Group 1 - The project for the second phase of Goer’s virtual reality complete machine officially commenced on January 8, with a total investment of 1.6 billion yuan and an expected completion date in 2027 [1][3] - The project will cover a total construction area of 228,000 square meters and will include three factories and an administrative center, aimed at producing virtual reality complete machines, AI smart glasses, and core components [3][5] - Upon reaching full production by 2030, the project is expected to generate an annual output value exceeding 10 billion yuan and tax revenue of over 150 million yuan [3][5] Group 2 - This initiative follows the first phase of the virtual reality complete machine and optical module projects, marking another significant industrial layout for Goer in Laoshan [3][7] - The first phase of the project involved a total investment of 6 billion yuan, covering an area of 214 acres and a planned construction area of 350,000 square meters, with production expected to commence in 2027 [7] - The collaboration between China State Construction Engineering Corporation and Goer represents a deepening strategic partnership in the fields of virtual reality and smart hardware, contributing to Goer’s competitive positioning in the global VR industry [5]

Core Technology Innovations - Goertek unveiled new technology solutions at CES 2026, focusing on acoustics and sensing to enhance immersive interaction in consumer electronics [1] - The company introduced the industry's first OWS earbuds reference design, integrating acoustics, vision, and AI for high-quality audio and advanced photography capabilities [2][3] Acoustics and Audio Solutions - Goertek showcased new SPK platforms and MEMS acoustic sensors aimed at addressing the challenges of thin designs while maintaining high-fidelity audio [5] - The LBS speaker platform was introduced to improve loudness and reduce sound leakage, resolving trade-offs in open-style designs [6] - The company launched an ultra-thin, large-volume F platform for foldable devices, along with upgraded versions of existing audio drivers and a targeted portfolio for smart glasses [7] Haptic Technology - Goertek's "Dual" Dual-Frequency Bi-Directional System provides a "true 4D vibration" experience, enhancing tactile sensations in compact devices [8] MEMS Sensors and Audio Algorithms - Goermicro displayed innovations in MEMS acoustic sensors, including a compact IP68 sensor designed for smartphones and smartwatches, achieving high reliability in a small footprint [11] - The VPU sensor captures voice vibrations while isolating noise, offering a leading solution for AI glasses [12] - Goertek's ASR Front-End Processing Solution enhances voice recognition accuracy in noisy environments, achieving 98% near-field and 97% far-field recognition [13] Future Directions - Goertek aims to continue advancing core technologies in acoustics and sensing, focusing on translating innovations into differentiated product experiences and long-term industry value [14]

Core Insights - Goertek showcased its innovations at CES 2026, introducing the "XR New Year Package" which includes advanced AR and MR technologies, highlighting the company's role in the XR ecosystem and China's smart manufacturing capabilities [1][28] Group 1: Flagship Innovation - The "Rubis" binocular full-color AR glasses feature a Tri-Chip architecture and EMG interaction, addressing the challenges of display quality, computational efficiency, and user interaction [2][4] - "Rubis" incorporates a proprietary full-color etched waveguide display module, enhancing adaptability and minimizing obstruction of the user's field of view [3] - The glasses utilize a heterogeneous architecture that optimizes data processing and enables an "Always-On AI" experience with low power consumption [4] Group 2: Lightweight AI Glasses - The "Spinel" AI glasses reference design weighs only 35g, combining a fashionable design with high-definition imaging capabilities for all-day wear [8] - It supports 4K photo capture and 1080p video recording, enhanced with EIS and HDR, making it suitable for everyday documentation and high-quality video output [9] - The device features proactive AI visual perception, allowing it to anticipate user needs through continuous low-power environmental capture [10] Group 3: Modular Accessory Solution - The "Rox Vision" AI Smart Glasses Accessory offers a modular approach, allowing traditional eyewear users to add AI capabilities without compromising their existing glasses [11][12] - It maintains comfort and functionality with a weight under 15g, integrating high-resolution imaging and audio interaction [14][15] Group 4: MR Headset Innovation - Goertek's Ultra-Lightweight MR Reference Design reduces headset weight to approximately 100g, significantly enhancing user comfort for extended use [17] - The design features a 4K Micro-OLED display and advanced interactive solutions, supporting media consumption and casual gaming [18] Group 5: Optical Solutions - Goeroptics introduced the "F15Pi" full-color polymer optical module, achieving over 92% transmittance and eliminating optical artifacts, making it suitable for lightweight AR eyewear [20] - The company also showcased advancements in Electrically Tunable Liquid Crystal Lens technology, addressing vergence-accommodation conflict and improving user comfort [25][26][27] Group 6: Industry Outlook - Goertek's diverse technical approaches indicate a maturing XR ecosystem, with the potential for broader commercialization as the market responds to various implementations [29]

