12月16日，中国新闻社"国是论坛：2025年会"在京举行，聚焦"科技创新赋能高质量发展"。围绕"科技 创新赋能经济社会高质量发展"展开深入探讨。论坛汇聚众多专家学者、行业代表，共同为中国式现代 化的科技引擎建言献策。论坛议题本身，为观察中国科技企业提供了一面镜鉴——在追逐风口、比拼流 量的喧嚣之外，是否存在另一种更沉默、却也更坚实的创新路径？ 欧菲光集团的发展轨迹，正为这一问题提供了具象答案。这家光学领域的创变者，近年来持续在智能手 机、智能汽车、新领域的关键技术上投入，其2025年上半年研发投入占比达7.70%，全球授权专利超 1700件。然而，比数据更值得关注的是其背后的战略逻辑：在中国科技产业从"应用创新"迈向"基础创 新"的关键阶段，欧菲光选择在"看不见"的底层光学领域进行一场"技术长跑"。 人工智能的浪潮始于算法，但成于感知。没有精准、稳定、高效的视觉感知，再先进的算法也只是"无 源之水"。欧菲光从消费电子摄像头向机器视觉、车载感知、机器人视觉的系统化延伸，正揭示了这条 技术演进的必然路径。 其近期发布的人形机器人"手眼协同"视觉方案，以及已量产的ToF+双目感知定位模块，并非简单的业 务拓展，而 ...

Group 1 - Century United Holdings (01959) resumed trading with an initial increase of over 33%, currently up 4.24%. The company announced a cash deal of approximately HKD 153 million for the acquisition of about 377 million shares, representing 71.12% of the total issued share capital, at HKD 0.405 per share [1] - Changfei Optical Fiber (06869) rose over 10% following a report from Huatai Securities indicating that the company's optical fiber and cable business is benefiting from AI computing demand, leading to continuous product structure optimization [1] - Kangnait Optical (02276) increased by over 5% after the launch of Quark AI glasses, marking Alibaba's entry into the AI glasses market [1] - Tanwan, a subsidiary of Tanwan (09890), signed a cooperation agreement with COEXIST Group for artist work development, contributing to a monthly increase of over 30% in stock price, currently up 4.34% [1] Group 2 - Yaojie Ankang-B (02617) surged nearly 14%, currently up 18.57%. The company announced that its core product, Tiengotine, has published exploratory Phase II clinical results for cholangiocarcinoma in a high-impact journal [2] - China Silver Group (00815) rose over 7% as spot silver prices exceeded USD 65 per ounce, marking one of the strongest rebounds in commodities for 2025 [2] - Yidu International (00259) fell over 12%, currently down 12.67%, as Muxi shares debuted on the STAR Market with a 568% opening increase, reaching a market cap of CNY 280 billion [2] - Gaoya Optical (00907) experienced a significant drop of 40%, currently down 34.67%, after receiving a notice from the stock exchange regarding insufficient operational levels to maintain listing [2] Group 3 - Zhaoyan New Drug (06127) increased by over 10% as the market focused on the rising prices of preclinical evaluation test assets, with experimental monkeys priced at approximately CNY 140,000 each [3] Group 4 - Airline stocks saw gains, with Eastern Airlines (00670) up 5.66%, Air China (00753) up 5.56%, and Southern Airlines (01055) up 7.22%. Recent operational data showed strong passenger load factors for November, with Eastern Airlines at 87.37%, Southern Airlines at 86.29%, and Air China at 83.3% [4] Group 5 - Pfizer (PFE.US) fell 3.41% as the company predicts minimal sales growth next year due to costly acquisitions aimed at refreshing its drug portfolio [5] - Quantum computing stocks saw collective gains, with IonQ Inc (IONQ.US) up 7.81%, D-Wave Quantum (QBTS.US) up 7.5%, and others showing similar increases [5] - Hesai Technology (HSAI.US) rose 3.64% as the company announced its participation in CES 2026 in Las Vegas [5] - Pony.ai (PONY.US) increased by 7.28% following the announcement of the first batch of L3 autonomous driving vehicle approvals in China [5] Group 6 - Lemonade (LMND.US) rose 8.38% after Morgan Stanley upgraded the stock to hold and raised the target price from USD 53 to USD 85 [6] - Seagate Technology (STX.US) increased by 0.89% as Morgan Stanley reiterated its "overweight" rating, expecting continued demand for hard disk drives until 2027 [6] - Bitcoin-related stocks rebounded strongly, with Strategy (MSTR.US) up 3.34%, Circle (CRCL.US) up 9.99%, and Coinbase (COIN.US) up 0.87%, as Bitcoin prices returned above USD 87,000 [6] - UBS (UBS.US) rose 4.94%, reaching its highest price since 2008, following a proposed compromise on new capital rules by Swiss lawmakers [6]

