Core Viewpoint - The ChinaJoy 2025 event in Shanghai showcased TCL's advancements in the esports display sector and smart terminal products, emphasizing its commitment to building an esports ecosystem and driving global esports industry development [1][4]. Group 1: Esports Display Solutions - TCL Huaxing presented a comprehensive range of esports display solutions, including a 116" 2.5K 240Hz printed OLED laptop display and a 27" 4K 120Hz printed OLED monitor, highlighting their capabilities in delivering high-quality visuals and immersive experiences [1][4]. - The company introduced new display technologies such as HVA Fast, HVA Black, and HFS Shoot, tailored to meet the demands of various gaming genres [4]. Group 2: Smart Terminal Products - TCL's smart terminal products, like the TCL Cold Pudding ultra-thin ice-making refrigerator, can produce ice in just 60 minutes, catering to gamers' needs for instant refreshment [2]. - The TCL AI Super Drum washing and drying machine features an industry-leading 1.31 cleaning ratio and utilizes AI technology to provide personalized washing solutions [2]. Group 3: Technological Innovations - TCL Huaxing has achieved mass production of a 21.6-inch printed OLED medical display, showcasing advantages in color gamut, low power consumption, and high resolution [3]. - The company holds a total of 65,319 global patent applications, with 24,060 patents granted, leading the world in available invention patents in the printed OLED field [3]. Group 4: Industry Collaboration and Standards - TCL is actively involved in industry standards, having led the release of 21 standards and participated in 118, demonstrating its commitment to shaping the future of display technology [3]. - The company collaborates with major brands like Samsung, Lenovo, and ASUS to create an interactive customer exhibition area, enhancing the esports experience [4].

Core Viewpoint - Goer Microelectronics, a leading company in China's sensor industry, is preparing for an IPO in Hong Kong, aiming to enhance its financial strength and international visibility while facing challenges from market volatility and dependency on major clients [1][4]. Group 1: Company Overview - Goer Microelectronics holds a dominant market share of 43% in the global acoustic sensor market, making it the uncontested leader [1]. - The company is the fifth largest globally and the largest in China for smart sensing interactive solutions, as well as the fourth largest sensor provider worldwide [1]. - Since its inception in 2004, Goer Micro has expanded its product line to over 400 solutions, including acoustic sensors, pressure sensors, and SiP packaging modules [3]. Group 2: Financial Performance - In 2024, Goer Micro's revenue is projected to reach 4.536 billion yuan, with a net profit of 309 million yuan [3]. - Acoustic sensors account for 74.1% of the total revenue in 2024, highlighting the core business focus [3]. - The company has invested 326 million yuan in R&D for 2024 and holds 1,825 patents, including 738 invention patents, making it the company with the most patents in the industry in China [3]. Group 3: Market Context and Challenges - The sensor market is expected to grow significantly due to the explosion of AI-driven smart terminals, positioning Goer Micro favorably for its IPO [4]. - The company faces challenges such as reliance on the consumer electronics market, with approximately 60% of its revenue coming from major client Apple, and dependency on Infineon for high-end chip supplies [4]. - Goer Micro's successful IPO is seen as a representation of China's technological "invisible champions" and a demonstration of the country's innovative capabilities to the world [4].

Group 1: Stock Market Activity - On the day, 35 stocks were listed on the institutional leaderboard, with 21 seeing net purchases and 14 experiencing net sales [1] - The top three stocks with the highest net purchases by institutions were: Xiangying Technology (48.74 million), Weiman Sealing (39.56 million), and Yiming Pharmaceutical (27.39 million) [1][2] Group 2: Semiconductor Industry - The domestic semiconductor industry's rapid expansion is creating more market opportunities for domestic photoresists, with a current domestic market penetration rate of 20-25% [3] - Gartner predicts that the global photoresist market will reach $7.5 billion by 2028, with a compound annual growth rate (CAGR) of approximately 8.7% [3] Group 3: Artificial Intelligence Sector - The WAIC 2025 conference is expected to gather over 800 companies and showcase more than 50 AI terminals, 40 large models, and 100 new products, focusing on AIGC, AI search, and office collaboration [5] - OpenAI is set to release the GPT-5 model, which includes mini and nano versions, indicating rapid advancements in AI model capabilities [5]

