Market Overview - On July 2, both Shanghai and Shenzhen stock markets closed lower with a decrease in trading volume [1] - Steel and photovoltaic equipment sectors showed the highest gains, while components and communication equipment sectors experienced the largest declines [1] Top Stocks - The top stock by popularity was Haoshanghao (002198), which closed at 35.16 with a rise of 4.77% and a popularity value of 10.6962 million [2] - Hongbaoli (002165) ranked second, closing at 10.8 with a gain of 6.82% and a popularity value of 5.5133 million [2] - Yaxing Anchor Chain (601890) reached a closing price of 10 with a gain of 10% and a popularity value of 2.8643 million [2] - Anni Shares (002235) and Great Wall Military Industry (601606) were among the stocks with the largest declines, closing at 10.49 with a drop of 10.03% and 29.6 with a drop of 7.38% respectively [2] Company Highlights - Haoshanghao (001298) saw its popularity exceed 10 million, driven by its involvement in storage chip and AI glasses concepts, with a focus on TWS Bluetooth chip development [3] - Hongbaoli (002165) experienced a resurgence in popularity after a significant price increase of over 200% from March to April, with its main business in epoxy propylene derivatives [4] - Yaxing Anchor Chain (601890) closed at a high after a strong performance, benefiting from government support for the marine economy, with its main products including ship anchor chains and offshore platform mooring chains [6]

Group 1 - Apple is developing at least seven types of head-mounted devices, with the first product expected to be smart glasses similar to Ray-Ban, projected to ship 3-5 million units by 2027 [1][2] - Apple will not launch new head-mounted devices in 2026, but multiple new products are anticipated starting in 2027, indicating a shift in focus towards smart glasses [1][2] - The AI glasses market is becoming increasingly competitive, with major players like Apple, Samsung, and Google racing to establish a presence against Meta, which currently dominates the market [1][3] Group 2 - Among the seven smart glasses being developed by Apple, three belong to the Vision series, which includes lighter and more affordable XR headsets, while four are smart glasses that may replace some TWS and smartphone camera functions [2] - The global shipment of smart glasses is expected to exceed 10 million units by 2027, with Apple focusing on self-developed core chips for these devices [3][2] - Meta has released the Oakley Meta, targeting the vertical sports market, with significant improvements in battery life and functionality, indicating a strategic move towards specialized applications [6][7] Group 3 - Meta's aggressive investment strategy aims to dominate the smart glasses market, with plans to release a high-end product named "Hypernova" in 2025, priced over $1,000 [7][9] - Meta's AI smart glasses sales surged by 216% year-on-year in Q1 2025, driven by the popularity of Ray-Ban Meta smart glasses, which accounted for a significant portion of the market [7][9] - Google is also entering the smart glasses market by collaborating with Samsung to launch an operating system for smart glasses, indicating a different approach compared to Meta's self-contained strategy [11][12] Group 4 - The domestic market is experiencing a "hundred glasses war," with emerging manufacturers facing challenges related to supply chain management and product quality [13][14] - The competition involves internet companies, smartphone manufacturers, and startups, each leveraging their unique advantages in software, hardware, and ecosystem development [14] - The success of companies in this competitive landscape will depend on their ability to integrate product design, software optimization, and systematic capabilities [14]

Core Viewpoint - The release of Xiaomi's first AI glasses has sparked significant online discussion, indicating a shift from niche technology to mainstream consumer products in the AI glasses market [2] Group 1: Domestic Developments in Smart Glasses - Domestic manufacturers are transitioning from following trends to breaking through in the smart glasses sector, with notable products like Meta's Ray-BanMeta and Meizu's MYVU leading the way [3] - Meizu's MYVU is recognized as the lightest AR glasses globally at 43g, while its MYVU exploration version weighs 71g, making it the lightest dual-lens full-color AR glasses at the time [3] - Huawei's VisionGlass2, set to launch in 2024, will feature HarmonyOS4 and integrate Huawei's Pangu AI model, allowing users to access various smart services through simple gestures [3] Group 2: Xiaomi's AI Glasses Features - Xiaomi's newly launched AI glasses come with a 12MP main camera and support first-person perspective shooting, enhancing user experience [4] - The glasses feature a unique chip design that optimizes battery life by using a secondary chip for less demanding tasks, significantly extending usage time [4] - An electrochromic version of the glasses allows users to adjust lens color with simple gestures, adding a fashionable element to the product [4] Group 3: Advancements in AR Display Technology - The launch of Thunderbird's X3Pro AR glasses showcases advanced features like a full-color Micro-LED engine and a 43-inch 3D transparent display, enhancing user interaction [5] - Rokid's AI+AR glasses integrate multiple AI models for functionalities such as real-time translation and smart prompts, while also supporting voice payments through Alipay [6] Group 4: International Market Trends - Meta's collaboration with Oakley to release a new series of AR glasses indicates ongoing innovation in the international market, with features like hands-free HD cameras and Meta AI technology [7] - Google's partnership with XREAL aims to launch Project Aura, the first AR glasses powered by the Android XR platform, expected to include advanced AI capabilities [7] - Market research predicts a robust growth trajectory for the AI glasses market, with global shipments expected to reach 12.8 million units by 2025, a 26% increase year-on-year [7]

