Investment Rating - The report maintains an investment rating of "Outperform the Market" [6][11]. Core Insights - The release of Xiaomi's new AI smart glasses on June 26, 2025, showcases advancements in battery life, weight, and functionality compared to competitors like Meta Ray-Ban. The potential replacement demand for AI glasses in the domestic market is significant, with retail sales of glasses priced above 2000 yuan reaching a million units [3][8][14]. Summary by Sections 1. Event: Xiaomi Launches New AI Smart Glasses - Xiaomi officially launched its new AI smart glasses, featuring a dual-chip architecture with Snapdragon AR1 and Hengxuan BES2700, which enhances battery life and reduces weight to 40g without lenses. The glasses have a typical battery life of 8.6 hours and can last up to 45 minutes during continuous shooting, outperforming Meta's 33 minutes [3][16][18]. 2. Analysis of AI Glasses Market Size and Potential - The AI glasses market is expected to grow significantly, with the potential to replace traditional glasses for myopic individuals and smart devices like TWS earphones and smartwatches. The domestic market for glasses priced above 2000 yuan has reached a retail volume of over 10 million units, indicating substantial replacement demand [8][31][34]. 3. Current Technology Pathways for AI/AR Smart Glasses - To address the challenges of weight, computing power, and battery life, manufacturers are exploring various solutions, including dual-chip designs and external battery packs. Xiaomi's glasses utilize a dual-chip structure to balance performance and power management [9][39]. 4. Layout of Light Industry Related Companies in the AI Glasses Field - Domestic manufacturers are forming strategic partnerships with optical lens manufacturers and channel partners to enhance their presence in the AI glasses market. Companies like Mingyue Optical and Doctor Glasses are actively collaborating with tech firms to leverage their distribution channels [10][11][22]. 5. Investment Recommendations: Maintain "Outperform the Market" Rating - In a structurally differentiated market environment, the report suggests focusing on high-growth sectors, particularly in new consumer areas driven by emotional value and technological empowerment. The light industry optical lens manufacturing and channel companies involved in AI glasses are highlighted as key areas for investment [11][34].

Core Viewpoint - Shiya Technology Co., Ltd. has applied for the Shanghai Stock Exchange's Sci-Tech Innovation Board listing, with a fundraising target of 2.015 billion yuan, and is recognized as a leading provider of micro-display solutions globally [1] Company Overview - Shiya Technology specializes in silicon-based OLED micro-displays and offers value-added services including strategic product development and optical systems [1] - The company is the first globally to achieve mass production of silicon-based OLED micro-displays using 12-inch wafer backplanes and possesses full-stack self-research capabilities in "display chips + micro-displays + optical systems" [1] Market Position - The company plays a crucial role in China's silicon-based OLED industry chain and is recognized as a leading enterprise in the new display industry by the Ministry of Industry and Information Technology [1] - Shiya Technology has successfully entered the supply chains of major clients, including ByteDance and Lenovo, with significant market share in the global XR market [2] Technology and Product Development - The company has developed several core technologies, including strong micro-cavity technology and high-efficiency stacked OLED technology, which have allowed it to surpass competitors in product performance [2] - As of 2024, Shiya Technology ranks second globally and first domestically in silicon-based OLED product shipments, capturing approximately 35.2% of the market, while Sony leads with 50.8% [2] Financial Performance - The company's revenue for the fiscal years 2022, 2023, and 2024 is projected to be approximately 190 million yuan, 215 million yuan, and 280 million yuan, respectively [3] - Net profits for the same periods are expected to be approximately -247 million yuan, -304 million yuan, and -247 million yuan [3] Financial Metrics - Total assets as of December 31, 2024, are projected to be approximately 3.148 billion yuan, with equity attributable to shareholders at approximately 2.164 billion yuan [4] - The company's asset-liability ratio is expected to decrease from 10.15% in 2023 to 6.82% in 2024 [4] - Revenue for 2024 is projected to be approximately 280 million yuan, with a net loss of approximately -246.8 million yuan [4]

