据宇瞳光学消息，12月16日，宇瞳光学与拓烯科技正式签署深化战略合作协议。本次深化合作，旨在进 一步整合彼此优势资源，创新合作模式，共同应对市场发展与行业变革。 ...

宇瞳光学 20251210 摘要 宇瞳光学连续 10 年位居全球安防镜头市场份额第一，2024 年市占率达 38.1%，与舜宇光学联合占据国内 65%以上市场，拥有高市占率、全产 品矩阵和强客户绑定三大优势，并与海康、大华等龙头企业建立了长期 战略合作关系。 公司预计 2025 年实现营收 18.5 亿人民币，毛利率稳定在 25%左右。 海外市场增长显著，受益于海外对高清化和智能化安防需求的增加，海 外市场成为重要的增长点。 宇瞳光学通过内生研发和外延并购积极布局车载光学领域，已形成包含 车载镜头、HUD、激光雷达等产品矩阵，受益于自动驾驶技术发展，车 载摄像头需求量显著增加，2024 年车载业务营收达 3.34 亿元，同比增 长 51.8%。 预计 2030 年我国 L2 辅助驾驶新车渗透率将超过 90%，2029 年全球 车载激光雷达市场规模复合增长率将达到 38%，突破 36 亿美元。宇瞳 光学已进入比亚迪、吉利、丰田、大众等主流车企供应链。 模造玻璃是宇瞳未来的重要增长点，公司已突破模造工艺难点，实现规 模化量产，为开拓新兴应用市场提供了有力支持。模造玻璃非球面镜片 具备消除球面畸变、高透光率及轻薄化 ...

上市公司积极参与 ● 本报记者 刘英杰 今年以来，随着科技巨头、车企与新锐创企的密集入局，AI眼镜市场正从概念探索快速迈向产品化、 生态化竞争的新阶段。数据显示，11月24日以来，AI眼镜主题指数上涨9.81%，12个交易日内有10日实 现上涨。 分析人士认为，当前AI眼镜行业百花齐放，互联网巨头、手机厂商、AR创业公司三类玩家纷纷入局， 产品形态向大众消费市场渗透并被个人用户逐步接受。技术进步推动市场需求增长，智能眼镜产业链蓄 势待发，未来投资机遇值得期待。 新品不断发布 数据显示，12月9日，AI眼镜主题指数上涨0.33%。指数成分股中，乾照光电（300102）大涨11.40%， 普冉股份上涨9.58%，翰博高新（301321）、工业富联（601138）、福蓉科技（603327）均涨超7%，信 音电子（301329）、三安光电（600703）等跟涨。 当地时间12月8日，谷歌在其官方博客宣布，公司正与三星电子、Gentle Monster和Warby Parker合作开 发两种不同类别的AI眼镜：一类是为无屏幕辅助设计的眼镜，其将利用内置扬声器、麦克风和摄像头 与Gemini进行自然对话、拍照和获取帮助； ...

Group 1 - The core conclusion of the report highlights that Yutong Optical (300790.SZ) is the world's largest producer of security lenses, with a stable security business and potential for growth in the automotive optical sector, which may create a second growth curve for the company [1][6] - The company is actively pursuing new optical applications and is pushing for mass production of molding technology, positioning itself in key growth areas to unlock valuation ceilings [1][6] - Revenue projections for Yutong Optical are estimated at 3.41 billion CNY, 4.34 billion CNY, and 5.61 billion CNY for 2025, 2026, and 2027 respectively, with corresponding gross margins of 25.0%, 27.5%, and 27.3% [6] Group 2 - The report indicates that the global market for molded aspheric optical glass lenses is expected to reach 4.366 billion USD in 2024 and is projected to exceed 6.224 billion USD by 2031, indicating significant market potential [7] - Yutong Optical has established itself as a leader in the security lens market, maintaining the largest market share for ten consecutive years, and is expanding into the automotive lens market, which is experiencing increasing demand due to advancements in high-level intelligent driving [8] - The company’s automotive business achieved revenue of 164 million CNY in the first half of 2025, reflecting a year-on-year growth of 37.78%, indicating strong momentum in this segment [8] Group 3 - The issuance of the "Management Measures for Financing Lease Business of Financial Leasing Companies" aims to promote high-quality development in the financial leasing industry, enhancing the role of financial leasing companies in serving the real economy and national strategies [3][17] - The new measures focus on the core functions of financial leasing companies, standardizing operational processes, and enhancing risk management systems to address key risk areas in financing leasing [18][19] - The report recommends leading companies in the financial leasing sector, such as Jiangsu Jinzheng and Far East Horizon, which have stable performance and attractive dividend yields [19] Group 4 - The adjustment of risk factors for insurance companies' equity investments is expected to expand the allocation space for insurance funds, with specific reductions in risk factors for long-term holdings of certain stocks [21][22] - The insurance sector is viewed as a highly growth-oriented direction in the financial industry, with a potential strong cycle for valuation recovery as inflation trends strengthen [21][22] - The report suggests focusing on companies with low stock costs and stable operations, such as China Pacific Insurance and China Life Insurance, which have competitive dividend yields [24]

