浙江水晶光电科技股份有限公司 第六届董事会薪酬与考核委员会 关于公司 2025 年限制性股票激励计划相关事项的核查意见 浙江水晶光电科技股份有限公司（以下简称"公司"）第六届董事会薪酬与考核委员会 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"） 等相关法律法规、规范性文件和《公司章程》的有关规定，对公司《2025 年限制性股票激 励计划（草案）》（以下简称"《激励计划（草案）》"或"本激励计划"）及其相关事项 进行了核查，发表核查意见如下： 一、公司不存在《管理办法》等法律法规、规范性文件规定的禁止实施股权激励计划的 下列情形： 4、法律法规规定不得实行股权激励的； 5、中国证监会认定的其他情形。 公司具备实施股权激励计划的主体资格。 二、本激励计划的激励对象不存在《管理办法》规定的不得成为激励对象的以下情形： 1、最近 12 个月内被证券交易所认定为不适当人选； 1、最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法表示意见的审 计报告； 2、最近一个会计年度财务报告内部控制被注 ...

证券代码：002273 股票简称：水晶光电 公告编号：（2025）034 号 浙江水晶光电科技股份有限公司 第六届董事会第三十一次会议决议公告 激励计划（草案）》及其摘要的公告（公告编号：（2025）036号）详见信息披露媒体《证 券时报》《中国证券报》《上海证券报》《证券日报》和信息披露网站巨潮资讯网 http://www.cninfo.com.cn。 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会会议召开情况 浙江水晶光电科技股份有限公司（以下简称"公司"）第六届董事会第三十一次会议通 知于 2025 年 7 月 3 日以电子邮件、微信、电话的形式送达。根据《董事会议事规则》的有 关规定并经全体董事一致同意,本次董事会会议豁免通知时限要求。会议于 2025 年 7 月 4 日上午 9:00 以通讯表决的方式召开。本次会议应出席董事 12 人，实际出席董事 12 人，会 议由董事长林敏先生主持。本次会议的召开符合法律、法规、规章及公司章程的规定。 二、董事会会议审议情况 （一）审议通过了《关于<浙江水晶光电科技股份有限公司 2025 年限制性股票 ...

