电子行业2025年度策略之端侧AI：智能眼镜-智能化与交互迭代落地，驱动行业爆发

Investment Rating - The report rates the electronic industry as "positive," expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [40]. Core Insights - The smart interactive glasses market is experiencing a surge driven by the successful launch of the Ray-Ban Meta product, which combines intelligence and interactive features [2][6]. - Global eyewear sales reached 1.4 billion units, with a low penetration rate of smart AR glasses, indicating significant future growth potential [12]. - The evolution of product technology is leading to a coexistence of various product forms, including smart audio, video, and AR glasses [2][4]. - Core components such as optical engines and waveguides are critical for growth, with multiple technology solutions expected to coexist [2][27]. Summary by Sections Smart Interactive Glasses - The Ray-Ban Meta product has achieved sales of over 2 million units, significantly surpassing the previous year's total smart glasses sales of approximately 1 million units [7][12]. - The shift from traditional AR's focus on interaction to a more practical approach with the Ray-Ban Meta model is reshaping industry strategies [7][12]. Product Development - The report outlines three generations of smart glasses: - 1.0 focuses on audio interaction [18]. - 2.0 integrates audio and video capabilities [20]. - 3.0 introduces AR functionalities with advanced optical components [22]. - The transition from audio to video and AR interactions is driven by technological advancements and cost reductions [14][18]. Core Components - Optical engines and waveguides are identified as key growth components, with micro-LED and LCoS technologies expected to coexist in the market [32][33]. - The report highlights the advantages of diffraction waveguides over reflection waveguides, particularly in terms of production cost and efficiency [33]. Investment Opportunities - The report suggests focusing on potential blockbuster products and core component investments, with companies like GoerTek, Edifier, and others identified as key players [36]. - The coexistence of multiple brands and product types in the smart glasses market presents significant investment opportunities [36].