消费电子：Meta Ray-Ban再进化，模型/生态为眼镜终端竞争所在

Investment Rating - The industry investment rating is "In line with the market" [2][8] Core Viewpoints - The Meta Ray-Ban smart glasses have undergone a significant update with the introduction of the "Live AI" feature, enhancing user interaction [2] - The "Live AI" function allows the glasses to capture video and provide hands-free assistance based on real-time activities, offering practical suggestions during daily tasks [2] - The glasses also feature real-time translation capabilities and Shazam integration for song identification, currently available to users in the US and Canada [2] - The hardware configuration of AI glasses is highly standardized, indicating that future competition will focus more on ecosystem and AI model differentiation [2] Summary by Relevant Sections Investment Highlights - The demand for smart wearable devices is increasing, and the rise of generative AI models is pushing AI audio glasses into a broader market [5] - AI audio glasses are positioned to replace traditional headphones, leveraging AI to enhance user experience and market appeal [5] - Recommended companies to watch include those involved in the supply chain or with relevant technological reserves, such as optical companies and assembly firms [5] Market Dynamics - The AI glasses market is characterized by high hardware configuration homogeneity, with common components like the AR1 chip and Sony 681 image sensor [2] - The competition among major players will likely center around ecosystem development and AI model capabilities rather than hardware specifications [2]