国补落地，看好智能眼镜及商超百货

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Viewpoints - The implementation of national subsidies is expected to benefit the smart glasses and department store sectors. The development of smart glasses is anticipated to accelerate, with the optical industry chain and certain specialized retail companies poised to gain [3][9] - The retail market in China has transitioned from a rapidly growing incremental market to a high-quality development stage, with significant renovations in traditional department stores and supermarkets expected to drive customer traffic and sales improvements [9] Summary by Relevant Sections Smart Glasses Sector - The inclusion of smart glasses in national subsidies signals strong government support for AI and consumer products, which is likely to lower consumer barriers and accelerate market education, leading to increased adoption [9] - The market for AI smart glasses is projected to exceed 150 billion yuan by 2030, with a compound annual growth rate (CAGR) of over 50% from 2025 to 2030 [9] - Key beneficiaries in the smart glasses sector include companies like 康耐特光学, 博士眼镜, 明月镜片, and others [3] Department Store and Supermarket Sector - The renovation of department stores and supermarkets is expected to accelerate, driven by equipment updates and innovative business models, which will enhance customer experience and sales [9] - Major retail companies such as 重庆百货, 步步高, and 永辉超市 are likely to benefit from these changes [3] - The government's focus on domestic demand and the upcoming long Spring Festival are expected to boost consumption in the first quarter of 2026 [9]