（原标题：比亚迪等183股获推荐，万润新能目标价涨幅超83%丨券商评级观察） 南财投研通数据显示，12月1日至12月7日，券商给予上市公司目标价共79次，按最新收盘价计算，目标价涨幅排名居前的公司有万润新能、浪潮 信息、皖仪科技，目标价涨幅分别为83.49%、63.08%、61.39%，分别属于电池、计算机设备、通用设备行业。 从券商推荐家数来看，12月1日至12月7日有183家上市公司得到券商推荐，其中永泰能源、杰瑞股份、比亚迪均获得5家推荐。 评级调高方面，12月1日至12月7日，西部证券对华润三九的评级从"增持"调高至"买入"。 评级调低方面，12月1日至12月7日，中泰证券对万兴科技的评级从"买入"调低至"增持"。 首次覆盖方面，12月1日至12月7日券商共给出了53次首次覆盖，其中新金路获得中邮证券给予"增持"评级，永臻股份获得爱建证券给予"买入"评 级，杭氧股份获得东吴证券给予"增持"评级，洁美科技获得国盛证券给予"买入"评级，宇瞳光学获得西部证券给予"买入"评级。 免责声明：文中涉及的观点、数据、个股等要素仅供参考，不构成投资建议，操作风险自担，投资有风险，入市需谨慎。 ...

投资建议：公司是全球最大的安防镜头生产商，当前公司积极布局智能驾驶车载光学业务，有望打造第 二成长曲线。此外，公司发力新兴光学应用业务，积极推动模造工艺量产化道路，通过卡位关键成长赛 道为公司打开估值天花板。我们预计公司2025—2027 年营业收入分别为34.10 亿元/43.35 亿元/56.11 亿 元；毛利率分别为25.0%/27.5%/27.3%。归母净利润分别为2.87亿元/4.87 亿元/6.35 亿元。参考相对估值 法，首次覆盖，给予"买入"评级。 风险提示：下游产品需求不及预期，市场竞争加剧，宏观经济增长不及预期，数据陈旧风险。 基本面概况：安防镜头基石稳固，车载镜头第二成长曲线动能强。全球安防镜头行业竞争较为激烈且集 中度较高，宇瞳光学作为安防镜头出货量最大的生产供应商，市占率连续十年排名第一。此外，随着高 阶智驾加速渗透，车载光学元件市场需求量持续攀升，公司通过内生增长和外延并购，提前卡位车载镜 头市场。目前，公司产品涵盖车载镜头、车载 HUD 部件、激光雷达光学部件、非球面玻璃镜片等领 域。2025H1，车载业务实现营收1.64 亿元，同比+37.78%。车载业务有望成为公司的第二成长 ...

Core Viewpoint - The company Yutong Optical (300790.SZ) primarily focuses on optical lenses and optical components, serving various sectors including security, automotive, smart home, and consumer electronics [1] Product Applications - The main products are utilized in sports cameras, panoramic cameras, AI glasses, drones, and mirrorless cameras [1] - The company does not engage in the field of AI telescope cameras [1]

Group 1 - The company, Yutong Optical (300790.SZ), primarily focuses on optical lenses and optical glass, which are applied in various fields such as security, automotive, smart home, and consumer electronics [2] - The company provides supporting products for action cameras, panoramic cameras, AI glasses, drones, and mirrorless cameras, but has not ventured into the AI telescope camera sector [2]

（文章来源：证券日报） 证券日报网讯 12月1日，宇瞳光学在互动平台回答投资者提问时表示，公司的主要产品为光学镜头及光 学镜片，应用于安防、车载、智能家居、消费电子等领域，未涉及消防设备领域。 ...

Market Overview - The computer equipment sector increased by 1.28% on December 1, with Zhongwei Electronics leading the gains [1] - The Shanghai Composite Index closed at 3914.01, up 0.65%, while the Shenzhen Component Index closed at 13146.72, up 1.25% [1] Top Performers - Zhongwei Electronics (300270) closed at 13.45, up 14.27% with a trading volume of 507,900 shares and a transaction value of 653 million yuan [1] - Fushen Technology (920190) closed at 27.48, up 6.02% with a trading volume of 54,800 shares and a transaction value of 149 million yuan [1] - Yilong Information (300588) closed at 32.40, up 4.92% with a trading volume of 195,900 shares and a transaction value of 633 million yuan [1] Underperformers - Siwei Liekong (603508) closed at 27.88, down 10.01% with a trading volume of 241,100 shares and a transaction value of 679 million yuan [2] - Tianmai Technology (300807) closed at 45.70, down 4.77% with a trading volume of 30,300 shares and a transaction value of 140 million yuan [2] - Tangyuan Electric (300789) closed at 24.20, down 4.01% with a trading volume of 35,300 shares and a transaction value of 85.87 million yuan [2] Capital Flow - The computer equipment sector experienced a net outflow of 458 million yuan from institutional investors, while retail investors saw a net inflow of 159 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Aerospace Intelligence (300455) had a net inflow of 106 million yuan from institutional investors, while retail investors experienced a net outflow of 53.89 million yuan [3] - Dahua Technology (002236) saw a net inflow of 75.84 million yuan from institutional investors, with retail investors facing a net outflow of 48.41 million yuan [3] - Zhongwei Electronics (300270) had a net inflow of 29.62 million yuan from institutional investors, while retail investors faced a net outflow of 17.87 million yuan [3]