"在产业链国产化突破与消费场景深度重构的双重驱动下，2025年中国消费级XR市场实现结构性跃升。CINNO Research监测数据显示，全年消费级总销量 达64.5万台，同比增长13%，AR以48万台销量首次超越VR。" CINNO Research 简评 图示： 2022-2026年中国消费级市场AR/VR销售趋势，来源：CINNO Research 2026年市场呈现二元性，虽技术进一步成熟成本下降，但内存上涨，高端VR设备承压，预计2026年国内消费级XR市场将迎来15%的增长，2030年AR消 费级有望突破500万台出货量占据终端主导。 一、国内消费级市场格局重构：AR崛起破局，VR深耕专业场景 •AR设备实现历史性超越：受益于国内上游供应链及投融资向AR领域的倾斜，2025年国内消费级AR终端销量48.4万台，同比大幅增长71%，预计2030年 消费级出货量将突破500万台，占据终端市场主导地位。随着性能迭代，推动设备从辅助工具向核心交互平台进化；重量上部分产品已接近普通近视眼 镜；显示亮度、分辨率跨越式提升，保障户外强光环境清晰显示，AR设备也正加速渗透至教育、医疗、工业设计等场景，2026年将 ...

2026年市场呈现二元性，虽技术进一步成熟成本下降，但内存上涨，高端VR设备承压，预计2026年国内消费级XR市场将迎来 15%的增长，2030年AR消费级有望突破500万台出货量占据终端主导。 一、国内消费级市场格局重构：AR崛起破局，VR深耕专业场景 AR设备实现历史性超越：受益于国内上游供应链及投融资向AR领域的倾斜，2025年国内消费级AR终端销量48.4万台，同比 大幅增长71%，预计2030年消费级出货量将突破500万台，占据终端市场主导地位。随着性能迭代，推动设备从辅助工具向核 心交互平台进化；重量上部分产品已接近普通近视眼镜；显示亮度、分辨率跨越式提升，保障户外强光环境清晰显示，AR设 备也正加速渗透至教育、医疗、工业设计等场景，2026年将进一步拓展至更多细分领域。 VR市场持续收缩：国内消费级VR市场遭遇阶段性寒冬，2025年全年销量仅16.1万台，创历史新低，头部品牌新品发布节奏显 著放缓，在消费端面临用户热情消退、应用场景单一等挑战。去年VR技术也不断突破传统娱乐边界，通过线下大空间沉浸式 体验馆等创新形式教育消费者，推动市场认知从"游戏专属设备"向"多元交互平台"升级。但2026年由 ...

" 在产业链国产化突破与消费场景深度重构的双重驱动下，2025年中国消费级XR市场实现结构性跃升。 CINNO Re s e a r c h监测数据显示，全年消费级总销量达64.5万台，同比增长13%，AR以48万台销量首 次超越VR。 " CINNO Research 简评 二、技术趋势：显示、光学与交互的全面革新 • AR 显示与光学方案 迭代： Micro OLED 占据 78% 市场份额，索尼以 60% 份额主导，但视涯科 技通过与雷鸟深度合作份额提升至 39% ，完成 20 亿元 IPO 融资标志国产供应链崛起。单绿色 Micro LED 在提示类 AR 眼镜渗透提速，销量同比增 203% ， Rok id Glas ses 热销成主要推动 力。 Birdbath 方案虽份额收缩仍以 75% 领先，雷鸟、 XREAL 在性价比与体验上持续突破。光波导 仍然是以衍射光波导为主，为了寻求低成本方案，一拖二光机方案成为目前不二之选。 • VR 显示与光学方案演进： Fas t LCD 以 90% 份额主导， 5,000 元以上价格段 Micro OLED 渗 透率提升至 62% 。光学方案中， Panca ...

