格隆汇12月15日丨格灵深瞳(688207.SH)在投资者互动平台表示，公司的业务暂未直接涉及到空间计算 领域。 ...

Core Insights - The global technology competition is rapidly evolving, with cutting-edge technologies like AI, spatial computing, and human-machine collaboration reshaping production, lifestyle, and national competitiveness [1] - The 20th National Congress of the Communist Party of China emphasizes accelerating the development of new productive forces and strengthening the role of enterprises in technological innovation, placing "technology finance" as a top priority in building a strong financial nation [1] Development Challenges - Traditional AR glasses face commercialization challenges, with global sales projected at only 500,000 units in 2024, significantly below early market expectations [1] - The core issue lies in the "all-or-nothing" development paradigm, which creates a negative cycle of high R&D investment, high-cost pricing, low user acceptance, and immature supply chains [1][3] - This approach neglects critical variables such as market acceptance, user behavior inertia, and capital patience, making it incompatible with the new paradigm of "early, small, long-term, and hard technology" in technology finance [1] Evolution Path - A new "gradual iterative" paradigm is emerging, led by AI smart glasses, which is validating a three-stage evolution path: audio/camera glasses, AI smart glasses, and AI+AR glasses [2][5] - The first stage involves audio/video glasses that integrate basic functions to cultivate user habits without altering wearing preferences [5] - The second stage introduces AI capabilities for enhanced functionality, transforming devices from mere tools to intelligent companions, as evidenced by the success of Meta's Ray-Ban Meta glasses [7] - The third stage aims to incorporate lightweight AR display modules, achieving "what you see is what you get" spatial computing, supported by accumulated orders that drive down optical module costs [8] Market Logic - The "gradual iterative" approach targets a substantial existing market of over 1.54 billion units of traditional glasses sold annually, providing a natural user base for smart glasses [9] - This paradigm shift redefines smart glasses as "smart traditional glasses," significantly lowering decision-making barriers and facilitating market penetration [9] - Investment in the AR sector is transitioning from a technology risk-driven model to one focused on market validation, with significant funding increases observed in 2025 [9] Competitive Landscape - The global AR glasses market is evolving, with competition shifting from short-term hardware comparisons to long-term ecosystem building [11] - Companies like Meta and Google are adopting different strategies, with Meta focusing on a closed-loop experience and Google promoting an open ecosystem [11] - Domestic players are leveraging rapid hardware iterations and vertical market penetration, while larger companies like Huawei and Xiaomi are creating seamless cross-device experiences [11] Capital Mechanism - The evolution of AR glasses represents a microcosmic experiment in the collaboration of technology, finance, and institutional evolution [12] - The "gradual iterative" paradigm addresses structural mismatches between technological innovation and financial capital, allowing for phased value release mechanisms [14] - This approach enables capital to receive mid-term market feedback and cash flow support without sacrificing long-term visions, alleviating common challenges faced by early-stage hard technology projects [14] Future Outlook - The true revolution of consumer-grade AR glasses lies in redefining the relationship between humans, information, and the world, facilitating seamless integration of digital information into physical reality [16] - AR glasses have the potential to enhance social interactions, transforming them from social isolators to social enhancers, provided they are designed thoughtfully [17] - The successful adoption of AR glasses will depend on the establishment of ethical frameworks and institutional support to address privacy concerns and ensure equitable access [18]

2026年被视为AI商业化成败的关键节点，高盛提出十大行业主题：从生成式AI与代理式搜索的崛起，到广告、电商与社 交电商的深度融合；从高位资本开支与云回报考验，到自动驾驶出行加速落地；再到空间计算、互动娱乐、健康科技与企 业在增长和投入间的再平衡，共同构成新一年的产业主线。 硬·AI 作者 | 张雅琦 编辑 | 硬 AI 在经历了多年的基础设施建设后，2026年将成为AI技术验证的关键年份，市场焦点将从单纯的资本支出转 向应用层的实际效用与商业化回报。 高盛全球投资研究团队Eric Sheridan等分析师于10日发布了2026年互联网行业展望报告。报告提出，随 着通用大语言模型（LLM）代理和聊天机器人使用率在2025年的提升，2026年或将成为消费者计算领域 的转折点。 市场关注的焦点将从单纯的付费订阅模式，转向包括广告、电商及代理功能在内的多元化变现途径。高盛 强调，AI技术必须在基础设施、模型平台及应用层持续交付动力并实现资本回报，以避免落入Gartner技 术成熟度曲线中的"幻灭低谷期"（Trough of Disillusionment）。 资本开支方面，尽管市场对"过度建设"存有疑虑，但高盛预计 ...