Investment Rating - The report assigns an "Increase" rating to companies such as GoerTek (002241.SZ), Jiahe Intelligent (300793.SZ), and Deep Science and Technology (688328.SH), while "Buy" is assigned to Baiwei Storage (688525.SH) [1][4]. Core Insights - Xiaomi's first AI smart glasses are positioned as a next-generation personal smart device, with prices set at 1999 RMB for the standard version, 2699 RMB for the monochrome electrochromic version, and 2999 RMB for the color electrochromic version [1]. - The introduction of AI glasses is expected to drive a shift from functional accessories to a central hub for cross-scenario interaction within the ecosystem, potentially benefiting the entire industry chain as sales volume expands [4][7]. Hardware Summary - The glasses feature a lightweight design optimized for Asian facial structures, weighing only 40g, enhancing user comfort [2]. - A dual-core architecture extends battery life to 8.6 hours, utilizing a 263mAh silicon-carbon battery [2]. - The glasses incorporate electrochromic technology, allowing color adjustment in 0.2 seconds, catering to various lighting conditions [2]. - Equipped with a 12MP ultra-wide-angle camera, the glasses support 2K video recording and EIS stabilization [2]. Software Summary - The AI functionality is deeply integrated with Xiaomi's ecosystem, enabling voice interaction through "Xiao Ai" for various services such as weather queries and music playback [3]. - The glasses support multi-modal interactions, including AI recognition, voice payment, and real-time translation in multiple languages [3]. - They can seamlessly integrate with popular platforms for video calls and live streaming, acting as a control center for smart home devices [3]. Investment Recommendations - The report suggests that Xiaomi's AI glasses will catalyze significant advancements in practical applications for edge AI devices, with the potential to create a "catalyst effect" in the domestic AI glasses market [4]. - The report recommends focusing on related industry stocks such as Hengxuan Technology, GoerTek, Baiwei Storage, Deep Science and Technology, and Jiahe Intelligent [7].

Core Insights - Xiaomi has launched its first AI glasses, positioning them as a personal smart device for the next era, featuring capabilities such as photo and video capture, and integration with the AI assistant Xiao Ai [1][5][20] - The glasses have seen strong initial sales, with over 10,000 units sold within 12 hours of launch, indicating significant consumer interest despite the novelty of smart glasses [1][19] - The product is priced at 1999 yuan, with upgraded versions available at higher price points, which aligns with Xiaomi's reputation for offering value [3][7] Product Features - The Xiaomi AI glasses can function as regular glasses, support prescription lenses, and come in various colors, with a design that emphasizes a tech-savvy aesthetic [5][7] - They include a camera for first-person photography and video recording, and can connect to smart home devices via voice commands [5][12] - The glasses are heavier than some competitors, which may affect comfort during extended wear, a common issue in the smart glasses market [10][24] Market Context - The smart glasses market is currently competitive, with various companies entering the space, but consumer awareness and demand remain limited [20][21] - The overall retail sales of smart glasses in China are projected to exceed one million units this year, reflecting a growing interest in the category [19][24] - Xiaomi's entry into the market is seen as a potential catalyst for broader consumer adoption of smart glasses, leveraging its brand influence [20][24] Consumer Reception - Initial feedback from consumers has been mixed, with some expressing concerns about the weight and practicality of the glasses for everyday use [10][24] - The target audience for these glasses includes tech enthusiasts and content creators, but the broader consumer base may not yet see a compelling need for such products [18][24] - The glasses' features, while innovative, may not yet provide a strong enough value proposition to convince average consumers to adopt them [24][26]

在6月26日晚间的发布会上，雷军只拿出了7分钟时间来介绍小米AI眼镜。雷军没有像介绍手机、汽车 产品那样，把关键的参数和技术掰开了揉碎了喂给用户，而是简单介绍了这款产品在通话、拍摄、 AI、续航、电致变色等方面的功能点，以及三款产品的配色和价格。 小米AI眼镜给人的感觉像是为发布小米YU7准备的一道前菜，但它又被雷军捧到了"随身AI入口"的战略 高度上。这种略显违和的搭配可以表明，小米承认AI眼镜在未来生态布局中会扮演重要角色，但目前 并没有准备好围绕AI眼镜去打一场决定性的战役。当下的重心还是要尽快在汽车市场站稳脚跟，将流 量优势夯实成品牌势能。 首款AI眼镜虽然取得了不错的销售成绩，但当第一批尝鲜人群散去之后，当下小米的产品力和价格不 一定能让销量维持在这样的水平。 小米此次对AI眼镜的贡献，更多是推动了这类产品的进一步破圈。随着后续字节、阿里等巨头玩家入 局，更多国内AI眼镜厂商开始上市出货，产业链越来越成熟，AI眼镜的市场会被打开，竞争也会变得 更为激烈和残酷。 我们认为，AI眼镜未来的竞争会集中在两方面：一方面是如何进一步降低成本、提升体验；另一方面 是如何为产品融入更多时尚元素，使其具备更多科技潮 ...