Group 1 - The surge in the consumer electronics sector is driven by government subsidy policies and advancements in AI technology, leading to increased sales of smartphones and tablets [3] - Companies like Water Crystal Optoelectronics are capitalizing on the demand for smartphone camera filters, indicating a significant market opportunity [3] - The AI hardware market is experiencing rapid growth, with sales of AI smartphones doubling and smart glasses sales increasing sevenfold, driven by breakthroughs in edge AI chips [3] Group 2 - The market is currently in a phase of reduced trading volume, indicating a period of consolidation and caution among investors, which may present opportunities for long-term investments [4] - The military industry is undergoing adjustments, with companies like China Shipbuilding Emergency Management experiencing significant declines, as capital shifts towards more certain sectors like consumer electronics and AI [4] - Despite short-term fluctuations, the long-term outlook for the military sector remains positive due to ongoing trends in national defense modernization [4] Group 3 - Overall market activity is lively, but there is a need for a long-term perspective, especially regarding the potential overheating in consumer electronics and AI hardware sectors [5] - The current reduction in trading volume allows for more in-depth research into company fundamentals, rather than focusing solely on short-term market movements [5] - The adjustment in the military sector provides a chance to evaluate companies with solid orders and technology, suggesting a potential rebound post-adjustment [5]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **AI industry** and its implications for the **Apple supply chain** and related companies, particularly in the context of the ongoing AI innovation cycle in the United States and its impact on China [1][3][6][7]. Core Insights and Arguments 1. **AI Innovation Cycle**: The U.S. is entering a new AI innovation cycle driven by large model innovations, which are expected to expand into applications and end-user devices within the next six months to a year [3][4]. 2. **U.S.-China AI Gap**: The AI gap between the U.S. and China is anticipated to widen, with the U.S. making rapid advancements due to large-scale delivery systems, while China's progress is expected to be more gradual [6][7]. 3. **Apple's AI Strategy**: Apple is shifting from developing its own AI models to utilizing third-party models due to challenges in recruiting top AI talent in Silicon Valley [5][11][14]. 4. **Apple Supply Chain Dynamics**: The Apple supply chain is benefiting from AI innovations, with companies like Luxshare Precision and others seeing stock price increases due to expectations of tariff relaxations [1][8]. 5. **Production Challenges**: Foxconn faces challenges in expanding iPhone production in India due to the return of Chinese employees, which has affected production efficiency [10]. 6. **Tariff Policies**: The U.S. has implemented complex tariff policies affecting imports from China and Vietnam, which could impact the Apple supply chain and related companies [9][12][13]. Additional Important Content 1. **Future Product Innovations**: Apple is expected to launch new products, including smart glasses and AR glasses, with low-power chips anticipated to be mass-produced by late 2026 or early 2027 [18][19]. 2. **Market Expectations**: The market is optimistic about Apple's AI innovations becoming clearer in the next six months to a year, with significant developments expected [11]. 3. **Stock Selection Strategies**: Investors are advised to focus on companies with strong growth potential and those launching new products, particularly in the context of the upcoming foldable devices [16]. 4. **Company Performance**: Industrial Fulian (富联) is projected to achieve a profit increase of approximately 40% year-on-year, driven by the shipment of its 200 series products [2][21]. 5. **Valuation Insights**: BYD Electronics is noted for its low valuation and potential growth from Apple's new product launches, particularly in the foldable device segment [22][23]. 6. **Emerging Opportunities**: Companies like Hongteng Precision and others are expected to benefit from AI-related innovations and the growing demand for optical and assembly components in the AR/VR space [24][25][26]. This summary encapsulates the key points discussed in the conference call, highlighting the dynamics of the AI industry, Apple's strategic shifts, and the implications for its supply chain and related companies.

Group 1 - A total of 4,397 listed companies received institutional research, with 1.29 million research activities conducted in the first half of the year, involving 139,900 institutions, an increase of 154 companies compared to the same period last year [2][3] - The mechanical equipment, electronics, and pharmaceutical biology sectors emerged as the primary focus areas for institutional research, with over 400 companies in each sector being investigated [3][4] - The mechanical equipment sector had the highest attention, with 509 companies researched 1,760 times, while the electronics and pharmaceutical biology sectors followed closely with 1,465 and 1,214 research activities, respectively [3][4] Group 2 - 汇川技术 (300124.SZ) was the most favored company, attracting 1,170 institutional research participants, while 美瑞医疗 (300760.SZ) also garnered significant attention with 643 institutions participating in its research [4][5] - The recent focus remains on technology and innovative pharmaceuticals, with companies like 怡合达 (301029.SZ), 乐鑫科技 (688018.SH), and 迈威生物-U (688062.SH) drawing over 200 institutional participants each [5] - Over 70% of the companies that received institutional research in the first half of the year saw their stock prices rise, with 117 stocks experiencing a doubling in price [6] Group 3 - The market is expected to maintain a high-level oscillation pattern, with institutional investors focusing on sectors with long-term industry trends and potential for profit improvement [6][7] - The pharmaceutical sector, particularly innovative drugs, is viewed as having strong certainty and potential for growth, with ongoing recovery in valuation and fundamentals [8] - Institutions are advised to differentiate between genuine innovations and misleading claims in the pharmaceutical sector, emphasizing the importance of companies' ability to deliver on their promises [8]

