Investment Rating - The report maintains a recommendation for investment in the consumer electronics sector, particularly highlighting opportunities in AI glasses and related technologies [1]. Core Insights - Apple plans to release its first smart glasses, Apple Glass, in 2026, which will feature the same SiP chip as the Apple Watch, emphasizing lightweight design and low power consumption [3][4]. - The XREAL 1S, a new consumer-grade AR glasses product, was launched on December 18, 2025, featuring the X1 spatial computing chip and innovative 2D to 3D conversion capabilities, targeting a younger audience [5][15]. - The AR/AI glasses industry is expected to experience significant growth, with major companies entering the market, indicating a potential shift in consumer electronics towards new smart devices [5][15]. Summary by Sections Industry Performance - The consumer electronics sector has shown varied performance over different time frames, with a 1-month decline of 0.4%, a 3-month decline of 5.6%, and a 12-month increase of 35.5% [2]. Key Companies and Earnings Forecast - Notable companies in the sector include: - GoerTek (未评级) with an EPS forecast of 0.79 for 2024 and a PE ratio of 37.52 [8][17]. - Luxshare Precision (未评级) with an EPS forecast of 1.86 for 2024 and a PE ratio of 31.45 [8][17]. - Yujing Technology (Buy) with an EPS forecast of -1.83 for 2024 and a PE ratio of -19.43 [8][17]. - Rockchip (未评级) with an EPS forecast of 1.42 for 2024 and a PE ratio of 124.30 [8][17]. - Hengxuan Technology (未评级) with an EPS forecast of 3.86 for 2024 and a PE ratio of 78.57 [8][17]. Industry Dynamics - The smartphone market in China saw a 13% increase in sales for foreign brands in October 2025, with total smartphone sales reaching 32.27 million units, a growth of 8.7% [20]. - Apple is planning to expand its iPhone product line significantly, with at least seven new models expected by 2027, indicating a strategic shift in its product offerings [21][24].

Core Viewpoint - ST Changyuan is facing a governance crisis due to the suspension of its chairman, Qiao Wenjian, who is under investigation for misconduct, leading to a proposal for his replacement and the nomination of Yang Tao as a new non-independent director by the major shareholder, Zhuhai Gree Financial Investment Management Co., Ltd [1][2][3] Group 1: Governance Issues - Qiao Wenjian has been unable to fulfill his duties since November 24, 2025, due to being placed under detention by the Huizhou Huizhong District Supervisory Committee for suspected misconduct [2] - The company has been in a state of "no actual controller," which has negatively impacted its development [4] - The company’s articles of association allow for the removal of a director who fails to attend board meetings, which applies to Qiao Wenjian's situation [2] Group 2: Financial Performance - ST Changyuan reported a revenue of 54.38 billion yuan for the third quarter of 2025, a year-on-year decrease of 1.34%, and a net profit attributable to shareholders of -3.28 billion yuan, a staggering decline of 567.01% [5] - The company has seen a downward trend in its financial performance, with net profits of 6.74 billion yuan in 2022 and 0.88 billion yuan in 2023, followed by a net loss of 9.78 billion yuan in 2024, a drop of 1243.44% year-on-year [5] - The main business areas include smart grid equipment and energy internet technology services, but the competitive landscape is challenging, necessitating differentiation in the energy market [6] Group 3: Shareholder Actions - Gree Financial Investment, the largest shareholder, holds a 14.38% stake and has attempted to initiate reforms within the company, but with limited success [7] - The company has faced significant stock price declines, from a peak of 28.47 yuan per share to around 3.50 yuan, representing a nearly 90% drop [6] - Gree Financial has initiated legal actions against the company for financial misrepresentation, indicating dissatisfaction with the current management and governance [8][9]

AI 春季攻势展望 20151223 为什么认为 2026 年的海外算力板块具有投资价值？ 预计 2026 年海外算力板块将有显著增长，相关上市公司的利润平均增长率可 能达到 150%。例如，中际旭创、新易盛、盛弘科技、东山精密等公司在光模 块等领域有望实现 200%甚至 300%的增速。这些公司的估值普遍在 15 倍到 20 倍之间，非常便宜。展望 2027 年，这些公司的估值可能进一步降低至 7 倍 光通信行业未来几年将高速发展，2026-2027 年 1.6T 光模块需求量预 计达 6,000 万只左右，即使 800G 价格下降，整体行业增速仍可维持 50%-60%。硅光、LPO 等新技术将打开市场空间。 国产大模型如 Minimax、智谱具有全球竞争力，个性化助手方案将推动 存储与算力需求增长，未来两年应重点关注其在全球竞争中的表现。 到 10 倍，同时保持高增长。因此，该板块值得高度关注。 光纤光缆行业未来的发展趋势如何？ 光纤光缆行业近期已经开始涨价，这反映了 AI 需求启动后带动整体需求上升的 趋势。目前供给略微过剩，但预计半年后将出现供不应求的情况，从而导致价 格大幅上涨。因此，虽然短期内业绩 ...

