XR行业跟踪：近期软硬件迭代加速，AR眼镜产业有望加快成熟

Investment Rating - The industry investment rating is "Outperform the Market" [29] Core Viewpoints - The recent acceleration in hardware and software iterations in the AR glasses industry is expected to lead to faster maturity and new investment opportunities in consumer electronics [2][4] - Major companies like Meta and Meizu have launched new AR glasses and interactive hardware, indicating rapid development in product definition, interaction methods, hardware technology, and ecosystem construction [2][4] - Google Lens has a monthly search volume of 20 billion, showcasing significant user demand for visual search, which could enhance the potential for AR glasses applications [23][24] Summary by Sections Hardware Developments - Meta introduced its first AR glasses prototype, Orion, featuring Micro LED optics and a 70° field of view (FOV), along with an EMG wristband for interaction [6][8] - Meizu launched a new AR glasses product matrix, including StarV Air2 and StarV View, with advanced optical designs and competitive pricing [12][16] - The first polarization volume grating (PVG) AR glasses were showcased, highlighting advantages in clarity, color vibrancy, and FOV [19][22] Software and Ecosystem - Google Lens has expanded its capabilities with voice and video search features, indicating a growing ecosystem that could integrate with AR glasses [24][25] - The potential for Google Lens to transition from smartphones to AR glasses is significant, as it represents a typical use case for AR and AI integration [25] Investment Recommendations - The report recommends deep participation in the AR glasses supply chain, focusing on companies with core barriers such as GoerTek, Luxshare Precision, and Longqi Technology for assembly [2] - For SoC, it suggests Hengxuan Technology, which is expected to establish an advantage in low-power AR-specific SoCs [2] - In micro-display optics, it recommends Weir Shares, while also suggesting attention to companies like Sunny Optical Technology and Fuguang Shares [2]