2026年1月6日，全球规模最大，影响力最广泛的国际消费电子展(CES)在美国拉斯维加斯正式开幕。作 为XR技术产业链的代表企业，本届CES歌尔带来了"XR新年大礼包"：从具备肌电交互、采用"三芯"架 构的Rubis全彩显示多模态AR眼镜，到兼顾颜值和轻量化的Spinel AI 眼镜、Rubis全彩显示多模态AR眼 镜，再到各类不同组合的AR光学、VR光学、传感方案等，全面展现了消费电子领域中国智造的综合实 力。 一、 "三芯"架构+EMG交互打造旗舰产品，全彩刻蚀光波导AR眼镜Rubis亮相 消费级AI+AR眼镜迟迟难以爆发，核心痛点在于如何平衡显示效果、算力功耗与交互体验。歌尔此次 带来的展品——Rubis全彩显示多模态AR眼镜，提供了一套实现多维度性能平衡的系统化破局方案。 在核心的近眼显示光学上，Rubis使用歌尔光学自研全彩刻蚀光波导显示模组，这一全彩竖屏显示方案 带来更好的用户场景适配性，既保证了拍摄预览、AI信息提示、翻译等内容的清晰呈现，又最大限度 减少了对现实视野的遮挡，消除了佩戴者的隔离感。 不同于传统依赖单SoC方案，Rubis AR眼镜采用MCU+ISP+NPU三芯异构系统。该架构通过 ...

Group 1: Optical Solutions for AR Glasses - The optical solutions for AR glasses are primarily divided into two camps: "Birdbath" and "Waveguide" [1][17] - The Birdbath optical scheme is characterized by a simple structure that uses a beam splitter and a curved semi-transparent mirror to reflect images into the eye while allowing real light to pass through. It offers a large field of view and high contrast but has lower light transmittance and is difficult to miniaturize [1][17] - The Waveguide technology utilizes total internal reflection to transmit images through ultra-thin glass or crystal sheets, balancing device slimness with a large field of view, which is crucial for achieving a "normal glasses" form factor [4][20] Group 2: Types of Waveguide Technology - Waveguide technology is mainly categorized into geometric waveguides and diffractive waveguides. Geometric waveguides rely on traditional optical reflection/refraction principles and are characterized by high light utilization but are typically thicker [4][20] - Diffractive waveguides use nano-scale gratings on the lens surface to control light propagation, allowing for ultra-thin lenses but with lower light utilization efficiency [4][20] Group 3: Advantages of Silicon Carbide in Waveguides - Silicon carbide (SiC) materials exhibit multiple advantages in AR glasses waveguides, including a high refractive index (approximately 2.6), which allows for larger field angles and more compact designs [7][23] - SiC has excellent thermal conductivity (350-490 W/mK), enabling simplified heat management and lightweight designs for AR glasses [7][23] - The hardness and chemical stability of SiC enhance the durability and lifespan of waveguides, making them resistant to scratches and corrosion [7][23] Group 4: Market Trends and Developments - The commercialization of SiC waveguides in AR glasses is accelerating, with companies like Hangzhou Qiuguo planning to release mass-producible SiC waveguide XR glasses by 2025 [9][25] - Meta is set to showcase a prototype AR glasses named Orion in September 2024, featuring SiC lenses that significantly enhance the field of view compared to existing devices [9][25] - Companies are forming strategic partnerships to advance SiC waveguide technology, with a focus on integrating AR and AI trends [10][27] Group 5: Challenges in SiC Waveguide Commercialization - The complexity of manufacturing SiC waveguides poses challenges, as the material's hardness requires precision nano-scale manufacturing processes [15][31] - The high cost of SiC materials compared to traditional waveguide materials is a significant barrier to widespread adoption, particularly in consumer-grade AR glasses [15][31] - Integrating SiC waveguides with other optical components remains a technical challenge due to the material's properties [15][31] Group 6: Future Market Outlook - The market for SiC waveguides is projected to grow significantly, with forecasts indicating a production of 60 million units by 2030, primarily starting in industrial applications before moving to consumer electronics [16][32] - The optimization of light sources and waveguides will be crucial for enhancing AR glasses performance, with future designs focusing on the synergy between different light sources and waveguide technologies [16][32]

