责任编辑：栎树 1月14日，港股半导体股集体拉升上涨，其中，华虹半导体涨超5%，晶门半导体、中芯国际涨2%，纳 芯微涨1.6%，兆易创新、中电华大科技、贝克微、英诺赛科皆油涨幅 消息上，国信证券最新研报指出，半导体景气超预期，多环节陆续提价，AI眼镜放量在即。继续推荐 周期复苏的模拟芯片企业纳芯微等，及晶圆代工企业中芯国际、华虹半导体等。 油研究机构预测，2026年全球8英寸晶圆厂的平均产能利用率将攀升至85%至90%区间，较2025年的75% 至80%实现明显改善。这种变化既反映了下游应用领域的复苏态势，也预示着晶圆代工行业可能进入新 的价格调整周期。值得一提的是，1月13日，据美国联邦公报显示，美国放宽了对英伟达H200芯片出口 到中国的监管规定。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01347 | 华虹半导体 | 94.450 | 5.30% | | 01304 | FORTIOR | 132.600 | 4.08% | | 02203 | 脑洞科技 | 0.255 | 2.82% | | 02878 | 晶门半导体 | 0.475 ...

港股半导体股集体拉升上涨，其中，华虹半导体涨超5%，晶门半导体、中芯国际涨2%，纳芯微涨 1.6%，兆易创新、中电华大科技、贝克微、英诺赛科皆油涨幅 值得一提的是，1月13日，据美国联邦公报显示，美国放宽了对英伟达H200芯片出口到中国的监管规 定。 消息上，国信证券最新研报指出，半导体景气超预期，多环节陆续提价，AI眼镜放量在即。继续推荐 周期复苏的模拟芯片企业纳芯微等，及晶圆代工企业中芯国际、华虹半导体等。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01347 | 华虹半导体 | 94.450 | 5.30% | | 01304 | FORTIOR | 132.600 | 4.08% | | 02203 | 脑洞科技 | 0.255 | 2.82% | | 02878 | 晶门半导体 | 0.475 | 2.15% | | 00981 | 中古国际 | 75.900 | 1.95% | | 09903 | 天数智芯 | 174.000 | 1.81% | | 02676 | 纳芯微 | 136.200 | 1.64% | | 03986 | ...

据行业动态披露，META计划到2026年将AI眼镜Ray-Ban的产能翻一番，达到2000万件。 这一举措背后，是AI眼镜行业的快速崛起与市场需求的持续扩容。2024年全球智能眼镜销量152万台， 其中RayBan Meta成为行业爆款。 国内方面，国内外企业正密集布局该赛道，CES 2026上雷鸟创新、XREAL、Rokid等中国品牌集体亮 相，谷歌、苹果、字节跳动等大厂也明确了2026年新品计划。政策层面，3C数码新增智能眼镜国补品 类，补贴15%上限500元，进一步激活市场需求。 国泰海通证券表示，AI眼镜产业链已步入快速成长期，2025-2029年全球销量CAGR预计达109%，2029 年将达到6000万台规模，中国市场占重要份额。招商证券认为，AI眼镜成为消费电子增量核心方向， 下游品牌加速推新，上游光学方案、AI算法等环节受益显著，国补政策落地进一步催化市场需求释 放。 上下游方面，上游光学镜片、光波导、传感器等零部件企业将受益于终端产能扩张，中游制造厂商承接 头部品牌订单，下游品牌凭借场景化应用与生态整合抢占市场份额。 具体公司中，据上市公司公告、互动平台及券商研报表示， 明月镜片：国内镜片品 ...

来源：新浪证券-红岸工作室 1月13日，星宸科技跌3.82%，成交额6.11亿元，换手率5.16%，总市值264.20亿元。 异动分析 AI眼镜+智能穿戴+福建自贸区+芯片概念+人工智能 1、2025年9月17日互动易：公司已有适用于AI眼镜的芯片，已出货至终端客户，也在与手机品牌、初 创潮牌、ODM、方案商等多类客户持续接洽与合作中。 2、2024年4月11日互动易：南京起跑线穿戴电子科技有限公司的卫星导航S10芯片特点主要是超低功 耗，主要应用于智能穿戴领域。 2024年半年度报告：本集团以现金参股方式投资了南京起跑线穿戴电 子科技有限公司，出资额为人民币 10,000,000.00 元，持股比例为 4%。 3、公司办公地址处于福建省厦门市同安区后詹路1号16层 4、星宸科技股份有限公司的主营业务是端边侧AISoC芯片的设计、研发及销售。公司的主要产品是智 能安防、智能物联、智能车载、其他IC、技术服务、其他。 5、2024年3月15日互动易：公司通过新一代AI处理器IP研发项目的建设，公司将大幅提升新一代AI处理 器IP的处理能力，对当前AI处理器进行全方位升级，优化更多算法算子效率，进一步减小内存带宽 ...

