消费电子：CES2025：从眼镜到陪伴机器人，AI加速硬件创新

Investment Rating - The industry investment rating is "In line with the market" [2] Core Insights - The 2025 CES highlighted the extensive application of AI across various hardware, including AI smartphones, computers, and innovative devices like AI refrigerators and learning companions [1] - The market for companion robots is rapidly growing, with the global market size expected to reach 304.3 billion yuan by 2029, reflecting a CAGR of 25.56% from 2024 to 2029 [6] - The report emphasizes the emergence of AI and AR glasses, with 47 models showcased at CES, indicating a competitive landscape in the eyewear segment [1] Summary by Sections AI and AR Glasses - Nearly 50 models of AI and AR glasses were exhibited, with 16 models being audio + camera AI glasses [1] - The report categorizes AI glasses into three types: pure audio AI glasses, audio + camera AI glasses, and display AI glasses [1] - Key products include GetD's AI audio glasses priced at $30 and various models from brands like 雷鸟 and Rokid featuring advanced display technologies [1][9] Companion Robots - Companion robots, such as Ropet and Ai Me, were significant highlights at CES, showcasing advanced emotional interaction capabilities [1] - Ropet simulates life-like responses and learns from user interactions, while Ai Me is described as a modular AI companion capable of various tasks [1][6] - The report notes the increasing societal focus on emotional needs, with the rise of companion robots addressing loneliness [6] Market Performance - The report provides performance metrics, indicating a relative return of -1.48% over one month and 15.36% over twelve months [4] - The absolute return figures show a decline of -8.83% over one month but a growth of 29.01% over twelve months [4] Recommended Stocks - The report suggests focusing on companies involved in optics, storage, cameras, and robotics, including names like 水晶光电, 歌尔股份, and 瑞芯微 [7]