CGS(SH:601881) Zheng Quan Shi Bao Wang·2025-09-12 00:09Group 1 - The core viewpoint is that the computing power sector is still in the performance realization phase, with a relatively moderate valuation level, and the outlook for the second half of the year remains positive for computing-related PCB, domestic computing, IP licensing, and chip inductors [1] - The year 2026 is anticipated to be a key year for the recovery of the foldable screen market, with rumored foldable products from Apple expected to stimulate overall category discussions and potentially bring new insights in software interaction and hardware design, further activating market demand [1] - New wearable devices launched this year are also expected to drive market recovery [1] Group 2 - AR glasses manufacturers are pushing the transition of AR glasses from "niche geek toys" to "mainstream smart terminals" through technological breakthroughs, ecosystem integration, and market penetration [1] - With the maturation of AI and AR technologies, smart glasses are expected to become the next mainstream computing terminal following smartphones [1]