从资金流向上来看，当日文娱用品板块主力资金净流入9047.05万元，游资资金净流出4408.31万元，散户 资金净流出4638.74万元。文娱用品板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 605080 | 浙江自然 | 26.90 | 10.02% | 7.54万 | | 1.9867 | | 002678 | 珠江钢琴 | 5.63 | 9.96% | 37.23万 | | 2.03亿 | | 002575 | 群兴玩具 | 7.40 | 4.08% | 119.20万 | | 8.65亿 | | 300651 | 金陵体育 | 24.31 | 3.93% | 18.81万 | | 4.59亿 | | 300703 | 创源股份 | 27.13 | 3.08% | 10.07万 | | 2.69亿 | | 6688809 | 昌米股份 | 28.09 | 2.15% | 5.75万 | | 1.60亿 | | 662569 | 舒华体育 | 11 ...

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 ...

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]

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]

Market Overview - The entertainment products sector increased by 0.01% on January 20, with Qixin Group leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down by 0.01%, while the Shenzhen Component Index closed at 14155.63, down by 0.97% [1] Top Performers - Qixin Group (002301) closed at 8.19, up by 3.02%, with a trading volume of 407,800 shares and a transaction value of 330 million yuan [1] - Chenguang Group (6688809) closed at 28.25, up by 1.99%, with a trading volume of 79,000 shares and a transaction value of 221 million yuan [1] - Source Medical (001222) closed at 23.92, up by 1.57%, with a trading volume of 29,400 shares and a transaction value of 70.11 million yuan [1] Underperformers - Hailun Piano (300329) closed at 15.20, down by 5.00%, with a trading volume of 86,000 shares and a transaction value of 132 million yuan [2] - Zhejiang Natural (605080) closed at 25.80, down by 4.83%, with a trading volume of 77,600 shares and a transaction value of 202 million yuan [2] - Gaole Shares (002348) closed at 6.02, down by 3.22%, with a trading volume of 314,400 shares and a transaction value of 192 million yuan [2] Capital Flow - The entertainment products sector saw a net inflow of 3.75 million yuan from institutional investors, while retail investors experienced a net outflow of 101 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional buying and retail selling [2] Individual Stock Capital Flow - Mingyue Lens (301101) had a net inflow of 27.42 million yuan from institutional investors, while retail investors saw a net outflow of 26.08 million yuan [3] - Qixin Group (002301) experienced a net inflow of 25.44 million yuan from institutional investors, with retail investors facing a net outflow of 44.78 million yuan [3] - Guangbo Shares (002103) had a net inflow of 17.20 million yuan from institutional investors, while retail investors saw a net outflow of 31.73 million yuan [3]

Market Overview - The entertainment products sector experienced a decline of 1.04% on January 15, with Sanbaisuo leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - Notable gainers in the entertainment products sector included: - Tongda Chuangzhi (001368) with a closing price of 26.19, up 2.46% [1] - Zhejiang Zhengte (001238) at 52.75, up 2.19% [1] - Chenguang Co. (6688809) at 27.96, up 1.30% [1] - Significant decliners included: - Sanbaisuo (001300) at 17.00, down 4.97% [2] - Chuangyuan Co. (300703) at 26.98, down 4.66% [2] - Qunxing Toys (002575) at 6.41, down 3.75% [2] Capital Flow - The entertainment products sector saw a net outflow of 208 million yuan from institutional investors, while retail investors had a net inflow of 161 million yuan [2] - The sector's capital flow details indicate: - Yingpais (002899) had a net inflow of 19.16 million yuan from institutional investors [3] - Shuhua Sports (605299) saw a net inflow of 18.11 million yuan from institutional investors [3] - Morning Light Co. (603899) had a net inflow of 5.89 million yuan from institutional investors [3]

