风险提示：产品市场推广不及预期，行业竞争加剧等。 [Table_Report] 相关报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 相对 AR 眼镜，无显示功能的 AI 眼镜更好满足传统眼镜型态的底层需求逻辑，有望 率先起量。 投资要点： 产品力持续打磨，销售上量可期。目前而言，制约智能眼镜产品快 速渗透上量的制约因素及解决路径在于在于：1）依赖传统线下渠道 解决最后一公里，品牌方已启动与渠道方的强强联合。眼镜作为强 体验型产品，现阶段高度依赖线下验光与试戴服务。传统眼镜产品 两大类产品构，可视力矫正的屈光镜和墨镜，均需要个性化的线下 服务。2）产品重量及设计决定长时间佩戴舒适体验，有赖于轻量化 材料及组件布局优化。目前市面上的 AI 眼镜重量基本 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 本次质押股份不存在负担重大资产重组等业绩补偿义务。 三、股东股份质押展期的基本情况 ■ 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 青岛英派斯健康科技股份有限公司（以下简称"公司"）近日接到公司控股股东海南江恒实业投资有限公 司（以下简称"海南江恒"）通知，获悉海南江恒将所持有的本公司部分股份办理了解除质押、质押及质 押展期，具体事项如下： 一、股东股份解除质押的基本情况 ■ 注：质权人原为"国泰君安证券股份有限公司"，2025年4月更名为"国泰海通证券股份有限公司"。 二、股东股份质押的基本情况 2.股份质押证明文件； 本次质押股份不存在负担重大资产重组等业绩补偿义务。 四、股东股份累计质押情况 截至公告披露日，海南江恒所持质押股份情况如下： ■ 注：本公告中"持股比例"、"占公司总股本比例"均未剔除公司回购专用账户中的股份数。 五、其他情况说明 截至本公告日，控股股东海南江恒质押的股份不存在平仓或被强制过户的风险，质押风险在可控范围之 内，不存在影响公司生产经营、公司治理的情形，也不会导致公司实际控 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——地方国资开始"抄底"法拍房！单价六七千元"扫货"广州南沙区超60套房 源，同小区二手房挂牌均价逾2万元 每经AI快讯，英派斯1月23日晚间发布公告称，截至本公告日，海南江恒实业投资有限公司累计质押股 数为2023万股，占其所持股份比例为46.69%。 ...

Market Overview - The entertainment products sector increased by 0.43% on January 23, with Qixin Group leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Qixin Group (002301) closed at 8.38, up 3.08%, with a trading volume of 368,300 shares and a transaction value of 306 million yuan [1] - Tongda Chuangzhi (001368) closed at 28.90, up 2.30%, with a trading volume of 35,300 shares and a transaction value of 101 million yuan [1] - Huali Technology (301011) closed at 28.15, up 1.88%, with a trading volume of 28,800 shares and a transaction value of 80.81 million yuan [1] - Mingyue Optical (301101) closed at 44.80, up 1.86%, with a trading volume of 39,400 shares and a transaction value of 176 million yuan [1] - Zhejiang Zhengte (001238) closed at 57.41, up 1.79%, with a trading volume of 6,672 shares and a transaction value of 38.09 million yuan [1] Capital Flow - The entertainment products sector experienced a net outflow of 165 million yuan from institutional investors, while retail investors saw a net inflow of 145 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Qixin Group had a net inflow of 26.39 million yuan from institutional investors, but a net outflow of 2.38 million yuan from speculative funds [3] - Yingpais (002899) saw a net inflow of 12.42 million yuan from institutional investors, while retail investors had a net outflow of 16.35 million yuan [3] - Guangbo Co. (002103) had a net inflow of 5.94 million yuan from institutional investors, with a net outflow of 11.49 million yuan from retail investors [3]

