HUAXI Securities·2025-07-20 08:52Investment Rating - Industry rating: Recommended [5] Core Insights - The global commercial projection market is currently subdued due to macroeconomic factors and competition from alternatives like conference flat panels and TVs. However, the introduction of a new pure laser hybrid solution by the company XGIMI is expected to leverage its technological advantages from the consumer market to commercial applications [9][10] - In Q1 2025, the global commercial projection market saw a penetration rate of laser light sources reach 31.5%, an increase of 2.2 percentage points year-on-year, indicating a growing preference for laser technology over traditional LED and bulb sources [10] Summary by Sections 1. Weekly Topic: XGIMI Enters Commercial Projection Market - XGIMI announced its entry into the commercial projection market with a new pure laser hybrid solution at a technology conference in Chengdu [9] - The global commercial projection market faced a decline, with Q1 2025 shipments totaling 57.7 million units, down 13.9% year-on-year, while the overall projection market saw a slight increase of 2.2% [9][10] 2. Key Company Announcements - Huabao New Energy reported a significant increase in outdoor power sales in the Americas, with a 173% year-on-year growth in volume and a 106% increase in sales revenue [11] - Juxing Technology plans to acquire an 18.47% stake in Hangzhou Micro-Nano Technology for 45.4 million RMB, which will make Micro-Nano a subsidiary with projected revenues of 146 million RMB in 2024 [11] 3. Data Tracking 3.1 Raw Material Data - As of July 18, 2025, LME copper prices increased by 0.3% week-on-week, while aluminum prices remained stable [16] 3.2 Shipping Rates and Exchange Rates - The CCFI composite index decreased by 0.77% week-on-week, with specific routes showing varied changes [24] 3.3 Real Estate Data - From January to June 2025, the sales area of commercial housing decreased by 3.5% year-on-year, with significant declines in construction and new starts [27]