Group 1 - The market is experiencing increased short-term divergence and accelerated industry rotation, with a long-term upward trend in technology remaining intact despite recent adjustments [1] - The consumer electronics sector is heating up as the peak season approaches in September, with major smartphone brands set to release new products and the upcoming launch of Meta's Celeste smart glasses [1] - Investment opportunities in the technology innovation wave should focus on structural opportunities, driven by improving fundamentals, the implementation of "anti-involution" policies, and easing overseas risk factors [1] Group 2 - The performance potential of the overseas computing power chain has improved, with upward revisions in order expectations and earnings forecasts for leading companies [2] - Despite recent rapid stock price increases, the underlying industry logic and earnings expectations remain intact, with a potential valuation switch based on next year's earnings in a liquidity-rich environment [2] - The sector's heat is gradually spreading towards domestic computing power and application end overflow [2]

MACD金叉信号形成，这些股涨势不错！ 近期，市场短期分歧有所加大，行业轮动节奏明显加快。科技主线虽有阶段性调整，但长期向上的产业 逻辑或未改。在政策支持持续强化与市场情绪逐步回暖的背景下，科技类资产估值中枢有望稳步上移。 值得注意的是，9月步入消费电子旺季，头部手机品牌将集中发布新品，Meta Celeste智能眼镜也即将亮 相，多重利好推动下，消费电子产业链热度持续攀升。 在此背景下，后续科技创新浪潮中的投资机遇该如何挖掘？投资者可重点关注哪些细分领域？对此，长 城基金研究部副总经理、基金经理储雯玉表示，9月阅兵仪式落地，考虑到前期积累的涨幅过大过快， 市场有内生调整的需要。储雯玉进一步分析称，如果市场走势温和，可能是算力龙头滞涨，其他赛道如 消费电子、机器人、军工、创新药等可能走出机会；如果市场走势较差，可能需要经历两三周的调整消 化后再决定方向。"考虑到场外资金依旧庞大，即便有调整，幅度可能也不会太深，但需警惕海外的扰 动。"储雯玉总结道。 随着三季报临近，储雯玉表示，市场可能会关注有边际变化的消费电子和端侧AI设计公司，同时10月 重要会议可能会提前传递一些产业支持信号，值得关注。 免责声明：本通讯 ...

Core Insights - The investment landscape is experiencing increased short-term divergence and accelerated sector rotation, particularly in technology, which remains a long-term growth area despite recent adjustments [1] - The upcoming consumer electronics season in September is expected to boost activity, with major smartphone brands set to launch new products and Meta's Celeste smart glasses debuting [1] Group 1: AI Industry Focus - Continuous attention is being paid to changes in the AI industry, with a focus on domestic computing power and AI applications as potential investment opportunities [2] - Short-term market volatility is anticipated, but medium to long-term investment opportunities in AI sub-sectors such as liquid cooling and power supply are being highlighted [3] - The AI application sector is seen as a key area for investment, especially following the release of GPT-5, which has led to a market correction [6][7] Group 2: Consumer Electronics and Robotics - The consumer electronics sector, particularly companies involved in edge AI design, is expected to gain attention as the third-quarter reports approach [4] - The robotics sector is anticipated to see significant catalysts in the fourth quarter, driven by industry, policy, and corporate developments [8] Group 3: Military and Structural Opportunities - The military sector remains a focus, with expectations of continued interest due to upcoming anniversaries and military contracts [5] - The market is viewed optimistically, with structural opportunities arising from improved fundamentals and easing overseas risks [9] Group 4: Market Trends and Investment Strategies - The market is expected to maintain a positive trend, with a focus on sectors like computing infrastructure and AI-driven applications [10] - Investment strategies are being adjusted to account for potential market fluctuations, with an emphasis on identifying undervalued stocks across various sectors [3][4][5]

Core Viewpoint - The article emphasizes the increasing divergence in the market and the rapid rotation of industries, particularly in the technology sector, which is expected to maintain a long-term upward trajectory supported by policy reinforcement and improving market sentiment [1]. Group 1: Technology Sector Insights - The technology investment managers at Great Wall Fund are focused on identifying investment opportunities arising from the wave of technological innovation, aiming to make "timely investments" that align with current trends [2]. - Continuous attention is being paid to changes in the AI industry, with a focus on domestic computing power and AI applications as potential investment opportunities [3]. - Investment directions include AI sub-sectors such as liquid cooling, power supply, and AI applications, as well as companies with strong overseas performance [4]. - The consumption electronics sector is expected to gain attention as the market enters a peak season, with major smartphone brands launching new products [1][6]. Group 2: Market Trends and Predictions - The market is anticipated to experience fluctuations, but there are significant investment opportunities in sectors like consumer electronics, robotics, and military industry, especially after the recent military parade [5][7]. - The upcoming quarterly reports are likely to draw attention to consumer electronics and AI design companies, with important meetings in October potentially signaling industry support [6]. - The military sector remains a focus, with expectations of continued interest from long-term investors due to upcoming milestones and contracts [7]. - The AI application sector is highlighted as a key area for investment, particularly following the release of GPT-5, which has led to a market correction [8]. Group 3: Structural Opportunities - The market outlook remains optimistic, with a focus on structural opportunities driven by improving fundamentals and easing overseas risks [11]. - The performance of the computing power chain is expected to improve, with rising earnings expectations for major companies [11][12]. - Investment opportunities are identified in infrastructure related to computing power, AI capabilities, and emerging sectors such as humanoid robots and autonomous vehicles [13].

