Core Insights - The global augmented reality (AR) glasses market is expected to grow significantly by 2025, driven by the entry of various tech giants and startups [1] - In 2023, global AR shipments reached approximately 510,000 units, marking a year-on-year increase of 35.1% [1] - The market is experiencing a shift with the rise of non-display AI smart glasses in 2024, leading to a decline in traditional B-end AR glasses demand [1] Global Market Size - The global AR glasses market is projected to see a shipment of over 560,000 units in 2024, despite a relatively subdued demand [1] - The market is characterized by a significant contribution from the B-end market, which has maintained steady growth [1] Regional Market Share - In 2023, Asia and North America led the global AR glasses market, with Asia's share increasing due to explosive growth in consumer AR products in China [2] - China alone accounted for 240,000 units shipped in 2023, reflecting a year-on-year growth of 133.9% [2] Brand Market Share - The AR market is dominated by three main groups: international tech giants (e.g., Microsoft, Meta, Apple), domestic smartphone manufacturers (e.g., Huawei, OPPO, Xiaomi), and emerging AR companies (e.g., Xreal, Rokid) [6] - In 2023, Xreal held a 45% market share in global AR glasses, followed by Rokid at 14% and 雷鸟创新 at 13% [6] Pricing Trends - From 2021 to 2024, AR glasses transitioned from "technology novelty" to "mass consumer products," with consumer acceptance highest for products priced between $300 and $500 [9] - The average price of consumer-grade AR glasses is expected to drop from $2,000 in 2021 to around $400 by 2025 [9] Market Forecast - The penetration rate of waveguide technology is projected to reach 95% by 2024, with costs decreasing by 70% since 2021, facilitating the development of lightweight consumer products [10] - Despite short-term market slowdowns, long-term technological advancements and price reductions are anticipated to drive the AR glasses market into a growth phase, with shipments expected to reach 1.8 million units by 2027, reflecting a compound annual growth rate (CAGR) of 37.7% [11]

Group 1 - The company Shanghai Aiwai Electronic Technology Co., Ltd. has confirmed that its SmartK DSP digital audio amplifier chip is used in the AR smart glasses showcased by CCTV, enhancing audio quality and dynamic response through its proprietary algorithm [2] - Aiwai Electronic is one of the first domestic chip design companies to enter the AI smart glasses sector, providing comprehensive and high-quality chip solutions to leading global smart glasses manufacturers [2] - The company offers a wide range of products including high-performance audio solutions, haptic feedback solutions, and power management ICs, catering to various smart glasses and edge devices [2] Group 2 - The company's Q1 2025 report indicates a strategic focus on high-performance mixed-signal, power management, and signal chain products, resulting in a 7.82 percentage point increase in gross margin compared to the previous year, with a gross margin of 35.06% [3] - Aiwai Electronic's 2024 annual report highlights a commitment to innovation-driven high-quality development, projecting a 15.88% year-on-year increase in revenue for 2024 [3] - The company is enhancing its manufacturing capabilities and has completed the structural topping of its automotive-grade testing center, laying a solid foundation for expanding into the industrial and automotive markets [3]

Core Viewpoint - AT&S has officially launched its new factory in Kulim Hi-Tech Park, Malaysia, achieving full production capacity, which marks a significant milestone for the company and symbolizes Malaysia's strategic leap in the global semiconductor supply chain [1][2]. Group 1: Factory Launch and Production Capacity - The new factory in Kulim was completed in a record time of two years and is expected to have the fastest production ramp-up in the world for similar projects, achieving mass production readiness within just one year [2][4]. - The factory is part of AT&S's response to Malaysia's national semiconductor strategy, focusing on new customers, technologies, and R&D projects to support economic growth [2][3]. Group 2: Investment and Infrastructure - AT&S has invested approximately 5 billion MYR (1 billion EUR) in the Kulim facility, which includes a total building area of about 255,000 square meters and is equipped with around 500 high-tech devices [3][5]. - The company has collaborated closely with local institutions, including the Collaborative Research in Engineering, Science & Technology (CREST) and the Ministry of Investment, Trade and Industry (MITI) in Malaysia [3][5]. Group 3: Strategic Operations and Market Demand - The new factory will benefit from a tightly integrated operational model involving plants in Chongqing, Malaysia, and Leoben, Austria, enhancing knowledge sharing and R&D capabilities to meet the growing demand for CPUs, GPUs, AI, VR, and AR technologies [2][3]. - As global data volumes increase exponentially, the demand for data storage, transmission, and analysis is expected to remain strong, positioning AT&S as a preferred technology partner [2][3]. Group 4: Workforce Development and Certifications - Over 6 million MYR has been invested in R&D, with more than 5,000 students participating in AT&S's employer branding initiatives [3]. - The Kulim facility has achieved necessary product certifications, factory certifications, and ISO system certifications, further solidifying its operational credibility [4][5].

