Fixed Income Research - The bond market may have completed a "five-wave" cycle and is now entering an adjustment phase, with historical data suggesting that the decline from the peak could be around 30%-35% of the previous gains [1][3][30] Coal Mining Research - The fundamental reason for the frequent global electricity shortages is the rapid growth in electricity demand, while structural bottlenecks on the supply side remain unresolved. Traditional energy sources, particularly coal-fired power, will continue to be the ballast of the global electricity system in the medium to long term [5][7][8] - Global electricity demand is expected to grow at a rate of 4.4% in 2024, significantly outpacing the global GDP growth of 2.9%. This growth is driven by deep electrification in the industrial sector, rapid expansion of data centers driven by artificial intelligence, and increased extreme weather events due to global climate change [6][7] Power Equipment and New Energy Research - Solid-state batteries are identified as the next generation of high-performance batteries, with increasing demand for oxide semi-solid batteries and the potential for sulfide all-solid-state batteries to demonstrate their capabilities. Continuous advancements in the industry are expected to enhance the trend of solid-state battery markets [9][10][11] - The solid-state battery market has transitioned from being demand-driven to being driven by new technologies, with significant developments expected in various fields, including consumer batteries and electric vehicles [12][13]

报告导读： 2025 年 8 月 28 日，大朋发布 Vision Ray AI 智能眼镜，本报告从产品概 述、功能与参数配置、未来展望方面整理相关信息。 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 大朋发布Vision Ray AI智能眼镜；报告日期：2025.09.11 报告作者： 谢皓宇（分析师），登记编号：S0880518010002 陈子仪（分析师），登记编号：S0880525040102 涂力磊（分析师），登记编号：S0880525040101 吕浦源（分析师），登记编号：S0880525050002 重要提醒 大朋 DPVR 推出 Vision Ray ，是其在 VR 头显业务之外，积极拓展 AI 可穿戴设备 ...

Investment Rating - The industry investment rating is Neutral, indicating performance is expected to be in line with the CSI 300 Index [17]. Core Insights - The report highlights the launch of DPVR's first AI smart glasses, Vision Ray, which aims to penetrate the wearable device market by combining lightweight design, fashion, and technology [6][10]. - Vision Ray features innovative functionalities such as the "Hey Sunny" AI assistant, which supports smart translation, note-taking, meeting minutes, and AI visual recognition, enhancing user experience in outdoor photography and daily recording [7][9]. - The global AI smart glasses market is projected to accelerate growth, with Q2 2025 sales reaching 870,000 units, a year-on-year increase of 222% [5]. Summary by Sections 1. Vision Ray Overview - DPVR officially launched Vision Ray on August 28, 2025, marking its entry into the wearable device market with a focus on lightweight and stylish technology [6]. 2. Vision Ray Features - Vision Ray enhances user experience with high-quality imaging, directional spatial audio technology, and a robust battery life, making it suitable for outdoor use [7][9]. 3. Vision Ray Specifications and Configuration - The device weighs only 46g without lenses, features a 12MP Sony IMX681 sensor, supports 4032×3024 resolution photos, and 1080p video recording, with a 210mAh battery and IPX4 waterproof rating [9]. 4. Future Outlook for Vision Ray - DPVR's Vision Ray targets young consumers and outdoor creators, combining lightweight hardware with practical AI tools, positioning it as a fashionable and functional wearable device [10].