据港交所1月30日披露，安徽海马云科技股份有限公司(简称：海马云)向港交所主板递交上市申请，中金公司 (601995) 、招银国际为其联席保荐人。这是该公司第二次递表港交所。招股书显示，海马云是中国最大的云游戏实时 云渲染服务(即视觉内容计算及生成)GPUaaS提供商。海马云已建立稳健及以GPU为基础的计算基础设施及平台软件能 力，这是公司服务的基础和支柱。云游戏作为公司主要及最成熟的商业应用程序，而公司有的全核实时云渲染技术赋能 游戏业。凭借此基础，公司已探索将其能力扩展到其他需要高性能实时图形渲染的场景(例如泛娱乐、数字文旅、数字教 育、AIGC、XR、直播和电子商务)的潜力。根据约识咨询的资料，按2024年的收入计算，海马云在中国云游戏场景实时 云渲染服务提供商中排名第一，市场份额为17.9%。 Anhui Haimacloud Technology Co., Ltd. 安徽海馬雲科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 聯席保薦人、[編纂]、[編纂]、[編纂]及[編纂] CICC 中等公司 CMBL 招 银 锡 标 [编纂]的[编纂]數目 : [编纂]股H股(視乎[编纂]行使與否而 ...

(於中華人民共和國註冊成立的股份有限公司) [编纂] 聯席保薦人、[編纂]、[編纂]、[編纂]及[編纂] ICC中等公司 CMBI公招银国际 智通财经APP获悉，据港交所1月30日披露，安徽海马云科技股份有限公司(简称：海马云)向港交所主板递交上市申请， 中金公司、招银国际为其联席保荐人。这是该公司第二次递表港交所。招股书显示，海马云是中国最大的云游戏实时云 渲染服务(即视觉内容计算及生成)GPUaaS提供商。海马云已建立稳健及以GPU为基础的计算基础设施及平台软件能力， 这是公司服务的基础和支柱。云游戏作为公司主要及最成熟的商业应用程序，而公司有的全栈实时云渲染技术赋能游戏 业。凭借此基础，公司已探索将其能力扩展到其他需要高性能实时图形渲染的场景(例如泛娱乐、数字文旅、数字教育、 AIGC、XR、直播和电子商务)的潜力。根据约识咨询的资料，按2024年的收入计算，海马云在中国云游戏场景实时云渲 染服务提供商中排名第一，市场份额为17.9%。 Anhui Haimacloud Technology Co., Ltd. 安徽海馬雲科技股份有限公司 [编纂]的[编纂]數目 : [编纂]股H股(視乎[编纂]行使與否 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 康耐特光学(2276.HK) 投资评级 上次评级 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 李晨 新消费行业分析师 执业编号：S1500525060001 邮箱：lichen1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 康耐特光学：募资加速 XR 业务投资，贡献长期成长 动能 [Table_ReportDate] 2026 年 01 月 29 日 [Table_S 事件：公司发布公告，已同意不少于 ummary] 6 名承配人按照每股 52 港元 （较 1 月 26 日折价 11.1%；较 20 日均价折价 7.8%）认购公司 2700 万股份（占总股本比例约 5.63%）。总募集资金（剔除佣金 后）约 14 亿港元。根据公司公告，1）40%资金将用于建设 X ...

