方正证券：场景需求始终是核心逻辑 AI眼镜或成为智能核心入口

Group 1 - The core viewpoint is that AI glasses must focus on diverse user scenarios to evolve from mere tools to scene partners, enhancing communication efficiency, protection, and collaboration across various environments [1] - The launch of Li Auto's AI glasses, Livis, on December 3, 2025, targets automotive scenarios with a starting price of 1999 yuan, eligible for a 15% national subsidy, addressing key needs in driving convenience and safety [1] - The design of AI glasses should integrate hardware innovation, software adaptation, and ecosystem collaboration to seamlessly empower users in multiple scenarios, ultimately becoming a smart core entry point in their lives [1] Group 2 - Multiple brands are releasing various AI glasses targeting different scenarios, including Meta's Ray-Ban DisplayAI for social experiences, Alibaba's S1 for daily consumption, and XREAL's Air2 for viewing experiences [2] - Xiaomi's AI glasses are positioned as a "home control center" by integrating smart home and automotive ecosystems, evolving from a single wearable device to a seamless smart interaction platform [2] - The future will see AR as an entry point and AI as a central hub, enabling proactive device interaction and cross-platform collaboration to overcome information fragmentation and enhance user experience [3]