中泰证券【中泰研究丨晨会聚焦】电子王芳：AR深度报告：AI落地最佳载体，硬件&生态共

Group 1: German Service Export and Investment - Germany's service exports have shown a long-term gradual increase in their share of total exports, with productive service industries being the main contributors since 2010 [2] - The trade surplus in productive services has significantly improved since 2014, primarily driven by intellectual property fees, processing services, and the financial and insurance sectors [2] - The shift in Germany's foreign investment from manufacturing to services reflects an upgrade in its industrial structure, with cross-border mergers and acquisitions becoming a key investment method [2] Group 2: AR Industry Development - The AR industry is expected to experience a new growth phase driven by the convergence of hardware and ecosystem, with advancements in optical waveguide technology making AR glasses more accessible [2] - Various optical solutions for AR are being developed, with the optical waveguide being considered the ultimate solution for consumer-grade AR due to its compact size and high light transmittance [2] - The AR industry chain is deepening its focus on optical waveguide technology, with key players collaborating with global leaders to enhance production capabilities [2] Group 3: Bond Market Trends - As of the end of May, the total custody amount in the bond market reached 146.49 trillion yuan, with a month-on-month increase of 23.76 billion yuan, indicating a significant rise in rate bonds [16] - Commercial banks have accelerated their purchase of rate bonds, increasing their holdings by 1.1 trillion yuan in May, compared to less than 100 billion yuan in April [16] - The bond market's leverage ratio is estimated to be 109.1% at the end of May, reflecting a decrease of 0.5 percentage points from April, marking a shift after six months of continuous increase [16]