一直以来，科技圈有个不成文的共识，1000万台是一个生态系统的分水岭。只有当硬件保有量突破1000万台，且具有高活跃度时，开发者才能赚到钱，内容 生态才能正向循环。 Meta敢于将产能提高一倍，似乎意味着至少Meta自己已经跨过了这道分水岭。 同时，指数级的产能扩张，在彰显自己的信心的同时，也有不少"防御"的意味在里面。 Meta的智能AR眼镜Ray-Ban Display在推出一个季度之后，卖爆了！ IDC数据显示，Ray-Ban Display在首个销售季度，就占据了产品所在的智能AR眼镜类别中6%的市场份额。 不仅如此，因美国市场需求"前所未有的强劲"，产品候补名单已排至2026年，Meta暂停了2026年初英国、法国、意大利、加拿大等国的国际扩张计划，优先 保障美国订单交付。 消费者空前高涨的热情，也让Meta对未来的预期更高了。根据彭博社的报道，Meta计划到2026年将AI眼镜Ray-Ban的产能翻一番，达到2000万件。 毕竟在美国国内，谷歌已经越来越重视智能AR眼镜这个赛道，并且通过收购等方式加大了对智能AR眼镜的投入；国外的中国市场，大小厂商有样学样，踏 着和Meta相同的韵脚，也开始在这个 ...

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry, indicating an expectation of returns exceeding the market benchmark by more than 5% [4][11]. Core Insights - The report highlights that the domestic market's consumption potential is expected to be activated by the continuation of national subsidies, despite a marginal slowdown in their impact. The "Two New" policies are anticipated to further stimulate demand in the home appliance sector [3]. - The report emphasizes the acceleration of AI applications in the home appliance industry, with significant developments expected from AI models and smart hardware products [2][6]. Summary by Sections Domestic Market Outlook - The report notes that the leading companies in the white goods sector have a higher proportion of first-level energy-efficient products and more mature management processes for trade-in programs, positioning them to benefit more significantly from the evolving market dynamics [3]. - The first quarter of 2026 is projected to see stable production schedules for white goods, aligning with domestic market expectations [5]. International Expansion - The report identifies international expansion as a long-term strategy, with companies that diversify their production capacity being favored. A valuation shift is anticipated by 2026 [3]. AI Integration - The report discusses the rapid iteration of AI models and their broad application in the home appliance sector, suggesting that smart hardware products integrated with AI services are becoming a key trend. Companies like Yingzi Network are highlighted for their deep engagement in smart home segments [6].

Core Viewpoint - The recent exhibition at the National Museum of China, titled "Encountering King Kao Li: Archaeological Achievements of the Wu Wang Dun," showcases the archaeological findings from the only scientifically excavated Chu royal tomb in China, generating significant interest in Chu culture through advanced projection technology [1][16]. Group 1: Exhibition Overview - The Wu Wang Dun tomb is the largest, highest-grade, and most complex royal tomb of the Chu state, dating back to the Eastern Zhou period, and features over 200 artifacts from the tomb [3][18]. - The exhibition utilizes 7 units of the Light Peak D Pro projectors to create an immersive cultural experience, allowing visitors to engage with the mysteries of the Chu tomb [18][14]. Group 2: Projection Technology - The exhibition employs two projection techniques: a three-fold screen projection that narrates the archaeological story and a digital sand table projection that decodes the tomb's structure and historical context [20][22]. - The three-fold screen projection uses multi-channel image fusion technology to present the unique burial features and the excavation process, enhancing the audience's understanding of the Chu royal tomb [7][20]. - The digital sand table projection clarifies complex archaeological data and spatial relationships, making the design and historical background of the tomb accessible to visitors [9][22]. Group 3: Advantages of Light Peak D Pro Projectors - The projectors feature high brightness (6300-9300 lumens) and unique ALPD semiconductor laser technology, ensuring clear image quality in various lighting conditions [11][24]. - The laser source is gentle and UV-free, protecting valuable artifacts from potential damage while enhancing exhibition effects [12][25]. - The projectors are designed for flexible installation, suitable for complex museum spaces, and support quick image stitching without major site modifications [26][24]. - They are built for stable operation with IP5X dust protection and efficient heat dissipation, ensuring long-term performance and reduced maintenance costs [27][24].

