点: 1.本周（2025/12/01-2025/12/05，下同）宏观资金面宽松，央行通过公开市场操作开展 7 天逆回购净回笼 8480 亿元，开展 10000 亿元 3 个月买断式逆回购操作，本周总计实现资金净投放 1520 亿元。资金价格方面，短 端利率下行，中端与长端利率上行，期限利差走阔。 2.股市资金供给端整体改善，权益基金发行回暖。融资余额小幅回升，但杠杆资金参与度有所下降，融资净流 入较多的行业为有色金属、电子，融资净流出较多的行业为 ...

（文章来源：每日经济新闻） 每经AI快讯，12月10日，英伟达概念板块下跌1.69%。其中，天准科技下跌3.75%，弘信电子下跌 2.94%，浪潮信息下跌2.45%，工业富联、胜宏科技、博杰股份跌超2%。 ...

每经AI快讯，12月10日，ChatGPT概念板块领跌，下跌1.81%。其中，天源迪科下跌12.13%，工业富联 下跌2.85%，开普云下跌2.55%。 （文章来源：每日经济新闻） ...

Core Insights - The AI glasses market is rapidly transitioning from conceptual exploration to productization and ecological competition, with a 9.81% increase in the AI glasses theme index since November 24, 2023, and 10 out of 12 trading days showing gains [1] - Major players including tech giants, automotive companies, and startups are entering the AI glasses sector, leading to a diversification of product forms and increasing acceptance among consumers [1][6] - The industry is expected to see significant investment opportunities as technological advancements drive market demand [1] Product Launches - On December 9, 2023, the AI glasses theme index rose by 0.33%, with notable stock increases from companies like Qian Zhao Guang Dian (up 11.40%) and Pu Ran Co. (up 9.58%) [2] - Google announced collaborations with Samsung, Gentle Monster, and Warby Parker to develop two types of AI glasses, with the first product expected to launch in 2026 [2] - Alibaba's Quark AI glasses S1 topped sales charts shortly after its release, featuring advanced AI capabilities for voice and photo queries [3] - Li Auto launched its first AI glasses, Livis, which weigh only 36 grams and offer 18.8 hours of battery life, focusing on vehicle control and AI interaction [3] Company Involvement - Several listed companies are actively engaged in the R&D and manufacturing of AI glasses components, with Yu Tong Optical planning to supply molded glass for AI glasses and other new consumer markets in 2024 [4] - Crystal Optoelectronics is focusing on AR near-eye displays and other optical components for AR glasses [4] - Longying Precision has been collaborating with Google for over ten years, indicating a strong relationship with major tech players [4] Market Projections - IDC forecasts that by 2026, global smart glasses shipments will exceed 23.687 million units, with China's market expected to surpass 4.915 million units, marking a significant growth phase [5] - Analysts suggest that 2025 could be a pivotal year for AI glasses, with rapid growth anticipated in 2026 as product forms and interaction methods evolve [6] Investment Opportunities - Analysts recommend focusing on two main investment themes: the potential sales boost from new AI glasses releases in 2025-2026 and the anticipated turning point for AR glasses products [6][7] - The entry of major companies into the AI glasses market is expected to accelerate industry development, with smart glasses poised to become a major consumer electronics category [6][7]

2025 年 12 月 09 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘熹 S0350523040001 | | | | liux10@ghzq.com.cn | | 联系人 | ： | 唐锦珂 S0350125070014 | | | | tangjk@ghzq.com.cn | 最近一年走势 [Table_Title] 2027 年订单能见度提高，业绩有望持续高增 ——工业富联（601138）公司点评 | 相对沪深 300 | 表现 | | 2025/12/09 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 工业富联 | -6.5% | 39.4% | 213.3% | | 沪深 300 | -1.7% | 3.7% | 15.9% | | 市场数据 | | | 2025/12/09 | | 当前价格（元） | | | 67.99 | | 52 周价格区间（元） | | | 14.58-83.88 | | 总市值（百万） | | | 1,350,157.92 | ...