Investment Rating - The report maintains an "Overweight" rating for the consumer electronics sector, indicating a positive outlook for the industry [5]. Core Insights - The consumer electronics sector is entering a peak season for new product launches, with expectations for valuation restructuring as major companies release AI smartphones and AR glasses [1]. - Apple's FY25Q3 revenue reached $94.04 billion, a 10% year-over-year increase, driven by strong performance across iPhone, Mac, and services, with significant investments in AI [2][9]. - The report highlights the anticipated innovation in Apple's upcoming products, including a potential entry into the foldable smartphone market [3][13]. - The consumer electronics sector's long-term growth logic remains solid, with AI innovations expected to accelerate the replacement cycle for devices and drive hardware upgrades [4]. Summary by Sections Apple Performance - Apple's FY25Q3 revenue was $94.04 billion, exceeding expectations and marking a 10% increase year-over-year, with net income of $23.43 billion [9][10]. - iPhone revenue reached $44.58 billion, a 13% increase, while Mac revenue was $8.05 billion, up 15% [11]. - The company plans to invest $600 billion in AI over the next four years, with significant acquisitions to enhance its product roadmap [2][12]. Foldable Smartphone Market - The global foldable smartphone market is projected to grow, with Apple expected to enter this segment, potentially revitalizing the market [13][20]. - In 2024, foldable smartphone shipments in China are expected to increase by 30.8%, indicating strong market potential [13]. AR and AI Glasses - The global smart glasses market saw a 110% year-over-year growth in the first half of 2025, driven by strong demand for AI glasses [21]. - Meta is set to release its first consumer AR glasses, which feature advanced display technology and are expected to enhance the AR ecosystem [29]. - The report notes that the AI glasses segment is experiencing rapid growth, with a year-over-year increase of over 250% [21][22].

[Table_Reportdate] 2025年08月22日 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [证券分析师： Table_Authors] [晨会纪要 Table_NewTitle] 20250822 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.燕京啤酒（000729）：飞轮效应显现，盈利持续向上——公司简评报告 ➢ 2.全球智能眼镜市场上半年同比增长110%，国产半导体设备迎双重突破——电子行业周 报2025/8/11-2025/8/18 ➢ 1.美国8月标普全球制造业PMI初值为53.3，好于预期 ➢ 2.美国与欧盟发表联合声明，双方已就贸易协定框架达成一致 ➢ 3.国家发改委：将于近期开展中央冻猪肉储备收储 | 1.1. 燕京啤酒（0 ...

Group 1: Global Smart Glasses Market - The global smart glasses market experienced a year-on-year growth of 110% in the first half of 2025, with expectations of maintaining a compound annual growth rate (CAGR) of over 60% from 2024 to 2029 [6][7] - Meta leads the market with a 73% share, driven by the popularity of Ray-Ban smart glasses, while new entrants like Xiaomi and RayNeo are accelerating market expansion [7] - AI smart glasses accounted for 78% of total shipments in the first half of 2025, indicating a strong trend towards AI integration in this sector [7] Group 2: Domestic Semiconductor Equipment Breakthroughs - Domestic semiconductor equipment has achieved significant breakthroughs, including the mass production of 28nm electron beam measurement equipment and the testing of the first commercial electron beam lithography machine [8][10] - The domestic market for semiconductor electron beam measurement equipment is projected to reach $2.383 billion in 2024, with a 35.84% share from China, and is expected to grow at a CAGR of 22.46% from 2024 to 2030 [8][10] - The first domestic commercial electron beam lithography machine, designed for quantum chips and new semiconductor devices, has entered the testing phase, marking a significant advancement in China's semiconductor technology [10] Group 3: Yanjing Beer Company Performance - Yanjing Beer reported a revenue of 8.558 billion yuan in H1 2025, a year-on-year increase of 6.37%, with a net profit of 1.103 billion yuan, up 45.45% [12][13] - The beer business saw a revenue of 7.896 billion yuan, with sales volume reaching 2.3517 million kiloliters, reflecting a 2.03% increase [13] - The company's gross margin improved to 45.50% in H1 2025, driven by product structure upgrades, while the net profit margin reached 12.89% [14][15] Group 4: Robotics Industry Development - The first World Humanoid Robot Games took place in Beijing, showcasing 280 teams and highlighting the rapid development of the humanoid robotics industry [17][18] - The event serves as a platform for technological innovation and market entry for startups, indicating a growing interest and investment in robotics [18] - The competition included teams from 15 countries, emphasizing the global nature of advancements in humanoid robotics [18]