（文章来源：证券日报） 证券日报网讯 12月24日，华勤技术在互动平台回答投资者提问时表示，公司高度重视市值管理，自上 市以来持续实施股份增持和回购、现金分红、股权激励等多重举措。同时，公司通过多渠道主动传递公 司经营动态与投资价值，确保投资者及时了解公司发展状况。 ...

活动在典雅的古筝韵律与嘉宾的沉浸式签到中拉开序幕。华为山东终端业务部日照区域渠道总经理丁明星先生首先为现场嘉宾带来深刻品牌分享。他回顾 了华为折叠屏七年的创新征程，并阐释了新品所承载的"折叠哲学"。他指出，HUAWEI Mate X7以"时空之门"的先锋设计语言与开创性融入的非遗云锦工 艺，于方寸间勾勒出"手可摘星辰"的诗意美感；在鸿蒙操作系统6的强大驱动下，其首次商用的A2A智能体与全面进化的大屏AI能力，重新定义了移动生 产力的边界，让每一次开合都成为拓展可能性的智慧仪式。 活动尾声，嘉宾们移步至深度体验区，零距离感受新品卓越性能。现场更特设鸿蒙智行(问界、享界、尚界)品鉴区，嘉宾可亲身试驾，体验华为全场景智 慧生态下车机无缝互联的流畅与优雅，完整感知未来智慧出行的崭新图景。 本次活动特邀山东省书法家协会会员、日照市书画研究会副分会长张守智先生进行跨界分享。他从中国传统书法艺术中"藏锋"与"露锋"的辩证智慧出发， 巧妙联结至现代科技产品"折叠"与"展开"所蕴含的人生哲学，为"非凡精神"赋予了深厚的文化底蕴与生活注解，让前沿科技闪耀出触动心灵的人文温度。 12月19日，"折叠之间，见万象新生"——HUAWE ...

Market Performance - A-shares showed strong performance today, with the Shanghai Composite Index rising by 0.53% to 3940.95 points, the Shenzhen Component Index increasing by 0.88%, and the ChiNext Index up by 0.77% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.88 trillion yuan, a decrease of 19.6 billion yuan compared to the previous trading day [1] - High-volatility sectors such as military, consumer electronics, photovoltaic, and telecommunications performed well, while sectors like aquaculture, coal, and dividend stocks lagged behind [1] Investment Outlook - The long-term outlook for the equity market remains optimistic, driven by policies aimed at "expanding domestic demand," which includes support for income-driven demand, reasonable investment returns, and financial demand constrained by capital and debt [2] - The current bottleneck in the A-share market is attributed to the K-shaped economic recovery, with high-growth sectors like AI and export chains facing uncertainty, while low-growth sectors such as consumption and real estate may require policy support to recover [2] - The trade surplus has exceeded 1.2 trillion USD, indicating strong competitiveness in Chinese manufacturing, but rising protectionism poses risks to export growth [2] Sector Recommendations - Investors are advised to focus on sectors with more certainty, such as those related to power infrastructure, including mining ETFs, non-ferrous metal ETFs, and grid ETFs [3] - The economic structure remains unchanged, but if risks in AI and related fields materialize, cash flow ETFs may present significant value [3] - Precious metals are experiencing a strong upward trend, with gold prices surpassing 4500 USD per ounce for the first time, driven by geopolitical risks, supply shortages, and strong investment demand [3]

| 代理 | 名称 | 涨跌幅 | 主力净流入额 ▼ | 5日主力净流入额 | 20日主力净流入额 | | --- | --- | --- | --- | --- | --- | | 801080 | 电子(申万) | 2.12% | 223.63亿 | 366.01亿 | 1316.63亿 | | 801740 | 国防军工(申万) | 2.88% | 159.59亿 | 276.86亿 | 759.03亿 | | 801730 | 电力设备(申万) | 1.03% | 125.71亿 | 285.98亿 | 732.08亿 | | 801890 | 机械设备(申万) | 1.49% | 81.03亿 | 300.08亿 | 971.12亿 | | 801750 | 计算机(申万) | 1.36% | 76.34亿 | 111.61亿 | 119.55亿 | 或由于英伟达预计春节前向中国客户交付H200芯片，今日（12月24日）英伟达产业链含量超27%的电 子ETF（515260）午后表现活跃，场内价格劲涨1.68%收于日内高点，一举收复60日均线，当前站在所 有均线上方，成功斩获日线3连阳！ 细分方向来看 ...