AI终端：2026年把握苹果、华为鸿蒙、AI眼镜、OpenAI硬件4条投资主线 (1)苹果产业链：苹果在全球消费电子产业链占据龙头地位，2025年开始，iPhone系列进入新的升级周 期，苹果计划2026年推出iPhone17E、折叠屏iPhone和AI眼镜等新品，且会对AI功能持续升级，果链有 望进入3年创新周期。(2)华为鸿蒙产业链：华为是具备全栈式研发创新能力的终端品牌厂商，2025年持 续在折叠屏设备领域推出新品，鸿蒙OS6支持多种AI智能体，大幅提升用户体验。未来随着上游芯片和 零部件国产化率提升，华为终端销量有望不断增长。(3)AI眼镜产业链：随着以Meta为代表的AI眼镜产 品销量持续攀升，国内外厂商积极入局，AI眼镜有望成为下一款千万级至亿级销量的终端产品。 (4)OpenAI终端硬件产业链：OpenAI高调入局终端硬件，从AI大模型厂商的视角出发，有望打造出爆款 原生AI硬件。 零组件：重点关注光学、电池及快充、散热、结构件及工艺等环节升级趋势 智通财经APP获悉，开源证券发布研报称，从消费电子行业数据上看，2025年手机/PC/平板等传统品类 增长保持平稳，而AI眼镜/AI服务器等品类呈现 ...

Core Viewpoint - The 2026 International Consumer Electronics Show (CES 2026) will take place from January 6 to 9 in Las Vegas, showcasing numerous A-share listed companies with their latest products in popular sectors such as robotics, smart hardware, and new energy vehicles [6]. Robotics - Ninebot will unveil a new multi-scenario lawn mowing robot, enhancing its product matrix [2]. - Stone Technology is expected to debut its "embodied intelligence black technology" as a representative of smart cleaning robots [7]. - Lingyi Technology will present a comprehensive robotics technology matrix, showcasing core components and application solutions [8]. - Zhaowei Electromechanical will showcase a new generation of dexterous hands with 20 degrees of freedom [9]. - Orbbec will release multiple 3D camera products suitable for humanoid robots, enhancing visual solutions for precise operations [9]. - Ecovacs will introduce a pool cleaning robot and the latest developments in embodied intelligence [9]. - Lens Technology will debut a highly dexterous bionic hand and head assembly, integrating self-developed reducers for improved performance [10]. - Megvii will collaborate with Yimai Intelligent to launch two new micro AI robot products [11]. Smart Glasses - Tianjian Co. will present its latest AI and AR glasses at CES 2026, focusing on AI glasses, AI headphones, and smart speakers [12]. - XGIMI Technology will globally launch its new AI glasses brand "MemoMind" [13]. - GoerTek will showcase multiple innovative MR/AR/smart glasses, enhancing the "AI + smart interaction" experience [13]. - Guangfeng Technology will present three LCoS AR optical products: Wax Girl G1, Dragonfly G1 mini, and Rainbow C1 [14]. Storage Solutions - Baiwei Storage will highlight consumer-grade storage solutions, including a Mini SSD that rivals flagship PCIe Gen4 SSDs, supporting Meta's AI/AR glasses [15]. - Jiangbolong will enhance its consumer market brand with a collaboration featuring a special edition storage product linked to the Argentina national football team [15]. - Rockchip will showcase audio and machine vision products, with its RK3588 chip being widely applied in various robotic forms [15]. Automotive Innovations - Great Wall Motors will return to CES with its full product line and core technology matrix, focusing on new energy and AI vehicles [17]. Display Technologies - TCL Technology will unveil its "machine king" series of televisions and the world's first printed OLED vehicle display solution [5]. - Hisense will launch a new generation of RGB-Mini LED display technology [5]. - BOE will showcase over 60 cutting-edge display technologies and IoT solutions, including the global debut of the "HERO 2.0 smart cockpit" [19].