Group 1 - Dongguan's tech enterprises showcased their innovative capabilities at CES 2026, reinforcing the city's position as a leader in technological innovation [1][2] - XbotPark, located in Dongguan, featured multiple companies in the Eureka Park section, highlighting the breadth and depth of Chinese manufacturing [4] - Ludens AI presented two companion robots, Cocomo and Inu, which focus on emotional interaction and user engagement, attracting significant media attention [7][12] Group 2 -墨现科技 introduced a flexible pressure sensor solution aimed at various industries, demonstrating strong technological advancements and securing nearly 100 million in funding over the past year [14][15] - Cloud Whale Smart released the Flow 2 robot vacuum and other AI-driven cleaning products, while Kuka Technology showcased the upgraded LUBA 3 AWD lawnmower, emphasizing Dongguan's leadership in outdoor smart devices [15][18] - Dongguan's shared factory model has connected over 120 suppliers and facilitated the development of products for global tech startups, enhancing the region's supply chain capabilities [18][20] Group 3 - Leading manufacturing company Lingyi Intelligent debuted at CES, showcasing a comprehensive robotics technology matrix, aiming to become a top player in the global intelligent hardware market [20][22] - Multiple Dongguan enterprises presented diverse technological innovations across various sectors, including AI, metaverse, and gaming peripherals, contributing to a new narrative for Chinese hard tech [22]

2026年1月6日，全球规模最大，影响力最广泛的国际消费电子展(CES)在美国拉斯维加斯正式开幕。作 为XR技术产业链的代表企业，本届CES歌尔带来了"XR新年大礼包"：从具备肌电交互、采用"三芯"架 构的Rubis全彩显示多模态AR眼镜，到兼顾颜值和轻量化的Spinel AI 眼镜、Rubis全彩显示多模态AR眼 镜，再到各类不同组合的AR光学、VR光学、传感方案等，全面展现了消费电子领域中国智造的综合实 力。 一、 "三芯"架构+EMG交互打造旗舰产品，全彩刻蚀光波导AR眼镜Rubis亮相 消费级AI+AR眼镜迟迟难以爆发，核心痛点在于如何平衡显示效果、算力功耗与交互体验。歌尔此次 带来的展品——Rubis全彩显示多模态AR眼镜，提供了一套实现多维度性能平衡的系统化破局方案。 在核心的近眼显示光学上，Rubis使用歌尔光学自研全彩刻蚀光波导显示模组，这一全彩竖屏显示方案 带来更好的用户场景适配性，既保证了拍摄预览、AI信息提示、翻译等内容的清晰呈现，又最大限度 减少了对现实视野的遮挡，消除了佩戴者的隔离感。 不同于传统依赖单SoC方案，Rubis AR眼镜采用MCU+ISP+NPU三芯异构系统。该架构通过 ...

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].

Core Viewpoint - The stock of GoerTek Inc. has experienced fluctuations, with a recent decline of 2.00% and a market capitalization of 104.24 billion yuan, reflecting mixed investor sentiment and trading activity [1]. Financial Performance - For the period from January to September 2025, GoerTek reported a revenue of 68.11 billion yuan, a year-on-year decrease of 2.21%, while the net profit attributable to shareholders increased by 10.33% to 2.59 billion yuan [2]. - Cumulatively, GoerTek has distributed 5.48 billion yuan in dividends since its A-share listing, with 2.23 billion yuan distributed over the past three years [3]. Shareholder Information - As of November 28, 2025, the number of shareholders for GoerTek increased to 362,700, marking a 6.46% rise, while the average number of circulating shares per person decreased by 5.87% to 8,652 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 102 million shares, a decrease of 4.19 million shares from the previous period [3].

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].

Core Insights - Goer Technologies showcased innovative technologies at CES 2026, focusing on XR full-stack solutions, acoustic and perception technologies, and smart cockpit interactions, emphasizing the evolution of AI and metaverse devices into all-weather intelligent companions [1][2] XR and AI Innovations - The company introduced a new generation of AI+ display smart glasses reference design, Rubis, featuring a tri-core heterogeneous platform for optimized data flow and a modular nose pad for comfort [1] - Goer also launched a lightweight 4K MR reference design, reducing headset weight to around 100 grams while integrating advanced display and tracking technologies for an immersive experience [2] - The AI camera headphone reference design integrates dual 12MP cameras and advanced algorithms for multi-modal AI interaction, enhancing audio and visual capabilities [2] Optical and Acoustic Technologies - Goer presented a new full-color resin waveguide module, F15Pi, which is over 50% lighter than glass and features high transparency, suitable for long-term wear [3] - The company introduced a variable-focus liquid crystal lens for XR devices, allowing users with vision impairments to avoid additional corrective eyewear [3] - Goer upgraded its micro speaker series to enhance audio quality while addressing comfort and sound leakage issues, showcasing advancements in acoustic components [4][5] Sensor and Connectivity Solutions - The transparent antenna solution integrates antenna film with lens edges, improving communication performance while maintaining design flexibility [4] - Goer demonstrated new MEMS acoustic sensors with IP68 protection, suitable for various smart devices, and introduced low-power active cooling products for smartphones and smart glasses [6] Automotive Interaction Technologies - The company launched a car AI robot and dynamic control components to enhance in-vehicle interaction, featuring rapid response capabilities for emotional engagement [7] - Goer showcased advanced optical components for automotive applications, including a DLP headlight module and an AR HUD projection module, improving key optical parameters over previous generations [7]

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