Core Viewpoint - Xiaomi's AI glasses are positioned as a personal AI device and a lightweight entry point to the digital world, marking a significant step in the competition for the next generation of computing platforms [2][3]. Product Features - The AI glasses weigh only 40 grams and feature a Qualcomm Snapdragon AR1 chip and a 12-megapixel camera with a Sony IMX681 sensor, achieving a battery life of 8.6 hours, surpassing Meta's Ray-Ban glasses [3][4]. - The product incorporates a dual-chip architecture for enhanced performance and is designed with a focus on user comfort, aiming for "all-day wearability" [3][4]. - Xiaomi's proprietary "Super Xiao Ai" AI assistant enables multimodal interaction, cross-device operation, and personalized memory services [3]. Market Strategy - Xiaomi has set a conservative internal sales target of over 300,000 units, which is significantly lower than Meta's Ray-Ban glasses' global sales of 2 million units [5]. - The company collaborates with 400 optical stores to provide fitting services, addressing the high myopia rate among Chinese youth, which stands at 52.7% [6]. Industry Context - The global smart glasses market has seen significant growth, with a 135% year-on-year increase in shipments expected by 2025, particularly in China, which is projected to lead with 2.75 million units [9]. - The competitive landscape is intensifying, with major tech companies vying for dominance in the AI glasses market, emphasizing the strategic importance of these devices as the next human-computer interaction interface [10][12]. Supply Chain and Economic Impact - Approximately 70% of the components for the AI glasses are domestically sourced, with optical module costs expected to decrease by 30% compared to 2024 [4]. - Companies like GoerTek and OFILM are positioned to benefit from the AI glasses market, with potential revenue growth of over 15% for GoerTek if sales exceed 300,000 units [11].

Summary of Xiaomi AI Glasses vs Meta AI Glasses Conference Call Industry and Company Overview - The discussion revolves around the comparison between **Xiaomi AI Glasses** and **Meta AI Glasses** in the context of the smart eyewear industry. Key Points and Arguments Product Positioning and Ecosystem Integration - **Xiaomi AI Glasses** serve as a smart control terminal, deeply integrating with Xiaomi's ecosystem, allowing control of various smart devices like air conditioners, speakers, and even Xiaomi cars, which **Meta AI Glasses** lack [3][24] - Xiaomi's glasses are positioned as a convenient smart home and travel control center rather than just a photography tool [3] User Interaction and Design Improvements - Xiaomi AI Glasses feature a touch-activated wake mechanism and a more intuitive LED indicator design, enhancing user experience compared to Meta's less clear indicators [4][5] - The weight of Xiaomi AI Glasses is 40 grams, lighter than Meta's 49 grams, making them more comfortable for prolonged wear, especially for Asian face shapes [6][7] Video Recording Capabilities - Xiaomi AI Glasses can record videos for up to 10 minutes, significantly longer than Meta's maximum of 3 minutes [8] - Xiaomi's glasses support simultaneous Bluetooth connections, enhancing usability during activities like video conferencing [10] Camera and Image Quality - Xiaomi AI Glasses utilize a 12-megapixel camera with a landscape shooting mode, aligning with user habits, while Meta uses a portrait mode [11] - In low-light conditions, Xiaomi's images tend to be brighter but may appear oversaturated, while Meta's images are darker but offer better color accuracy [11] Real-time Translation and AI Features - The real-time translation feature in Xiaomi AI Glasses is fast but lacks accuracy, and users cannot speak while translating, which may hinder communication [14] - The "Help You See" AI function has limitations in recognizing complex items and can misidentify products, indicating a need for improvement [19] Daily Use and Additional Features - Xiaomi AI Glasses are designed for daily wear, with features like calorie tracking and AI music control, although the food recognition accuracy is lower for complex meals [16][17] - The AI music function is limited to specific platforms and has issues with controlling playback across different modes [21][22] Market Position and Sales Potential - Xiaomi AI Glasses are competitively priced and expected to perform well in sales due to their multifunctionality and integration with Xiaomi's ecosystem, similar to the success of Xiaomi's smart speakers [24] Design and Material Considerations - The design of Xiaomi's glasses allows for a thinner leg structure compared to Meta's, contributing to their lightweight nature, although internal components are not visible under normal lighting [25] Other Important Insights - The LED indicator's sensitivity to obstruction may protect privacy but could negatively impact user experience during filming [13] - Xiaomi's glasses are more appealing to near-sighted users in the domestic market due to their functionality and ease of use compared to Meta's offerings [23]