Core Viewpoint - The launch of Xiaopeng Motors' AR-HUD "Chasing Light Panorama" in collaboration with Huawei marks a significant advancement in the automotive industry, integrating AI-assisted driving with augmented reality technology, indicating a potential growth surge in the AR-HUD market [2][3]. Group 1: AR-HUD Technology Development - The AR-HUD technology is evolving, addressing user demands for safety and real-time information access, as traditional displays require drivers to look away from the road [2][3]. - Current AR-HUD products face challenges such as visibility issues and user experience shortcomings, primarily due to a lack of innovation in hardware and software integration [2][3]. - Xiaopeng and Huawei's partnership aims to enhance user experience by leveraging Huawei's substantial R&D investment exceeding 10 billion yuan and Xiaopeng's AI driving algorithms [3]. Group 2: Market Trends and Growth - In 2024, the delivery of passenger cars equipped with W/AR-HUD in China reached 3.5243 million units, a year-on-year increase of 56.32%, with an installation rate of 15.38% [7]. - The market for AR-HUD is expected to grow significantly, with a projected compound annual growth rate exceeding 50% over the next three years [7]. - The adoption of AR-HUD is accelerating in mainstream consumer markets, with a notable presence in vehicles priced between 100,000 to 200,000 yuan, where the adoption rate is approximately 38% [7]. Group 3: User Experience and Feedback - User experiences with AR-HUD vary, with some expressing concerns over visibility and clarity, while others appreciate the technology's potential to enhance driving safety and convenience [8][9]. - Despite mixed reviews, the presence of AR-HUD in vehicles is becoming a selling point, particularly in high-end models, contributing to overall product competitiveness [8][9]. Group 4: Competitive Landscape - The AR-HUD market is becoming increasingly competitive, with numerous companies entering the field, leading to price wars that may impact profit margins [14]. - The technology landscape is evolving, with various companies exploring next-generation products like P-HUD and naked-eye 3D AR-HUD, intensifying competition among manufacturers [14][15]. - The supply chain for AR-HUD components is maturing, with domestic suppliers enhancing production capabilities, which is expected to lower costs and facilitate wider adoption [12].

Core Insights - The Chinese automotive market is experiencing rapid growth, leading to a booming automotive parts industry, particularly in smart rearview mirrors, which are becoming essential safety features in vehicles [1][15] - The smart rearview mirror market in China is projected to reach approximately 65.3 billion yuan in 2024, with a year-on-year growth of 22.1% [1][15] - Advancements in technology are expanding the functionalities and applications of smart rearview mirrors, with potential integration with navigation and autonomous driving systems in the future [1][15] Industry Overview - Smart rearview mirrors are defined as mirrors with independent operating systems that allow users to install various applications, providing features such as driving records, GPS positioning, and real-time entertainment [3][5] - The industry has evolved through three phases: initial exploration (2010-2015), functional upgrades (2016-2019), and the current phase of connected intelligence (2020-present) [7][15] Market Dynamics - The demand for smart rearview mirrors is closely linked to the growth in vehicle ownership, which has increased from 172 million vehicles in 2015 to an estimated 353 million by 2024, reflecting a compound annual growth rate of 8.32% [12][15] - The smart rearview mirror industry is characterized by a diverse competitive landscape, with both international giants and local brands competing for market share [17][18] Key Players - Major companies in the smart rearview mirror market include Hikvision, Luochang Technology, and 70mai, among others, with established market positions and a range of product offerings [17][18] - Emerging brands such as Puno, Ruizhun, and others are also gaining traction in the market [17] Industry Trends - The smart rearview mirror industry is witnessing trends towards increased intelligence, with features like blind spot monitoring and voice control becoming more prevalent [23] - There is a clear shift towards high-definition and multifunctional designs, enhancing user experience and safety [24] - The industry is also moving towards lightweight and electric designs to improve fuel efficiency and reduce emissions [25]

