2025 年 06 月 20 日 轻工制造 AI 眼镜万亿市场如何掘金？ AI 眼镜是 AI 大模型的最佳应用载体之一。AI 眼镜在传统眼镜基础上搭 载了人工智能技术，可集成相机、蓝牙耳机、AR 等多重设备或功能。AI 眼镜占据人体唯一无接触多模态（视觉+听觉+语言）交互入口，为 AI 大 模型落地移动终端硬件的绝佳载体。 我们认为 AI 眼镜有望快速普及，且具备成为下一代移动终端潜力。眼 镜为高频日用品，消费者较易接受每日长时间佩戴，AI 眼镜凭借轻量、 美观时尚、亲民价格、AI 大模型交互赋能，以及所需技术已初步成熟， 有望较快迭代出达普及水平的产品。其一体集成相机、蓝牙耳机等高渗透 率品类功能，适配工作、娱乐高频场景，存在刚需，具备快速普及潜力。 同时，AI+AR 的终极形态有望成为继智能手机下一代移动智能终端。 无显示 AI 眼镜有望快速渗透，AI+AR 眼镜锚定万亿市场。从消费者真 实需求入手，我们假设无显示 AI 眼镜将替代部分的蓝牙耳机、运动相 机，测算无显示 AI 眼镜全球市场空间接近 3 亿台、超 1900 亿元。AI+AR 眼镜有望创造新功能适配多元场景，我们假设预计长期渗透率达智能手机 ...

东 兴 晨 报 东兴晨报 P1 2025 年 6 月 20 日星期五 经济要闻 1. 商务部：将依法依规不断加快对稀土相关出口许可申请的审查。在 19 日商务部举行的例行发布会上，新闻发言人何亚东谈到稀土相关出口问题时 表示，将依法依规不断加快对稀土相关出口许可申请的审查。商务部新闻发 言人何亚东表示，中国一贯高度重视维护全球产供链的稳定与安全，依法依 规不断加快对稀土相关出口许可申请的审查，已经依法批准一定数量的合规 申请，并将持续加强合规申请的审批工作。中方愿就此进一步加强与相关国 家的出口管制沟通对话，积极促进便利合规贸易。（资料来源：同花顺，央视 新闻） 2. 商务部：商务部召开例行新闻发布会，有记者就中欧经贸关系提问。商 务部新闻发言人何亚东：中欧互为主要贸易伙伴，中方高度重视中欧经贸关 系，一直与欧方保持各层级的密切沟通，推动双边贸易投资合作健康、稳定 发展，加强在世贸组织等多边领域的立场协调，致力于通过对话协商来妥善 解决经贸摩擦。今年是中国与欧盟建交五十周年。中方将与欧方一道，全面 落实双方领导人达成的重要共识，积极推动中欧经贸合作提质升级，推动解 决彼此关切，共同为中欧高层交往做好经贸议题和 ...

Core Viewpoint - The smart toy industry in China is experiencing significant growth, driven by advancements in technology and increasing consumer spending, with the market expected to reach approximately 30 billion yuan by 2025 [1][4][21]. Group 1: Industry Definition and Classification - Smart toys integrate advanced technologies such as AI, IoT, and sensors, distinguishing them from traditional toys by offering interactivity and learning capabilities [2][4]. - They can be categorized by technical functions (e.g., voice interaction, robotics, AR/VR), interaction methods (active, passive, mixed), and application scenarios (educational, entertainment, companionship) [2]. Group 2: Industry Development Status - The smart toy market in China is projected to grow from about 26.8 billion yuan in 2024 to around 30 billion yuan in 2025, reflecting a robust demand driven by rising household incomes and supportive government policies [4][21]. - The number of smart toy patents in China totaled 823 from 2016 to 2024, indicating a surge in innovation within the industry [6]. Group 3: Industry Chain - The smart toy industry chain consists of upstream suppliers (raw materials and components), midstream manufacturers (R&D and production), and downstream sales channels (e-commerce, retail, and educational institutions) [8][10]. Group 4: Development Environment and Policies - Recent government policies aim to enhance product quality and encourage innovation in the toy industry, providing a solid foundation for the long-term healthy development of smart toys [12][13]. Group 5: Competitive Landscape - Major global players in the smart toy market include Mattel and Hasbro from the U.S., Bandai from Japan, and LEGO from Denmark, which dominate the high-end market due to their strong R&D and sales capabilities [14]. - In China, key competitors include companies like Aofei Entertainment, Weiyida, and Bangbao Yizhi, which focus on R&D and brand building, while a second category consists of smaller OEM manufacturers with limited capabilities [14][15][17]. Group 6: Future Trends - The smart toy industry is expected to evolve towards a three-dimensional transformation involving technology, products, and business models, shifting from mere entertainment to integrating education, social interaction, and family ecosystems [21][22].