文 | 财经思享汇，作者 | 蓝晓宇，编辑 | 管东生 曾经遍布街头巷尾的眼镜店正批量消失，但是上游"不开店"的镜片供应商却仍在增长。这种故事在明月 镜片（301101.SZ）体现得尤为明显。 高毛利，销售驱动的镜片供应商 公司成立于2002年，注册地址位于"中国眼镜之都"丹阳。创始人谢公晚在18岁就前往东北摆摊卖眼镜， 赚到第一桶金后转向眼镜批发。2002年公司成立，之后正式进军树脂镜片制造。2021年公司上市，被称 为"中国镜片第一股"。 在多数人印象中，眼镜是一门"暴利"生意：一副镜片成本十几元，终端售价却能卖到几百甚至上千元。 明月镜片的招股书曾披露，其2019年单位镜片成本仅6元左右，而官网售价区间则从几十到数百元不 等。 财报显示，2017-2024年，公司营收从4.26亿元增到7.70亿元，归母净利润从0.17亿元增长至1.77亿元。 2025年前三季度，公司实现营业收入6.26亿元，同比增长7.39%；归母净利润1.49亿元，同比增长 8.83%。 资本市场也给了明月一次"被看见"的机会。2026年1月6日，中证指数有限公司发布公告称，明月镜片调 入中证1000指数，并于1月9日收市后生效。与 ...

Core Insights - CES 2026 showcased a significant shift in the AI landscape, with AI not just as a feature but as a means to redefine user interaction with information [1][6] - AI glasses emerged as a prominent category, indicating a growing consumer interest and potential market viability [5][18] Group 1: AI Glasses Development - AI glasses are evolving from mere concepts to practical devices, with a focus on usability and experience rather than just technological gimmicks [5][18] - The differentiation among AI glasses continues, with AI audio glasses showing disadvantages compared to AI display and multifunctional glasses like Rokid's offerings [5][18] - The introduction of independent operation capabilities in AI glasses, such as the Thunder X3 Pro with eSIM, marks a significant trend towards detaching from smartphones [10][12] Group 2: Market Trends and Consumer Engagement - Consumer interest in AI glasses is high, with significant foot traffic at Rokid's booth during CES, indicating a positive reception for products like the Rokid AI Glasses Style [3][5] - Companies are focusing on making AI glasses practical for daily use, with various manufacturers exploring different approaches to enhance user experience and encourage purchases [18][22] - The emergence of smart agent stores is crucial for the AI glasses industry, allowing developers to define functionalities, similar to how the App Store transformed the smartphone market [28][31] Group 3: Technical Innovations and Challenges - Innovations in connectivity, such as Qualcomm's efforts to achieve low-power WiFi connections, are essential for the independent operation of AI glasses [12][33] - Battery life and ease of recharging are critical factors for the independence of AI glasses, with various designs being tested to improve these aspects [13][33] - The balance between lightweight design and essential functionalities, such as first-person photography and video recording, remains a challenge for manufacturers [32][33]

公司揭示了导致业绩亏损的三点主要原因。首先，受市场需求波动影响，公司订单未达预期，直接导致 产能利用率处于较低水平。其次，公司正在进行战略性布局调整，主动优化了一些低毛利项目，这一过 程产生了库存报废及计提资产减值损失。最后，为了提升产品的长期竞争力，公司在研发费用上持续保 持较高投入，这也对当期净利润产生了一定影响。 时间拉回到一年多前，科森科技曾是资本市场的明星股。由于同时涉及固态电池和折叠屏两大热门概 念，其股价在2024年出现连续大涨，一度在十个交易日内连续涨停，但随后快速回落。 曾在2024年因"固态电池"概念在资本市场风光无两的科森科技（SH603626，股价20.60元，市值114.31 亿元），如今正面临经营层面的现实挑战。 1月11日晚间，科森科技发布公告，经公司财务部门初步测算，预计2025年度归属于上市公司股东的净 利润为负值，公司2025年度经营业绩将出现亏损。 对于亏损原因，公司归结为市场需求波动导致订单未达预期、战略性布局调整以及持续的研发高投入等 因素。 一年前，凭借与固态电池独角兽清陶能源的深度绑定，科森科技股价曾连续涨停。2025年度业绩预亏 公告显示，公司预计2025年度将 ...