Group 1: Physical AI and Computing Power - The core theme of CES 2026 is the emergence of "Physical AI," where AI technology is transitioning from generating text or video to interacting with physical hardware [4][10] - AMD's chairwoman, Lisa Su, highlighted the increasing demand for computing power, predicting a 100-fold increase in global computing capacity over the next five years [3][4] - The presence of over 200 Chinese companies at CES indicates a strong support for the "Physical AI moment," showcasing various AI applications in physical products [4][23] Group 2: Robotics Innovations - The robotics sector at CES has shifted focus from mere physical movement to specific job functions and operational scenarios, with Chinese companies leading this evolution [5][9] - Companies like Pasoni and Fourier Intelligence showcased advanced robots capable of performing intricate tasks, such as ice cream making and automotive part sorting, demonstrating significant advancements in robotic dexterity [5][6] - The global sales of robots are projected to reach approximately $45 billion by 2026, with expectations to exceed $60 billion by 2030, driven by rising labor costs and efficiency in Chinese manufacturing [8][9] Group 3: Smart Glasses and AR Technology - Chinese companies are aggressively entering the AR/AI glasses market, aiming to redefine the concept of a "second screen" beyond smartphones [11][12] - Innovations include the launch of the world's first dual-lens AR glasses with eSIM functionality by Thunderbird Innovation, allowing users to make calls and connect to the internet without a smartphone [12][13] - The global market for smart glasses is expected to see significant growth, with sales projected to reach around $10.7 billion by 2026, reflecting an over 80% year-on-year increase [18][23] Group 4: Display and Chip Technology - Companies like Tianma Microelectronics and TCL Huaxing are pushing the boundaries of display technology, with innovations such as large-scale OLED screens and advanced automotive displays [19][20] - Lenovo and NVIDIA announced a partnership to enhance AI infrastructure, aiming to quadruple their business collaboration over the next few years [22] - The trend in AI chip development is moving towards high computing power, low energy consumption, and integration, with significant growth expected in AI terminal sales by 2028 [22][23]

Core Insights - The 2026 CES highlights Shenzhen's dominance in the tech industry, with over 400 companies from the region representing a third of Chinese exhibitors and nearly 10% of global participants, showcasing a wide array of smart hardware products [4][20] - The focus of this year's CES has shifted from the capabilities of AI to its practical applications in daily life and industry processes, marking a transition from software-driven AI to "physical AI" that integrates into tangible products [5][20] Industry Trends - The emergence of "physical AI" signifies a shift in AI's value from mere communication to actionable capabilities, with products designed to be tangible and experiential, integrating AI into everyday devices [5][11] - Shenzhen's robust supply chain and engineering capabilities have been revitalized by the proliferation of AI models, allowing for rapid product iteration and development in hardware [4][15] Product Innovations - Notable products showcased include TCL's AI-integrated displays and the first consumer-grade AR glasses with independent communication capabilities, reflecting the trend of AI becoming embedded in various consumer electronics [6][10] - Innovations in robotics, such as the TORA-ONE humanoid robot and the DM-EXton2 data collection system, demonstrate advancements in tactile sensing and data acquisition, essential for the evolution of intelligent hardware [12][14] Competitive Landscape - Shenzhen's smart hardware sector is experiencing collective growth rather than isolated successes, driven by a comprehensive industrial network that supports rapid prototyping and production [15][16] - The ability to translate technology into user-friendly experiences is becoming crucial for global market appeal, as companies focus on addressing specific consumer needs rather than merely showcasing technical prowess [16][20] Future Challenges - The next phase for Shenzhen's smart hardware industry involves overcoming challenges related to core components and technologies, transitioning from hardware products to integrated system services, and enhancing global operational capabilities [19][20] - Establishing a sustainable competitive advantage will require ongoing investment in key technologies and a shift towards creating long-term brand loyalty through service-oriented business models [19][20]

