Core Insights - The report from Dongfang Securities highlights the growing importance of smart glasses as a key application for edge AI, particularly following CES and Meta's plans for production expansion [1] Group 1: Smart Glasses Market Trends - Smart glasses emerged as a hot topic at CES 2026, with over 90% of the core exhibition area occupied by Chinese brands, including more than 50 companies such as Thunderbird, XREAL, INMO, Rokid, and Meizu [1][2] - The global shipment of smart glasses (including audio, photography, and display features) is projected to increase from 9.93 million units in 2025 to 86.9 million units by 2030, with the market size expected to grow from 19.7 billion yuan to 161.2 billion yuan, reflecting a CAGR of 50% [3] Group 2: Key Product Innovations - Thunderbird launched the world's first dual-lens full-color AR glasses with eSIM functionality, enabling independent operation without a smartphone [2] - Rokid introduced the AI glasses Rokid Style, weighing only 38.5 grams, targeting overseas markets [2] - XGIMI unveiled its smart glasses brand MemoMind, featuring the Memo Air Display with a weight of just 28.9 grams [2] Group 3: Industry Dynamics - The report emphasizes that smart glasses are standardized products, requiring collaboration with eyewear companies to customize for individual consumer needs [3] - Weight is a critical factor influencing consumer decisions, making companies that can produce ultra-thin lenses and master fitting technology vital in the supply chain [3] - Consumer education for smart glasses heavily relies on offline channels, highlighting the importance of retail eyewear stores with strong distribution networks [3] Group 4: Notable Companies at CES - Anker Innovations showcased flagship products across various fields, winning four CES Innovation Awards [4] - Ugreen Technology presented a new smart ecosystem with high-performance hardware configurations and local AI capabilities in its NAS series [4] - Huabao New Energy introduced a comprehensive consumer-grade solar storage strategy with multiple new products [4]

Core Insights - The report from Dongfang Securities highlights the growing importance of smart glasses as a key application for edge AI, with a positive outlook for the eyewear industry chain and leading cross-border e-commerce companies driven by new product innovations [1][2] Group 1: Smart Glasses Market - The CES 2026 showcased smart glasses as a major trend, with over 90% of the core exhibition area occupied by Chinese brands, including more than 50 companies like Thunderbird, XREAL, INMO, and Rokid [2] - Key highlights from CES include the launch of the world's first dual-lens AR glasses with eSIM functionality by Thunderbird, Rokid's lightweight AI glasses for overseas markets weighing only 38.5 grams, and the MemoMind smart glasses by XGIMI, which weigh just 28.9 grams [2][3] - Global smart glasses shipments are projected to increase from 9.93 million units in 2025 to 86.9 million units by 2030, with the market size expected to grow from 19.7 billion yuan to 161.2 billion yuan, reflecting a CAGR of 50% [3] Group 2: Industry Dynamics - The report emphasizes that smart glasses are standardized products, requiring collaboration with eyewear companies to customize for individual consumer needs, as consumer preferences vary widely [3] - Weight is a critical factor influencing consumer decisions, making companies that can produce ultra-thin lenses and master fitting technology vital in the supply chain [3] - Consumer education for smart glasses relies heavily on offline channels, highlighting the importance of retail eyewear stores with strong distribution networks [3] Group 3: Investment Recommendations - Recommended investment targets in the smart glasses sector include companies like KANAT, Doctor Glasses, Mingyue Lenses, Aishide, and Tianyin Holdings [5] - In the cross-border e-commerce space, notable companies include Anker Innovations and Ugreen Technology, which are also highlighted for their innovative product launches at CES [5]