在经历了多年的基础设施建设后，2026年将成为AI技术验证的关键年份，市场焦点将从单纯的资本支 出转向应用层的实际效用与商业化回报。 据追风交易台消息，高盛全球投资研究团队Eric Sheridan等分析师于10日发布了2026年互联网行业展望 报告。报告提出，随着通用大语言模型（LLM）代理和聊天机器人使用率在2025年的提升，2026年或 将成为消费者计算领域的转折点。 市场关注的焦点将从单纯的付费订阅模式，转向包括广告、电商及代理功能在内的多元化变现途径。高 盛强调，AI技术必须在基础设施、模型平台及应用层持续交付动力并实现资本回报，以避免落入 Gartner技术成熟度曲线中的"幻灭低谷期"（Trough of Disillusionment）。 资本开支方面，尽管市场对"过度建设"存有疑虑，但高盛预计AI相关的资本投入在2026年仍将保持高 位。报告数据显示，过去一年市场对亚马逊、谷歌和META在2025及2026财年的资本开支（Capex）预 期分别上调了约46%和80%，两年合计增加约2500亿美元。这些在AI开发上的巨额投入能否转化为可见 的利润回报，将是未来12至18个月左右投资者情绪和公司业 ...

如果你最近在各大一线城市的街边、地铁口走上一圈，你大概率已经注意到智能眼镜的广告正在以铺天盖地的姿态在各个广告牌密集出现。 与此同时，平台上在近几年陆续冒出一批新的智能眼镜公司，融资消息不断；夸克、小米等互联网巨头接连入局智能眼镜赛道，发布会声势浩大。 消费电子领域的投资人们，也开始频繁探讨智能手机之后的下一代入口。 某种关于未来科技的共同想象正在今年凝聚。 各大品牌的智能眼镜广告示意图 图片来源：NanoBananaPro 然而，投资人与消费者的困惑也随之而来：这些被宣传为"智能""AI赋能"的产品，到底智能在哪里？这些产品的科技突破是否能支撑起一个全新的硬件时 代？ 又或者说，这又只是一轮被包装过度，技术水平无法满足现实的伪风口？ 在一个新吹起的风向面前，在定义尚未达成共识，新玩家轮番登场，规则尚未形成的市场中，叙事往往比事实更加诱人。 但事实比叙事带着更强的力量，因此，这篇文章希望探讨三个关键问题： 1.为什么智能眼镜会在2025年成为热点？ 2.在风起云涌的当下，如何判断什么是真正的智能眼镜？ 3.通往下一代计算入口的突破点在哪里？ AI入口焦虑 该押注何种形态 智能眼镜的走红，来自三个深层逻辑的汇合 ...

12月9日凌晨，最近春风得意的 Google 举办了一场 Android Show: XR，第一次明确了 Android XR 的设备路线，第一次正式展示与三星合作开发的 AI 眼镜 原型机。 但如果只看到这些，这场 Android Show: XR 很容易被低估。 没有价格、没有参数堆叠，也没有试图用一款「颠覆性设备」占据活动核心。整场活动更像是一份克制到近乎冷静的路线说明，Google 花了大部分时间 强调 Gemini 与 Android XR 的系统整合，讲开发框架、讲 API，讲「Android XR 将覆盖哪些设备形态」，避免把焦点压在某一款终端硬件上。 在官方叙事中，Android XR 已经不再只是「支持头显的 Android 版本」，更是一个以 Gemini 为核心的全新计算平台。 低调的发布会，高调的XR新蓝图 Google 强调，Gemini 将作为默认的智能层存在于 Android XR 中，贯穿视觉、语音、环境感知与交互理解；而 Android XR 的角色，则是为这种多模态 AI 提供稳定、可扩展、跨设备体验的系统载体。 以此为核心，Google 也一次性铺开了四条产品路线： XR ...

格隆汇12月10日丨利亚德(300296.SZ)在投资者关系中表示，有被问到：AI 板块业务目前以动作捕捉为 主，想请教一下，您是否了解公司与头部企业的合作是否采用授权收费模式？ 答：目前AI与空间计算板块占比约5个百分点，其中80%以上收入来自美国NP公司，其团队大部分为技 术人员，业务模式以硬件销售为主；国内虚拟动点业务重点方向为具身智能产业，属战略新兴产业，与 机器人厂家的合作以定制化为主，涵盖硬件销售、数据提供、动作训练等多个维度，目前实施或已中标 了多个机器人数据训练中心建设的项目，多为按项目收费。 ...