Group 1 - The core viewpoint of the articles highlights the emerging competition in the AI glasses market, with Meta currently leading the market by selling 2 million units of Ray-Ban Meta smart glasses, capturing approximately 60% of the global smart glasses market [1][2] - Meta has invested 25.2 billion RMB to acquire about 3% of EssilorLuxottica, the parent company of Ray-Ban, to strengthen its control over design, distribution, and channels [1] - Xiaomi has launched its first AI glasses at a competitive price of 1999 RMB, achieving sales of nearly 50,000 units within three days, marking the fastest sales rate for AI smart glasses in China [1] Group 2 - Apple is reportedly developing seven XR devices, with its first AI glasses expected to launch in Q2 2027, aiming to integrate deeply with the iPhone and Vision Pro ecosystems [2] - The competition is intensifying as major players like Apple and Xiaomi enter the market, indicating a significant battle not just for glasses but for the next generation of smart interfaces [2]

Group 1: Virtual Asset Trading in Hong Kong - Tianfeng International Securities has upgraded its securities trading license to provide virtual asset trading services, marking a significant step for traditional financial institutions in the virtual asset sector [1] - The Hong Kong Securities and Futures Commission regulates virtual asset activities, while the Hong Kong Monetary Authority oversees currency payment areas such as stablecoins and digital currencies [1] - The recent developments in the stablecoin market, driven by regulatory frameworks, suggest a focus on cross-border payment and digital currency businesses, highlighting investment opportunities in companies with blockchain technology [1] Group 2: Water Conservancy Investment - The Chinese government has issued opinions to enhance flood control infrastructure, including the construction of flood control reservoirs and the improvement of existing ones [2] - Water conservancy investment is expected to maintain a high growth trend, with projected national investment reaching 1,352.9 billion yuan in 2024, a 12.8% increase year-on-year [2] - The "14th Five-Year" water transport development plan aims to add 2,500 kilometers of high-grade inland waterways, indicating a strong policy and funding support for major engineering projects [2] Group 3: Xiaomi's YU7 Vehicle Launch - Xiaomi's YU7 vehicle received over 289,000 pre-orders within the first hour of its launch, exceeding market expectations [3][4] - The YU7 is expected to attract tech-savvy consumers due to its advanced technology configurations, particularly in smart driving and battery performance [4] - The launch of YU7 is anticipated to drive collaborative development across the supply chain, benefiting key sectors such as lidar suppliers, smart driving system developers, and high-performance battery manufacturers [4] Group 4: IPO of Vision Technology - Vision Technology's IPO application has been accepted by the Shanghai Stock Exchange, aiming to raise 2.015 billion yuan [5] - The company has completed seven rounds of financing, with its latest round in February 2023, and is recognized as a unicorn with a valuation exceeding 10 billion yuan [5] - The core product, silicon-based OLED microdisplay technology, is positioned as a critical hardware component for XR devices, aligning with the explosive growth of the AI industry and the demand for advanced human-computer interaction [5]

Core Viewpoint - The company, Shiya Technology, has officially submitted its IPO application to the Shanghai Stock Exchange, aiming to expand its production capacity and enhance its market position in the silicon-based OLED microdisplay sector [1][2]. Group 1: Company Overview - Shiya Technology is a leading global provider of microdisplay solutions, focusing on silicon-based OLED microdisplays and offering value-added services such as strategic product development and optical systems [1]. - The company is recognized as a key player in China's silicon-based OLED industry, leading significant projects to enhance the resilience and security of the new display industry supply chain [2]. Group 2: Market Position and Performance - As of 2024, Shiya Technology ranks second globally and first domestically in the shipment of silicon-based OLED products for XR devices, capturing approximately 35.2% of the market share [3]. - The company has established itself as a strategic supplier for major clients, including ByteDance and Thunder, with these clients accounting for over 80% of the global XR market shipment in 2024 [2]. Group 3: Technological Advancements - Shiya Technology has achieved significant technological milestones, including the world's first 12-inch silicon-based OLED production line and various proprietary technologies that enhance product performance [2]. - The company emphasizes self-sufficiency by developing key technologies and fostering domestic suppliers to diversify the upstream supply chain [2]. Group 4: IPO and Future Plans - The company plans to raise 2.015 billion yuan through its IPO to fund projects such as the expansion of its ultra-high-resolution silicon-based OLED microdisplay production line and the establishment of a research and development center [3]. - Upon completion of the production line expansion, the annual capacity is expected to reach 10.8 million screens, enabling the company to better meet downstream application demands and seize industry growth opportunities [3].