Group 1 - The first batch of 10 Sci-Tech Bond ETFs has been reported, marking the entry of bond ETFs into the "hard technology" sector [1] - The China Securities Regulatory Commission announced plans to enhance the linkage between stocks and bonds to support technological innovation [1] - The largest broad-based index ETF, Huatai-PB CSI 300 ETF, has set a record for a single dividend payout amounting to 8.4 billion yuan [1] Group 2 - In June, oil and gas public funds have outperformed innovative drug-themed products, with 12 funds showing a net value increase of over 10% [2] - The smart glasses market in China saw a shipment volume of 494,000 units in Q1 2025, a year-on-year increase of 116.1% [2] - The growth in smart glasses sales is attributed to advancements in AI and AR technologies, government subsidies, and the introduction of new products [2] Group 3 - The Zhiyuan Data Collection Center in Shanghai has collected over one million high-quality data points to enhance robot intelligence [3] - The center's initiatives are expected to lead to mass production of robots by 2025, with thousands of units anticipated to be shipped [3] Group 4 - The total public procurement in China for 2024 is projected to be 45 trillion yuan, reflecting a year-on-year decrease of 2.18% [3] - State-owned enterprises are expected to play a stabilizing role in procurement, with central enterprises' procurement exceeding 1.8 trillion yuan [3] Group 5 - The geopolitical risks in the Middle East are expected to drive up oil shipping prices due to recent conflicts affecting shipping routes [5] Group 6 - Audi has halted its plan for full electrification and will not set a clear timeline for phasing out internal combustion engine vehicles [6] - The company plans to launch new internal combustion and plug-in hybrid models between 2024 and 2026 [6] Group 7 - HNA Holding is undergoing a significant asset restructuring with a cash acquisition of 799 million yuan for a 100% stake in Hainan Tianyu Flight Training Co., Ltd [7] - The Shanghai Stock Exchange has issued an inquiry regarding the high proportion of accounts receivable and the reasonableness of bad debt provisions [7] Group 8 - Sichuan Blu-ray Development Co., Ltd. has been added to the list of dishonest executors, with 11 new records of dishonesty reported [8] Group 9 - Yongsheng Environmental Protection announced that its actual controller has been changed to bail pending trial, with no significant impact on daily operations [9] Group 10 - Yingkang Life announced a change in management, with Peng Wen resigning as director and general manager, and Ma Anjie taking over the role [11] Group 11 - ST Huawang received an inquiry letter from the Shanghai Stock Exchange regarding its major asset purchase proposal, which involves a valuation increase of 665.84% [12] Group 12 - Konggang Co., Ltd. plans a significant asset restructuring by selling 80% of its subsidiary Tianyuan Construction, with the stock remaining listed [13] Group 13 - The US stock market showed mixed results, with the Nasdaq rising by 0.13% while the S&P 500 and Dow Jones fell slightly [14] - The Federal Reserve's comments on inflation pressures influenced market movements, with technology stocks leading the gains [14]