Core Insights - The article highlights the rapid development of Chinese companies in the smart glasses sector, with Shanghai aiming to cultivate internationally influential brands in this field [1][8] - XREAL, a leading AR glasses company based in Shanghai, has launched its flagship product, XREAL One Pro, which features innovative optical technology and a proprietary computing chip [1][4] - The AR/VR market is experiencing significant growth, with XREAL leading in global sales and aiming for profitability by 2026 [1][3] Group 1: Industry Development - Shanghai's Economic and Information Technology Commission has released an action plan for high-quality development in the next-generation display industry from 2026 to 2030, focusing on smart glasses and display technology innovation [1] - The plan includes building intelligent and automated production lines for smart glasses and developing various forms of AI-integrated eyewear products [1][8] - XREAL has been recognized as the global sales leader in the AR sector for three consecutive years, with a market share in 2025 that surpasses the combined total of its closest competitors [1][3] Group 2: Product Innovations - The XREAL One Pro features a groundbreaking 57-degree field of view (FoV) and a 63% increase in visible area compared to its predecessor, XREAL One [2][3] - The device utilizes the X1 spatial computing chip, which addresses key issues such as power distribution and latency control, achieving a low latency of 3 milliseconds [4][6] - XREAL is collaborating with Google to develop Project Aura, the first smart glasses compatible with Android XR, set to launch in 2026 [5][6] Group 3: Market Position and Future Prospects - XREAL's partnership with Google signifies a deep integration of Chinese AR technology with international platforms, enhancing the global presence of the Chinese XR industry [7][8] - The company aims to create a trillion-dollar ecosystem through its innovations and collaborations, fostering a unified industry landscape [8] - XREAL plans to establish a new headquarters in Shanghai's Pudong district, further solidifying its role in the AR/VR industry [8]

Core Insights - Shenzhen is home to a vibrant cluster of unicorn companies, with 42 unicorns valued at $159.9 billion in 2024, representing nearly half of the city's total unicorns concentrated in Nanshan District [1] - Nanshan District has established a "tropical rainforest" innovation ecosystem that fosters the growth of unicorns, particularly in hard technology sectors like integrated circuits and robotics [2][3] - The region is facing challenges such as limited land resources, high vacancy rates in commercial properties, and the need for improved talent attraction amidst rising living costs [4][7] Group 1: Unicorn Ecosystem - The "unicorn corridor" in Nanshan has contributed over 50% of Shenzhen's unicorns for six consecutive years, indicating a strong innovation output [10] - Key sectors for unicorns include artificial intelligence and robotics, with companies like UBTECH Robotics leading the way [2][10] - The local government is exploring innovative development paths for the robotics industry, focusing on policy support and financial integration [3] Group 2: Challenges and Opportunities - Nanshan's innovation ecosystem faces risks from global economic pressures and internal structural adjustments, necessitating a focus on enhancing industrial capabilities and resource allocation [4][6] - There is a call for regional cooperation to alleviate spatial pressures and enhance service industries to support existing enterprises [5][6] - The district aims to attract global talent by improving living conditions and creating a conducive environment for innovation [7][8] Group 3: Future Trends - The next significant industry keyword for Nanshan and Shenzhen is expected to be "smart terminals," expanding beyond traditional mobile devices to include electric vehicles and AI glasses [9] - The potential for breakthroughs in intelligent robotics and low-altitude economy is highlighted, with Nanshan's companies poised for rapid growth in these areas [10]

Core Insights - The World Artificial Intelligence Conference (WAIC) 2025 will focus on the integration of AI technology with terminal industries, addressing challenges such as energy consumption, computational power, data security, and system stability [3][26] - The conference will feature multiple forums and exhibitions, highlighting innovations in embodied intelligence, smart driving, and AI-enabled smart terminals [4][15] Group 1: Event Overview - WAIC 2025 will take place from July 26 to July 28, 2025, at the Shanghai World Expo Center and the Shanghai World Expo Exhibition Hall [3] - The event will include five major forums and one off-site activity, focusing on the exploration of service boundaries in embodied intelligence and smart driving [4] Group 2: Key Topics - Future research prospects for AI terminals [5] - Innovation opportunities and security challenges in AI terminals [5] - AI-driven full-scene integration to redefine service boundaries of smart terminals [5] Group 3: Forums and Discussions - The "Human Intelligence Co-Creation" forum will discuss the potential of AI based on Arm's secure and efficient computing platform [6] - The "Humanoid Robots and Embodied Intelligence Innovation Development" forum will gather experts to explore open-source paths and share technological advancements [7] - The "Intelligent Driving Forum" will analyze the impact of AI large models on smart driving and discuss future trends and business models [10] Group 4: Industry Participation - Major companies and organizations participating include Arm, NVIDIA, Amazon, Huawei, and various universities and research institutions [11][12] - Notable speakers include leaders from the European AI Association, Swiss Academy of Engineering, and prominent universities [13][14] Group 5: Exhibition Highlights - The exhibition will cover over 70,000 square meters, showcasing over 30 leading companies and nearly 100 innovative products [15] - Key products include humanoid robots, AI-powered smart glasses, and advanced automotive technologies [16][20][23] Group 6: Innovations and Breakthroughs - Tesla will showcase its humanoid robot, Tesla Bot, capable of performing various tasks in factory settings [17] - The Qinglong V3.0 humanoid robot will be introduced, designed for security patrols and special operations [17] - The event will also feature AI interaction devices and breakthroughs in edge computing capabilities [25][26]