Group 1 - The Hang Seng Index rose by 1.07%, gaining 287 points, while the Hang Seng Tech Index increased by 0.20%. The early trading volume in Hong Kong stocks reached HKD 134.8 billion [1] - Zijin Mining (02899) surged over 4% as it plans to acquire African gold mines for HKD 28 billion, while Zijin Gold International (02259) rose by 10.63% [1] - Anta Sports (02020) increased by 1.38% after announcing a plan to acquire a 29.06% stake in Puma for EUR 1.5 billion [1] - Zhaoyi Innovation (03986) saw a rise of over 5%, with all storage products experiencing price increases, and the company expects a 46% year-on-year growth in net profit for the year [1] - GDS Holdings (09698) rose over 6% due to high demand for AI computing power driving data center growth [1] - Bilibili (09626) increased by nearly 5%, with AI applications becoming the core driver of advertising revenue growth for the platform [1] - Conant Optical (02276) surged over 4% to reach a new high, planning a discounted share placement to raise nearly HKD 1.4 billion for XR-related production lines and R&D [1] - ASMPT (00522) rose over 5% as the company plans to divest its SMT business, which Citigroup believes will help unlock company value [1] - Harbin Electric (01133) jumped 7% after a profit warning, expecting net profit attributable to shareholders to reach approximately HKD 2.65 billion by 2025 [1] - Aidi Kang Holdings (09860) surged over 27% following a report from Jefferies highlighting the company's strategic positioning in AI medical diagnostics and its significant acquisition of Crown Bioscience [1] Group 2 - Wangshan Wangshui-B (02630) briefly rose over 11% to a new high, with research indicating that VV116 has potential therapeutic effects against Nipah virus [2] Group 3 - Yijun Group Holdings (02442) experienced a high-level retreat of over 39%, with its stock price having previously surged 4.4 times within two months of resuming trading [3] - Junda Co., Ltd. (02865) fell over 11%, as the company stated that its recent ventures are still in the technical exploration phase [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 32.48 CNY based on a 29x PE valuation for comparable companies in 2026 [3][6]. Core Insights - The company is actively expanding its optical communication business and enhancing its product layout in cloud and terminal modules, aiming to integrate into the global optical interconnect ecosystem [11]. - The company has strong competitive advantages in technology, industrial synergy, and production capacity, which are expected to support its growth in the optical communication sector [11]. - The company is also focusing on strengthening its product offerings related to cloud computing and data centers, with promising growth in its server board business [11]. - The smart glasses market is projected to grow significantly, and the company is well-positioned to benefit from this trend as a leading manufacturer of SiP modules for smart wearable devices [11]. Financial Forecast and Investment Recommendations - The company’s earnings per share (EPS) are projected to be 0.75 CNY, 1.12 CNY, and 1.37 CNY for the years 2025 to 2027, respectively, with adjustments made to revenue and gross margin forecasts [3][12]. - Revenue is expected to decline slightly in 2025 before rebounding with growth rates of 18% and 12% in 2026 and 2027, respectively [5][12]. - The company’s net profit is forecasted to recover significantly, with a projected increase of 50% in 2026 and 22% in 2027 [5][12].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company forecasts a net profit attributable to shareholders for 2025 to grow by no less than 30% year-on-year, driven by increased sales of 1.74 refractive index lenses and other multifunctional products, ongoing scale effects, improved automation, and optimized financing structure [1][4]. - A joint venture with Goer Optical has been established to accelerate the integration of the AI glasses supply chain, focusing on customized lenses and optical components for AI/AR/VR/MR applications [2][3]. - Global sales of AI glasses are expected to rise significantly, with projections of 7 million units in 2025 and 18 million units in 2026, indicating exponential growth potential [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 23.51 billion, 27.65 billion, and 32.22 billion yuan respectively, with net profits of 5.65 billion, 7.03 billion, and 8.61 billion yuan [4][5]. - The company’s earnings per share (EPS) is projected to increase from 1.03 yuan in 2024 to 1.79 yuan in 2027, reflecting a strong growth trajectory [5]. - The net profit margin is expected to improve, with net profit margins of 20.8% in 2024 and reaching 26.7% by 2027 [5][13].

Core Viewpoint - The article emphasizes the integration of advanced technologies like AI to revitalize cultural heritage and enhance public engagement with historical narratives and experiences [2][56]. Group 1: Cultural Revitalization through Technology - The initiative aims to create immersive experiences that allow users to interact with cultural heritage, such as AI-generated historical narratives and personalized experiences [2][5]. - The "NextGen" plan by Tencent focuses on leveraging cutting-edge technologies to address the challenges of cultural heritage revitalization, aiming to create new forms of expression and engagement [5][56]. Group 2: Specific Topics and Challenges - The program identifies three main topics for innovation: 1. Development of multi-modal intelligent agents for cultural content generation [5]. 2. Creation of immersive interactive experiences that combine sensory data and emotional computing [6]. 3. Human-machine collaboration for the transmission and development of traditional crafts through digital means [7]. Group 3: Specific Cultural Scenarios - Five specific cultural scenarios have been outlined for technological application: 1. "Cloud Residence Intelligent Companion" for enhancing public understanding of historical texts [8][9]. 2. "Hangzhou West Lake Experience" focusing on personalized immersive tourism experiences [15][16]. 3. "Dawenkou Culture Interactive Experience" to facilitate understanding of ancient pottery techniques [19]. 4. "Bridge Wisdom Transmission" for teaching traditional wooden bridge construction techniques [29]. 5. "Cantonese Lion Dance Digital Activation" to enhance interaction and experience in traditional performances [36]. Group 4: Collaboration and Support - The initiative invites global technology teams to collaborate with cultural institutions to propose innovative solutions, with funding and resources available for selected projects [43][52]. - The project will undergo a structured process from proposal submission to implementation, ensuring thorough evaluation and support [48][50].