Summary of Xiaomi AI Glasses Conference Call Industry Overview - The AI glasses industry is still in its early stages, with product forms limited by weight, primarily featuring voice interaction and camera visual models, lacking display functionality [1][3][4] - The market size for AI glasses is expected to reach a billion-level scale in the future, significantly higher than other wearable devices like smartwatches [4] Company Insights: Xiaomi AI Glasses - Xiaomi AI glasses are deeply integrated with Xiaomi's smart home ecosystem, allowing users to control smart devices and access platforms like Douyin and Kuaishou, enhancing user convenience [1][3] - The annual shipment volume of Xiaomi AI glasses is expected to reach one million units, which would exceed expectations, although explosive growth is not anticipated [1][4] - Xiaomi's glasses utilize a dual-chip architecture, improving standby time and comfort through features like electrochromic technology [3][4] - The glasses' battery life is optimized by increasing battery capacity, enhancing energy density, and using low-power chips for long-duration tasks [6] Competitive Landscape - Mobile manufacturers are expected to hold a significant market share in the AI glasses sector due to their hardware control capabilities, while AI companies excel in AI model integration and ecosystem development [2][7] - Existing AR glasses manufacturers have weaker barriers to entry as they transition towards AI, with long-term ecosystem development being crucial for user retention [2][7] Technical Aspects - The trend in computing power distribution for AI glasses is moving towards a combination of local and cloud computing, with local processing handling real-time tasks and privacy-related computations [5] - Xiaomi's AI glasses are designed to balance comfort and functionality, with considerations for structure and style impacting wearability [4][5] Photography and Optical Performance - The photography capabilities of AI glasses focus on life recording, with differences in pixel quality and stabilization being key factors [8] - Xiaomi's glasses feature a 13-megapixel camera, which performs well in clarity and stabilization [8] Cost and Pricing Strategy - The manufacturing cost of Xiaomi AI glasses is estimated to be around 1,200 RMB, with potential for optimization as production scales up [10] - Future cost reductions are anticipated due to chip iterations and sensor integration [10] Additional Insights - Other manufacturers like Rocket and Meizu are noted for their optical and display performance, particularly in viewing glasses [9]

Core Viewpoint - The launch of Xiaomi's first AI glasses at a starting price of 1999 yuan marks a significant entry into the competitive smart glasses market, positioning itself against Meta's offerings and aiming to be a key component of Xiaomi's "smart ecosystem" strategy [1][15]. Industry Overview - The smart glasses market has gained significant traction in 2023, with over 10 new models launched in May alone, indicating a growing interest from various manufacturers [2]. - According to IDC, global smart glasses shipments reached 1.487 million units in Q1 2023, a year-on-year increase of 82.3%, with China accounting for 494,000 units, representing over 25% of the market [4]. - The global smart glasses market is projected to reach 14.518 million units in 2023, reflecting a year-on-year growth of 42.5%, highlighting its potential as a lucrative market [4]. Competitive Landscape - Meta's Ray-Ban leads the market with over 2 million units sold by February 2023, but its high price point of $299 (approximately 2144 yuan) limits its accessibility to average consumers [7]. - Other competitors in the Chinese market include Huawei, which integrates its smart glasses with the HarmonyOS for enhanced audio and health monitoring, and Rokid, which has received 250,000 pre-orders for its glasses [7][10]. - Xiaomi's AI glasses are designed with a focus on user experience, featuring a lightweight design and advanced functionalities such as a 12-megapixel camera and AI capabilities, which may enhance its competitive edge [20]. Technological Advancements - The current technological shift in AI glasses is moving from "no screen" to "full-color display," with single-color AR glasses becoming more affordable due to advancements in manufacturing [10]. - The industry is facing challenges with full-color displays, including issues with yield rates and color dispersion, which keep costs high despite some brands achieving breakthroughs [12]. - AI integration is becoming a core competitive factor, with companies like Xiaomi and Meta enhancing their products with advanced AI functionalities for improved user interaction [13][14]. Product Features and Pricing - Xiaomi's AI glasses feature a D-shaped frame optimized for comfort, weighing 40 grams, and include functionalities such as rapid photo capture and third-party app support [18][20]. - The glasses are priced competitively at 1999 yuan for the standard version, with higher-end models priced at 2699 yuan and 2999 yuan, making them attractive compared to other high-functionality models in the market [20]. - Despite the competitive pricing, Xiaomi faces challenges in weight management and user privacy concerns, which are critical for user adoption [21][23].