Guolian Minsheng Securities·2025-08-04 08:23Investment Rating - The report maintains an investment rating of "Outperform the Market" [6][11]. Core Insights - The release of Xiaomi's new AI smart glasses on June 26, 2025, showcases advancements in battery life, weight, and functionality compared to competitors like Meta Ray-Ban. The potential replacement demand for AI glasses in the domestic market is significant, with retail sales of glasses priced above 2000 yuan reaching a million units [3][8][14]. Summary by Sections 1. Event: Xiaomi Launches New AI Smart Glasses - Xiaomi officially launched its new AI smart glasses, featuring a dual-chip architecture with Snapdragon AR1 and Hengxuan BES2700, which enhances battery life and reduces weight to 40g without lenses. The glasses have a typical battery life of 8.6 hours and can last up to 45 minutes during continuous shooting, outperforming Meta's 33 minutes [3][16][18]. 2. Analysis of AI Glasses Market Size and Potential - The AI glasses market is expected to grow significantly, with the potential to replace traditional glasses for myopic individuals and smart devices like TWS earphones and smartwatches. The domestic market for glasses priced above 2000 yuan has reached a retail volume of over 10 million units, indicating substantial replacement demand [8][31][34]. 3. Current Technology Pathways for AI/AR Smart Glasses - To address the challenges of weight, computing power, and battery life, manufacturers are exploring various solutions, including dual-chip designs and external battery packs. Xiaomi's glasses utilize a dual-chip structure to balance performance and power management [9][39]. 4. Layout of Light Industry Related Companies in the AI Glasses Field - Domestic manufacturers are forming strategic partnerships with optical lens manufacturers and channel partners to enhance their presence in the AI glasses market. Companies like Mingyue Optical and Doctor Glasses are actively collaborating with tech firms to leverage their distribution channels [10][11][22]. 5. Investment Recommendations: Maintain "Outperform the Market" Rating - In a structurally differentiated market environment, the report suggests focusing on high-growth sectors, particularly in new consumer areas driven by emotional value and technological empowerment. The light industry optical lens manufacturing and channel companies involved in AI glasses are highlighted as key areas for investment [11][34].