证券代码：002899 证券简称：英派斯 公告编号：2026-006 青岛英派斯健康科技股份有限公司 本次质押股份不存在负担重大资产重组等业绩补偿义务。 关于控股股东部分股份解除质押、质押及质押展期的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 青岛英派斯健康科技股份有限公司（以下简称"公司"）近日接到公司控股 股东海南江恒实业投资有限公司（以下简称"海南江恒"）通知，获悉海南江恒 将所持有的本公司部分股份办理了解除质押、质押及质押展期，具体事项如下： 注：质权人原为"国泰君安证券股份有限公司"，2025 年 4 月更名为"国泰海通证券 股份有限公司"。 | 股东名称 | 是否为控股 股东或第一 | 本次质 | 占其所持 | 占公司总 | 是否 | 是否 为补 | 质押 | 质押 | 质权 | 质押用 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其 | 押数量 | 股份比例 | 股本比例 | 为限 | 充质 | 起始 | 到期 | 人 | 途 ...

Group 1: Market Reaction and Investment Opportunities - The Chinese U23 men's football team achieved a historic victory, defeating Vietnam 3-0, which triggered a surge in "football concept stocks" in the capital market, including companies like Tsinghua Tongfang and Inpai [1] - The victory is seen as a catalyst for a valuation recovery in the football industry, signaling a potential market shift as the 2026 World Cup approaches, which is expected to be a "football year" with significant economic implications [1][2] - The unexpected rise of the U23 team is accelerating interest in the football market, with amateur player numbers nearly doubling to 980,000 in 2025, indicating a growing commercial demand [2] Group 2: Industry Growth and Projections - China's sports event market is projected to reach nearly 40 billion yuan by 2025, while the broader outdoor sports industry is expected to exceed 3 trillion yuan [3] - The demand for artificial turf in football fields is anticipated to grow significantly, with over 54% of future demand coming from renovations rather than new constructions [4] - The Chinese sports apparel market is expected to reach $27 billion by 2026, driven by companies like Anta and Li Ning, which are focusing on youth leagues and national team sponsorships [4] Group 3: Technological Integration and AI in Football - The upcoming 2026 World Cup presents a complex challenge for event services, with an increase in teams and matches, necessitating advanced technology for logistics and audience engagement [6] - Lenovo, as a technology partner for the World Cup, is leveraging AI to enhance various aspects of the event, including tactical analysis and real-time officiating support [6][7] - The global sports market for AI is projected to grow from $1.2 billion in 2024 to $4.7 billion by 2034, indicating a significant opportunity for tech companies in the sports sector [7] Group 4: Policy Support and Long-term Outlook - The Chinese government's "14th Five-Year Plan" emphasizes the role of the sports industry in boosting domestic demand and economic resilience, with a target of over 70,000 football fields by 2025 [8] - The development of a grassroots competition system is underway, with urban leagues being established across 16 provinces, fostering a non-commercial growth model that supports the entire industry chain [8] - Analysts caution that while the football industry shows promise, the path to monetization remains complex, with future growth likely stemming from the integration of sports and technology [9]

证券之星消息，1月22日文娱用品板块较上一交易日上涨0.36%，英派斯领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。文娱用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002899 | 英派斯 | 34.19 | 4.30% | 5.16万 | | 1.73亿 | | 300220 | 光源区分 | 15.88 | 1.73% | 4.60万 | | 7267.14万 | | 6688809 | 晨光股份 | 28.32 | 1.51% | 4.95万 | | 1.39亿 | | 002103 | 广博股份 | 9.96 | 1.22% | P 20.09万 | | 2666T | | 002301 | 齐心集团 | 8.13 | 1.12% | 25.46万 | | 2.07亿 | | 002575 | 群兴玩具 | 6.26 | 0.64% | 13.18万 | | 8219.59万 | | ...

