Investment Rating - The industry investment rating is "In line with the market" [2][8] Core Viewpoints - The Meta Ray-Ban smart glasses have undergone a significant update with the introduction of the "Live AI" feature, enhancing user interaction [2] - The "Live AI" function allows the glasses to capture video and provide hands-free assistance based on real-time activities, offering practical suggestions during daily tasks [2] - The glasses also feature real-time translation capabilities and Shazam integration for song identification, currently available to users in the US and Canada [2] - The hardware configuration of AI glasses is highly standardized, indicating that future competition will focus more on ecosystem and AI model differentiation [2] Summary by Relevant Sections Investment Highlights - The demand for smart wearable devices is increasing, and the rise of generative AI models is pushing AI audio glasses into a broader market [5] - AI audio glasses are positioned to replace traditional headphones, leveraging AI to enhance user experience and market appeal [5] - Recommended companies to watch include those involved in the supply chain or with relevant technological reserves, such as optical companies and assembly firms [5] Market Dynamics - The AI glasses market is characterized by high hardware configuration homogeneity, with common components like the AR1 chip and Sony 681 image sensor [2] - The competition among major players will likely center around ecosystem development and AI model capabilities rather than hardware specifications [2]

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------|-------------------------------------------------------------|--------------------------------|----------------------------------|----------------| | 2024 年 12 月 19 日 \n传媒 | | | 行业研究●证券研究报告 \n行业快报 | | | | | | | | | 微信小店新功能促进内外流量双循环 | 投资评级 | | 领先大市(维持 | ) | | 投资要点 | 首选股票 | | | 评级 | | 事件： 12 月 18 日，微信团队公告称，微信小店开启 "送礼物" 功能的灰度测试。 | | | | | | 除珠宝、教育培训两大类目外，其他类目微信小店、原价不超过 1 万元 ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------|-----------------|--------------------------------------------------|----------------------------------|----------------------| | 2024 年 12 月 19 日 \n传媒 | | | 行业研究●证券研究报告 \n行业快报 | | | 深圳发布重磅政策，关注 AI 供需双端生态繁荣 | | | | | | | 投资评级 | | 领先大市(维持) | | | 投资要点 | 首选股票 | | | 评级 | | 事件： 12 月 18 日，深圳市工业和信息化局发布了《深圳市打造人工智能先锋城 | | | | | | 市的若干措施》，自公布当天即生效，有效期 2 年。政策涉及算力资源、 AI 应 | 一年行业表现 | | | | ...

44 下 下 下 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------|----------------------------------------|--------------------------------------------|----------------------------------|-----------------| | 2024 年 12 月 19 日 \n传媒 | | | 行业研究●证券研究报告 \n行业快报 | | | 快手可灵 1.6 上线，国内图生视频迭代赋能应 | 投资评级 | | 领先大市(维持) | | | 用端 | 首选股票 | | 评级 | | | 投资要点 | 一年行业表现 | | | | | 事件： 快手可灵 1.6 正式上线官网，主要升级：物理规律真实感大幅提升，人 | | | | | | 物运动表演更强，语义理解大幅提升。国内外视频生成模型交替迭 ...

Overseas - Trump's potential re-election may lead to a new round of currency wars, with aggressive tariffs and fiscal expansion pushing U.S. labor demand and wage inflation higher[2] - The Fed is expected to cut rates twice by 25BP in H1 2025, while non-U.S. developed economies may accelerate rate cuts, leading to a stronger USD and potential spillover depreciation pressures[2] Exports - U.S. extreme tariff policies could significantly reduce global export growth, with China facing higher potential targeted tariffs and a larger export decline[3] - China's export growth (USD terms) is forecasted at 5.1% in 2024 and -4.8% in 2025, with net exports contributing less to GDP growth[3] Real Estate and Consumption - Real estate demand is expected to approach an "L-shaped" inflection point in H2 2025, with new residential sales projected at 8.1 billion sqm in 2024 and 7.3 billion sqm in 2025[4] - Fiscal subsidies for durable goods consumption are expected to expand to 500 billion RMB in 2025, covering sectors like automobiles, home appliances, and furniture[4] Debt Reduction and Infrastructure - China's macro leverage ratio has surpassed the U.S., with government debt rising due to low investment returns, necessitating stronger deleveraging efforts[6] - Infrastructure investment is expected to grow by 8.6% in 2025, with a focus on new urban infrastructure projects characterized by informatization and smart city features[6] Fiscal and Monetary Policy - Fiscal policy will be more proactive, with a deficit ratio of 3.6%-4.0%, issuance of 1.5-2 trillion RMB in ultra-long-term special bonds, and 4.2 trillion RMB in new special bonds[7] - Monetary policy will remain moderately accommodative, with a 40BP cut in policy rates and LPR in 2025, and a 100-150BP reduction in the reserve requirement ratio[7] Summary - The 2025 economic strategy focuses on balancing growth, structural optimization, and exchange rate stability, with a GDP growth target of around 4.5%[8] - Risks include lower-than-expected fiscal expansion and monetary easing, as well as higher-than-expected external environment complexity[8]