Group 1 - The China Securities Regulatory Commission (CSRC) is enhancing the inclusiveness and adaptability of the capital market by implementing the "1+6" policy measures to deepen the reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market [1] - The CSRC plans to establish a Sci-Tech Growth Tier on the Sci-Tech Innovation Board and restart the listing of unprofitable companies under the fifth set of standards [1] - The CSRC will officially implement the third set of standards on the Growth Enterprise Market to support high-quality unprofitable innovative companies in going public [1] Group 2 - The private equity industry in China has seen a simultaneous increase in performance and positions, with the average position level approaching 80%, reflecting positive sentiment towards policy and economic expectations [2] - Key investment directions for private equity include technology, new consumption, precious metals, and dividend assets, focusing on "certainty" in investments [2] Group 3 - The outlook for the securities industry in the second half of 2025 is optimistic, with net profits expected to continue growing due to ongoing reform policies [3] - Large brokerages are likely to strengthen their market position through mergers and acquisitions, while smaller firms can rapidly expand their business scale [3] - The brokerage sector's valuation is expected to stabilize and recover, with attention on firms with high growth potential and balanced business structures [3] Group 4 - The Central Financial Committee has issued opinions to support the construction of Shanghai as an international financial center, enhancing the competitiveness and influence of the financial system [4] - The opinions emphasize the development of a multi-tiered equity market and the strengthening of the Sci-Tech Innovation Board's "hard technology" positioning [4] Group 5 - The Shanghai Stock Exchange has drafted self-regulatory guidelines for the Sci-Tech Growth Tier to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board [5] - The guidelines aim to support technology companies that have made significant breakthroughs but are currently unprofitable [5] Group 6 - Geopolitical risks in the Middle East are leading to rising oil transportation prices, with international oil prices also increasing due to recent conflicts [6] - The future trajectory of shipping costs will depend on the escalation of the situation and potential actions by Iran regarding the Strait of Hormuz [6] Group 7 - The smart glasses market in China has seen a significant increase in shipments, with a 116.1% year-on-year growth in Q1 2025 [7] - Factors driving this growth include advancements in AI and AR technologies, government subsidies, and the introduction of new products [7] Group 8 - The cross-border e-commerce industry is seeking stability and new opportunities amid fluctuating tariffs and uncertainties [8] - Industry participants are focusing on stabilizing their operations while exploring new markets to mitigate risks [8] Group 9 - The wind power industry is experiencing a resurgence in bidding prices, with significant increases in project approvals and installations expected in 2025 [9] - Domestic wind power manufacturers are poised to benefit from their experience and technology in both offshore and overseas markets [9] Group 10 - Oil and gas public funds have outperformed innovative drug-themed products in net value growth, with 12 funds seeing over 10% growth in June [10] - The strong performance of oil and gas funds is attributed to fluctuations in international fundamentals, although future price support for oil may be limited [10] Group 11 - GAC Group and Huawei's joint venture, Huawang Automotive, has begun large-scale recruitment, focusing on key positions in R&D and technology [11][12] - The new brand aims to leverage Huawei's smart driving software and solutions to create high-end automotive products [12] Group 12 - JD.com has announced its entry into the hotel and travel industry, aiming to optimize supply chain costs and enhance service quality [13] - The move is part of JD's strategy to leverage its supply chain and logistics advantages to improve the hotel and restaurant sectors [13]

行情速递 ① 主 板 领 涨 ， 大 为 股 份 (+10.02%)/ 深 华 发 A (+110.01%)/ 中 京 电 子 (+10.01%)/ 沪 电 股 份 (+10.00%)/楚天龙 (+10.00%)/ ② 创业板领涨， 逸豪新材(+20.01%)/科翔股份(+19.98%)/联建光电(+19.90%)/ ③科创板领涨， 清越科技(+20.05%)/生益电子 (+16.31%)/源杰科技(+9.85%)/ ④活跃子行业， SW印制电路板(+5.82%)/SW品牌消费电子(+3.94%)/ 国内新闻 ① 艾邦半导体网，中电化合物与甬江实验室正式签署战略合作框架协议/双 方将围绕AR眼镜用光学碳化硅（SiC）晶片展开深度研发合作/共同推动SiC 材料在增强现实（AR）领域的创新应用/为下一代智能穿戴设备提供更优的 光学解决方案/ ② 电子工程专辑，阿里巴巴Qwen团队宣布Qwen3全系模型完成苹果MLX框 架的官方适配/涵盖从0.6B（6亿参数）到235B（2350亿参数）的8个尺寸/ 并支持4bit/6bit/8bit/BF16四种量化精度/总计32个版本模型/ ③ 集微网，据盛美上海最新机构调研信 ...

