1 December 2025 | 7:33PM HKT Equity Research GC Tech: AI/AR glasses: Point-of-view shots, hands-free communication and AI access offer a new digital option; Raising China TAM Photo from RayNeo, INMO, HTC, LAWK Source: Company data Note: AI glasses are smart glasses with AI features; they usually come with only audio interaction, without display. AR glasses come with a digital overlay of a display on top of the Allen Chang +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. AI/AR glasses provid ...

Group 1 - The stock price of Furong Technology (603327) is currently at 12.09, showing an increase of 0.78% with a total trading volume of 77,550 shares and a transaction amount of 93.76 million [2] - The convertible bond of Furong Technology has risen by 10.46%, with a conversion premium rate of 16.68% [2] - The total buy amount on the trading leaderboard for Furong Technology is 167.7 million, while the total sell amount is 89.73 million [2] Group 2 - The stock price of Daoming Optics is at 15.05, reflecting a 10.01% increase [4] - The stock price of Meixin Sheng is at 43.43, with a 9.78% increase [4] - ZTE Corporation announced the limited release of the Nubia M153 smartphone, featuring the Snapdragon 8 Gen 2 processor and priced at 3,499 yuan [4]

Core Insights - The reorganization signifies a new phase for Apple's artificial intelligence initiatives, which have lagged behind competitors [1] Group 1 - Apple's AI efforts have not kept pace with rival companies, indicating a need for strategic changes [1]

Core Insights - Samsung Electronics has officially launched the world's first inward-folding tri-fold smartphone, the Galaxy Z TriFold, to strengthen its position in the increasingly competitive foldable smartphone market [1] Product Features - The Galaxy Z TriFold features a 10-inch display when unfolded and a 6.5-inch outer screen when closed, claiming to achieve "minimal crease" [1] - The device incorporates an inward-fold design to protect the main display and includes a warning feature that alerts users if the folding mechanism is not used correctly [1] Market Launch - The Galaxy Z TriFold is manufactured in South Korea and will first be available in South Korea on December 12, priced at approximately 3.59 million KRW (around 17,000 CNY) [1] - The smartphone is also set to launch in mainland China, Taiwan, Singapore, and the UAE by the end of this year [1]

A股开盘，三大指数小幅低开，沪指低开0.14%报3908.46点，深证成指低开0.13%，创业板指低开 0.04%。盘面上，AI手机概念盘初活跃，黄金、有色金属板块低开。 ...

Samsung has unveiled its first so-called trifold smartphone, flaunting its engineering prowess in foldable devices even as the broader category has yet to catch on with mainstream consumers https://t.co/IWcNQZxJMz ...

Economic Overview - U.S. households are facing a record-high debt burden, with significant increases in mortgages, car loans, credit card balances, and student loans, indicating ongoing financial pressures on consumers [2][10] - Federal Reserve Chair Jerome Powell refrained from commenting on the current economy or monetary policy during a recent event, amidst reports that young college graduates are struggling to secure employment compared to high-school-educated individuals, suggesting a shift in labor market dynamics [3] Technology and Trade Developments - Samsung has launched its Galaxy Z Trifold, marking its entry into the trifold phone market, with plans for a U.S. release in 2026 [4][10] - The U.S. and South Korea confirmed a retroactive 15% tariff reduction on South Korean automobiles, positively impacting Hyundai Motor's shares, which rose by 4% following the announcement [5][10] Asia-Pacific Market Insights - Asian markets are opening higher, diverging from losses on Wall Street, indicating a difference in investor sentiment [6][10] - Australia's economic data shows mixed results, with a 6.4% month-over-month decline in building approvals and a current account deficit of AUD 16.6 billion, wider than expected, yet firm metal prices have supported gains in Australian shares [7][10] Currency and Commodities - HSBC forecasts that the U.S. Dollar may reach a bottom by early 2026 before rebounding, while the NZD/USD pair remains steady above 0.5700 [11] - In the commodities market, profit-taking has led to a slight dip in gold prices, while Japan's 40-year JGB yield increased by 1.5 basis points to 3.745% [11]

Core Insights - Apple is restructuring its AI leadership, with John Giannandrea stepping down and Amar Subramanya appointed as vice president of AI, indicating a strategic shift to enhance its AI capabilities and address past challenges [1][3][4] Leadership Changes - John Giannandrea will transition to an advisory role before retiring in spring 2026, while Amar Subramanya will report to Craig Federighi and oversee key areas such as Apple Foundation Models and AI safety [3][4] - Subramanya, a former Microsoft AI leader and Google engineer, is expected to leverage his experience to improve Apple's AI products, particularly Siri, which is set for a significant update next year [4][5] Strategic Importance - The leadership shake-up highlights the urgency for Apple to rebuild its AI framework as generative AI becomes crucial for consumer engagement across various sectors, including shopping and digital banking [5][6] - The appointment of Subramanya and the expanded role of Federighi represent a critical effort to transform AI from a public relations challenge into a competitive advantage for Apple [7] Challenges and Developments - Apple has faced delays and criticism regarding its AI features, including issues with inaccurate AI-generated content, which led to the postponement of key updates for iOS and iPadOS [6] - Reports indicate that Apple is nearing a $1 billion-a-year deal with Google to utilize its advanced AI model as a temporary solution while it works on enhancing its in-house capabilities [6]

Apple’s head of artificial intelligence, John Giannandrea, is stepping down from the company. The move comes as the Silicon Valley giant has lagged behind its competitors in rolling out generative AI features, in particular its voice assistant Siri. Apple made the announcement on Monday, thanking Giannandrea for his seven-year tenure at the company.Tim Cook, Apple’s CEO, said his fellow executive helped the company “in building and advancing our AI work” and allowing Apple to “continue to innovate”. Giannan ...

Core Viewpoint - The article discusses the launch of Alibaba's Quark AI glasses, highlighting their design, functionality, and market positioning as a potential leader in the smart glasses category [6][8]. Design and Functionality - The Quark S1 glasses weigh only 51 grams, making them comparable to other smart glasses on the market, but they feature a unique weight distribution that enhances balance and comfort for users [6]. - The glasses are designed with a focus on user comfort, including adjustable nose pads suitable for Asian facial structures, and a sleek design with the thinnest frame among similar AI glasses [6][8]. - The product integrates with the Qianwen AI assistant, enabling functionalities such as payment scanning, product search, and travel information reminders, thus enhancing its utility in various scenarios [8]. Market Positioning and Pricing - The S1 series is priced starting at 3,799 yuan, while the G1 series, which emphasizes fashion and portability, starts at 1,899 yuan, indicating a premium positioning in the smart glasses market [8]. - The glasses are marketed as the closest product to the concept of "future glasses," with endorsements from notable figures like He Tongxue and Luo Zhenyu, who emphasize their evolutionary design [8].