产品应用端，消费电子的感知也颇为强烈。面对AI眼镜需求的增长，环旭电子股份有限公司称："展望2026年，市场对客 户眼镜产品出货预期有较大上调，公司也将配合实现出货需求。" 本报讯 （记者毛艺融）数据显示，截至12月24日，上海证券交易所市场（以下简称"沪市"）已有1866家公司召开了2025年 三季度业绩说明会，占预约数量99%，占全沪市公司家数80%以上。 三季度说明会临近尾声，其间，伴随着各公司同步披露的调研纪要，关于向新发展、新旧动能转换的积极信号不断释放： 向AI、储能等"新赛道"加速转换、寻找"第二增长曲线"意愿强烈，沪市公司通过说明沟通衬托出2025年全年发展的亮色，也为 2026年开局积蓄更多能量。 产业链需求加固 企业加大力度开拓新市场 从近期交流内容看，新质生产力成为沪市公司讨论最充分的主题之一，多个行业正出现以技术驱动的新市场、新机遇。AI 大模型走向成熟、各类应用的广泛落地，多家上市公司对市场表达了乐观的态度。 算力方面，"公司看到客户对于AI算力需求十分强劲，由于云服务商都在提高资本支出，AI服务器的整体出货量也有望优 于先前预期"，富士康工业互联网股份有限公司（以下简称"工业富联" ...

Core Insights - The Shanghai Stock Exchange has seen 1866 companies hold Q3 earnings briefings, indicating a strong focus on new development and transformation towards AI and energy storage sectors, with a strong desire to find a second growth curve for 2026 [1] Group 1: New Quality Production Power - New quality production power has become a prominent discussion topic among Shanghai-listed companies, with many industries witnessing new markets and opportunities driven by technology [2] - Industrial Fulian reported strong demand for AI computing power, with expectations for AI server shipments to exceed previous forecasts due to increased capital expenditure from cloud service providers [2] - Silicon Microelectronics has developed several power chip solutions for AI servers, achieving performance levels that meet international standards [2] Group 2: Energy Storage and Clean Energy - Trina Solar highlighted significant market opportunities for the energy storage industry driven by AI technology and global industrial upgrades, with expectations for North American shipments to exceed 1 GWh by 2025 [3] - Jinko Technology emphasized its focus on energy storage, with ongoing projects totaling 10 GWh and plans to expand its project scale [3] - Sany Heavy Energy reported over 2 GW of new overseas orders in the offshore wind power sector, indicating substantial growth compared to the previous year [3] Group 3: Transformation and Second Growth Curve - Companies are actively seeking transformation and integration through mergers and acquisitions to create new business platforms or second growth curves [4] - Nanwang Storage plans to expand its business layout around the energy storage value chain, aiming to develop strategic emerging businesses and international operations [4] - Several companies, including Olay New Materials, are looking to broaden their business into high-performance metals and key materials in cutting-edge technology fields [4] Group 4: Mergers and Acquisitions - Mergers and acquisitions are frequently discussed as a means of transformation, with Haier Smart Home indicating a focus on enhancing global competitiveness through strategic investments [5] - Xiamen Tungsten plans to conduct mergers and acquisitions to strengthen and extend its industrial chain [5] - Companies like Hidi Micro are actively seeking high-quality chip targets for potential mergers and collaborations, considering various factors such as technical team strength and product competitiveness [5][6]

编者按： 当 AI 开始寻找自己的形状，有些选择出人意料。 AI 在智能手机上生出了一颗独立按键，似乎让智能手机找回了久违的进化动力。眼镜凭借着视 觉和听觉的天然入口，隐隐有了下一代个人终端的影子。一些小而专注的设备，在某些瞬间似乎 比 All in one 的设备更为可靠。与此同时，那些寄望一次性替代手机的激进尝试，却遭遇了现实 的冷遇。 技术的落地，从来不只是功能的堆叠，更关乎人的习惯、场景的契合，以及对「好用」的重新定 义。 爱范儿推出「AI 器物志」栏目，想和你一起观察：AI 如何改变硬件设计，如何重塑人机交互， 以及更重要的——AI 将以怎样的形态进入我们的日常生活？ 两千块不到的小米智能眼镜，和三万块的 Apple Vision Pro 放在一起，行业似乎默认它们都属于 同一个宏大的叙事——「智能眼镜」或「XR」。 但这就像是把一顶遮阳帽和一顶宇航员头盔放在一起，仅仅因为它们都戴在头上，就硬说它们是 同一种穿戴设备。 实际上，在今天，头显/眼镜类智能设备早已像物种演化那样，发展出多种功能、体验、场景、 适用人群完全不同的方向。尽管它们可能看起来差不多，但其实完全是不同的东西。 ▲ Meta Que ...