Group 1 - NVIDIA's founder Jensen Huang emphasized the shift of AI from mere model competition to practical applications, focusing on "last mile" implementations during his keynote at CES 2026 [2][6] - The industry is transitioning from a "technology demonstration phase" to a "value realization phase," centering around real user scenarios [2] - AI technology is moving from "cloud-side intelligence" to "edge-side integration," becoming a fundamental infrastructure for human-computer interaction [2][6] Group 2 - CES serves as a platform for both tech giants and startups, particularly for Chinese companies to convert algorithms and technologies into tangible hardware [3] - AMD's CEO Lisa Su highlighted that AI is becoming a default capability in PCs, with AI performance improved by 1000 times over the past four years [9] - Intel introduced its third-generation AI PC processor, showcasing advancements in energy efficiency and CPU performance [11] Group 3 - Qualcomm launched the Snapdragon X2 Plus platform, featuring a 35% increase in single-core performance and a 43% reduction in power consumption [13] - IDC predicts that global AI PC shipments will reach 150 million units by 2027, with a penetration rate of 79% [13] - Major home appliance brands are now integrating AI into their products, focusing on enhancing core functionalities rather than superficial features [18] Group 4 - Companies like Hisense and TCL are showcasing advanced display technologies and AI-integrated home appliances at CES, with Hisense's RGB-Mini LED technology expected to see a significant increase in shipments [18][20] - Samsung plans to increase the number of mobile devices equipped with Google Gemini AI to 800 million by 2026 [22] - The competition among chip manufacturers is intensifying as they seek to define the future of physical AI [17] Group 5 - The CES 2026 highlighted the emergence of embodied intelligent robots and AI+AR glasses, indicating a shift from demonstration to market-ready products [29][34] - Startups are increasingly participating in CES to showcase innovative technologies and seek market opportunities [45] - The event serves as a critical platform for companies to adapt their strategies in response to rapid industry changes [47]

Core Viewpoint - The stock of GoerTek Inc. has experienced fluctuations, with a recent decline of 2.00% and a market capitalization of 104.24 billion yuan, reflecting mixed investor sentiment and trading activity [1]. Financial Performance - For the period from January to September 2025, GoerTek reported a revenue of 68.11 billion yuan, a year-on-year decrease of 2.21%, while the net profit attributable to shareholders increased by 10.33% to 2.59 billion yuan [2]. - Cumulatively, GoerTek has distributed 5.48 billion yuan in dividends since its A-share listing, with 2.23 billion yuan distributed over the past three years [3]. Shareholder Information - As of November 28, 2025, the number of shareholders for GoerTek increased to 362,700, marking a 6.46% rise, while the average number of circulating shares per person decreased by 5.87% to 8,652 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 102 million shares, a decrease of 4.19 million shares from the previous period [3].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [15]. Core Insights - The report emphasizes the importance of exploring supply chain opportunities from the demand side, particularly in the context of the upcoming CES event, which is expected to showcase a variety of new smart glasses products [3][9]. - The report highlights that 2026 is anticipated to be a year of significant growth for smart glasses, driven by supportive policies and supply upgrades, with a focus on enhancing product features and user experience [9]. Industry Overview - The light industry manufacturing sector comprises 164 listed companies with a total market capitalization of approximately 1,094.55 billion and a circulating market value of about 934.63 billion [6]. - The absolute performance of the industry over the past 12 months has been 32.9%, while the relative performance compared to the benchmark has been 5.8% [7]. Key Company Forecasts and Valuations - 康耐特光学 (Kangnait Optical) is projected to have an EPS of 1.18, 1.45, and 1.81 for 2025E, 2026E, and 2027E respectively, with a strong buy rating [4]. - The PE ratios for 康耐特光学 are forecasted to be 41.05, 33.26, and 26.64 for the same years, indicating strong growth potential [4]. Upcoming Events - The 2026 International Consumer Electronics Show (CES) is scheduled from January 6 to 9, showcasing over 50 exhibitors in the AI glasses segment, with significant product launches expected from various companies [9].

