XR系列报告之眼镜终端：先AI后AR，眼镜终端打响电子化、智能化攻坚战

Investment Rating - The report maintains an investment rating of "Market Perform - A" for the consumer electronics industry, specifically focusing on the XR series of eyewear terminals [1]. Core Insights - The eyewear terminal market is categorized into four main types: smart audio glasses, information display/true AR glasses, projection glasses, and spatial computing devices, with the ultimate goal of functional integration [1][3]. - The success of Meta's Ray-Ban is attributed to brand strength, design, and channel support, along with a high-value experience combining POV cameras and OWS headphones [3]. - The report emphasizes that while AI audio and information display glasses serve as smartphone accessories, they are positioned differently, with AI glasses aiming to create a personal assistant experience [4]. Summary by Sections 1. Introduction - The report identifies four types of eyewear terminals, each with unique features, aiming for a final form that closely resembles traditional eyewear while integrating AI and spatial computing functionalities [1][6]. - Projection glasses combine the functionalities of glasses, headphones, and screens, enhancing user experience across various environments [1][6]. 2. Technology - Key technological advancements in eyewear include large models, SoC, display, and optical technologies [2][4]. - The report highlights the competitive landscape of AI models, noting that domestic models are closing the gap with international counterparts in multimodal capabilities [2][23]. - Display technologies are categorized into Micro OLED and Micro LED, with specific applications for different types of AR glasses [2][4]. 3. Supply Chain - The report notes that high-value categories like Ray-Ban Meta are predominantly sourced overseas, while Huawei's Vision Glass has over 90% localization [4][10]. 4. Market Dynamics - The positioning of AI glasses will determine market space in the short term, while long-term penetration into the eyewear market is anticipated as electronic and intelligent features evolve [4][5]. - The report suggests that as eyewear becomes more electronic and intelligent, it is expected to gradually penetrate the broader eyewear market, with AR and AI glasses projected to become the next generation of universal computing terminals [4][5]. 5. Related Companies - The report recommends monitoring companies involved in the supply chain for these products, including optical firms like Crystal Optoelectronics and GoerTek, as well as assembly and SoC manufacturers [4].