China Galaxy Securities believes that the computing power sector is still in the performance realization stage and has a relatively moderate valuation level. It remains optimistic about computing power-related PCBs, domestic computing power, IP licensing, chip inductors, etc. in the second half of the year. 2026 may be a key year for the recovery of the foldable screen market. Apple's rumored foldable products are expected to drive discussion of the entire category and may bring new thinking at the software interaction and hardware design levels, further activating market demand. At the same time, new wearable devices launched this year are also expected to drive market recovery. Through technological breakthroughs + ecological integration + market penetration, AR glasses manufacturers are pushing AR glasses from "niche geek toys" to "mass smart terminals." With the maturity of AI+AR technology, smart glasses are expected to become the next generation of mainstream computing terminals after smartphones.