智能眼镜：量变积累中，未来或已来

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - AI shooting glasses have reached a mature product form, and an industrial transformation is expected to occur. The focus will shift towards model capability upgrades, optimization of hardware and software performance, and deepening collaboration among industry leaders. The sales figures are largely based on assumptions, and marginal changes are key. It is crucial to gain recognition from the government, industry, and consumers [3] - The penetration rate of smart glasses in vertical scenarios such as meetings, assistance for visually impaired individuals, cycling, skiing, tourism, and live streaming is expected to increase sharply. These scenarios allow smart glasses to leverage their advantages in first-person perspective shooting, voice interaction, and intelligent recognition, with users showing strong willingness and ability to pay [3] - Smart glasses are transitioning from a basic hardware accumulation phase to a direction focused on intelligent assistance and smart assistant capabilities, potentially becoming intelligent collaboration and computing terminals. Continuous product iterations from major tech companies and advancements in waveguide technology may lead to faster-than-expected growth in AI glasses [3] - Future opportunities should be closely monitored in companies with strong lens customization capabilities, partnerships with major clients, and ongoing technological iterations, such as 康耐特光学, 英派斯, 明月镜片, and 博士眼镜 [3] Summary by Sections - AI Shooting Glasses: The product path is maturing, with key developments expected in model capabilities and industry collaborations. Recent partnerships and government initiatives are enhancing visibility and acceptance among consumers [3] - Vertical Scenarios: Smart glasses are likely to see steep penetration increases in specific applications due to their unique capabilities and user willingness to invest [3] - Future Development: The industry is moving towards more intelligent applications, with significant contributions from both domestic and international tech giants [3] - Key Companies to Watch: Companies with strong customization and collaboration capabilities are highlighted as potential leaders in the smart glasses market [3]