两千块不到的小米智能眼镜，和三万块的 Apple Vision Pro 放在一起，行业似乎默认它们都属于同一个宏大的叙事——「智能眼镜」或「XR」。 但这就像是把一顶遮阳帽和一顶宇航员头盔放在一起，仅仅因为它们都戴在头上，就硬说它们是同一种穿戴设备。 ▲ Meta Quest 头显和 Meta Ray-Ban 眼镜 在前不久的 Android XR 活动上，Google 试图用「设备谱系」这个词来修补这种裂痕： XR 头显设备 有线 XR 眼镜 无线 XR 眼镜 不带显示 AI 眼镜 实际上，在今天，头显/眼镜类智能设备早已像物种演化那样，发展出多种功能、体验、场景、适用人群完全不同的方向。尽管它们可能看起来差 不多，但其实完全是不同的东西。 大家都在假装这很合理，但我们心知肚明：这根本不是一个品类。 连厂商自己，都不知道自己为什么在做这些产品，它们的存在本身先于意义。 智能眼镜究竟如何定义？ 我们是怎么定义智能手机的？在初代 iPhone 发布会上，史蒂夫 · 乔布斯给出了一个经典的公式： 电话 + iPod + 互联网 = iPhone 具体来说，iPhone 作为第一批真正意义上的智能手机，首先是一个完 ...

Core Viewpoint - The article highlights the upcoming IPO of Shiya Technology, a leading provider of micro-display solutions, emphasizing its role in promoting domestic alternatives in the XR hardware sector and its potential for capitalizing on the growing XR market [1]. Group 1: Market Position and Technology - XR technology is revolutionizing user interaction by integrating virtual and real-world experiences, moving from flat to spatial interaction [2]. - Major tech companies like Apple, Meta, and Huawei are investing heavily in XR, indicating its emergence as the next computing platform after smartphones [7]. - Silicon-based OLED micro-displays are identified as the essential visual core for XR devices, offering advantages such as lightweight design, high resolution (over 3000 PPI), low latency (under 1ms), and wide color gamut [7][8]. - The market for silicon-based OLED displays has been dominated by foreign companies like Sony and Samsung, but there is a growing need for innovation to meet the high-performance demands of XR applications [8]. Group 2: Company Development and Achievements - Founded in 2016, Shiya Technology focuses on high-performance silicon-based OLED products, overcoming traditional technology limitations [9]. - The company has established the world's first 12-inch silicon-based OLED micro-display production line, positioning itself as one of the few companies with comprehensive self-research capabilities [9]. - According to a report, Shiya Technology is projected to capture 35.2% of the global market share for silicon-based OLED products in XR devices by 2024, ranking second globally and first domestically [11]. Group 3: R&D and Competitive Edge - Shiya Technology has built a strong technical barrier through a top-tier R&D team and significant investment in research, with R&D personnel constituting 31.02% of its workforce [12]. - The company has maintained high R&D expenditure, with amounts reaching 23.7 million yuan in 2022, and has secured 267 patents, establishing a robust technological moat [13]. - Innovations such as strong micro-cavity technology and high-efficiency OLED structures have allowed Shiya Technology to exceed the performance of competitors like Sony [14]. Group 4: Financial Performance and Growth Potential - Shiya Technology's revenue has shown steady growth, with a compound annual growth rate of 21.27% from 2022 to 2024, and a significant increase of 54.67% in the first nine months of 2025 [16]. - The company anticipates revenues of 469 million yuan, 2.26 billion yuan, and 3.73 billion yuan from 2025 to 2027, indicating a potential for exponential growth [18]. - The company is also extending its service offerings to include strategic product development and optical systems, enhancing customer loyalty and pricing power [19]. Group 5: Market Trends and Future Outlook - The rise of AI is expected to significantly boost the XR market, with silicon-based OLED displays being crucial for presenting AI-generated content [20]. - The global silicon-based OLED market is projected to grow at a compound annual growth rate of 94.11%, reaching 67.93 billion yuan by 2030 [20]. - Shiya Technology plans to raise 2.01 billion yuan through its IPO to expand production capacity and enhance R&D, addressing the current supply-demand imbalance [22][23]. - Overall, Shiya Technology is positioned to lead in the AI-driven XR industry, contributing to the advancement of China's new display industry [24].