Core Viewpoint - Zhongrun Optics has a diverse range of core products including precision optical components and optoelectronic devices, which are widely used across various industries such as industrial lasers, optical communications, biomedical, artificial intelligence, semiconductors, and defense [1] Group 1 - The downstream laser application market includes laser processing equipment, optical communication devices and equipment, laser measurement devices, and laser medical equipment [1] - The company primarily offers optical devices for lasers such as acousto-optic modulators, isolators, Faraday rotators, QCS fiber collimators, and QBH, along with optical components like plane mirrors, cylindrical mirrors, prisms, and laser crystals [1]

Core Insights - Citi's report indicates that artificial intelligence glasses are poised to become the next rapidly growing AI edge device, with projected shipments reaching approximately 112 million units by 2030, reflecting a compound annual growth rate (CAGR) of 105% from 2024 onwards [1] - The market size for AI glasses is expected to reach $40 billion by 2030, with a CAGR of 112% during the same period [1] Market Positioning - EssilorLuxottica and Meta are predicted to maintain a leading position in the short term, with a market share of 31% by 2030, down from 90% last year [1] - Google and Apple are expected to capture market shares of 27% and 16%, respectively [1] Component Importance - Optical components are crucial for AI or augmented reality (AR) glasses, potentially accounting for 40% to 70% of the bill of materials [1] - Companies with high exposure to the supply chain or significant optical business are favored, including EssilorLuxottica, GoerTek (002241.SZ), Sunny Optical Technology (02382), OmniVision Technologies (603501.SH), and Conant Optical (02276) [1] Ratings and Price Targets - Citi has initiated coverage on Conant Optical, assigning a "Buy" rating to both Sunny Optical and Conant, with target prices set at HKD 103 and HKD 65, respectively [1]

Core Insights - Citi's report indicates that artificial intelligence glasses are poised to become the next rapidly growing AI edge device, with projected shipments reaching approximately 112 million units by 2030, reflecting a compound annual growth rate (CAGR) of 105% from 2024 onwards [1] - The market size for AI glasses is expected to reach $40 billion by 2030, with a CAGR of 112% during the same period [1] Market Positioning - EssilorLuxottica and Meta are predicted to maintain a leading position in the short term, with a market share of 31% by 2030, down from 90% last year [1] - Google and Apple are expected to capture market shares of 27% and 16%, respectively [1] Component Importance - Optical components are crucial for AI or augmented reality (AR) glasses, potentially accounting for 40% to 70% of the bill of materials [1] - Companies with high exposure in the supply chain or significant optical business are favored, including EssilorLuxottica, GoerTek (002241.SZ), Sunny Optical Technology (02382), OmniVision Technologies (603501.SH), and Conant Optical (02276) [1] Ratings and Price Targets - Citi has initiated coverage on Conant Optical, assigning "Buy" ratings to Sunny Optical and Conant, with target prices set at HKD 103 and HKD 65, respectively [1]

Core Insights - Citi forecasts that the shipment volume of AI glasses will reach approximately 112 million units by 2030, with a compound annual growth rate (CAGR) of 105% starting from 2024 [1] - The market size for AI glasses is expected to reach $40 billion by 2030, with a CAGR of 112% during the same period [1] - The report indicates that Essilor Luxottica and Meta will maintain a leading position in the short term, with a projected market share of 31% by 2030, down from 90% last year, while Google and Apple are expected to capture 27% and 16% market shares, respectively [1] Company Insights - Optical components are crucial for AI or augmented reality (AR) glasses, accounting for 40% to 70% of the bill of materials [1] - The report favors companies with high exposure in the supply chain or significant optical business, including Essilor Luxottica, GoerTek, Sunny Optical, OmniVision, and Conant [1] - Citi has assigned a "Buy" rating to Sunny Optical and Conant, with target prices of HKD 103 and HKD 65, respectively [1]

