消费电子：端侧AI风起云涌，眼镜终端系最佳落地场景之一

Investment Rating - The industry investment rating is "In line with the market" [2][8] Core Viewpoints - The rise of edge AI is creating significant opportunities, with smart glasses being one of the best application scenarios for AI. Compared to traditional devices like smartphones and computers, smart glasses offer portability, human compatibility, and scalability, making them ideal for AI integration [2][4] - Smart glasses can provide seamless social experiences, allowing users to interact socially without interrupting their current activities. They can also share perspectives and experiences through integrated cameras and AR technology, enhancing social interaction [2][4] - The report highlights three main categories of smart glasses based on user needs: audio glasses, video glasses, and AR+AI glasses, with price ranges typically between 500 yuan and 5,000 yuan depending on functionality [2][4] Summary by Sections Investment Highlights - The demand for smart wearable devices is increasing, driven by the rise of generative AI models, pushing AI audio glasses into a broader market. In the short term, AI audio glasses are expected to replace traditional headphones, leveraging AI to enhance user experience [5] - Key manufacturers and suppliers in the supply chain include companies specializing in optics, assembly, storage, camera modules, SoC, structural components, and displays [5] Market Performance - The report indicates a projected increase in the user base for AR glasses, although the user profile remains somewhat unclear at this stage. AI audio glasses are positioned to capture a new audio market segment [5]