12月9日凌晨，最近春风得意的 Google 举办了一场 Android Show: XR，第一次明确了 Android XR 的设备路线，第一次正式展示与三星合作开发的 AI 眼镜原 型机。 但如果只看到这些，这场 Android Show: XR 很容易被低估。 没有价格、没有参数堆叠，也没有试图用一款「颠覆性设备」占据活动核心。整场活动更像是一份克制到近乎冷静的路线说明，Google 花了大部分时间强 调 Gemini 与 Android XR 的系统整合，讲开发框架、讲 API，讲「Android XR 将覆盖哪些设备形态」，避免把焦点压在某一款终端硬件上。 在官方叙事中，Android XR 已经不再只是「支持头显的 Android 版本」，更是一个以 Gemini 为核心的全新计算平台。 低调的发布会，高调的XR新蓝图 Google 强调，Gemini 将作为默认的智能层存在于 Android XR 中，贯穿视觉、语音、环境感知与交互理解；而 Android XR 的角色，则是为这种多模态 AI 提 供稳定、可扩展、跨设备体验的系统载体。 以此为核心，Google 也一次性铺开了四条产品路线： X ...

Core Viewpoint - The competition in the AI glasses market is intensifying as major companies like Baidu, Alibaba, and Li Auto launch their products, with Li Auto's Livis glasses selling out quickly after release [1][3]. Group 1: Market Dynamics - Li Auto's AI glasses Livis were launched without pre-sale, directly shipping at a competitive price of 1699 yuan, leading to rapid sell-out within two hours [1]. - Other major players, including Google, Vivo, and Xiaomi, are also exploring AI glasses, with Google reportedly in the POC stage for two products [3][4]. - The entry of various companies into the AI glasses market indicates a significant shift, with many viewing it as a strategic necessity for data collection and user interaction [4][18]. Group 2: Strategic Importance - AI glasses are seen as a critical extension of existing hardware experiences for consumer electronics companies, while for internet giants, they represent a necessary entry point for data collection and model enhancement [4][17]. - Companies like Alibaba and Baidu are aggressively pursuing AI glasses as a strategic product, with Baidu defining it as an S-level strategic initiative [20][22]. - The competition is not just about hardware but also about the underlying data that can be collected through these devices, which is crucial for future AI developments [12][17]. Group 3: Industry Trends - The hardware barrier for entering the AI glasses market has lowered significantly, allowing a wide range of players to participate [25][29]. - The supply chain for AI glasses is rapidly evolving, with companies like Qualcomm and Foxconn involved in production, leading to shorter project cycles and controlled hardware costs [28][29]. - The market is characterized by a "comprehensive competition," where the ability to deliver high-quality products without flaws is essential for success [30].

Core Insights - Google unveiled Project Aura and Android XR system, positioning it as the most complete hardware sample for Android XR to date [1] - The core goal of Android XR is to create an open, unified extended reality platform that integrates AI into the real world [1] - Project Aura is recognized as the "first native spatial eye" of Gemini AI, combining XREAL's optical, chip, and spatial algorithm capabilities [1] Group 1 - AI technology is rapidly evolving, with large language models enabling AI to "hear and speak," multimodal models allowing AI to "see and draw," and world models helping AI "understand real physical space" [1] - Project Aura aims to fundamentally change the current state of AI, allowing Gemini to construct "continuous, interactive, and understandable" spatial semantic models in the real world [1] - Aura integrates XREAL's optical, chip, and spatial algorithms with Google's Android XR and Gemini AI, completing a closed loop of "seeing → understanding → interacting" [1] Group 2 - XREAL's founder emphasized that agents should not just be software but "hardwareized agents" to maximize AI capabilities, with glasses being a natural carrier for the next generation of smart terminals [2] - The latest X-Prism optical system achieves a 70° field of view, enabling practical AR applications where digital content overlays seamlessly onto the environment [2] - Aura utilizes the X1S chip for low-latency, high-precision spatial intelligence, forming the foundational infrastructure for "spatial AI" [2] Group 3 - Project Aura's core hardware development is primarily conducted by a Chinese team, with the X-Prism optical system and X1S chip being independently developed and produced in China [4] - The complete supply chain is rooted in the Yangtze River Delta, achieving the highest global efficiency in iteration and production [4] - Shanghai serves as XREAL's global R&D center and future AI terminal innovation hub [4] Group 4 - The industry is experiencing structural changes, with no single company able to encompass all innovations in systems, AI, and hardware [5] - A global innovation alliance is deemed necessary for the next generation of computing platforms, with China positioned to define future standards due to its complete manufacturing chain and rapid hardware innovation [5] - Project Aura is set to officially enter the market in 2026 [5]