Group 1 - In the first half of this year, 4,417 A-share listed companies received institutional research, a 3.20% increase from 4,280 companies in the same period last year [1] - Institutions conduct research to gain insights into companies' operational status, development strategies, and industry positions, which aids in assessing profitability and growth potential [1][2] - The top company receiving institutional research was Huichuan Technology, with 1,097 institutions participating, followed by Luxshare Precision with 709 institutions [1] Group 2 - Huichuan Technology attracted significant attention from overseas institutions, with 412 foreign entities participating in its research, including renowned firms like Goldman Sachs [1][2] - Among the 4,417 companies researched, 3,377 reported profitability in the first quarter, representing 76.45% of the total [2] - The mechanical equipment and electronics sectors were the primary focus of institutional research, with 513 and 422 companies respectively being investigated [2][3] Group 3 - The mechanical equipment industry is experiencing growth due to the promotion of smart manufacturing strategies, leading to increased investment in industrial robots and high-end CNC machine tools [3] - The electronics industry is supported by national funds aimed at semiconductor development, driving investment opportunities in chip design, manufacturing, and testing [3] - Future institutional research is expected to focus more on emerging industries and high-end manufacturing, seeking companies with long-term investment value [3]

Group 1 - Global AR glasses sales are expected to reach 650,000 units in 2025, representing a 30% year-on-year growth, with AI+AR glasses using waveguide technology being the main growth driver [1] - In 2024, global AR sales are projected to be 500,000 units, with 112,000 units sold in Q1 2025, and a potential to exceed 1.5 million units by 2027 [1] - The AR near-eye display system includes various optical imaging modules, with diffractive waveguides emerging as the most promising optical solution due to their lightweight and high light transmittance [2] Group 2 - The SiC substrate industry is experiencing significant capacity expansion, particularly among Chinese companies, with local production expected to grow over 40% in 2024 [3] - The global SiC substrate market is highly concentrated, with four major companies—Wolfspeed, Tianke HeDa, TianYue Advanced, and High意科技—holding a combined market share of 82% [3] Group 3 - The AR glasses market is primarily driven by consumer penetration, with ongoing advancements in waveguide and micro-display technologies expected to lead to lightweight and cost-effective solutions [4] - Recommended companies in the AR industry include waveguide manufacturers such as GoerTek, Crystal Optoelectronics, Lante Optics, and SuDa WeiGe, as well as SiC manufacturers like Sanan Optoelectronics, JingSheng Mechanical and Electrical, and TianYue Advanced [4]

Investment Rating - The report maintains a "Market Perform" rating for the consumer electronics industry [3]. Core Insights - The demand for smart wearable devices is increasing, driven by the rise of generative AI models, which is pushing AI audio glasses into a broader market. In the short term, smart interactive glasses are expected to replace headphone functions, leveraging glasses as a medium to enhance user experience and selling points [5][9]. - The report highlights the price positioning of various smart glasses, including Meta Ray-Ban, Rokid Glasses, and Xiaomi AI glasses, emphasizing their unique features and competitive pricing strategies [9][30]. Summary by Sections 1. Price Anchors for Smart Glasses - Meta Ray-Ban offers a base price of $230 for the New Wayfarer, with an additional $69 for features like headphones, camera, and AI capabilities, totaling $299 for the Meta Ray-Ban model [9]. - Rokid Glasses utilize a single-color waveguide imaging technology and are designed in collaboration with BOLON, featuring a compact design and advanced specifications [15][17]. - Xiaomi AI glasses differentiate themselves with electrochromic lenses, supporting rapid switching between transparent and sunglass modes, and are positioned as a "portable AI entry" [30][32]. 2. Market Review - The electronic industry saw a weekly increase of 4.61%, with the computer sector leading at 7.70% growth, while the oil and petrochemical sector experienced the largest decline at 2.07% [41][42]. 3. Industry High-Frequency Data Tracking - Monitor panel prices have stabilized, with no significant changes expected in mainstream specifications for June [53][54]. - The report indicates a potential decline in TV panel prices due to cooling demand, with expectations of price adjustments across various sizes [56].