Performance Forecast - The company expects a loss of 10.8 million to 13.2 million yuan for the period from January 1, 2025, to June 30, 2025, compared to a loss of 10.2467 million yuan in the same period last year [1][2] - The net profit attributable to shareholders is projected to decline by 5.40% to 28.82% compared to the previous year, where the loss was between 6 million to 8.2 million yuan [1][2] - The basic earnings per share are estimated to be a loss of 0.0455 to 0.0556 yuan per share, compared to a loss of 0.0434 yuan per share in the previous year [2] Communication with Auditors - The performance forecast has not been reviewed by registered accountants, but the company has communicated with the auditing firm regarding the forecast, and there are no significant disagreements [2] Reasons for Performance Changes - The company is advancing its two main business areas: "New Energy + Automotive" and "Semiconductor Storage + Smart Terminals" [2] - In the automotive parts sector, the company is responding to the national "Belt and Road" initiative by collaborating with high-quality global clients to drive business growth [2] - In the semiconductor storage sector, the global market is in an upward cycle, and the company is seizing market opportunities to expand its client base and enhance market share [2] - The Chenzhou lithium battery project is in the construction investment phase, with management expenses and operating costs accounted for in the current period's profit and loss [2]

Group 1: Conference Overview - The 2025 World Artificial Intelligence Conference will be held in Shanghai from July 26 to July 28, focusing on the theme "Intelligent Era, Shared Future" [1][2] - The conference will feature a structure of "1+1+2+10+N," including an opening ceremony, a high-level global governance meeting, two plenary sessions, over ten ministerial forums, and numerous ecological forums [1] - The exhibition area will exceed 70,000 square meters, with over 800 participating companies, including leading AI firms and major international corporations [1][2] Group 2: New Initiatives and Features - A new "Investment and Incubation" section will be introduced, featuring over 200 startup projects and more than 100 investment institutions for on-site matching and funding services [2] - The conference aims to integrate AI deeply into urban life, showcasing products in embodied intelligence and smart hardware [2] Group 3: Technological Advancements and Market Trends - China's AI terminal shipment volume accounted for 42% of the global total in the first half of the year, with a projected 20% increase in shipments for the entire year [4] - The conference will highlight advancements in AI applications across various sectors, including transportation and healthcare, showcasing significant improvements in operational efficiency and diagnostic capabilities [4][5] Group 4: Global Collaboration and Governance - The conference aims to promote global cooperation in AI development, addressing the need for unity in innovation and preventing misuse of AI technologies [7] - The Ministry of Industry and Information Technology plans to establish a cooperation center for AI development among BRICS nations, promoting open-source collaboration [6]

Group 1 - Guangxi's industrial added value increased by 8.1% from January to May this year, with industrial product export delivery value growing by 34.8% [1] - Automotive exports rose by 24.3%, while computer and communication equipment exports increased by 25.9% [1] - Guangxi is building cross-border industrial and supply chains, establishing an advanced manufacturing base aimed at ASEAN, providing significant opportunities for companies to expand internationally [1] Group 2 - Guangxi has launched a cross-border trade financial interconnectivity platform, pioneering online customs information verification and enterprise directory registration [2] - The platform supports direct settlement paths for cross-border e-commerce between China and ASEAN, facilitating over 1.2 billion RMB in loans for enterprises [2] - From January to May, Guangxi's cross-border e-commerce import and export value exceeded 23 billion RMB, marking a year-on-year growth of over 160% [2]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - AI glasses are evolving from "fashion items" to essential tools for specialized scenarios, with the potential to become the next generation of independent AI smart terminals after incorporating display functions [3][7] - The global smart glasses market is expected to ship 12.05 million units in 2025, representing a year-on-year growth of 18.3%, with non-display audio glasses and audio shooting glasses expected to see shipments more than double [7] - Meta's collaboration with Oakley on new AI glasses focuses on sports scenarios, enhancing functionality and battery life, which is expected to drive market acceptance and further application in specialized fields [7] Summary by Sections Investment Suggestions and Targets - Focus on leading companies in the supply chain of AI glasses, including: 1. Complete machine and PCBA manufacturers: GoerTek (002241, Buy), Longqi Technology (603341, Not Rated), Lens Technology (300433, Buy), Luxshare Precision (002475, Buy), and Huaqin Technology (603296, Buy) [3] 2. SoC suppliers: Hengxuan Technology (688608, Buy) and Amlogic (688099, Buy) [3] 3. Component suppliers: Camera lens glass supplier Yutong Optical (300790, Not Rated), microphone and speaker supplier AAC Technologies (02018, Not Rated), and SiP module supplier Huanxu Electronics (601231, Buy) [3] 4. Waveguide manufacturers: Lantech Optical (688127, Buy), Crystal Optoelectronics (002273, Buy), and Sunny Optical Technology (02382, Buy) [3] Market Trends - The AI glasses market is experiencing rapid growth due to improved hardware and software capabilities, leading to increased value and potential upgrades in the traditional eyewear industry [7] - Major tech companies are expected to release new AI glasses products in the second half of the year, which will catalyze industry growth [7]