格隆汇12月15日丨福光股份(688010.SH)在互动平台表示，公司的机器视觉镜头广泛应用于生产加工、 装备检测、流水化作业等智能识别感应监测设备，未应用于AI眼镜。公司微型投影光机产品可应用于 AR领域，产品的具体使用场景由客户根据自身需求确定。 ...

Group 1 - Tianyue Advanced (02631) has seen a stock price increase of over 7%, currently trading at 59.55 HKD with a transaction volume of 1.88 billion HKD [1] - The company is a leader in the silicon carbide (SiC) semiconductor materials industry and has achieved technological breakthroughs in the full series of 12-inch SiC substrates, marking the entry of the SiC substrate industry into the 12-inch era [1] - According to Wenkang Securities, SiC, as a third-generation wide bandgap semiconductor, is penetrating four major industries: renewable energy, AI, communication, and AR, becoming a key support for technological upgrades and efficiency revolutions [1] Group 2 - The demand explosion is driving rapid industry expansion, with expectations of a balanced supply-demand situation for SiC substrates by 2027, and potential supply tightness [1] - By 2030, the global demand for substrates is projected to reach 16.76 million pieces, with an estimated production capacity shortfall of about 12 million pieces compared to the supply in 2025 [1] - The three core growth points identified are AI intermediary layers, electric vehicles, and AR glasses, with projected demand shares by 2030 of 37%, 26%, and 23% respectively [1] - If SiC can be industrialized in the "substrate layer," "intermediate layer," and "heat sink" for advanced packaging thermal materials in AI chips, the global demand for SiC substrates could reach approximately 30 million pieces by 2030 [1]

在新能源汽车领域，800V 高压平台已成为电驱系统发展的主流方向，相较于传统 400V 平台，其充电 速度显著提升，可将充电时间压缩至 15 分钟以内，同时有效缓解用户 "里程焦虑"。数据显示，搭载碳 化硅逆变器的车型，CLTC 续航里程可提升 6.3%-6.9%，且在相同电压和功率条件下，碳化硅逆变器的 导通损耗和开关损耗远低于硅基器件。随着华为、比亚迪、特斯拉等企业纷纷布局兆瓦快充，高压直流 充电桩的配套需求同步增长，成为碳化硅需求提升的重要催化剂。 在光伏与储能领域，碳化硅器件同样发挥关键作用。在光伏发电环节，其应用于光伏逆变器，实现不稳 定直流电到标准交流电的高效转换；在储能系统中，通过储能变流器(PCS)完成交直流双向转换，凭借 高频特性与耐高压能力提升能源转换效率，成为光储一体化发展的高效能引擎。 AI + 通信 + AR 开辟新蓝海 技术升级打开增长空间 作为第三代宽禁带半导体核心材料，碳化硅(SiC)凭借禁带宽度大、击穿电场高、热导率优、电子饱和 漂移速度快等突出物理性能，正全面渗透新能源、AI、通信、AR 四大高增长领域，成为推动全球技术 升级与效率革命的关键支撑。随着多领域应用需求的爆发式 ...

影目科技INMO以长期主义深耕无线一体式AI+AR智能眼镜，逐一攻克了困扰全行业的关键瓶颈：光学引擎的迭代实现了 更高清晰度与私密性，镜框设计的优化解决了长时间佩戴的舒适度痛点，双电池磁吸换电设计则有效破解了用户的续航焦虑。 影目科技新品INMOGO3更是行业技术集大成者：采用CNC五轴工艺打造轻盈机身，首创领夹音箱INMOSpeaker搭配AI拟 声，实现261种语言的双向对话实时翻译，支持AI语速追随提词、AR识人等功能，不仅推动产品从"可行"走向"可用"，更重新 定义了智能眼镜"专业性与实用性兼具"的行业标准。与此同时，AI的能力让智能眼镜具备了更强的"入口属性"。过去的智能眼 镜更像是手机屏幕的延伸，而如今，借助AI翻译、提词、对话理解、拟声能力和正在拓展的多种原生场景，智能眼镜开始具备 了主动理解用户意图、主动提供服务的可能性。 （编辑 张明富） 本报讯 （记者桂小笋） 12月10日，深圳影目科技有限公司（以下简称"影目科技"）旗下INMO正式官宣知名财经作家吴晓波成为新的品牌挚友。 此次双方的合作，本质上是向整个市场传递核心信号：智能眼镜已从单纯的技术猎奇产品，进化为足以影响未来生活方式与商 业效 ...