Core Insights - The 2026 International Consumer Electronics Show (CES 2026) showcased AI glasses as a significant highlight, with over 50 exhibitors, including more than 20 Chinese companies, indicating a strong presence in the market [1][2] Industry Trends - The global smart glasses market saw a shipment volume of 4.296 million units in Q3 2025, marking a year-on-year growth of 74.1%, while China's market reached 623,000 units, growing by 62.3% [1] - The AI glasses industry is focusing on lightweight designs, enhanced display technology, and improved AI capabilities, with a strong emphasis on user comfort and practical applications [2][5] - The integration of AI functionalities is becoming more sophisticated, with a trend towards proactive services and multi-modal interactions in product iterations [2][5] Product Innovations - Rokid launched the Rokid Ai Glasses Style, a lightweight model weighing only 38.5g, capable of music playback, translation, navigation, and AI Q&A [2] - The Rokid Glasses, weighing 49g, features advanced diffraction waveguide technology and supports various AI applications, including real-time navigation and translation [3] - Thunderbird Innovation introduced the world's first dual-lens AR glasses with eSIM functionality, allowing independent communication without a smartphone [3] Market Dynamics - The AI glasses market is expected to reach a shipment volume of 23.687 million units globally in 2026, with China's market projected to exceed 4.915 million units, indicating a shift towards large-scale growth [6] - The entry of internet and cloud companies into the AI glasses sector is increasing industry attention and capital activity, leading to resource integration across the supply chain [7] - The competitive landscape is intensifying, with established companies facing pressure while smaller firms seek differentiation in a crowded market [7] Challenges and Future Outlook - The AI glasses industry is still in its early stages, facing challenges in supply chain management and user experience, which could impact market stability [8] - As the market matures, improvements in supply chain coordination and product quality will be essential for retaining users and ensuring stable growth [8]

Core Insights - The CES 2026 highlighted AI glasses as a core topic, but failed to deliver groundbreaking innovations, indicating that the industry is still struggling to transition from niche products to mainstream necessities [1] - Despite promising growth projections, the AI glasses market has not yet crossed the gap from "geek toys" to "essential consumer products," suggesting that the anticipated explosion in demand may be more of an industry fantasy [1] Group 1: Exhibition Highlights - Several manufacturers showcased their innovations at CES, revealing both strengths and limitations in the current AI glasses market [2] Group 2: Company Innovations - Meta introduced the Ray-Ban Display series, featuring a micro-display and improved voice interaction, but faced limitations in field of view and battery life, indicating a focus on incremental innovation rather than breakthrough technology [3] - Thunder Innovation launched the X3 Pro Project eSIM, enabling independent communication and AI interaction, but its weight and eSIM subscription challenges may hinder widespread adoption [4] - XREAL presented the 1S model with advanced spatial computing capabilities, but its high price point and lack of quality AR content limit its market reach [5] - Quark's AI glasses S1 integrated various Alibaba services but struggled with competitive pricing and compatibility issues, reflecting a tension between high specs and market viability [7] - Rokid's lightweight glasses achieved a record low weight of 49 grams and strong sales, but compromised on camera quality and field of view, positioning it as a smart assistant tool rather than a full-fledged device [8] Group 3: Industry Challenges - The AI glasses industry faces three main barriers: technological limitations, unclear use cases, and fragmented ecosystems, which hinder the potential for explosive growth [9][10] - The "impossible triangle" of lightweight design, long battery life, and high performance remains unsolved, with current products often falling short of user expectations [9] - The lack of a unified operating system and collaboration with traditional optical retailers further complicates market development, leading to inconsistent product quality and consumer confusion [10] Group 4: Future Outlook - The AI glasses market is expected to remain in a phase of technological iteration and market education, with significant breakthroughs potentially taking 3-5 years [11] - The development of specialized low-power chips and advancements in optical technology are seen as critical for overcoming current limitations [11] - Price reductions and increased competition from companies like Xiaomi and Quark may drive market growth and improve product affordability [11] - The industry awaits a "killer app" or a revolutionary product that combines technological innovation, practical use cases, and ecosystem compatibility to trigger widespread adoption [12]

素有科技界"春晚"之称的CES(国际消费电子展)于1月6日在美国拉斯维加斯正式启幕。这场为期四天的科技盛宴以"定义AI的物理边界"为核心主题，汇聚全 球顶尖企业与创新力量，共探人工智能与实体世界的深度融合。从具身智能机器人、空间计算设备，到智能座舱、飞行汽车，CES 2026既是技术展示的舞 台，更是全球科技产业的风向标。 据中国贸促会官方数据，7家组展单位组织207家中国企业赴美参展，覆盖人工智能、智能穿戴、智能家居等多个前沿领域。其中既有超120家中小科技企 业，也汇聚了众多代表中国科技实力的标杆企业。 这些标杆企业所展示的前沿技术，既是国内技术高地的集中体现，更勾勒出全球产业演进的关键方向。对投资者而言，标杆企业的技术路径、场景落地能力 与全球化进展，既是研判中国科技产业趋势的核心样本，也是挖掘高成长赛道、识别技术壁垒型标的的重要窗口。 中国机器人军团强势集结，产业链"成建制"亮相 处于产业变革临界点的AI与机器人技术，无疑成为本届CES展会的焦点之一，全球头部厂商集中展示了各类机器人及核心零部件的最新成果。 在展会开幕首日，英伟达CEO黄仁勋在主题演讲中表示，机器人领域已正式迎来属于自己的"ChatG ...