证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-07-22 宏观策略 [Table_MacroStrategy] 宏观量化经济指数周报 20250720：科创债 ETF 扩容加快结构性政策工 具投放 科创债等直接融资市场的供给和需求有望继续扩张 海外周报 20250720：鲍威尔维护独立性令美联储 9 月难降息 核心观点：本周美国经济数据边际走强，"软数据"密歇根大学消费者信 心指数与"硬数据"零售销售均好于预期，美股上行；特朗普关税威胁一 度令美债利率抬升，但随后在通胀数据不及预期和美联储理事沃勒的鸽 派发言带动下，降息预期升温，美债利率有所回落，10 年期美债利率全 周升 0.62bps 至 4.416%。本周公布的 6 月美国核心 CPI 再度不及预期， 主要由于①本轮美国贸易商通过前置商品进口和加大来自墨西哥的 USCMA 免税商品和越南的低价商品，来对冲迄今为止的高关税对商品通 胀的冲击；②关税给服务部门和美国经济总需求带来负面影响。此外本周 特朗普提前解雇鲍威尔的传闻令市场一度出现震荡，但考虑到法律流程 的困难和鲍威尔任期即将结束，特朗普大概率不会耗费大量法律和政治 资源来推动对任期即 ...

证券研究报告·公司点评报告·光伏设备 晶盛机电（300316） 年产 60 万片 8 寸衬底拉晶基地奠基，碳化硅 衬底加速放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,983 | 17,577 | 13,385 | 13,914 | 15,236 | | 同比（%） | 69.04 | (2.26) | (23.84) | 3.95 | 9.50 | | 归母净利润（百万元） | 4,558 | 2,510 | 2,017 | 2,219 | 2,658 | | 同比（%） | 55.85 | (44.93) | (19.63) | 10.00 | 19.77 | | EPS-最新摊薄（元/股） | 3.48 | 1.92 | 1.54 | 1.69 | 2.03 | | P/E（现价&最新摊薄） | 7.63 | 13.86 | 17.25 | 15.68 | 13.09 | [Table_Tag ...

日本太阳能光伏展（PVEXPO）是亚洲地区规模较大、专业性较强的太阳能光伏展之一，展会吸引了众多行业内的企业和专业观众。该展会由励展博览集团 日本株式会社主办，展览一年三届，分别在春季、秋季和冬季举行。2025年的展会安排如下：春季时间为2月19日至21日，地点设在东京BIGSIGHT展馆； 秋季时间为9月17日至19日，地点在日本千叶幕张展览馆；冬季时间为11月19日至21日，地点则在大阪INTEX展览馆。 展会的规模逐年扩大，预计在2025年将有约1200家参展商参与，参观人数也将达到约50000名。这为企业和专业人士提供了一个良好的交流平台，使他们能 够展示最新的技术和产品，同时了解行业的发展动态。日本太阳能光伏展是开拓日本市场及亚洲市场的重要平台，尤其是在太阳能行业不断发展的背景下， 展会的影响力日益增强。 总之，2025年的日本太阳能光伏展将是一个展示技术、交流经验的重要平台。它不仅为企业提供了一个展示自身实力的机会，也为行业内的专业人士提供了 一个学习和交流的环境。随着太阳能产业的发展，PVEXPO将继续发挥其在行业中的重要作用，推动可再生能源的发展与应用。希望未来的展会能够吸引更 多的企业参与， ...

本文照片由受访者提供 80多年前，抗日战场上，战士们的武器各有不同，大炮、机关枪、步枪、刺刀……为了民族解放事业， 什么都可能成为武器。 但老兵顾棣，在战场上时，手里的武器不能直接杀鬼子；抗战胜利后，又守护了80年，直到今年4月去 世时，身边依然摆得满满当当。 他的武器，是相机，是底片，是守护了一生的档案。 岁月磨洗中，这些武器越来越亮，越来越有威慑力。 一场偶遇改变人生 图③：1949年冬，顾棣在北京整理开国大典的影像材料。 图④：顾棣拍摄的1945年阜平城关春节的景象。 图⑤：1944年，顾棣（前排左二）与晋察冀画报社战友合影。 图①：顾棣在查看底片。 图②：在晋察冀边区革命纪念馆，顾棣与自己1945年的照片合影。 "摄影记者用照相机打仗" 1928年，顾棣生在河北阜平县凹里村。历史选择了阜平，选择了凹里村，也选择了他。 阜平，1925年就建立了中共党组织，1937年以阜平为中心创建了我党我军历史上第一个敌后抗日根据地 ——晋察冀抗日根据地。这里长期是晋察冀边区党政军的首府和中心，聂荣臻等老一辈无产阶级革命家 都曾在此战斗生活过。 凹里村，隶属史家寨乡，晋察冀军区、晋察冀边区政府及各机关都曾在史家寨驻扎。 ...

