智通财经APP获悉，国泰海通发布研报称，根据映维网、JBD公众号，阿里自研的首款自研智能眼 镜"夸克AI眼镜"在WAIC 2025世界人工智能大会期间正式亮相，预计将在年内正式发布。政策面上， 《上海市下一代显示产业高质量发展行动方案》发布，其中《方案》提出，发展AI+AR、AI+MR等多 形态眼镜产品，鼓励下一代硅基微显示的产品模式与眼镜形态创新，加快推动全彩化、便携式智能眼镜 产品研发。看好大厂AI+AR眼镜密集发布催化及大模型多模态迭代对AI+AR眼镜交互能力的提升。 《上海市下一代显示产业高质量发展行动方案》(2026-2030年)于7月22日印发，《方案》提出，发展 AI+AR、AI+MR等多形态眼镜产品，聚焦轻量化、低功耗、高分辨率、大视场角等关键技术指标，推 动显示器件、波导镜片、核心芯片等关键部件迭代创新，持续提升产品性能，鼓励下一代硅基微显示的 产品模式与眼镜形态创新，加快推动全彩化、便携式智能眼镜产品研发。 全球AI眼镜出货量有望高速增长 Meta与雷朋联名的Rayban-MetaAI眼镜自2023年9月推出销量已突破200万台，25年Meta有望发布带显示 的AR眼镜；Rokid Gla ...

证券之星消息，7月30日消费电子板块较上一交易日上涨1.69%，电连技术领涨。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。消费电子板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300679 电连技术 | | 1.27亿 | 10.64% | -1.18 Z | -9.87% | -910.02万 | -0.76% | | 300735 光弘科技 | | 1.00亿 | 10.39% | 3202.29万 | 3.31% | -1.32 Z | -13.71% | | 300322 硕贝德 | | 5486.86万 | 2.29% | 923.54万 | 0.38% | -6410.40万 | -2.67% | | 301285 | 鸿日达 | 5168.80万 | 6.91% | -1601.69万 | -2.14% | -3567.1 ...

Group 1 - The core viewpoint of the news is that Ruijun Asset has conducted research on a listed company, specifically focusing on Huanxu Electronics, which has made progress in various fields such as SiP modules, AI glasses, servers, and optical modules [1] - Huanxu Electronics has new applications for SiP modules in mobile phones and AI glasses, with the L10 server JDM project already delivered, and a 1.6T optical module currently in the research phase [1] - The company anticipates mass production of 800V DC power supply by 2028, with significant revenue growth expected from smart glasses, while industrial products are experiencing slow inventory turnover and intense competition in the automotive electronics sector [1] Group 2 - Huanxu Electronics aims to accelerate its growth in the I-card segment to capture a 30% market share and is also looking to expand its mainboard business in the future [1]

Group 1 - The core viewpoint of the news is that Yu Bing Investment has conducted research on a listed company, Huanxu Electronics, which has made significant progress in various fields such as SiP modules, AI glasses, servers, and optical modules [1] - Huanxu Electronics has new applications for SiP modules in mobile phones and AI glasses, with the L10 server JDM project already delivered [1] - The company is developing a 1.6T optical module as a research product, and the 800V DC power supply is expected to be mass-produced by 2028 [1] Group 2 - Among the five major business segments, the revenue from smart glasses is expected to increase significantly, while the industrial products are experiencing slow inventory reduction, and competition in the automotive electronics sector is intense [1] - Huanxu Electronics aims to accelerate the growth of its I-accelerator card to capture a 30% market share and plans to expand its mainboard business in the future [1]

Core Insights - Renqiao Asset recently conducted research on a listed company, specifically focusing on Huanxu Electronics, which has made advancements in various fields including SiP modules, AI glasses, servers, and optical modules [1] Company Developments - Huanxu Electronics has new applications for SiP modules in mobile phones and AI glasses [1] - The L10 server JDM project has been delivered, and the 1.6T optical module is currently a research and development product [1] - The company anticipates mass production of 800V DC power supply by 2028 [1] Business Performance - Among the five major business segments, revenue from smart glasses is expected to increase significantly, while industrial products are experiencing slow inventory turnover [1] - The competition in the automotive electronics sector is intense [1] - The company aims to accelerate the growth of its I加速卡 segment to capture a 30% market share and plans to expand its mainboard business in the future [1]

