中国基金报·2025-09-03 04:39Core Viewpoint - The global smartphone market is experiencing a decline, while AI glasses are witnessing explosive growth, indicating a significant divergence in the consumer electronics industry [2][4]. Market Performance - The smartphone market showed a year-on-year decline of 1% in Q2 2025, marking the first drop in six quarters, with China's smartphone market down by 4% [4]. - In China, from January to May 2025, domestic smartphone shipments totaled 118 million units, a decrease of 2.8% year-on-year [5]. AI Glasses Growth - In stark contrast, the global smart glasses market saw a year-on-year increase of 110% in H1 2025, with AI glasses accounting for 78% of shipments, up from 46% in H1 2024 and 66% in H2 2024 [7]. - Industry analysts suggest that AI glasses represent a significant potential market, with expectations for increased delivery volumes in the latter half of 2025 [7]. Company Performance - Major companies in the supply chain are reporting strong financial results driven by AI glasses. For instance, Lens Technology achieved a net profit of 1.143 billion yuan, a year-on-year increase of 32.68% [8]. - GoerTek reported a net profit of 1.417 billion yuan, up 15.65% year-on-year, with progress in AI glasses and smart wearable products [8]. - Industrial Fulian led the consumer electronics sector with a revenue of 360.76 billion yuan, a 35.58% increase, and a net profit of 12.11 billion yuan, up 38.61% [9]. Industry Outlook - The consumer electronics sector is entering a new innovation cycle driven by AI, with products like AI PCs, AI smartphones, and smart wearables gaining traction [11]. - Analysts predict that the integration of AI technology across various devices will lead to a new wave of market demand, particularly in AI hardware upgrades and innovations in wearable technology [11].