5月22日主题复盘 | 氮化镓异动上涨，军工反弹，智能眼镜表现

Market Overview - The market experienced fluctuations with the ChiNext Index dropping over 1% and the North Securities 50 Index falling more than 6%. Conversely, bank stocks such as Shanghai Pudong Development Bank, Jiangsu Bank, and Chengdu Bank reached historical highs [1] - The new consumption sectors, including the pet economy, saw declines, with companies like Kexin Co. dropping over 10%. High-priced stocks continued to adjust, with Suzhou Longjie hitting the daily limit down [1] - Nearly 4,500 stocks declined across the Shanghai, Shenzhen, and Beijing markets, with a total transaction volume of 1.14 trillion [1] Hot Topics Gallium Nitride (GaN) - The GaN sector showed significant movement, with stocks like Zhongchao Holdings, Zhongheng Electric, and Haitai High-tech hitting the daily limit up. Nawei Semiconductor announced a collaboration with NVIDIA to develop the next-generation 800V high-voltage direct current (HVDC) architecture, which supports GPU systems [3] - Nawei's stock price surged by 200% in after-hours trading [3] - GaN technology offers advantages over traditional silicon-based devices, including a 70% reduction in dynamic losses and a 50% decrease in heat generation [5] Military Industry - The military sector rebounded, with stocks like Sichuan Electronic and Fenghuo Electronic hitting the daily limit up. The 55th Paris Air Show is set to take place from June 16-22, with China's aviation industry expected to showcase advancements [6] - The Chinese military budget is projected to grow steadily, providing a solid foundation for the defense industry, which is expected to see continuous growth in scale and profits [6] Smart Glasses - The smart glasses sector experienced activity, with stocks like Yashiguangdian and Guoguang Electric hitting the daily limit up. OpenAI's CEO Sam Altman showcased a device developed in collaboration with former Apple designer Jonathan Ive, aiming to produce 100 million AI "companions" [8] - The domestic AI companionship market is projected to reach a scale of 100 billion by 2027, driven by advancements in AI technology [9] Other Notable Trends - The asset restructuring and reform initiatives are gaining traction across various sectors, including energy, paper, and military industries [12] - The AI toy market is expanding, with companies like ByteDance and Tom Cat launching AI toys aimed at children, emphasizing strong interactive capabilities [10] - The defense and military sectors are expected to benefit from the ongoing geopolitical tensions, leading to increased importance and valuation support for the industry [6]