Investment Rating - The report maintains a "Strong Buy" rating for 康耐特光学 (02276.HK) with an expected target price of 54.5 HKD, compared to the current price of 39.90 HKD [2][4]. Core Insights - Meta has acquired approximately 3% of Essilor's shares for about 30 billion euros (approximately 252 billion RMB), indicating a focus on smart glasses and the importance of lens manufacturers in the supply chain [2]. - The report highlights the strong performance of 康耐特光学 in the first half of the year, with a projected net profit growth of over 30% year-on-year, driven by the sales increase of high-refractive index and functional products [8]. - The company is actively cultivating a second growth curve in smart glasses, collaborating with leading 3C companies, and is expected to benefit from a global market expansion [8]. Financial Summary - Projected total revenue for 康耐特光学 is expected to grow from 2,061 million RMB in 2024 to 3,554 million RMB in 2027, with a compound annual growth rate (CAGR) of 19.2% [4]. - The net profit attributable to the parent company is forecasted to increase from 428 million RMB in 2024 to 862 million RMB in 2027, reflecting a CAGR of 24.1% [4]. - Earnings per share (EPS) is projected to rise from 1.00 RMB in 2024 to 1.80 RMB in 2027, with a corresponding decrease in price-to-earnings (P/E) ratio from 36.2 to 20.2 [4].

Core Viewpoint - The article discusses the performance of the Sci-Tech Innovation Board AI Index and the related AI ETF, highlighting recent declines in stock prices and the growth of the ETF's scale and net inflows, as well as the introduction of new AI+AR products by RayNeo. Group 1: Market Performance - As of May 30, 2025, the Sci-Tech Innovation Board AI Index (950180) fell by 2.00%, with major declines in stocks such as Zhongke Xingtou (688568) down 9.47% and Tianzhun Technology (688003) down 5.41% [3] - The Sci-Tech AI ETF (588790) decreased by 1.91%, with the latest price at 0.56 yuan, but has seen a cumulative increase of 11.68% since its inception, ranking 2nd among comparable funds [3] - The ETF's trading volume was 81.63 million yuan, with an average daily trading volume of 273 million yuan over the past year, leading among comparable funds [3] Group 2: Fund Growth and Inflows - The Sci-Tech AI ETF experienced a significant scale increase of 86.99 million yuan over the past week, ranking 1st among comparable funds [4] - The latest share count for the ETF reached 5.503 billion, a new high since its inception, also ranking 1st among comparable funds [4] - The ETF has seen continuous net inflows over the past four days, with a maximum single-day net inflow of 38.97 million yuan, totaling 73.09 million yuan, averaging 18.27 million yuan daily [4] Group 3: Performance Metrics - Since its inception, the Sci-Tech AI ETF has achieved a maximum monthly return of 15.59%, with an average monthly return of 15.59% and a monthly profit probability of 60.26% [5] - The ETF's relative benchmark drawdown since inception is 0.40% [5] Group 4: Fee Structure and Valuation - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, the lowest among comparable funds [6] - The ETF's tracking error over the past three months is 0.014%, indicating high tracking precision compared to similar funds [6] - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 118.7, which is below 80.47% of the time over the past year, indicating a historical low valuation [6] Group 5: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board AI Index accounted for 70.68% of the index, with notable companies including Lanke Technology (688008) and Cambricon Technologies (688256) [6]