Market Overview - On December 22, the Shanghai Composite Index rose by 0.69%, the CSI 300 increased by 0.95%, the STAR 50 climbed by 2.04%, the CSI 1000 went up by 1.07%, the ChiNext Index surged by 2.23%, and the Hang Seng Index gained 0.43% [4][5] - The best-performing sectors on December 22 were telecommunications (+4.28%), comprehensive (+2.63%), electronics (+2.62%), non-ferrous metals (+2.38%), and retail (+1.37%). The worst-performing sectors included media (-0.61%), banking (-0.52%), beauty and personal care (-0.45%), light industry manufacturing (-0.45%), and textiles and apparel (-0.4%) [5] - The total trading volume for the entire A-share market on December 22 was 1.8822 trillion yuan, with a net inflow of 3.125 billion Hong Kong dollars from southbound funds [5] Important Recommendations Zhaowei Electromechanical (003021) - The company is a leader in micro transmission systems, with growth opportunities in humanoid robots, XR, and automotive electronics. Projected revenues for 2025-2027 are 1,897.64 million, 2,408.98 million, and 3,137.44 million yuan, with revenue growth rates of 24.47%, 26.95%, and 30.24% respectively. Net profit is expected to be 283.70 million, 404.12 million, and 529.02 million yuan, with growth rates of 26.03%, 42.45%, and 30.91% [6][9] - Catalysts include the release of a new generation of dexterous hands and new XR headsets from leading manufacturers [6][9] Weike Technology (301196) - The company is positioned as a leader in precision injection molding, with a stable main business and collaborations with leading clients to enhance the value of its MPO segment and humanoid robots. Projected revenues for 2025-2027 are 2,274 million, 2,801 million, and 3,329 million yuan, with growth rates of 25.0%, 23.2%, and 18.8% respectively. Net profit is expected to be 278 million, 355 million, and 456 million yuan, with growth rates of 26.2%, 27.6%, and 28.3% [7][11] - Key drivers include the rapid growth of the new energy sector and the demand for AI computing power [10][11] Leshush (02698) - The company focuses on the African market for baby pants and sanitary products, leveraging product strength and localized operations to build a solid competitive advantage. Projected revenues for 2025-2027 are 540 million, 650 million, and 760 million USD, with growth rates of 19%, 19%, and 18% respectively. Net profit is expected to be 110 million, 130 million, and 160 million USD, with growth rates of 14%, 22%, and 19% [12][13] - Catalysts include the increasing penetration of baby pants and sanitary products in emerging markets [12][13] Key Insights Food and Beverage Industry - The report indicates a somewhat pessimistic market outlook for the food and beverage sector, primarily due to significant pressures on the liquor industry this year. However, it suggests that there are investment opportunities in the liquor sector for the upcoming year, particularly as performance expectations may have bottomed out [14][15] - The report emphasizes the importance of monitoring inventory turning points and the potential for new consumption trends to continue despite recent adjustments [14][15]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6] Core Insights - The company is a leader in micro drive systems, with a customized business model that creates brand value barriers. From 2017 to 2024, revenue grew from 550 million to 1.53 billion yuan, with a compound annual growth rate (CAGR) of 15.7%, and net profit increased from 49 million to 225 million yuan, with a CAGR of 24.3% [1][5] - The humanoid robot market is expected to see significant growth, with demand projected to reach 1.772 million units by 2030, creating a market space of 56.8 billion yuan for dexterous hands, of which the hollow cup motors and gear sets will account for about half, corresponding to a market space of 28.4 billion yuan [2][50] - The XR (Extended Reality) sector is anticipated to become a next-generation consumer electronics phenomenon, with shipments of XR headsets expected to reach 124 million units by 2028. The company's micro drive systems are core components in XR headsets, positioning it to benefit from this growth [3][25] - In the automotive electronics sector, the company has established long-term partnerships with major clients like Bosch and BYD, with revenue in this area growing from 192 million to 633 million yuan from 2019 to 2023, achieving a CAGR of 34.75% [4][33] Summary by Sections Micro Drive Systems - The company has been deeply engaged in micro drive systems for over 20 years, expanding its downstream market applications. It transitioned from producing precision injection parts to integrated products and customized solutions, now serving various industries including automotive electronics, communication devices, and robotics [15][20] - The micro drive systems are essential components in various industries, characterized by their miniaturization, high precision, and reliability, with a broad market demand [20][22] Humanoid Robots - The company focuses on dexterous hands, positioning itself in the core components like motors and gearboxes. It has launched self-developed dexterous hand products, aiming to provide comprehensive solutions in the humanoid robot market [2][39] - AI advancements are accelerating the humanoid robot industry, with significant opportunities for domestic manufacturers to participate in this growing field [39][42] XR (Extended Reality) - The XR industry is entering a rapid development phase, with major manufacturers entering the market. The company's micro drive systems are widely used in XR headsets, enhancing its growth potential in this sector [3][25] Automotive Electronics - The automotive electronics sector is undergoing a technological revolution, with increasing penetration rates and vehicle value. The company has capitalized on the growth of smart vehicles and established long-term relationships with key automotive clients [4][33] - Revenue from automotive electronics has significantly increased, with a notable 66% growth in 2022, and it now accounts for 52.5% of total revenue [4][33] Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 1.899 billion, 2.409 billion, and 3.137 billion yuan from 2025 to 2027, with net profits of 284 million, 404 million, and 529 million yuan respectively. The current stock price corresponds to a price-to-earnings (P/E) ratio of 87, 61, and 46 for the respective years [5][9]