Group 1: Core Themes of CES 2026 - The core theme of CES 2026 is "human-centered" AI applications, attracting over 4,500 companies from more than 150 countries, including around 1,400 startups, with an exhibition area of 2.6 million square feet [3] - AI has transitioned from a showcase tool to a fundamental component in various smart hardware, including humanoid robots, smart glasses, smart appliances, AI smartphones, AI toys, and smart electric vehicles [2][3] - The event highlights a significant shift in AI's role from consumer-level toys to enterprise-level productivity tools, addressing real-world labor shortages in sectors like healthcare, logistics, and manufacturing [2] Group 2: Chinese Companies at CES 2026 - A total of 207 Chinese companies participated in CES 2026, with a net exhibition area exceeding 4,900 square meters, showcasing a strong presence in the global tech landscape [4] - Chinese companies, particularly in the robotics sector, are gaining attention for their global strategies, with firms like Fourier and Yushutech presenting advanced humanoid robots and solutions [4][5] - The participation of Chinese companies reflects a shift from merely showcasing consumer electronics to demonstrating capabilities in AI hardware manufacturing and assembly, indicating a growing confidence in global supply chain management [6][7] Group 3: Supply Chain Trends - An increasing number of electronic supply chain companies are participating in CES, showcasing their full-stack capabilities in AI hardware manufacturing and assembly [6] - Companies like Lianyi Zhizao and OFILM are using CES to communicate their core service offerings and deepen technical exchanges with global partners [6][7] - The active participation of supply chain enterprises at CES signifies a recognition of their manufacturing capabilities on a global scale, as they aim to expand their market presence [7]

Group 1 - The core theme of CES 2026 is the practical application of AI with a focus on "human-centered" technology, attracting over 4,500 companies from more than 150 countries, including around 1,400 startups, and covering an exhibition area of 2.6 million square feet [3] - AI has transitioned from being a mere showcase tool to a fundamental component in various smart hardware, including humanoid robots, smart glasses, smart appliances, AI smartphones, AI toys, and smart electric vehicles, indicating a significant shift in industry trends [1][2] - The presence of AI in nearly all hardware products at CES 2026 signifies an irreversible trend, with AI now playing a crucial role in decision-making processes across various sectors [2] Group 2 - Chinese companies have become a focal point at CES 2026, with 207 Chinese enterprises participating, covering a net exhibition area of over 4,900 square meters, showcasing their global industry leadership [4] - A notable trend is the increased participation of electronic supply chain companies at CES, demonstrating their capabilities in AI hardware manufacturing, assembly, and solutions, reflecting a shift in the industry's landscape [6] - Companies like Lingyi iTech and OFILM are using CES to showcase their advanced optical solutions and comprehensive services for humanoid robotics, indicating a strategic move towards global market engagement [6]

Group 1: Core Themes of CES 2026 - The core theme of CES 2026 is "human-centered" AI applications, attracting over 4,500 companies from more than 150 countries, including around 1,400 startups, with an exhibition area of 2.6 million square feet [3] - AI has transitioned from a showcase tool to a fundamental component in various smart hardware, including humanoid robots, smart glasses, smart appliances, AI smartphones, AI toys, and smart electric vehicles [1][2] - The focus of AI is shifting from consumer-level toys to enterprise-level productivity tools, addressing real-world labor shortages in sectors like healthcare, logistics, and manufacturing [2] Group 2: Chinese Companies at CES 2026 - A total of 207 Chinese companies participated in CES 2026, with a net exhibition area exceeding 4,900 square meters, showcasing a significant presence in the global tech landscape [4] - Chinese companies, particularly in the robotics sector, are gaining attention for their global strategies, with firms like Fourier and Yushutech presenting advanced humanoid robots and industry solutions [4] - The participation of Chinese companies in CES has evolved from primarily consumer electronics to include a growing number of supply chain enterprises, demonstrating their capabilities in AI hardware manufacturing and assembly [7] Group 3: Supply Chain and Globalization - An increasing number of electronic supply chain companies are attending CES to showcase their full-stack capabilities in AI hardware manufacturing, assembly, and solutions [7] - Companies like Lianyi Zhizao and OFILM are using CES to communicate their core service positioning and deepen technical exchanges with global partners [7] - The active participation of supply chain enterprises at CES indicates a recognition of their manufacturing capabilities on a global scale, reflecting a confidence in expanding their supply chain management capabilities internationally [8]