目前AI是共识度较高的大板块，除了海外算力之外，未来可以继续关注产业端的变化，寻找新的投资 机会，比如国产算力、AI应用等。另外其他领域的细分个股，如果当前低估或者拉长看确定性低估， 也值得关注。 近期市场短期分歧有所加大，行业轮动明显加快。科技主线虽有阶段性调整，但长期向上的产业逻辑或 未改。在政策支持持续强化与市场情绪逐步回暖的背景下，科技类资产估值中枢有望稳步上移。值得注 意的是，9月步入消费电子旺季，头部手机品牌将集中发布新品，Meta Celeste智能眼镜也即将亮相，产 业链热度持续升温。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或 完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的 意见可能会更改且不另外通知。此通讯不应被接收者作为对其独立判断的替代或投资决策依据。本公司 或本公司的相关机构、雇员或代理人不对任何人使用此全部或部分内容的行为或由此而引致的任何损失 承担任何责任。未经长城基金管理有限公司事先书面许可，任何人不得将此报告或其任何部分以任何形 式进行派发、复制、转载或发布，且不得对本通讯进行任何有悖 ...

Group 1 - The market is experiencing increased short-term divergence and accelerated sector rotation, with a long-term upward trend in technology assets expected due to ongoing policy support and improving market sentiment [1] - The upcoming consumer electronics peak season in September will see major smartphone brands launching new products, alongside the debut of Meta's Celeste smart glasses, indicating rising industry enthusiasm [1] - Investment managers at Great Wall Technology are focused on identifying investment opportunities within the wave of technological innovation, aiming to support investors in pursuing "new" investments [1] Group 2 - Continuous attention is being paid to changes in the AI industry, with a focus on domestic computing power and AI applications as potential investment opportunities [2] - Short-term market volatility is anticipated, but significant investment opportunities are expected in AI sub-sectors such as liquid cooling, power supply, and AI applications [3] - The consumption electronics and edge AI design companies are expected to attract market attention as the third-quarter reports approach, with potential industry support signals from upcoming important meetings [4] Group 3 - The military industry is viewed positively, with expectations of continued interest from long-term investors, especially in light of upcoming significant anniversaries and military trade contracts [5] - AI applications are a key focus, with the market expected to remain cautious in the short term due to previous rapid increases [6][7] - The robotics sector is anticipated to see catalysts in the fourth quarter, driven by industry, policy, and corporate developments [8] Group 4 - The market outlook remains optimistic, with structural opportunities being emphasized, driven by improving fundamentals and easing overseas risk factors [9] - The infrastructure represented by computing power is expected to continue to present investment opportunities, particularly in computing chips and related technologies [10] - The evolution of AI capabilities is likely to lead to the emergence of blockbuster products in edge and cloud applications, creating new investment opportunities within the ecosystem [10]

Investment Rating - The report maintains a "Buy" rating for key companies in the AI+AR glasses industry, including GoerTek, Crystal Optoelectronics, Sunny Optical Technology, and OmniVision Technologies [5][8][25]. Core Insights - The upcoming Meta Connect conference is expected to showcase multiple new smart glasses and a new metaverse software, indicating a significant shift in the AI+AR glasses market [2][9]. - The report anticipates a turning point for AR products, with a surge in new product launches from major companies like Meta, Apple, Xiaomi, ByteDance, and Alibaba from the second half of 2025 to 2027, marking a "year of mass production" for the industry [3][19]. - The report emphasizes the importance of waveguide technology as a critical component for the next phase of AR glasses, which will enhance display quality, module weight, and cost [3][22]. Summary by Sections Upcoming Product Launches - Meta is expected to release the Celeste smart glasses, featuring an Lcos+ full-color waveguide display, with a starting price of $800, significantly lower than previous expectations [2][10]. - The new Ray-Ban Meta 3 is anticipated to include prescription and pilot styles, while a new sports-oriented Oakley smart glasses is also expected [10][14]. Industry Trends - The report highlights the growing competition in the AI+AR glasses market, with various companies launching products aimed at different consumer segments, including fashion, sports, and high-end markets [10][13]. - The report suggests that the release of new products by leading companies will likely boost sales expectations for 2025-2026, providing potential catalysts for their core supply chains [4][22]. Investment Opportunities - The report recommends focusing on two main lines of investment: the potential sales boost from Meta's new product launches and the upcoming turning point for AR glasses, particularly in optical display segments [4][22]. - Key companies to watch include GoerTek, Crystal Optoelectronics, Sunny Optical Technology, and OmniVision Technologies, with specific recommendations for their respective segments [8][25].