Brokerage Morning Meeting Highlights | AI Glasses Expected to Welcome "iPhone Moment" AR+AI Glasses Fusion is an Inevitable Trend

Yesterday, the market fluctuated and adjusted, with the three major indexes falling slightly. The total turnover in the Shanghai and Shenzhen markets was 2.08 trillion yuan for the whole day, a decrease of 112.1 billion yuan from the previous trading day. In terms of sectors, airport aviation, engineering machinery, agriculture, and state-owned cloud sectors performed well, while intelligent spectrum AI, education, components, and CPO sectors were among the top decliners. As of the close of yesterday, the Shanghai Composite Index fell by 0.18%, the Shenzhen Component Index fell by 0.08%, and the Growth Enterprise Index fell by 0.67%. At today's brokerage morning meeting, Galaxy Securities pointed out that AI glasses are expected to usher in an "iPhone moment", and the fusion of AR+AI glasses is an inevitable trend; Tianfeng stated that in the off-season, liquor companies are intensively controlling inventory to support prices, and supply-demand balance is expected to accelerate restructuring; Guotai Junan believes that oil prices and exchange rates do not change the long-term value of airlines, or may provide a reverse opportunity. Galaxy Securities: AI glasses are expected to usher in an "iPhone moment" AR+AI glasses fusion is an inevitable trend Galaxy Securities stated that in the recent period, the promotion of the end-side model by DeepSeek has added fuel to the development of smart glasses. Wellsenn XR predicts that the shipment volume of AI glasses in 2025 will reach 3.5 million pairs, a year-on-year increase of 130%. By 2030, the sales volume of AI glasses is expected to rapidly increase to 90 million pairs, and AI glasses are about to usher in an "iPhone moment". Compared to devices such as mobile phones, computers, and VR headsets, AR glasses are not only the most suitable intelligent device for wearing all day long without affecting normal life, they can truly achieve "computation device invisibility". At the same time, AR glasses are closest to the three important human senses (eyes, mouth, and ears), so they are considered an ideal carrier for large models. AR can expand human visual boundaries, AI can enhance cognitive efficiency, and the intersection of the two can change the way humans interact with machines and reshape productivity relationships. The fusion of AR glasses and AI is an extension revolution of the human perception system and is an inevitable trend. Investment recommendation: optimistic about the rapid penetration of AI glasses and the fusion of AR+AI glasses, and recommend focusing on companies in the AR glasses and AI glasses industry chain. Tianfeng: Liquor companies intensify control inventory in the off-season to support prices Supply-demand balance is expected to accelerate restructuring Tianfeng stated that recently, Shanxi Xinghuacun Fen Wine Factory, Luzhou Laojiao, Xi Jiu, Jiugui Liquor, and other companies have successively issued notices to stop production of some of their products. It is noted that since 2025, leading liquor companies have been releasing signals to control inventory, and the industry is ushering in a round of "inventory control tide". Tianfeng believes that the active control on the supply side during the industry adjustment period may accelerate the restructuring of channel supply and demand balance, and through short-term sacrifices in "quantity", it is expected to boost industry price expectations, drive stability and increase in prices, and promote the return of the industry channel ecosystem to a healthy state. Guotai Junan: Oil prices and exchange rates do not change the long-term value of airlines, or may provide a reverse opportunity Guotai Junan stated that during the 2025 Spring Festival, due to strong private demand and good post-holiday public and business activities, it is recommended to increase holdings in the aviation industry. China's aviation industry has a logic of exceeding expectations. In 2025, the supply and demand trend continued to recover, considering the marketization of ticket prices and a significant slowdown in fleet expansion, profitability recovery and centric upward movement are expected. Market expectations for long-term logic are still at a low level, and the greater the divergence, the greater the space. During the 2025 Spring Festival, due to strong private demand, air passenger flow reached a new high, and public and business demand started well after Lantern Festival, which is expected to catalyze optimistic expectations for the growth of aviation demand and the continued recovery of supply-demand profitability. It is suggested that oil prices and exchange rates do not change the long-term value of airlines, or may provide a reverse opportunity. This article is reprinted from "Cai Lianshe". GMTEight Editor: Xu Wenqiang.