Group 1: Huanxu Electronics (环旭电子) - Huanxu Electronics has made progress in SiP modules, AI glasses, servers, and optical modules [1] - New applications for SiP modules are emerging in mobile phones and AI glasses, with the L10 server JDM project already delivered [1] - The company aims for a 30% growth in I acceleration card market share and plans to expand its mainboard business [1] Group 2: Orbbec (奥比中光) - Orbbec focuses on the "robotics and AI vision industry platform" strategy, utilizing 3D vision sensors to empower robots [2] - The company has established long-term partnerships with leading clients in the Chinese service robotics sector and is actively expanding into industrial and humanoid robot markets [2] - Collaboration with NVIDIA is underway to advance robot development through 3D vision perception technology [2]

调研纪要：环旭电子在SiP模组、AI眼镜、服务器、光模块等领域有新进展。SiP模组在手机和AI眼镜上 有新应用，L10服务器JDM项目已交付，1.6T光模块为研发产品，800V直流供电预计2028年量产。公司 五大业务中，智能眼镜收入将放量，工业类产品去库存慢，车电竞争激烈。公司目标是I加速卡成长 30%份额，未来争取主板业务。 银河基金成立于2002年，截至目前，资产管理规模(全部公募基金)1059.76亿元，排名58/210；资产管理 规模(非货币公募基金)758.71亿元，排名56/210；管理公募基金数162只，排名47/210；旗下公募基金经 理25人，排名54/210。旗下最近一年表现最佳的公募基金产品为银河创新成长混合A，最新单位净值为 6.79，近一年增长63.88%。 1)环旭电子（601231）(银河基金参与公司特定对象调研) 证券之星消息，根据市场公开信息及7月29日披露的机构调研信息，银河基金近期对1家上市公司进行了 调研，相关名单如下： ...

调研纪要：环旭电子在SiP模组、AI眼镜、服务器、光模块等领域有新进展。SiP模组在手机和AI眼镜上 有新应用，L10服务器JDM项目已交付，1.6T光模块为研发产品，800V直流供电预计2028年量产。公司 五大业务中，智能眼镜收入将放量，工业类产品去库存慢，车电竞争激烈。公司目标是I加速卡成长 30%份额，未来争取主板业务。 1)环旭电子（601231）(金鹰基金参与公司特定对象调研) 证券之星消息，根据市场公开信息及7月29日披露的机构调研信息，金鹰基金近期对1家上市公司进行了 调研，相关名单如下： 金鹰基金成立于2002年，截至目前，资产管理规模(全部公募基金)680.25亿元，排名74/210；资产管理 规模(非货币公募基金)436.44亿元，排名80/210；管理公募基金数150只，排名51/210；旗下公募基金经 理21人，排名66/210。旗下最近一年表现最佳的公募基金产品为金鹰科技致远混合A，最新单位净值为 1.68，近一年增长67.53%。 ...

