东北证券：AI+AR眼镜有望成为市场主流 镜片制造企业迎来发展新机遇

Group 1 - The core viewpoint is that AI+AR glasses are expected to surpass AI shooting glasses in market share by 2028, capturing nearly two-thirds of the market due to continuous technological updates and decreasing costs [1] - The current mainstream product is AI shooting glasses, with projected sales increasing from 5.5 million units in 2025 to 7 million units, and from 11 million units in 2026 to 18 million units [1] - The AI glasses market is anticipated to reach a scale of 149.996 billion yuan by 2030, with AI+AR glasses expected to meet both vision correction and display needs [1] Group 2 - Major tech companies like Meta and Alibaba are actively developing AI+AR glasses, with Meta's RayBan Display receiving positive market feedback, leading to a focus on fulfilling U.S. orders first [2] - Quark's AI glasses S1 have been well-received, prompting the addition of an assembly line to meet production demands [2] - Leading tech firms including Google, Amazon, Apple, and ByteDance plan to launch multiple AI glasses by 2026-2027, further validating the trend towards AI+AR glasses becoming mainstream [2] Group 3 - The potential user base for AI glasses is expanding from traditional glasses users to those with normal vision, with a focus on meeting both vision correction and display functionalities [3] - Companies like Quark, Rokid, and XREAL have established numerous offline experience stores, emphasizing the importance of traditional glasses users in their strategies [3] Group 4 - The integration challenges of waveguide and refractive lenses need to be addressed, with Rokid and Quark employing different solutions to tackle structural inconsistencies [4] - The one-piece bonding solution is expected to become the mainstream choice for integrating waveguide and refractive lenses, although it presents optical and customization challenges [4]