Market Overview - The market experienced a significant drop in the afternoon, with both the Shanghai Composite Index and the Shenzhen Component Index falling over 1% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 3.17 trillion, an increase of 486.5 billion compared to the previous trading day [1] - By the end of the trading session, the Shanghai Composite Index fell by 1.76%, the Shenzhen Component Index by 1.43%, and the ChiNext Index by 0.69% [1] Small-cap Growth Stocks - CITIC Securities indicated that small-cap growth stocks exhibit greater resilience, especially after December 2023 when market confidence was low and funds were tight [2] - From January 2024, sectors like AI and smart vehicles have shown repeated activity, shifting market focus back to small-cap and growth stocks [2] - Following May 2024, geopolitical and macroeconomic factors are expected to further dampen market sentiment, leading to a shift back to large-cap value stocks, which are seen as more stable [2] AI Applications and Policy Impact - Guojin Securities highlighted six key directions for innovative applications that could accelerate the implementation of AI, including product realization on intelligent computing platforms [3] - The optimization and improvement of processes can occur in three dimensions, driving medium to long-term equipment upgrade investments [3] - Specific areas of focus include the optimization of microbial fermentation processes, new material applications, and the development of innovative pesticide products [3] AI and AR Glasses Industry - Huatai Securities noted that the Meta Connect conference is set to take place on September 17-18, where Meta is expected to unveil new smart glasses and redefine AI glasses through hardware and software innovations [4] - Other companies like Xiaomi, Rokid, and Xreal have also launched AI/AR glasses, while major international firms such as Google, Samsung, Apple, and Amazon are clarifying their plans for AI/AR glasses [4] - The long-term potential of glasses as an "Always-on" interaction interface is emphasized, alongside the short-term catalysts from new product launches by leading companies [4]

Core Viewpoint - The upcoming Meta Connect conference, scheduled for September 17-18, is expected to showcase new AI/AR glasses and software, highlighting the growing interest and competition in the AI/AR eyewear market [1] Group 1: Product Launches - Meta is anticipated to unveil the Celeste smart glasses, the third-generation RayBan-Meta glasses, and the Oakley sports glasses at the conference [1] - Other companies such as Xiaomi, Rokid, Thunder, and Xreal have already launched AI/AR glasses this year, indicating a trend in the market [1] Group 2: Industry Trends - Major international companies like Google, Samsung, Apple, and Amazon are also clarifying their hardware and software plans for AI/AR glasses, suggesting a competitive landscape [1] - The potential of glasses as an "Always-on" interaction interface is viewed positively, especially with advancements in AI model capabilities [1] Group 3: Market Catalysts - The recent product launches from leading companies are expected to act as short-term catalysts for the industry chain [1]