Core Viewpoint - The report from Dongfang Securities highlights that while investors are focused on AI computing power chips driving advanced process foundry demand, there is insufficient attention on the demand for mature process foundries driven by AI. The firm believes that AI will continue to boost the demand for power-related ICs, thereby enhancing the demand for mature process foundries [1]. Group 1: Demand Insights - AI is expected to drive growth in power IC demand, which will continue to enhance the demand for mature processes. The demand increase is attributed to AI server power ICs and the localization trend in mainland China, leading to higher demand for local foundries' BCD/PMIC [3]. - The utilization rate of eight-inch capacity at some foundries has significantly increased since mid-2025, driven by the demand from AI applications [3]. Group 2: Supply Dynamics - TSMC is gradually reducing its eight-inch capacity starting in 2025, with plans for some facilities to cease operations by 2027. Samsung is also initiating eight-inch production cuts in 2025 [4]. - TrendForce forecasts a 0.3% year-on-year reduction in global eight-inch capacity in 2025, with the reduction expected to expand to 2.4% in 2026. This reduction, coupled with rising demand, is projected to increase the average utilization rate of eight-inch capacity to 85-90% in 2026, up from 75-80% in 2025 [4]. Group 3: Domestic Foundry Benefits - The trend of localization in IC manufacturing in mainland China is ongoing, with companies like SMIC reporting growth in market share for various products during the domestic replacement process. This trend is expected to provide continued order growth for domestic foundries [5]. Group 4: Investment Recommendations - The report suggests that the price increase in mature processes and the demand growth driven by AI present investment opportunities. Recommended investment targets include wafer manufacturing companies such as SMIC, Hua Hong Semiconductor, and others, as well as semiconductor equipment companies [6].

1月15日，东方证券跌2.56%，成交额10.73亿元。两融数据显示，当日东方证券获融资买入额1.64亿 元，融资偿还1.19亿元，融资净买入4531.29万元。截至1月15日，东方证券融资融券余额合计25.52亿 元。 融资方面，东方证券当日融资买入1.64亿元。当前融资余额25.48亿元，占流通市值的3.21%，融资余额 超过近一年70%分位水平，处于较高位。 融券方面，东方证券1月15日融券偿还11.32万股，融券卖出2.34万股，按当日收盘价计算，卖出金额 24.94万元；融券余量38.92万股，融券余额414.89万元，低于近一年40%分位水平，处于较低位。 资料显示，东方证券股份有限公司位于上海市黄浦区中山南路119号东方证券大厦,中国上海市黄浦区中 山南路318号2号楼3-6层、12层、13层、22层、25-27层、29层、32层、36层、38层,香港中环皇后大道中 100号第28至29层，成立日期1997年12月10日，上市日期2015年3月23日，公司主营业务涉及证券经纪业 务、投资银行业务、资产管理业务、自营业务、研究咨询业务、期货业务、证券金融业务、其他业务。 主营业务收入构成为：机构及 ...

"第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳社交化投资顾问服务机构荣誉榜如下： 责任编辑：宋雅芳 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳社交化投资顾问服务机构荣誉榜如下： 责任编辑：宋雅芳 ...

专题：第二届新浪财经金麒麟最佳投资顾问荣誉 专题：第二届新浪财经金麒麟最佳投资顾问荣誉 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳投资顾问服务机构荣誉榜如下： 责任编辑：宋雅芳 "第二届新浪财经金麒麟最佳投资顾问"评选于2025年6月重磅开启，吸引了超70家机构及全国超1.5万名 投资顾问参与，评选历经超过六个月的多维度评比与争夺，超百位顶尖精英投顾脱颖而出。同时，第二 届新浪财经金麒麟最佳投顾服务机构奖项重磅出炉。 第二届新浪财经金麒麟最佳投资顾问服务机构荣誉榜如下： 责任编辑：宋雅芳 ...

Core Insights - The 2025 China Enterprise ESG "Golden Responsibility Award" was launched to recognize companies making significant contributions to ESG practices in China [1][4] - Over 5,000 companies participated in the award selection process, which lasted for more than three months, evaluating ESG performance, professional scoring, and online voting [5] Group 1: Award Overview - The award aims to promote responsible corporate behavior in environmental, social, and governance aspects, encouraging more companies to enhance their ESG development [1][4] - The award is based on principles of fairness, justice, and openness, utilizing an authoritative ESG rating database [1][4] Group 2: Award Recipients - The award for Best Responsible Investment Securities Company was given to several firms, including Guotai Junan, Industrial Securities, Orient Securities, CITIC Securities, Huatai Securities, and China International Capital Corporation [2][5] - The award committee expressed hopes that these leading companies will inspire others to improve their ESG capabilities and contribute to high-quality development in China [2][5] Group 3: ESG Rating Center - The Sina Finance ESG Rating Center is the first Chinese platform dedicated to ESG information and ratings, promoting sustainable development and responsible investment [3][6] - The center aims to establish ESG evaluation standards suitable for China's characteristics and enhance corporate ratings [3][6]

