Tianfeng Securities·2025-08-18 14:16Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [1] Core Views - The report is optimistic about the potential of AI glasses, particularly focusing on the Meta ecosystem and its upcoming high-end smart glasses, Celeste, which is expected to exceed expectations [10][12] - Apple is making significant strides in AI, with plans to launch a desktop AI virtual companion robot and expand into home security systems, which could enhance its market position [15][18] - Tencent's AI initiatives are driving substantial revenue growth, with a reported total revenue of 364.5 billion yuan, reflecting a 14% year-on-year increase [24][26] Summary by Sections AI Glasses and Meta Ecosystem - Meta Connect 2025 is set to showcase high-end smart glasses, Celeste, and innovations in AI interaction through muscle-sensing wristbands [12][13] - The Celeste glasses feature a unique single-eye full-color display and are expected to revolutionize AR interaction [13] - Meta is also developing a smartwatch in collaboration with domestic manufacturers, further expanding its metaverse vision [14] Apple's AI Developments - Apple is developing a desktop robot that can interact with users and manage daily tasks, alongside a new version of Siri [15][17] - The company announced a $100 billion investment plan in the U.S., which is expected to enhance its competitive edge by reducing production costs [18][19] - Apple's Q3 2025 revenue reached $94 billion, a 10% increase year-on-year, driven by strong iPhone and service sales [21][23] Tencent's Performance - Tencent's total revenue for the first half of 2025 was 364.5 billion yuan, with a 14% year-on-year growth, showcasing strong resilience and technological drive [24][26] - The company is leveraging AI to enhance its WeChat and gaming services, resulting in significant user growth and revenue increases [27][28] PCB and AI Chip Packaging - CoWoP technology is expected to reduce costs by 30%-50% and improve efficiency in PCB production, responding quickly to the rising demand for AI devices [30][35] - The transition from CoWoS to CoWoP packaging is anticipated to create new technical barriers and redefine AI hardware standards [32][36] Panel Industry Trends - The demand for panels is slowing, with price adjustments expected; however, leading companies are showing resilience [38][39] - TrendForce predicts a stabilization in panel prices, with some sizes expected to maintain or slightly decrease in price [41]