Core Viewpoint - The laser application market for Dais Optoelectronics includes laser processing equipment, optical communication devices and equipment, laser measurement equipment, and laser medical devices, with Dais Optoelectronics' products positioned upstream in the optical communication industry chain, serving as the foundation for manufacturing optical modules [2] Group 1 - Dais Optoelectronics' products are currently in the research and development stage for applications in AI optical modules, such as prisms and filters [2] - The company emphasizes its role in the optical communication industry chain, highlighting the importance of its products in the manufacturing of optical modules [2]

证券日报网12月9日讯联合光电（300691）在12月8日回答调研者提问时表示，公司始终坚持围绕光学主 业进行战略布局，并从公司发展战略和股东利益出发寻找合适的投资或并购机会，具体以公司公告为 准。 ...

Group 1: Acquisition Strategy - The acquisition of Changyi Optoelectronics is a strategic move to deepen the company's focus on its optical core business, leveraging Changyi's stable customer base in the consumer security lens market to complement its technical advantages in professional security [2][4] - The collaboration aims to enhance overall market share and profitability through the release of synergies in technology, products, and channels [3] Group 2: Capacity Expansion and Financial Planning - Post-acquisition, there are plans to expand Changyi Optoelectronics' production capacity, supported by funds raised through the issuance of shares for asset purchase [4] - The company has implemented a reasonable performance commitment and compensation mechanism to address uncertainties associated with the acquisition [5] Group 3: Research and Development Investment - High R&D expenditure is a proactive choice to maintain technological leadership and product competitiveness, focusing on advanced optical technologies in high-end security, automotive lenses, and AR/VR optics [6] - The increase in management and sales expenses is attributed to strategic expansion efforts, including market development for innovative businesses and continuous product iteration [8] Group 4: Subsidiary Operations and Challenges - The subsidiary Zhongshan United Optoelectronics Technology Co., Ltd. focuses on new display technologies, including AR/VR, AI glasses, projectors, and laser TVs [9] - The losses in the subsidiary United Automotive are due to high initial investment and certification costs in the automotive industry, alongside a strategic shift to focus on automotive optical products [10] Group 5: Future Performance and Investment Plans - The company aims to improve overall profitability through cost optimization and collaborative development across multiple business segments [12] - There are ongoing considerations for further investments or acquisitions aligned with the optical core business strategy, subject to company announcements [12]

香港交易及结算所有限公司与香港联合交易所有限公司对本公告内容概不负责，对其准确性或完整性不发表任何声明，亦不承担因依赖公告内容而引致的 任何损失责任。 认购事项完成后，歌尔光学股权架构进一步调整：歌尔股份持股比例变为38.57%，歌尔集团公司持股3.14%，其他股东持股23.87%，宁波奥来持股比例提 升至31.31%，宁波舜奥及宁波舜承持股3.11%，歌尔光学注册资本增至16.998亿元，股权结构更趋多元。 据公告披露，舜宇光学曾于2025年8月22日及10月9日发布相关公告，披露与歌尔股份有限公司（简称"歌尔股份"）及歌尔光学就换股合并及股权认购事宜 达成相关安排。目前，换股合并协议的所有先决条件均已达成，换股完成于12月8日告实。 换股完成后，歌尔光学的股权架构发生显著变化。紧接换股完成前，歌尔股份持股56.66%、歌尔集团公司持股5.04%、其他股东持股38.30%；换股完成 后，歌尔股份持股比例降至37.77%，歌尔集团公司持股3.36%，其他股东持股25.54%，而舜宇光学相关方宁波奥来、宁波舜奥及宁波舜承分别持有歌尔光 学30.00%及3.33%的股权，歌尔光学注册资本由10.59亿元增至15. ...