Core Insights - The report by Dongwu Securities highlights the potential of silicon carbide (SiC) materials as ideal substrates for AR glasses due to their high refractive index and thermal conductivity [1][3] - AR glasses are positioned as a perfect carrier for AI applications, merging virtual and real-world information seamlessly [2] Industry Overview - The global shipment of AR glasses is projected to reach 553,000 units in 2024, representing a year-on-year increase of 7.8%, with China accounting for 286,000 units [2] - The optical display system, comprising optical combiners and micro-displays, is the core component of AR glasses, constituting over 40% of the total cost [2] Technology Trends - Surface relief grating (SRG) waveguide technology is identified as the future mainstream trend for AR glasses' optical display systems, offering controllable manufacturing costs and excellent optical performance [2] - SiC materials combined with SRG waveguides and etching processes are crucial for significant advancements in AR glasses, enhancing field of view (FOV) and addressing issues like color dispersion and light loss [3] Cost Reduction Strategies - The need for semi-insulating SiC substrates in large sizes is emphasized as a key factor for cost reduction, with breakthroughs in 12-inch substrate mass production being essential for making AR glasses more accessible to the consumer market [4] - It is estimated that if AR glasses reach a shipment volume of 100 million units, approximately 10 million 12-inch SiC substrates will be required [4] Investment Recommendations - The report recommends focusing on companies such as Jing Sheng Mechanical and Tian Yue Advanced as key investment opportunities in the AR glasses sector [5]

Investment Rating - The report recommends a focus on investment in companies such as Jing Sheng Mechanical & Electrical and Tian Yue Advanced [2]. Core Insights - AR glasses are seen as the perfect carrier for AI applications, combining virtual and real-world elements. The global shipment of AR glasses is expected to reach 553,000 units in 2024, a year-on-year increase of 7.8%, with China accounting for 286,000 units [2][11][17]. - The optical display system is the core component of AR glasses, comprising optical combiners and micro-displays, which account for over 40% of the total cost [2][26]. - The surface relief grating waveguide (SRG) is identified as the future mainstream trend for AR glasses' optical display systems, offering controllable manufacturing costs and excellent optical performance [2][57]. - Silicon carbide (SiC) materials are highlighted as ideal substrates for AR glasses due to their high refractive index and thermal conductivity, enabling a field of view (FOV) of over 80 degrees with a single-layer SiC lens [2][66]. - The need for semi-insulating SiC substrates is emphasized, with a focus on achieving mass production of 12-inch substrates to reduce costs significantly [2][63]. Summary by Sections Section 1: AR Glasses and Their Market - AR glasses are defined as smart wearable devices that overlay virtual information onto the real world, enhancing user experience [5][10]. - The market for AR glasses is expected to peak in 2024, with significant improvements in portability, functionality, and technology [17][18]. Section 2: Optical Waveguide Structures - The report discusses various optical waveguide structures, with SRG being the most suitable for mass production due to its manufacturing feasibility and optical performance [57][58]. - The advantages of SiC in optical waveguide applications include the ability to reduce color separation and improve thermal management, which is crucial for AR glasses' performance [70][71]. Section 3: Silicon Carbide Materials - SiC materials are noted for their high refractive index, which enhances the FOV and mitigates issues like rainbow patterns in optical waveguides [66][70]. - The report emphasizes the importance of achieving large-size SiC substrates to lower production costs and facilitate the entry of AR glasses into the consumer market [2][63].