（文章来源：证券日报） 证券日报网讯 11月27日，海信视像在互动平台回答投资者提问时表示，在AI显示布局方面，公司已围 绕"端-云-芯"一体化架构，提升多模态交互能力，并牵头制定《智能家居场景下多模态大模型技术要 求》IEEE国际标准，实现从技术输出到标准引领的跨越。此外，公司通过供应链协同开发支持智能场 景感知的AI智能耳机及轻量化AI眼镜，正式切入智能穿戴新赛道，为用户提供下一代智能穿戴体验。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance in Q3 2025 met expectations, with a revenue increase of 3% and a net profit increase of 20% [7] - The outlook for overseas sales is optimistic, particularly with the sponsorship of the World Cup in 2026, which is expected to drive double-digit growth [11] - The company is focusing on enhancing its market share through high-end product launches and improving its pricing strategy in the domestic market [9] Summary by Sections Financial Performance - Q3 2025 revenue reached 53,616 million, a year-over-year growth of 17%, while net profit attributable to the parent company was 2,096 million, reflecting a 25% increase [5] - For the first three quarters of 2025, revenue grew by 5% and net profit increased by 24% [7] Sales Breakdown - Domestic sales showed a better performance with a revenue increase of 3%, while overseas sales also grew by 3% [8] - The average selling price in the domestic market improved due to the focus on miniled products and a low base effect [8] Future Projections - Revenue projections for 2024, 2025, and 2026 are 58,530 million, 61,462 million, and 65,325 million respectively, with expected growth rates of 9%, 5%, and 6% [5] - Net profit forecasts for the same years are 2,246 million, 2,472 million, and 2,791 million, with growth rates of 7%, 10%, and 13% [5] Market Strategy - The company is expected to benefit from increased overseas sales driven by its sponsorship of the World Cup and the introduction of new high-end products [11] - The focus on laser and commercial display products is anticipated to contribute significantly to revenue growth [10]

Core Viewpoint - Jinjing Technology has established itself as an innovative benchmark in the domestic glass industry, achieving significant technological breakthroughs and setting global records in ultra-white glass production [1][2]. Group 1: Technological Innovations - Jinjing Technology's ultra-white glass is known for its exceptional quality, with iron content only 1/10 that of ordinary glass, and a self-explosion rate as low as 0.01%, compared to 0.1% for traditional glass [1]. - The company has developed a multi-step kiln design that enhances circulation and effectively removes bubbles, achieving a defect rate of only one per 20 square meters of glass [1]. - The temperature control during the glass forming process is maintained within ±0.5°C, ensuring high-quality production [1]. Group 2: Market Position and Achievements - Jinjing Technology broke the import monopoly by producing China's first ultra-white glass 20 years ago and has since continuously challenged size limits, currently aiming for a single piece length of 30 meters [2]. - The company has improved the light transmittance of its glass to 92% through cold repair technology and has developed TCO conductive glass, which is essential for third-generation photovoltaic solar cells [2]. - Jinjing Technology has positioned itself as a major supplier of TCO conductive glass in China, leveraging its technological advantages in the new energy and smart technology sectors [2].

Core Insights - The 12th Cross-Strait (Nanjing) New Display Industry Development Conference was held, focusing on the theme "AI Intelligence Display: Touching the Future New Vision" [1] - The conference featured over 100 experts discussing market trends, technological advancements, and the integration of AI in the new display industry [1][2] - Nanjing Economic and Technological Development Zone contributes over 90% of the city's new display industry output [1][3] Group 1 - The new display technology is increasingly recognized as a key supporting technology in the burgeoning metaverse industry, with China poised for rapid development in AI display technology [2] - Nanjing Economic and Technological Development Zone has established itself as a crucial support area for the new display industry, housing major companies like LG Display, Sharp, and BOE [3] - The region has developed national-level functional platforms and specialized industrial carriers, such as the China (Nanjing) LCD Valley and China (Nanjing) Intelligent Valley [3] Group 2 - Nanjing Economic and Technological Development Zone is focusing on core elements like algorithms, computing power, data, scenarios, and ecosystems to drive innovation [3] - Several projects, including the Precision Intelligent Display Electronic Paper Project and the National Display Vehicle Project, are being developed to enhance the industry foundation [3] - Collaborations with local universities and the establishment of key laboratories are injecting new innovative momentum into the region's development [3]