尤其是Meta、谷歌等科技巨头纷纷转入AR赛道，甚至将功能更简单的AI眼镜卖爆后，苹果是否会在今年进入这一赛道"重写规则"，就成了大家都很关注 的话题。 这其中，猜测最多的是——苹果可能要发它的AR眼镜。 这样的猜测并非空穴来风。 就在WWDC 2025之前，大家都在猜测，今年的one more thing会是什么？ 毕竟，在这场发布会之前，苹果已经亮相的Vision Pro市场反响不及预期，而关于苹果AR眼镜的专利已经频频曝光。 不过，事实是，一如既往拖延的苹果，不出意外的再次没有迎合大家的希望。 在WWDC 2025上，苹果不仅没有发布AR眼镜，甚至这次我们连one more thing也没能看到。 倒是Meta和谷歌，以及正在崛起的中国厂商，将今年的AR和AI眼镜浪潮，推向了高潮。 01 谷歌的AR彩蛋 虽然今年的苹果WWDC没什么新意，但与之相隔不到一个月的谷歌I/O 2025，官方不仅高度重视XR眼镜，还让谷歌嫡子Android在谷歌I/O上为XR让了 路。 不可否认，Gemini是谷歌I/O 2025的重头戏，但谷歌CEO劈柴（Pichai）依然带着几位核心老将在今年I/O大会上强调了三项XR重要 ...

17日，三大股指盘中窄幅震荡整理，科创50指数一度跌超1%。截至收盘，沪指微跌0.04%报3387.4点， 深证成指跌0.12%报10151.43点，创业板指跌0.36%报2049.94点，科创50指数跌0.8%，沪深北三市合计 成交12373亿元，成交额较此前一日小幅萎缩。行业方面，医药、传媒、纺织服装、汽车等板块走低， 石油、航运板块强势，电力、家电、半导体、券商等板块上扬，人脑工程概念爆发，核污染防治、农 药、AI眼镜概念等活跃。 东莞证券表示，指数3400点上方仍有较大压力，多空双方存在分歧，区间震荡或成主基调，但市场整体 仍属良性范畴，回调或带来布局机会。中期受益于经济韧性与潜在政策支持，市场有望重拾升势。中长 期看，预计市场将呈现渐进式修复向上态势，配置上可聚焦科技、内需等主线，并适度配置高股息资产 以平滑波动。 今日投资机会解析 多因素拉动风电行业景气度 根据风芒能源公众号，近日，国家电投2025年第二批陆上风电机组规模化采购开标，本次竞标除标段 5、6外，标段平均价格均超2000元/kW。根据风电头条公众号，该价格相对2024年8月风机中标价低点 涨幅超过15%，再次佐证了国内风机板块自202 ...

由于具备更强的防风雨能力，Oakley版本的智能眼镜定价可能在360美元左右，高于其Ray-Ban同类产 品。其技术内核将与2023年发布的第二代Ray-Ban Meta眼镜相似。 Meta正将其触角从大众市场伸向更垂直的领域，通过与奢侈品巨头EssilorLuxottica的深化合作，即将推 出Oakley和Prada品牌的AI智能眼镜。 6月17日据媒体报道，Meta计划与EssilorLuxottica推出Oakley和Prada品牌版本的AI智能眼镜。这不仅 是其现有Ray-Ban眼镜成功的简单复制，更是一次精心策划的战略扩张，意图在谷歌和Snap等竞争对手 真正入场前，抢先占领从运动到高端时尚的每一个关键消费者心智阵地。 EssilorLuxottica首席执行官Francesco Milleri在今年2月证实，自2023年以来，双方已售出200万副Meta Ray-Ban眼镜。他雄心勃勃地计划，到2026年底将年产量提升至1000万副。 此外根据媒体报道，Meta与Luxottica在去年10月宣布的合作延期协议价值50亿美元。作为协议的一部 分，Meta获得了Luxottica品牌在智能眼镜技术 ...

| 【数字经济周报】高通 24 亿收购 SerDes IP 巨头 | 产业研究中心 | | | --- | --- | --- | | Alphawave | 3 | 朱峰(分析师) | | 摘要:数字经济动态事件速览 第 18期(2025.06.07-2025.06.13) | 8 | 021-38676666 | | o 半导体板块动态: | 登记编号 | S0880522030002 | | 1)高通24亿收购 SerDes IP 巨头 Alphawave | | | | 2）世界首台非硅二维计算机问世:有助造出更薄更快更节能电子产品 | | 鲍雁辛(分析师) | | 3 ) AMD: 发布基于 CDNA 4 架构的 Instinct MI350 系列 GPU | CS | | | 4)美光:追加美国制造投资至2000亿美元 | 2 | 021-38676666 | | ○ 汽车电子板块动态 | 登记编号 | S0880513070005 | | 1）广汽集团:高域 AirCab 飞行汽车全球首发 | | | | 2)蔚来在重庆区域已成功实现"换电县县通"网络建设目标 | | | | 3）零跑汽车 C1 ...