Huafu Securities·2025-10-08 06:12Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [5][11]. Core Insights - Meta's Ray-Ban Display smart glasses have seen a strong market response, with nearly all retail locations sold out and trial appointments fully booked before November. The company plans to double the number of sales points to ensure supply [1]. - Apple is shifting its focus from developing a low-cost Vision Pro headset to prioritizing the development of AI glasses to compete with Meta. The first version may not include a display and is designed to work with the iPhone, with a preview planned for 2025 and a release in 2027 [2]. - The smart glasses market is booming, with projections indicating that global sales of AI-enabled glasses will reach 14.5 million units by 2025, with a compound annual growth rate (CAGR) exceeding 50% from 2025 to 2029, potentially reaching 60 million units by 2029 [3]. Summary by Sections Meta's Smart Glasses - Meta's Ray-Ban Display smart glasses are experiencing high demand, with all retail locations sold out and trial appointments fully booked [1]. Apple's Strategic Shift - Apple is reallocating resources to focus on AI glasses development, with plans to preview the product in 2025 and release it in 2027 [2]. Market Growth Projections - The smart glasses market is expected to grow significantly, with sales projected to reach 14.5 million units by 2025 and a CAGR of over 50% from 2025 to 2029 [3].