在无数科幻电影中，增强现实（AR）通过在人们的眼前叠加动画、文字、图形等可视化信息，让人获得适时的、超越自身感知能力的信息。无论是手术医 生带着 AR 眼镜进行操作，还是智能工厂流水线前的例行检查、或是面对书本时 AR 快速查找翻阅的超能力，是这一切只为一个最终目的——通过适时的信 息辅助我们。 直到今日，大部分 AR 辅助依然停留在需要人工远程接入辅助的层面，与我们期待的智能的、理解性的、可拓展的 AR 辅助相差甚远。这也导致 AR 在重要 产业和生活应用中的普及受到限制。如何能让 AR 在生活中真正做到理解用户、理解环境、并适时的辅助依然面临巨大挑战。 Satori 系统自动识别用户称重 11 g 咖啡的展示 这一切随着 Satori 系统的诞生即将成为过去。来自纽约大学数据与可视化实验室（NYU VIDA）联合 Adobe 的研究人员融合多模态大语言模型（MLLM） 与认知理论 BDI（Belief-desire-intention theory） 让 AI 首次真正意义的去理解使用者的行为、目标以及环境状态 ，最终达到根据不同场景自动适配指 示内容，指示步骤，与判断辅助时机。让 AR 辅助接入智慧核心 ...

Core Insights - The report by Dongwu Securities highlights the potential of silicon carbide (SiC) materials as ideal substrates for AR glasses due to their high refractive index and thermal conductivity [1][3] - AR glasses are positioned as a perfect carrier for AI applications, merging virtual and real-world information seamlessly [2] Industry Overview - The global shipment of AR glasses is projected to reach 553,000 units in 2024, representing a year-on-year increase of 7.8%, with China accounting for 286,000 units [2] - The optical display system, comprising optical combiners and micro-displays, is the core component of AR glasses, constituting over 40% of the total cost [2] Technology Trends - Surface relief grating (SRG) waveguide technology is identified as the future mainstream trend for AR glasses' optical display systems, offering controllable manufacturing costs and excellent optical performance [2] - SiC materials combined with SRG waveguides and etching processes are crucial for significant advancements in AR glasses, enhancing field of view (FOV) and addressing issues like color dispersion and light loss [3] Cost Reduction Strategies - The need for semi-insulating SiC substrates in large sizes is emphasized as a key factor for cost reduction, with breakthroughs in 12-inch substrate mass production being essential for making AR glasses more accessible to the consumer market [4] - It is estimated that if AR glasses reach a shipment volume of 100 million units, approximately 10 million 12-inch SiC substrates will be required [4] Investment Recommendations - The report recommends focusing on companies such as Jing Sheng Mechanical and Tian Yue Advanced as key investment opportunities in the AR glasses sector [5]

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 投资建议 7 东吴证券 2 公众号·材料汇 ● AR服镜是AI应用的完美载体,可以结合虚拟和现实。AR眼镜(增强现实限镜)是一种将虚拟信息叠加到现实 世界中的智能穿戴设备，核心在于虚拟信息与现实世界的完美融合。2024年全球AR眼镜出货量达到55.3万副, 同比+7.8%，其中中国2024年出货28.6万副。光学显示系统为AR眼镜的核心。光学显示系统由尤学组合器和微 显示屏组成。光学显示系统是整个AR眼镜的核心部件,也是价值量最大的部件,约占整个AR眼镜成本的40%t。 ● 表面浮雕光栅波导方案是AR眼镜光学显示系统的未来主流趋势。表面浮雕光栅波导相对制造成本可控、工艺 成熟,光学性能优秀。尽管存在色散和彩虹纹问题,但可以将衬底更换为SiC采解决。结合技术水平和量产难 度,表面浮雕光栅波导是最现实也最有前景的量产方案。目前即将推出的主流AR眼镜均采用该方案。 ● 碳化硅材料具备高折射率、高热导性,成为AR眼镜镜片的理想来底材料。米底材料的折射率越高,AR镜片的 FOV就更大,单层SiC镜片即可实现80度以上FOV, ...

