Group 1 - The report highlights the frequent release of new products by companies like Xiaomi and Honor, emphasizing the importance of the domestic production process for new materials [5][6] - The Chinese government is supporting equipment upgrades in the petrochemical and chemical industries with a funding of 200 billion yuan, which is expected to accelerate the modernization of these sectors [5][6] - The introduction of new products, such as Xiaomi's first SUV and Honor's latest smartphones, is seen as a significant advancement in China's consumer electronics sector, potentially driving the domestic supply chain and high-end material development [6][9] Group 2 - The report indicates that the securities sector may experience upward momentum after a period of consolidation, with technical indicators showing positive trends [11][12] - The Shanghai Composite Index has shown resilience, maintaining above key moving averages despite recent fluctuations, suggesting potential for further gains [19][20] - The report notes that large capital inflows into the market indicate strong buying interest, which may support continued upward movement in the securities sector [15][19] Group 3 - The report tracks industry performance, noting that the petrochemical index has underperformed compared to the broader market, while the basic chemical index has outperformed [7][22] - Specific sub-sectors such as membrane materials and other plastic products have shown significant price increases, indicating strong demand and potential investment opportunities [7][22] - The report emphasizes the importance of selecting resilient and advantageous sectors within the chemical industry, particularly those benefiting from supply-side reforms and domestic production initiatives [9][10]

Investment Rating - The report rates the electronic industry as "stronger than the market" [1] Core Insights - The integrated circuit manufacturing sector continues to be strong, leading the electronic industry with a weekly increase of 4.61%, outperforming the CSI 300 index which increased by 1.95% [2] - The AI Glasses market is experiencing explosive growth, with global sales expected to reach 2.34 million units in 2024, a year-on-year increase of 588.2%, and projected to reach 90 million units by 2030, with a CAGR of 83.7% [6][13] - Xiaomi's AI Glasses, launched on June 26, 2025, are positioned as a new entry point in the smart wearable market, featuring advanced AI capabilities and lightweight design [5][20] Summary by Sections 1. AI Glasses Overview - AI Glasses are smart wearable devices that integrate AI technology for enhanced reality experiences and personalized services [8] - The market is characterized by a focus on lightweight design and scenario-based functionality, differentiating from AR, VR, and XR devices [11] 2. Global AI Glasses Market Growth - The global AI Glasses market is projected to grow significantly, with Ray Ban Meta expected to capture over 90% of the market share by Q4 2024 [6][13] - Competition is intensifying between international brands like Meta and domestic manufacturers focusing on localized scenarios [16] 3. Performance Comparison of Xiaomi AI Glasses - Xiaomi's AI Glasses feature a Qualcomm Snapdragon AR1 dual-core architecture, weighing 40g, and a battery capacity of 263mAh, outperforming competitors in several key specifications [20][21] - The AI functionality of Xiaomi's product is enhanced through localized semantic understanding, differentiating it from Ray Ban's offerings [20] 4. Investment Recommendations - The report suggests investors focus on upstream suppliers related to AI Glasses, specifically Tianyue Advanced and Kangnate Optical, which are key players in the supply chain [22][23]

Q&A 小米 SU7 和小米 U7 的订单表现如何，以及小米 U7 的订单量超出市场预期的 主要原因是什么？ 小米 SU7 在上市 24 小时内的大定数量约为 8.8 万台。小米 U7 在发售一小时 内的大定数量已突破 28.9 万台，远超市场此前对 24 小时大定数量 15 万至 25 万台的预期。小米 U7 订单量超预期的主要原因包括：首先，产品性价比高， 小米 U7 提供标准版、Pro 版和 Max 版三款车型，起售价为 25.35 万元。其硬 件配置包括小米超级电机 V6S plus（零百加速 3.23 秒）、全系标配 800 伏碳 摘要 小米 U7 订单超预期，得益于高性价比（起售价 25.35 万元，零百加速 3.23 秒，800V 快充）、品牌破圈效应（吸引女性和苹果用户）以及 SU7 订单转单效应。产能释放和新车型规划是未来增长点，亦庄工厂二 期进展至关重要，预计 2025 年交付量 35-40 万台。 小米汽车业务 2025 年 Q1 毛利率达 23.2%，环比提升 2.7 个百分点， 但仍亏损约 5 亿元。随着交付能力提升、新车型发布和产品矩阵完善， 盈利能力有望显著释放，预计 2026 ...

