电子：创新AI交互载体，AR眼镜快速发展

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights the rapid development of AI/AR glasses, driven by advancements in AI technology and the emergence of various new products from major manufacturers [5][6] - The AR display technology is continuously evolving, with multiple solutions coexisting, including optical and display technologies [10][12] - Micro OLED technology is maturing, while Micro LED production technology is still facing challenges [22][28] Summary by Sections 1. AI Leads the Charge in AR Glasses - AR glasses are emerging as a new wearable device that combines augmented reality display functions with the form of glasses, offering features like display, virtual-real fusion, and portability [5] - The introduction of AI capabilities has led to a surge in AI/AR glasses products, with major companies like Ray-Ban Meta, Huawei, and others launching new models [6][8] 2. Continuous Iteration of AR Display Technology - The main display technologies for AR include projection display, LCD, LED, OLED, Micro OLED, and Micro/Mini LED, while optical solutions are categorized into Optical See-Through (OST) and Video See-Through (VST) [10][11] - The optical waveguide solution is currently the only one that allows AR glasses to maintain a form factor similar to regular glasses, providing advantages in thickness, field of view, and light transmission [13][14] 3. High Maturity of Micro OLED Technology and Challenges for Micro LED - The Micro OLED supply chain includes upstream raw materials, assembly components, manufacturing, and testing equipment, with significant market share held by Japanese and Korean companies [25][24] - Micro LED technology is still in the process of overcoming production challenges, particularly in achieving full-color displays and mass transfer issues [28][36] 4. Company Analysis - Key players in the Micro LED sector include Huazhuan Optoelectronics, Liyade, and others, while Micro OLED manufacturers include BOE, Aolai Technology, and others [22][27] - The report suggests monitoring companies involved in the AR industry, particularly those focusing on Micro LED and Micro OLED technologies [22][27]