Investment Rating - The industry investment rating is "Outperform the Market (Maintain)" [2][5] Core Viewpoints - The report highlights the recent release of Google's Veo 2 video generation model and the enhanced Imagen 3 image model, which are expected to significantly transform creative workflows for video and image creators by providing higher realism and customization [2] - The competition in video generation technology is intensifying, with major players like OpenAI and Tencent also launching significant products, indicating a potential escalation in the AI video generation sector [2] - The report suggests a focus on domestic mapping products and related upstream and downstream industries, recommending attention to companies such as Tencent Holdings, NetEase, and others involved in AI video generation [2] Summary by Sections Event Overview - On December 17, Google launched the Veo 2 video generation model and the enhanced Imagen 3 image model, following OpenAI's release of the Sora series on December 10 [2] - These new products are anticipated to enhance the AI application ecosystem and elevate the competition in video generation technology [2] Product Performance - Veo 2 is capable of generating high-quality videos with diverse themes and styles, showcasing superior realism and detail capture compared to its predecessors [2] - The model can theoretically produce videos at resolutions up to 4K and lengths six times longer than Sora, although current limitations restrict output to 720p and 8 seconds in Google's experimental tool [2] Market Dynamics - The report notes that major players are rapidly releasing new products, indicating that the video generation sector may be entering a highly competitive phase [2] - The introduction of products from Tencent and other companies is expected to further ignite interest in AI video technologies [2] Investment Recommendations - The report advises investors to monitor domestic mapping products and related industries, highlighting potential beneficiaries such as Tencent, NetEase, and several others in the AI video generation space [2]

华 发 集 团 旗 下 企 业 证券研究报告 通信行业/行业深度报告 领先大市（维持） 2024年12月18日 北斗导航：产业/功能/政策齐推进，北斗规模应用开启 通信行业深度报告 分析师：宋辰超 S0910524100001 本报告仅供华金证券客户中的专业投资者参考 请仔细阅读在本报告尾部的重要法律声明 核心观点 u 北三组网完成，应用/功能/政策齐推进。①组网完成，全球覆盖的高精度定位、导航与授时服务 已全面实现；②功能迭代升级，服务更多应用场景；③国家政策导向，产业应用效果初现。 u 卫星导航产业链完备。①总体架构完备，多方公司支撑；②星基地基作基础，定位精度升级；③ 铷原子钟与芯片作为上游开发，中游RTK提供高精度支持，下游北斗应用服务行业落地。 u 千亿市场规模，产业应用服务逐步渗透。①卫星导航与位置服务产业发展势头良好，23年北斗产 值超五千亿；②低空经济：北斗助力智能化与安全发展；③星地融合6G：空间信息产业创新发展； ④北斗技术创新：全球搜救服务与探空技术升级。 u 建议关注标的：海格通信、北斗星通、司南导航、振芯科技、天奥电子、华测导航、电科芯片 请仔细阅读在本报告尾部的重要法律声明 2 目 ...

Investment Rating - The industry investment rating is "Outperform the Market (Maintain)" [2] Core Viewpoints - The report highlights the recent release of Google's Veo 2 video generation model and the enhanced Imagen 3 image model, which are expected to significantly transform creative workflows for video and image creators, providing higher realism and customization [2] - The competition in video generation technology is intensifying, with major players like OpenAI and Tencent also launching new products, indicating a potential escalation in the AI video generation sector [2] - The report suggests a focus on domestic mapping products and related upstream and downstream industries, recommending attention to companies such as Tencent Holdings, NetEase, and others involved in AI video generation [2] Summary by Sections Recent Events - On December 17, Google launched Veo 2 and Imagen 3, following OpenAI's Sora series release on December 10, indicating a rapid iteration in AI video generation technology [2] - The new models are designed to outperform previous versions in terms of realism and detail, capturing human expressions and cinematic effects effectively [2] Performance Metrics - Veo 2 can generate videos with a maximum resolution of 4K and a length up to six times that of Sora, showcasing significant advancements in video generation capabilities [2] - The report notes that Veo 2 includes an invisible SynthID watermark to mark AI-generated content, reducing the risk of misuse or misattribution [2] Investment Recommendations - The report advises investors to monitor the developments in the AI video generation space and suggests specific companies that may benefit from this trend, including Tencent, NetEase, and several others [2]

华 发 集 团 旗 下 企 业 | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------|----------------------------------------------------------------|-------------------------------------|------------------------------------|-----------------| | 2024 年 12 月 18 日 \n传媒 | | | 行业研究●证券研究报告 \n行业快报 | | | OpenAI 降本增效提升体验，豆包矩阵重磅迭 | 投资评级 | | 领先大市(维持 | ) | | 代升级 | 首选股票 | | | 评级 | | 投资要点 | 一年行业表现 | | | | | 事件： 12 月 18 日凌晨 2 点， OpenAI 正式发布了 o1 模型的 API ，并且对实时 | | | ...