BABA(US:BABA) Huaan Securities·2025-11-28 03:44Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - Alibaba officially launched its AI smart hardware product, Quark AI Glasses S1, on November 27, 2025, which features a comprehensive set of functions including navigation, payment, price recognition, and AI voice/image Q&A capabilities [4] - The Quark AI Glasses S1 utilizes a dual-chip design with Qualcomm AR1 flagship chip and Hengxuan BES2800 chip, addressing performance and power consumption needs across different scenarios [4] - The AI smart glasses sector is seeing significant interest from major players, with Alibaba forming an industry ecosystem alliance with Qualcomm and other companies to enhance the supply chain [5] Summary by Sections Product Launch - The Quark AI Glasses S1 includes features such as AI voice Q&A, translation, and schedule management, supported by a self-developed Master Agent model for complex command processing [4] Supply Chain and Partnerships - The glasses are equipped with various chips from Aiwei Electronics and Nanchip Technology, ensuring a comprehensive power supply system for different charging needs [5] - Other companies like Ideal Auto and Samsung are also entering the AI glasses market, indicating a growing trend in the sector [6] Market Trends - The report highlights the increasing integration of AI models and augmented reality technology, suggesting a potential growth trajectory for the smart glasses market [5][6]