Core Viewpoint - In 2026, the Chinese smart home industry is transitioning to high-quality development, focusing on pragmatic innovation and ecological collaboration, moving away from mere concept hype to real-world problem-solving and full-scene applications [1][4]. Industry Trends - The global smart home industry has entered a mature development phase characterized by "pragmatic innovation + ecological collaboration," with a shift from product price competition to technology standard authority and local ecological integration [1]. - At CES, over a thousand Chinese companies showcased products that extend beyond traditional core areas like living rooms and kitchens to include outdoor spaces such as courtyards and swimming pools, emphasizing "pragmatic innovation, ecological collaboration, and green low-carbon" features [2]. Full-Scene Innovation - The industry has shifted from a "concept competition" mindset to a focus on real user needs, with Chinese companies prioritizing practical solutions in their product designs [4]. - Innovations in core living room products, such as Hisense's 110-inch Mini LED TV and TCL's 115-inch giant screen TV, address installation challenges and enhance user experience through optimized designs [4]. Globalization and Market Strategy - Chinese smart home companies are moving beyond simple product exports to compete in high-end technology sectors, leveraging core technological breakthroughs to capture market share [6]. - Hisense has solidified its global leadership in the 100-inch and above TV market, showcasing advanced technologies that outperform competitors in brightness and color accuracy [6]. Policy and Compliance - The high-quality development of the smart home industry is supported by domestic policies that stimulate demand and promote technological innovation, while international regulations push for sustainable practices [9]. - Policies such as the equipment update and trade-in programs are crucial for activating domestic demand and driving industry upgrades, with smart home products included in subsidy programs [9]. Standardization and Interoperability - The establishment of a unified standard system is a key focus of policy efforts, facilitating Chinese companies' participation in global competition and enhancing product compatibility [9][10]. - At CES, products from companies like Hisense, TCL, and Ugreen demonstrated support for major protocols like Matter and OLA, improving user experience and reducing development costs [10].

Group 1 - Chengdu state-owned assets have successfully targeted key companies in the domestic GPU industry chain, including Haiguang Information, Moore Threads, and Muxi Co., Ltd [1] - Suiruan Technology has completed its IPO counseling work and is expected to enter the capital market in 2026, with CITIC Securities as the counseling institution [1] - Suiruan Technology, established in March 2018, has developed five cloud AI chips across four generations and has a product system covering AI chips, AI accelerator cards, intelligent computing systems, and AI software platforms [1] Group 2 - Suiruan Technology has received 12 rounds of financing from notable investors, including Zhenge Fund and CICC, as well as indirect investments from China Unicom, China Telecom, and Ping An [2] - Chengdu state-owned company Boryu Media invested 50 million yuan in 2022 in the second phase of the Ganbei Fund, which indirectly holds shares in Suiruan Technology [2] - Thunderbird Innovation, a leading AR smart glasses company, recently completed over 1 billion yuan in new financing, led by a fund under China Mobile and CITIC Securities [2] Group 3 - Thunderbird Innovation, founded in October 2021, has made significant advancements in near-eye display optical design and self-developed AI algorithms, with products expected to be available in over 25 countries by mid-2025 [3] - The company’s consumer-grade AR glasses have the highest shipment volume in both domestic and overseas markets, and it introduced the world's first dual-color AR glasses with eSIM functionality at CES 2026 [3] - The investment structure in the chip industry, where listed companies participate in industry funds, is common and allows for dual benefits in investment returns and business synergy [3] Group 4 - Boryu Media's investments in funds have led to significant progress in projects, showcasing its keen insight and positive outcomes in supporting new productive forces [4] - The investment achievements of Chengdu's cultural and creative enterprises reflect an innovative and upgraded operational model of local state-owned cultural capital [4] - Chengdu is actively guiding local capital to enhance industrial capabilities and modern industrial systems, providing effective practices for empowering the real economy [4]