Core Viewpoint - The company, Visionox Technology Co., Ltd., is set to undergo an IPO review on December 24, 2025, by the Shanghai Stock Exchange, aiming to enhance its R&D capabilities and production capacity for silicon-based OLED microdisplays, which are critical hardware for AI-era smart terminals [1][2]. Group 1: Company Overview - Visionox Technology has achieved a breakthrough in silicon-based OLED core technology, leading to international recognition and filling a domestic industry gap, making it the second-largest globally and the largest in China for microdisplay solutions [1][2]. - The company is recognized as the first in China to achieve large-scale production of silicon-based OLED microdisplays and possesses unique core technologies such as strong microcavity structure and full-color stacked OLED [2][3]. Group 2: Market Position and Competition - The microdisplay industry, particularly in high-performance silicon-based OLED, has been dominated by foreign companies like Sony and eMagin, but Visionox has disrupted this monopoly with its advanced technology [3]. - Visionox's products have achieved leading performance metrics, including a contrast ratio of up to 600,000:1 and a DCI-P3 color gamut coverage exceeding 99%, positioning the company favorably against traditional competitors [3]. Group 3: Strategic Partnerships and Ecosystem - Visionox has established itself as a core supplier for major tech companies, including ByteDance and Lenovo, indicating a strong market presence and collaborative product development [4]. - The company is involved in creating a comprehensive ecosystem by providing integrated solutions that include display chips, microdisplays, and optical systems, enhancing its competitive edge [5]. Group 4: Financial Performance and Future Outlook - According to a report, Visionox ranks second globally and first domestically in the shipment of silicon-based OLED products for XR devices, holding a market share of approximately 35.2% [5]. - The company anticipates continued revenue growth driven by the increasing demand for high-performance microdisplays, with expectations to achieve profitability by 2026 [8]. - Visionox aims to leverage its technological strengths to capture a larger market share in both XR and traditional professional markets, aspiring to become the leading global provider of microdisplay solutions [8].

行业前景持续向好。受AI产业爆发与XR设备加速普及驱动，作为人机交互核心硬件的硅基OLED微显 示需求迅猛增长。根据弗若斯特沙利文报告，预计全球硅基OLED市场规模将以超过94%的年复合增长 率扩张，至2030年有望达到近680亿元。国家政策层面，"十四五"规划及《虚拟现实与行业应用融合发 展行动计划》等政策也明确支持该技术发展，为行业注入强劲动力。 此次IPO，视涯科技拟将募集资金重点投向产能扩张与前沿技术研发，旨在加速显示终端向AI XR战略 转型。公司同时致力于培育国产装备与材料供应商，推动上游供应链多元化，助力我国新型显示产业链 自主可控与高质量发展。 公司已构建起覆盖"芯片设计-微显示屏-光学系统-XR整机解决方案"的全栈自研能力。通过为下游头部 客户提供战略产品开发服务，公司深度参与客户产品定义与标准制定，形成了以技术绑定为根基的强客 户粘性。一旦共同开发完成，客户为保障供应链安全与产品一致性，将持续向公司采购核心显示器件。 技术实力方面，截至2025年6月30日，公司累计拥有境内发明专利120项、境外发明专利60项，核心技术 产业化成果显著，报告期内主营业务收入全部来源于核心技术产品。客户资源优 ...

舜宇光学 20251217 摘要 车载镜头市场增长潜力巨大，预计 2025 年单车平均搭载 4.3 个摄像头， 新能源汽车已超过 10 个。舜宇光学已完成 1,700 万至 1,800 万像素 ADAS 产品研发，技术领先，小型化和自清洁是未来发展方向。预计 2025 年车载镜头和模组营收增长超 20%，下半年环比改善。 XR 领域中，VR 市场需求疲软，但智能眼镜表现良好，尤其受北美大客 户 2025 年 9 月发布四款智能眼镜的推动。未来智能眼镜单副搭载摄像 头数量可能增至 10 个以上，AR 眼镜带显示功能比例也将增加。舜宇光 学在波导片、光机等核心部件已有布局，预计 XR 相关业务营收与去年 持平。 智能手机市场饱和，预计 2025 年出货量持平或低个位数增长。存储涨 价对中低端机型有影响，但高端机型规格持续升级，如潜望式摄像头、 可变光圈等。舜宇光学聚焦高端产品线，预计手机镜头和模组营收增长 5%~10%，ASP 及毛利率均提升，全年 ASP 实现双位数增长。 舜宇光学与歌尔合作集中在波导片领域，双方看好 AR 技术并投入多年。 由于 AR 市场发展缓慢，技术和供应链不成熟，前期投入尚未转化为显 著 ...