Core Viewpoint - The 2026 International Consumer Electronics Show (CES 2026) will take place from January 6 to 9 in Las Vegas, showcasing numerous A-share listed companies with their latest products in popular sectors such as robotics, smart hardware, and new energy vehicles [6]. Robotics - Ninebot will unveil a new multi-scenario lawn mowing robot, enhancing its product matrix [2]. - Stone Technology is expected to debut its "embodied intelligence black technology" as a representative of smart cleaning robots [7]. - Lingyi Technology will present a comprehensive robotics technology matrix, showcasing core components and application solutions [8]. - Zhaowei Electromechanical will showcase a new generation of dexterous hands with 20 degrees of freedom [9]. - Orbbec will release multiple 3D camera products suitable for humanoid robots, enhancing visual solutions for precise operations [9]. - Ecovacs will introduce a pool cleaning robot and the latest developments in embodied intelligence [9]. - Lens Technology will debut a highly dexterous bionic hand and head assembly, integrating self-developed reducers for improved performance [10]. - Megvii will collaborate with Yimai Intelligent to launch two new micro AI robot products [11]. Smart Glasses - Tianjian Co. will present its latest AI and AR glasses at CES 2026, focusing on AI glasses, AI headphones, and smart speakers [12]. - XGIMI Technology will globally launch its new AI glasses brand "MemoMind" [13]. - GoerTek will showcase multiple innovative MR/AR/smart glasses, enhancing the "AI + smart interaction" experience [13]. - Guangfeng Technology will present three LCoS AR optical products: Wax Girl G1, Dragonfly G1 mini, and Rainbow C1 [14]. Storage Solutions - Baiwei Storage will highlight consumer-grade storage solutions, including a Mini SSD that rivals flagship PCIe Gen4 SSDs, supporting Meta's AI/AR glasses [15]. - Jiangbolong will enhance its consumer market brand with a collaboration featuring a special edition storage product linked to the Argentina national football team [15]. - Rockchip will showcase audio and machine vision products, with its RK3588 chip being widely applied in various robotic forms [15]. Automotive Innovations - Great Wall Motors will return to CES with its full product line and core technology matrix, focusing on new energy and AI vehicles [17]. Display Technologies - TCL Technology will unveil its "machine king" series of televisions and the world's first printed OLED vehicle display solution [5]. - Hisense will launch a new generation of RGB-Mini LED display technology [5]. - BOE will showcase over 60 cutting-edge display technologies and IoT solutions, including the global debut of the "HERO 2.0 smart cockpit" [19].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [15]. Core Insights - The report emphasizes the importance of exploring supply chain opportunities from the demand side, particularly in the context of the upcoming CES event, which is expected to showcase a variety of new smart glasses products [3][9]. - The report highlights that 2026 is anticipated to be a year of significant growth for smart glasses, driven by supportive policies and supply upgrades, with a focus on enhancing product features and user experience [9]. Industry Overview - The light industry manufacturing sector comprises 164 listed companies with a total market capitalization of approximately 1,094.55 billion and a circulating market value of about 934.63 billion [6]. - The absolute performance of the industry over the past 12 months has been 32.9%, while the relative performance compared to the benchmark has been 5.8% [7]. Key Company Forecasts and Valuations - 康耐特光学 (Kangnait Optical) is projected to have an EPS of 1.18, 1.45, and 1.81 for 2025E, 2026E, and 2027E respectively, with a strong buy rating [4]. - The PE ratios for 康耐特光学 are forecasted to be 41.05, 33.26, and 26.64 for the same years, indicating strong growth potential [4]. Upcoming Events - The 2026 International Consumer Electronics Show (CES) is scheduled from January 6 to 9, showcasing over 50 exhibitors in the AI glasses segment, with significant product launches expected from various companies [9].

S1采用可调曲度镜框，并搭载光峰科技定制的蜻蜓G1MINI光学引擎，支持双眼异步显示与真3D效果。 该光学引擎单目体积约0.2cc，较9月发布的蜻蜓G1缩小约40%，分辨率为356x200，对比度达1000:1。 从技术对接到产品落地，双方合作用时不足三个月。闪极科技预计新产品发布一年内出货量将突破十万 台。 凤凰网科技讯12月30日，闪极科技于12月29日正式发布loomos AI显示眼镜S1。该产品主打"主动AI提醒 助手"功能，通过传感器感知环境与用户意图，在特定场景推送信息提示。 市场数据显示，2025年上半年全球智能眼镜市场出货量同比增长64.2%，达406.5万台，其中中国市场占 比26.6%。IDC预测，2025年中国智能眼镜出货量有望达到290.7万台，同比增长121.1%；到2029年全球 出货量或突破4000万台，中国市场预计将以55.6%的复合年均增长率持续引领行业发展。 ...

人民财讯12月30日电，据光峰科技（688007）消息，12月29日，闪极科技发布loomos AI显示眼镜S1。 据介绍，闪极S1首次实现显示眼镜前框的极致轻量化与可调曲度特性，搭载了光峰科技定制化研发的 蜻蜓G1MINI光学引擎，在可弯曲镜框上实现双眼异步显示与真3D效果。 ...

Market Performance - The consumer electronics sector increased by 1.38% on December 25, with Xunwei Communication leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Top Gainers in Consumer Electronics - Xunwei Communication (300136) closed at 50.70, up 13.35% with a trading volume of 1.74 million shares [1] - Changying Precision (300115) closed at 40.25, up 8.52% with a trading volume of 1.36 million shares [1] - Hengmingda (002947) closed at 56.28, up 8.27% with a trading volume of 277,400 shares [1] - Yidong Electronics (301123) closed at 79.16, up 6.97% with a trading volume of 348,800 shares [1] - Other notable gainers include Guangda Tongchuang (301387) and Chaoping San (300647) with increases of 6.13% and 5.97% respectively [1] Top Losers in Consumer Electronics - Yitian Co., Ltd. (300812) closed at 29.53, down 2.86% with a trading volume of 115,300 shares [2] - Kecuan Technology (603052) closed at 33.04, down 2.74% with a trading volume of 84,500 shares [2] - Anker Innovation (300866) closed at 115.02, down 2.54% with a trading volume of 39,800 shares [2] - Other notable losers include Transsion Holdings (688036) and Zhishang Technology (301486) with declines of 2.13% and 1.79% respectively [2] Capital Flow Analysis - The consumer electronics sector experienced a net outflow of 843 million yuan from institutional investors, while retail investors saw a net inflow of 1.316 billion yuan [2] - Notable stocks with significant capital flow include Changying Precision and Yidong Electronics, which had varying levels of net inflow and outflow from different investor types [3]