Group 1: Meta's Developments - Meta Connect is scheduled for September 2025, with plans to launch the Celeste smart glasses priced around 1,000 yuan and several other new products [1][2] - The Celeste glasses will feature a companion wristband controller named "Ceres" for device interaction, marking a transition towards augmented reality (AR) hardware and a new ecosystem strategy [2] - Meta is also collaborating with domestic manufacturer Huaqin to develop a smart watch with a camera, which will integrate with Quest XR headsets and future AR glasses [2] Group 2: Apple's Innovations - Apple is advancing in AI with the development of robotic arms for retail, a home security system, a new conversational Siri, and user-tracking robots [3] - The company announced a $100 billion investment in the U.S. and a new American manufacturing plan, leading to a 5.09% increase in stock price [3] - In Q3 of fiscal year 2025, Apple reported revenues of $94 billion, a 10% year-over-year increase, driven by strong performance in iPhone, Mac, and services [3][4] Group 3: Tencent and NVIDIA - Tencent's total revenue reached 364.5 billion yuan in the first half of the year, a 14% year-over-year increase, driven by AI technology enhancing its WeChat, gaming, and advertising businesses [5] - NVIDIA confirmed that its Rubin architecture AI GPU development is progressing smoothly, with plans for a 2026 release [5] Group 4: Panel Industry Trends - Demand for panels has slowed, with price adjustments noted in July and stabilization in August; major companies are showing resilience [6] - BOE has become the leading supplier of foldable screens, surpassing Samsung Display, while TCL's semiconductor display business reported a net profit increase of 70% year-over-year [6] Group 5: Investment Opportunities - Suggested companies for investment in the consumer electronics sector include Industrial Fulian, Lens Technology, and Luxshare Precision among others [7][8]

Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [1] Core Views - The report is optimistic about the potential of AI glasses, particularly focusing on the Meta ecosystem and its upcoming high-end smart glasses, Celeste, which is expected to exceed expectations [10][12] - Apple is making significant strides in AI, with plans to launch a desktop AI virtual companion robot and expand into home security systems, which could enhance its market position [15][18] - Tencent's AI initiatives are driving substantial revenue growth, with a reported total revenue of 364.5 billion yuan, reflecting a 14% year-on-year increase [24][26] Summary by Sections AI Glasses and Meta Ecosystem - Meta Connect 2025 is set to showcase high-end smart glasses, Celeste, and innovations in AI interaction through muscle-sensing wristbands [12][13] - The Celeste glasses feature a unique single-eye full-color display and are expected to revolutionize AR interaction [13] - Meta is also developing a smartwatch in collaboration with domestic manufacturers, further expanding its metaverse vision [14] Apple's AI Developments - Apple is developing a desktop robot that can interact with users and manage daily tasks, alongside a new version of Siri [15][17] - The company announced a $100 billion investment plan in the U.S., which is expected to enhance its competitive edge by reducing production costs [18][19] - Apple's Q3 2025 revenue reached $94 billion, a 10% increase year-on-year, driven by strong iPhone and service sales [21][23] Tencent's Performance - Tencent's total revenue for the first half of 2025 was 364.5 billion yuan, with a 14% year-on-year growth, showcasing strong resilience and technological drive [24][26] - The company is leveraging AI to enhance its WeChat and gaming services, resulting in significant user growth and revenue increases [27][28] PCB and AI Chip Packaging - CoWoP technology is expected to reduce costs by 30%-50% and improve efficiency in PCB production, responding quickly to the rising demand for AI devices [30][35] - The transition from CoWoS to CoWoP packaging is anticipated to create new technical barriers and redefine AI hardware standards [32][36] Panel Industry Trends - The demand for panels is slowing, with price adjustments expected; however, leading companies are showing resilience [38][39] - TrendForce predicts a stabilization in panel prices, with some sizes expected to maintain or slightly decrease in price [41]