福州大学副校长卢孝强在开幕致辞中表示，福州大学始终坚持服务国家战略，在新型显示领域已构建覆 盖 基础研究、技术开发到产业应用的全链条创新体系， 学校拥有平板显示技术国家地方联合工程研究 中心等多个国家级平台，在 Micro-LED、量子点显示等领域取得重要突破。本次大会汇聚 海峡两岸 智慧，是推动产学研深度融合、应对行业"卡脖子"难题的重要契机， 期待与各界协同攻坚行业关键难题 ，助力中国显示产业高质量发展。 12月13日，以"拥抱视界变革，共筑近眼显示未来"为主题的2025第一届中国近眼显示会议在福州高新 区隆重开幕。 本次会议 由福州大学、中国光学光电子行业协会液晶分会、中国电子视像行业协会、福州高新区管委 会、国家新型显示技术创新中心、国际信息显示学会（ SID）北京分会主办，福州大学平板显示技术国 家地方联合工程实验室、福州大学物理与信息工程学院、闽都创新实验室、福州市福大微纳显示科技有 限公司承办，汇聚来自 海峡两岸 的院士专家、行业协会、高校院所、企业代表等300余人参加。 会议采用 "会议+论坛"融合交流模式，深度聚焦近眼显示全产业链的核心环节与前沿突破，围绕高像素 密度显示屏、近眼显示光学模组 ...

证券研究报告 | 2025年12月15日 电子行业周报 优于大市 春季躁动在即，关注 1 月业绩催化集中的 AI 算力+存力链 春季躁动在即，关注 1 月业绩催化集中的 AI 算力+存力链。过去一周上证下 跌 0.34%，电子上涨 2.63%，子行业中电子化学品上涨 6.99%。同期恒生科技、 费城半导体、台湾资讯科技下跌 0.43%、下跌 3.58%、上涨 0.79%。我们认为， 电子板块近一个月的弱势表现主要是由于国补退坡、二季度抢出口以及存储 缺货涨价所引致的三季报走弱。当下时点处于近半年的业绩空窗期，而部分 受益于海外 AI 算力需求高增长的标的临近 1 月份业绩预告催化，同时基于 2026 年 AI 手机、AI 眼镜、折叠屏等端侧创新预期所有望引致的春季躁动行 情，我们维持对于电子行业"保持乐观展望，维持配置耐心，以时间换空间" 的投资建议，继续推荐自主可控（代工+设备）、海外算力+存力产业链。 此外，近期多个硬科技主题基金快速获批，亦有望助力板块加速开启筑 底反弹。重点推荐：翱捷科技、江波龙、生益科技、德明利、蓝思科技、 立讯精密、蓝特光学、恒玄科技、澜起科技、中芯国际。 博通预计 AI 芯片收入 ...

除智能眼镜外，谷歌还宣布了面向更广泛Android XR生态系统的更新，特别针对三星（Samsung）上个 月发布的Vision Pro竞品——Galaxy XR头显。一项仍处于测试阶段的新功能"PC Connect"允许用户将头 显连接至Windows电脑，支持"将电脑桌面或任意窗口拉入视野，与原生应用并排显示"。苹果的Vision Pro也具备同样的功能，而且是其最出色的功能之一。 谷歌的此次更新还面向商务差旅用户推出了"旅行模式"，可在飞行过程中稳定视觉体验；以及名 为"Likeness"的功能，可在视频通话中生成"逼真的数字化面部形象"，实时反映用户的面部表情与手 势。这些功能同样在首代Vision Pro中出现，但仍被视为提升生活质量的重要配置。 最后，谷歌预告了"Project Aura"，这是一款与智能眼镜初创公司XREAL合作打造的有线XR眼镜。其视 场角达70度，定位于"日常实用场景"，例如"做饭时观看悬浮的菜谱视频，或在维修电器时查看叠加在 设备上的可视化分步骤指导"。这款高端头显若成功面世，有望成为最接近Apple Vision Pro的安卓阵营 替代产品。（财富中文网） 译者：刘进龙 ...