Market Overview - The Shanghai Composite Index is at 4178.99 points, above the five-day moving average, with an increase of 0.97% [1] - The total trading volume of A-shares is 16,022.67 billion yuan [1] Stocks Breaking the Five-Day Moving Average - A total of 894 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Hanbo High-tech: 14.98% deviation, with a price increase of 20.01% [1] - Doctor Glasses: 14.96% deviation, with a price increase of 19.99% [1] - Hongxiang Co.: 13.46% deviation, with a price increase of 20.03% [1] Additional Stocks with Notable Performance - Other stocks with substantial price increases and deviation rates include: - Lakala: 20.01% increase, 13.20% deviation [1] - Nake Equipment: 20.01% increase, 12.15% deviation [1] - Yihua Tong: 16.76% increase, 11.90% deviation [1] Summary of Key Stocks - The following table summarizes key stocks that have broken the five-day moving average: | Stock Code | Stock Name | Daily Change (%) | Turnover Rate (%) | Five-Day MA (yuan) | Latest Price (yuan) | Deviation (%) | | --- | --- | --- | --- | --- | --- | --- | | 301321 | Hanbo High-tech | 20.01 | 10.46 | 20.03 | 23.03 | 14.98 | | 300622 | Doctor Glasses | 19.99 | 22.49 | 33.83 | 38.89 | 14.96 | | 300427 | Hongxiang Co. | 20.03 | 23.40 | 13.89 | 15.76 | 13.46 | | 300773 | Lakala | 20.01 | 16.76 | 28.34 | 32.08 | 13.20 | | 688419 | Nake Equipment | 20.01 | 9.81 | 36.15 | 40.54 | 12.15 | | 688339 | Yihua Tong | 16.76 | 8.38 | 29.88 | 33.44 | 11.90 | | 300313 | *ST Tianshan | 15.19 | 5.13 | 8.69 | 9.63 | 10.77 | | 688109 | Pinming Technology | 14.80 | 3.74 | 133.97 | 147.52 | 10.12 | | 301101 | Mingyue Mirror | 13.09 | 5.34 | 44.69 | 48.99 | 9.61 | | 300844 | Shanshui Bide | 14.32 | 2.57 | 39.42 | 43.10 | 9.34 | [1]

Market Overview - On January 14, the AI glasses sector experienced a collective surge, with companies like Hanbo High-tech, Biyi Co., and Doctor Glasses hitting the daily limit up, while other firms such as Mingyue Lens and Rainbow Technology also saw significant gains [1] Company Highlights - Hanbo High-tech (301321.SZ) saw its stock price rise to 23.03, an increase of 20.01%, as it provides core components for MR/R terminal manufacturers [2] - Biyi Co. (603215.SS) reached a price of 22.90, up by 9.99%, with its subsidiary being the largest domestic producer of AR glasses waveguide modules, having launched a production line with a capacity of 100,000 units [2] - Doctor Glasses (300622.SZ) reported a stock price of 38.89, increasing by 19.99%, focusing on the last-mile fitting services for smart glasses and collaborating with various brands [2] - Mingyue Lens (301101.SZ) offers smart glasses with voice assistant features, achieving a price of 49.11, up by 13.37% [2] Industry Events - On January 13, Bloomberg reported that Meta suggested EssilorLuxottica SA increase its annual production capacity to 20 million units or more by the end of 2026, with discussions for further expansion to 30 million units if demand remains strong [3] - Major tech companies like Apple, Google, and ByteDance are accelerating their investments in the AI glasses market, with Apple planning to unveil Apple Glasses at WWDC 2026 and ByteDance expected to release its first AI glasses in Q1 2026 [3] Institutional Insights - The AI glasses market is projected to become a high-volume product, with global sales expected to reach 90 million units by 2030, reflecting a compound annual growth rate (CAGR) of 97.42% over six years [4] - The core innovation in AI glasses is driven by generative AI, transforming them from expensive accessories to interactive smart devices, with prices dropping to the consumer-friendly range of around 1,500 yuan [5] - The industry is entering a rapid growth phase, addressing previous issues of high pricing and limited functionality, with over 80% penetration of features like AI dialogue and AR navigation [5]