智通财经APP获悉，国泰海通发布研报称，AI眼镜由于融入了更多的电子元件，其产业链的上下游环节 规模更为庞大。智能眼镜产业链有望步入快速成长期，产业链相关公司将迎接景气上行周期。XR创业 公司通常与传统眼镜厂商合作。技术突破+新品驱动之下，我国AI眼镜销量逐季快速增长。该行推荐国 内镜片品牌龙头明月镜片(301101.SZ)以及英派斯(002899.SZ)。 国泰海通主要观点如下： Ray-Ban Meta开启智能眼镜产品新周期 2023年9月28日，MetaConnect2023拉开帷幕，Meta和依视路陆逊梯卡合作的新款智能眼镜Ray-Ban Meta 也正式发布。Ray-Ban Meta配备扬声器、摄像头等组件，在图像及视频质量、音频效果和佩戴体验上均 较上一代Ray-Ban Stories有所提高;在软件方面，Ray-Ban Meta接入了Meta自研的大模型Llama3。此外， Ray-Ban Meta还具备直播功能，并且可与Facebook、Instagram等Meta社交平台无缝衔接，带来全新的应 用场景空间。 供应链具备消费电子属性，全产业链跨界加速布局 与传统眼镜产业链相比，AI眼镜由于融入 ...

2023年9月28日，MetaConnect2023拉开帷幕，Meta和依视路陆逊梯卡合作的新款智能眼镜Ray-Ban Meta 也正式发布。Ray-Ban Meta配备扬声器、摄像头等组件，在图像及视频质量、音频效果和佩戴体验上均 较上一代Ray-Ban Stories有所提高;在软件方面，Ray-Ban Meta接入了Meta自研的大模型Llama3。此外， Ray-Ban Meta还具备直播功能，并且可与Facebook、Instagram等Meta社交平台无缝衔接，带来全新的应 用场景空间。 供应链具备消费电子属性，全产业链跨界加速布局 国泰海通主要观点如下： Ray-Ban Meta开启智能眼镜产品新周期 国泰海通发布研报称，AI眼镜由于融入了更多的电子元件，其产业链的上下游环节规模更为庞大。智 能眼镜产业链有望步入快速成长期，产业链相关公司将迎接景气上行周期。XR创业公司通常与传统眼 镜厂商合作。技术突破+新品驱动之下，我国AI眼镜销量逐季快速增长。该行推荐国内镜片品牌龙头明 月镜片（301101）(301101.SZ)以及英派斯（002899）(002899.SZ)。 与传统眼镜产业链相比，AI ...

Investment Rating - The report rates the smart glasses industry as "Buy" [1] Core Insights - The smart glasses industry is expected to enter a rapid growth phase, with related companies poised to benefit from an upturn in market conditions. Recommended companies include Mingyue Lens, which is actively collaborating with leading brands in the industry, and Inpai, which is accelerating its layout in the smart sports equipment sector [2][66] - The launch of the Ray-Ban Meta smart glasses marks a new cycle in smart glasses products, featuring improved audio and video quality, and integration with Meta's social platforms [2][66] - The supply chain for smart glasses has expanded significantly, incorporating more electronic components compared to traditional eyewear, with a diverse range of manufacturers involved [2] Summary by Sections New Product Developments - The domestic AI glasses market has seen a rapid increase in sales, with 210,000 units sold in Q3 2025, a 200% quarter-on-quarter growth. Major contributors include Xiaomi, Ray-Ban Meta, and others [5][8] - Xiaomi's AI glasses are projected to surpass 300,000 units sold by the end of 2025, while the Ray-Ban Meta has achieved global sales of 1.12 million units in Q3 2025, reflecting a nearly 50% increase [5][6] Key Players and Products - Major AR glasses manufacturers are actively launching new products, including: - Ray-Ban V3 by FFALCON, released in January 2025 - INMO Air 3, set to launch in November 2024 - Rokid Glass, expected to be available in June 2025 [6][15] - The report highlights the emergence of unicorn brands in the AI glasses sector, with valuations exceeding 1 billion RMB for companies like INMO and Rokid [11] Market Trends and Projections - The CES 2026 event is expected to showcase a significant increase in AI glasses exhibitors, with 55 companies participating, up from over 30 in 2025 [11][14] - The report anticipates continued innovation in 2026, with major tech companies like Google and Apple planning to release new AI glasses [14] Financial Projections - Financial forecasts for key companies in the smart glasses sector indicate a positive outlook, with Mingyue Lens and Inpai both rated as "Buy" based on their earnings per share (EPS) projections for 2025 to 2027 [68]