CONANT OPTICAL (02276) opened over 3% higher. As of writing, the stock was up 3.47% at HK$53.6, with a turnover of HK$852,200. On the news front, on December 30, the National Development and Reform Commission and the Ministry of Finance issued a notice regarding the implementation of large-scale equipment updates and consumer goods trade-in policies in 2026. Notably, concerning the purchase of new digital and smart products, the product categories for 2026 have been expanded to include smart glasses, while the subsidy amount and ratio remain unchanged. CICC believes this policy will significantly reduce the end-user acquisition cost, driving the penetration rate of smart glasses into a phase of rapid acceleration, thereby opening up incremental market space for all segments of the industry chain. Dongwu Securities pointed out that CONANT OPTICAL is deeply positioned in the XR industry chain with three major advantages. First, the company is one of the few global manufacturers capable of mass-producing 1.74 ultra-high refractive index lenses, whose thin and light characteristics perfectly meet the essential lightweight requirements for AR glasses, while also possessing leading freeform surface technology that can address the pain point of optical distortion caused by light waveguides. Second, leveraging its mature C2M "small order, quick response" production system, the company can efficiently meet the personalized customization demands of the new retail format for smart glasses. Third, Goertek, as the company's second-largest shareholder, holds a globally leading position in XR complete product manufacturing. The company is expected to rapidly enter the smart glasses supply chains of leading global tech giants by leveraging Goertek's customer channels. As the exclusive lens supplier for Alibaba's "Quark AI Glasses," after its product capabilities are validated, the company is expected to accelerate the expansion of its customer base to include other smart glasses manufacturers.