Core Viewpoint - The company is actively exploring new opportunities in the SiP module market, particularly in mobile applications and AI glasses, while also focusing on expanding its production capacity in response to customer demand [1][4][7]. Group 1: SiP Modules and Mobile Applications - The company has identified potential in SiP modules for mobile applications, with new project developments in the SiPlet area [1]. - There is a shift in customer demand towards new applications, indicating future opportunities for SiP modules in mobile devices [1]. - The high integration SiP modules are expected to significantly reduce the size of main control boards in AI glasses, although cost advantages over COB solutions are not yet realized due to low production volumes [4][5]. Group 2: L10 Server JDM Project - The L10 server JDM project has been successfully delivered, developed in collaboration with long-term OEM customers, focusing on edge server solutions [2]. - The company is closely monitoring market reactions to the L10 product and is committed to ongoing collaboration with customers [2]. Group 3: Optical Modules and R&D - The company is currently developing a 1.6T optical module, with plans to enhance product validation efficiency through new laboratory facilities [3]. - The strategy includes strengthening collaboration across the supply chain to establish comprehensive capabilities from R&D to manufacturing in the optical module sector [3]. Group 4: Capital Expenditure and Production Capacity - The company plans to increase production capacity by 30% in Taiwan and 20% in Mexico to meet rising customer demand [3]. - Current capital expenditure guidance is set at $200 million, with potential increases anticipated for future projects, particularly in high-voltage direct current supply systems [6]. Group 5: Market Demand and Business Outlook - The company expects stable demand in 2025, with significant growth anticipated in the smart glasses segment [7]. - The industrial product inventory turnover is slower than expected, indicating a gradual return to normalcy in the second half of the year [7]. - The company is focusing on key components in consumer electronics, with plans to invest in manufacturing capabilities for AI glasses modules [5]. Group 6: Strategic Focus on Vertical Power Supply and Optical Modules - The company is leveraging its micro-miniaturization capabilities and advanced packaging advantages to develop vertical power supply and optical module technologies [8]. - The vertical power supply project is expected to see market readiness around 2028, with ongoing collaboration and investment planned [6][8]. Group 7: AI Acceleration Cards - The company aims to capture a 30% market share in AI acceleration cards, with plans to expand into motherboard business as well [9]. Group 8: Financial Performance - The company's Q1 2025 report shows a revenue of 13.649 billion yuan, a year-on-year increase of 1.16%, and a net profit of 335 million yuan, reflecting a slight increase [10]. - The debt ratio stands at 53.12%, with investment income reported at 87.4352 million yuan [10]. Group 9: Analyst Ratings and Predictions - Recent analyst ratings indicate a positive outlook, with three institutions issuing buy ratings and a target average price of 17.13 yuan [11]. - Profit forecasts for the next three years show expected growth in net profit, with estimates reaching 27.64 billion yuan by 2027 [11].

Financial Performance Summary - In the first half of 2025, the company achieved total revenue of 27.21 billion RMB, a decrease of 0.63% compared to 27.39 billion RMB in the same period of 2024 [1][2] - Operating profit for the first half of 2025 was 750.47 million RMB, down 9.57% from 829.89 million RMB in the previous year [1][2] - The total profit amounted to 733.48 million RMB, reflecting a decline of 12.83% from 841.43 million RMB in the prior year [1][2] - Net profit attributable to shareholders was 638.05 million RMB, an 18.66% decrease from 784.40 million RMB in the same period last year [1][2] - Basic earnings per share decreased by 19.44% to 0.29 RMB from 0.36 RMB [1][2] Revenue Composition - Revenue from consumer electronics increased by 8.60%, driven by promotional activities from major clients [2] - Revenue from automotive electronics decreased by 16.04%, primarily due to reduced outsourcing orders from key clients [2] - Revenue from cloud and storage products fell by 3.61%, influenced by client order transfers [2] - Revenue from communication products declined by 3.21%, as new product mass production was delayed compared to the previous year [2] Expense Overview - Total sales, management, R&D, and financial expenses for the first half of 2025 were 2.06 billion RMB, an increase of 4.95% from 1.96 billion RMB in the same period of 2024 [2] - Financial expenses decreased by 2.62% to 0.22 billion RMB, attributed to lower interest expenses [2] - Management expenses rose by 5.04%, while sales and R&D expenses increased by 3.15% and 7.40%, respectively [2] Non-Recurring Profit and Loss - The net profit attributable to shareholders after excluding non-recurring gains and losses was impacted by a non-recurring loss of 60 million RMB, down from 183 million RMB in the previous year [3] Future Outlook - The company anticipates that the operating profit margin for the third quarter of 2025 will remain stable year-on-year [3]