Investment Rating - The report recommends a focus on investment in companies such as Jing Sheng Mechanical & Electrical and Tian Yue Advanced [2]. Core Insights - AR glasses are seen as the perfect carrier for AI applications, combining virtual and real-world elements. The global shipment of AR glasses is expected to reach 553,000 units in 2024, a year-on-year increase of 7.8%, with China accounting for 286,000 units [2][11][17]. - The optical display system is the core component of AR glasses, comprising optical combiners and micro-displays, which account for over 40% of the total cost [2][26]. - The surface relief grating waveguide (SRG) is identified as the future mainstream trend for AR glasses' optical display systems, offering controllable manufacturing costs and excellent optical performance [2][57]. - Silicon carbide (SiC) materials are highlighted as ideal substrates for AR glasses due to their high refractive index and thermal conductivity, enabling a field of view (FOV) of over 80 degrees with a single-layer SiC lens [2][66]. - The need for semi-insulating SiC substrates is emphasized, with a focus on achieving mass production of 12-inch substrates to reduce costs significantly [2][63]. Summary by Sections Section 1: AR Glasses and Their Market - AR glasses are defined as smart wearable devices that overlay virtual information onto the real world, enhancing user experience [5][10]. - The market for AR glasses is expected to peak in 2024, with significant improvements in portability, functionality, and technology [17][18]. Section 2: Optical Waveguide Structures - The report discusses various optical waveguide structures, with SRG being the most suitable for mass production due to its manufacturing feasibility and optical performance [57][58]. - The advantages of SiC in optical waveguide applications include the ability to reduce color separation and improve thermal management, which is crucial for AR glasses' performance [70][71]. Section 3: Silicon Carbide Materials - SiC materials are noted for their high refractive index, which enhances the FOV and mitigates issues like rainbow patterns in optical waveguides [66][70]. - The report emphasizes the importance of achieving large-size SiC substrates to lower production costs and facilitate the entry of AR glasses into the consumer market [2][63].

证券时报记者梁谦刚 今年以来，人工智能（AI）眼镜迅速从概念走向现实，成为消费市场的新宠。 亿道信息致力于提供一个高全接口、多GPIO、解构CPU的开发平台，可以加速AI眼镜创新产品的孵化 与落地。 佳禾智能作为较早一批进入智能眼镜市场的企业，已经具备从设计到生产全产业链的整合能力，智能眼 镜是公司目前重点培育的业务之一。 麦捷科技的产品可广泛应用于消费电子领域，目前已有部分电感产品应用于AI眼镜。 蓝思科技与灵伴科技达成深度战略合作，作为其全系AI眼镜的整机组装合作伙伴，覆盖镜架、镜片、 功能模组到全自动组装的全链条生产。 业绩数据方面，根据目前披露的年报、业绩快报、预告净利润下限（无下限则取公告数值）计算，2024 年净利润同比增长（含扭亏为盈）的AI眼镜概念股有15只。3只个股净利润扭亏为盈，分别是江波龙、 佰维存储、弘信电子。 面对这一高景气赛道，不少品牌纷纷发力，密集发布智能眼镜相关产品。Rokid、Snap、百度、雷鸟创 新、XREAL等品牌不断推陈出新，为消费者带来了功能多样、设计新颖的AI眼镜产品。与此同时，三 星、OPPO、华为、腾讯、字节跳动等公司也在积极布局AI眼镜项目，试图抢占这一新兴 ...

Core Viewpoint - The collaboration between the Chinese Academy of Sciences and Fudan University has led to the development of a new augmented reality (AR) training method that significantly enhances visual capabilities in both healthy adults and amblyopic patients [1] Group 1 - The new AR training method allows for selective intervention in visual pathways within everyday life scenarios [1] - The research results have been published in the journal "Advanced Science" [1] - The method demonstrates significant and lasting improvements in visual abilities [1]

（映维网Nweon 2025年04月14日）彭博社的马克·古尔曼日前指出，苹果正在全力开发更轻、价格更低的Apple Vision Pro。另 外，苹果同时在研发另外一款以有线方式接入Mac的头显设备，从而实现超低延迟体验。 值得一提的是，报道引述知情人士表示苹果依然在积极研发AR眼镜，而这是首席执行官蒂姆·库克唯一在乎和执着的工作。一名 苹果工程师表示库克现在一心扑在眼镜设备的研发方面："库克正竭尽全力地将这款设备变成现实。蒂姆其他什么都不关心。从 产品开发的角度来看，这是他唯一真正投入时间的事情。" 需要注意的是，彭博社曾报道称苹果取消了Mac直连式AR眼镜，亦即以有线方式接入Mac的眼镜形态设备，但这次团队是在探 索以有线方式接入Mac的头显形态设备。 眼镜 根据彭博社的报道，苹果依然在积极研发AR眼镜，而这是首席执行官蒂姆·库克唯一在乎的工作。 古尔曼表示，苹果正在研发带摄像头和麦克风的智能眼镜，并且大量利用Siri和视觉智能。然而，这只是一款"过渡性的临时方 案"，因为AR眼镜依然是库克心心念念的最终形态，并且他决心在Meta之前打造出一款"行业领先的产品"。 一名苹果工程师表示库克现在一心扑在眼镜 ...