Core Viewpoint - The report from Dongfang Securities indicates that New Australia Co. is expected to release profit elasticity in 2026 due to rising wool prices, driven by tight supply and expanding demand [1] Group 1: Wool Price Trends - Australian wool prices have been continuously rising since December of last year, with the new fiscal year expected to further strengthen this upward trend due to supply constraints and increased demand [1] - The wool price in 2025 exhibited volatility, characterized by a "low start and high finish," with a clear upward trend from December onwards [1] Group 2: Company Performance and Outlook - As a leading player in the fine wool spinning sector, New Australia Co. has maintained operational resilience amid industry pressures in 2025 [1] - The company is anticipated to release profit elasticity in 2026 due to rising raw material prices, with an expected improvement in profitability from its cashmere business, which may become a new growth driver in the medium term [1] Group 3: Valuation and Rating - Based on comparable companies, a 17x PE valuation is projected for 2025, corresponding to a target price of 10.54 yuan, with a maintained "buy" rating [1]

该行表示，26年AI内容裂变爆发，从B端扩圈到C端特征加强带动可灵用增和流水再上台阶。(1)截至25 年12月，可灵在全球拥有6000万创作者、合作超3万家企业用户，累计生成超6亿个视频。如何理解这个 数量级?快手2017年视频存量超21亿个，是6年积攒下的数据;可灵发布1年半时间，生成视频的数量已占 当时的近30%。(2)可灵25年12月底起动作控制在海外出圈，ST数据显示移动端26年以来日均收入，较 12月1日-12月17日均值增长171%，DAU则增长152%，下载量增长1385%。可灵在"精确控制和稳定 性"上的碾压式优势，迁移到C端功能模板上同样重要，看好后续类似C端功能模板可灵的领先性。 东方证券发布研报称，维持快手-W(01024)"买入"评级，预测公司25-27年经调整归母净利润为 204/225/259亿元。维持此前给予公司26年18xPE估值，对应合理价值为4,048亿CNY，折合4,502亿 HKD(港币兑人民币汇率0.899)，目标价103.27港元/股。该行预计26年公司主业继续稳健增长，收入端 同比增长9%至1549亿元，其中广告业务同增10%、其他业务同增21%;利润端经调整利润 ...

Core Viewpoint - Dongfang Securities maintains a "Buy" rating for Kuaishou-W (01024), predicting adjusted net profit for 2025-2027 to be 20.4 billion, 22.5 billion, and 25.9 billion CNY respectively, with a target price of 103.27 HKD per share [1] Group 1: Financial Projections - The company is expected to achieve a revenue growth of 9% year-on-year to 154.9 billion CNY in 2026, with advertising business growing by 10% and other businesses by 21% [1] - Adjusted profit for 2026 is projected to be 22.5 billion CNY, reflecting a year-on-year increase of 10% [1] Group 2: Kuaishou's Product Performance - Kuaishou's product "Keling" is expected to reach an Annual Recurring Revenue (ARR) of 240 million USD by December 2025, with a significant growth of 140% from 100 million USD in March 2025 [1][2] - As of December 2025, Keling has 60 million creators and over 30,000 enterprise users, generating over 600 million videos, which is nearly 30% of the total videos generated by Kuaishou in its first six years [2] Group 3: Market Expansion and User Engagement - Keling's daily average revenue increased by 171% from December 1-17, 2026, with Daily Active Users (DAU) growing by 152% and download volume increasing by 1385% [2] - The company is focusing on expanding its reach from B-end to C-end, enhancing user engagement and revenue generation [2]