宏观经济 | 证券研究报告 — 总量周报 2025 年 6 月 29 日 宏观和大类资产配置周报 关注下半年稳增长的过程中金融发挥更大作用 大类资产配置顺序：股票>大宗>债券>货币。 宏观要闻回顾 资产表现回顾 ◼ A 股上涨，债券调整。本周沪深 300 指数上涨 1.95%，沪深 300 股指期货 上涨 2.83%；焦煤期货本周上涨 4.64%，铁矿石主力合约本周上涨 1.64%； 股份制银行理财预期收益率收于 1.85%，余额宝 7 天年化收益率上涨 5BP 至 1.21%；十年国债收益率上行 1BP 至 1.65%，活跃十年国债期货本周下 跌 0.09%。 资产配置建议 本期观点（2025.6.29） | 宏观经济 | | 本期观点 | 观点变化 | | --- | --- | --- | --- | | 一个月内 | = | 关注国内稳增长政策的落地情况 | 不变 | | 三个月内 | = | 关注中美经贸磋商进展及其释放的重要信息 | 不变 | | 一年内 | = | 地缘关系仍有较大不确定性 | 不变 | | 大类资产 | | 本期观点 | 观点变化 | | 股票 | + | 关注"增量"政策落实 ...

中原期货研究所 晨会纪要 | 投资咨询业务资格 | | | --- | --- | | 证监发【2014】217 | 号 | | 中原期货研究所 | 0371-58620081 | | 0371-58620083 | | | 公司官方微信 | | 1 公司官方微信 中原期货研究所 | 化工 | 主力合约 | 2025/6/27 | 2025/6/26 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 833.00 | 819.50 | 13.50 | 1.647 | | | 焦炭 | 1,411.00 | 1,395.50 | 15.50 | 1.111 | | | 天然橡胶 | 14,020.00 | 14,040.00 | -20.0 | -0.142 | | | 20号胶 | 12,145.00 | 12,145.00 | 0 | 0 | | | 塑料 | 7.333.00 | 7,300.00 | 33.0 | 0.452 | | | 聚丙烯PP | 7,135.00 | 7,1 ...

中原期货研究所 晨会纪要 2025 第（114）期 发布日期：2025-06-26 | 投资咨询业务资格 | | | --- | --- | | 证监发【2014】217 | 号 | | 中原期货研究所 | 0371-58620081 | | 0371-58620083 | | | 公司官方微信 | | 公司官方微信 1 中原期货研究所 | 化工 | 主力合约 | 2025/6/26 | 2025/6/25 | 涨跌 | 涨跌幅/% | | --- | --- | --- | --- | --- | --- | | | | 8:00 | 15:00 | | | | | 焦煤 | 807.00 | 804.50 | 2.50 | 0.311 | | | 焦炭 | 1,386.00 | 1,387.50 | -1.50 | -0.108 | | | 天然橡胶 | 13,905.00 | 13,770.00 | 135.0 | 0.980 | | | 20号胶 | 11,970.00 | 11,810.00 | 160.0 | 1.355 | | | 塑料 | 7,317.00 | 7,271.00 | 46.0 ...

APPSO 小米 AI 眼镜 官宣发布 小米首款 AI 眼镜官宣！雷军展示两大新功能，价格或有惊喜 今天早上，小米正式官宣了首款 AI 眼镜 xioami AI Glasses，将在明晚的发布会和小米 YU7 一同亮相。 从官宣画报可以看出，小米 AI 眼镜采用了常见的 D 型方框设计，镜腿较细，看起来更接近普通眼镜。 当我们曝光拉高后，可以看到摄像头位于眼镜的左侧。 这也就是之前雷军预告提到的，面向下一个时代的个人智能设备。 虽然具体的技术参数还没公布，但雷军公开了其中两个核心功能的演示： @XR Vision Pro 爆料指出，小米 AI 眼镜或将采用高通 AR1+恒玄 2700 的芯片方案，与目前主流用单一SoC芯片的眼镜都不一样。 AR1 能提供更好的拍摄效果，2700 则能降低功耗提升续航，在算力、性能上有望比 Meta 更胜一筹。 至于大家关心的价格，根据 Wellsenn XR 报告，小米 AI 眼镜的硬件成本约 177.5 美元（约合人民币 1273 元），比 Meta RayBan 的 149 美元高。 如果这个价格搭配前面提到更强的性能，那真有可能成为年轻人的第一款「AI 眼镜」，你觉会考 ...

丨证券研究报告丨 %% %% %% %% research.95579.com 投资策略丨专题报告 [Table_Title] 美股科技强势回归，关注鸿蒙电脑——产业趋势 与热点复盘周报 报告要点 [Table_Summary] 5 月 8 日-15 日，受益于中美和谈，关税暂时缓和，美国三大股指迎来不同程度的反弹，其中科 技板块涨幅明显，波动率回归较低位置。产业趋势上： 1）阿里巴巴在 5 月 12 日发布开源模 型 Qwen 3 模型，可在两种思考模式下自由切换；2）特斯拉发布其人形机器人舞蹈视频，并表 示其人形机器人优化"仿真到现实"（Sim-to-Real）的训练代码，通过强化学习完成训练。近 期热点包括中美和谈、特朗普访问中东、资产重组管理办法修改，未来关注即将发布的鸿蒙电 脑以及鸿蒙操作系统，小米 AI 眼镜、"玄戒"SoC 芯片以及 15s PRO 等。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 1 [Table_Title 美股科技强势回归，关注鸿蒙电脑 2] ——产业趋 势与热点复盘周报 [T ...