看到天上的灿烂云霞，点一点眼镜就能拍照留念；参加一场会议，点一点眼镜就能录音总结。 2025年，AI眼镜成了不少人的娱乐搭子。 这些眼镜外观类似普通黑框眼镜，重量在39克~50克之间，比近视眼镜（20g-25g）略重，普遍配有摄像头、麦克风、扬声器，搭载大模型和AI助手，可以 录音录像、拍照识物，续航6h-8h。价格则500-8000元不等，有无AR设备成为价格分水岭，无AR的AI眼镜价格在500-2000元不等，单目AR眼镜价格2000 元以上，双目AR眼镜价格3000元以上。 这是一个再次热闹起来的市场。2021年Roblox爆火带起一波AR眼镜热，Rokid、雷鸟创新、影目科技、Xreal等厂商相继入局（参考阅读《失信难产跳水 月赚1400亿！竟在这件事上输于起跑线》）；2023年底Meta Ray-Ban带起一波AI眼镜热，AR厂商顺利转型，同时互联网大厂带资进组，行业热情被彻底 点燃。 IDC预计，2025年全球智能眼镜市场出货量将达到1451.8万台，同比增长42.5%；中国市场的增长更为迅猛，出货量预计达290.7万台，同比暴涨121.1%。 618期间，京东平台AI眼镜成交量同比增长7倍；"双 ...

文 / 袁一音 智能眼镜，正处在爆发的前夜。据权威机构预测，到2035年，其全球年出货量将达14亿台，超过当前智能手机12亿台的年出货规模。 作为天生的可穿戴设备，眼镜被认为是手机之后"下一代AI载体""个人移动智能入口"，商业想象力巨大。 火苗已经反映在了市场上：今年双十一，核心电商平台智能眼镜销量普遍暴涨1000%以上；据预估，2025年中国市场全年出货量将达275万台，同 比激增107%，增速稳居全球第一。 供给端，"百镜大战"已然启幕，恰似2007年功能机向智能机转型的关键节点。如今，智能眼镜被寄予"下一代入口"的厚望。5G网络已然就绪，AI 交互革命正在发生，但行业爆发式普及的困境，却卡在了最原始的环节：硬件本体与供应链。 此时，每个玩家都在寻找突破口，希望自己能从"春秋式的群雄争霸"成功晋级到"战国时代"的牌桌上。 智能眼镜首先得是"一副眼镜" 智能眼镜的初期，行业曾陷入一种"全能幻想"——许多设计都试图复刻智能手机的成功路径，宣称能同时实现巨幕观影、实时翻译、AR导航、会 议记录乃至移动办公。 然而，试图用一副眼镜解决所有问题，往往导致所有功能都表现平庸——拍照防抖不及运动相机，导航不如手机直观 ...

Group 1 - The emergence of the new Chinese aesthetic is driven by economic growth, policy support, and cultural confidence, with young people exploring traditional cultural elements in a "guarding and innovating" manner, leading to its transition from niche to mainstream appeal [1][10] - The new Chinese aesthetic has penetrated various aspects of daily life, including food, fashion, home decor, and cultural tourism, with traditional ingredients and modern health concepts becoming popular choices [1][15] - The commercial value of the new Chinese aesthetic is being realized, serving as a key marketing tool for brands and becoming a cultural symbol for Chinese brands going global, as seen with stores like Paris Cha Ba Dao and Zhou Dafu [1] Group 2 - The integration of technologies like AI and AR has revitalized the new Chinese aesthetic, particularly in traditional and modern contexts, as demonstrated by innovative presentations during events like the CCTV Spring Festival Gala [2] - The new Chinese aesthetic has gained significant traction on social media, with topics related to it generating billions of views, indicating its widespread acceptance and influence across various demographics [1][15][36] - The popularity of modified Hanfu has made it easier for the general public to experience the beauty of the new Chinese aesthetic in daily life, contributing to its mainstream adoption [20][21]

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Insights - The company is accelerating the commercialization of AR waveguide technology through the acquisition of Dispelix, which is expected to be completed in the first half of 2026. This acquisition aims to enhance synergies between Dispelix's expertise in waveguide design and the company's strengths in optics and precision manufacturing [3] - The company is collaborating with ByteDance to launch the "Doubao AI Phone," which represents a shift from a "tool" to an "intelligent agent" through advanced AI capabilities [4] - The company is also involved in the development of the Quark AI Glasses S1, which features a high-precision audio pickup system to enhance AI voice interaction experiences [5] Financial Projections - The company is projected to achieve revenues of 32.2 billion, 36 billion, and 40 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 2.5 billion, 3 billion, and 3.3 billion yuan for the same years [9][11] - The expected growth rates for revenue are 34% for 2025, 18% for 2026, and 12% for 2027, while net profit growth rates are projected at 143% for 2025, 41% for 2026, and 19% for 2027 [11][12]

Core Viewpoint - The company Bawei Storage (688525.SH) has successfully integrated its ePOP series products into the AI glasses developed by Alibaba Quark, indicating a strong presence in the AI/AR wearable device market [1] Group 1: Product Applications - The ePOP series products are currently utilized by well-known companies such as Meta, Google, Xiaomi, Xiaotiancai, Rokid, and Thunderbird Innovation in their AI/AR glasses and smartwatches [1]

Core Viewpoint - Dongwu Securities expects Net Profit attributable to shareholders of NetDragon (00777) to be 400 million, 670 million, and 680 million RMB for 2025-2027, with corresponding PE ratios of 13.6, 8.1, and 8.0 times. The target market capitalization is set at 8.5 billion RMB, translating to a target price of 17.59 HKD per share. The firm is optimistic about the company's stable operation of existing games, the benefits from the education business due to equipment upgrade cycles, and the comprehensive empowerment of AI in gaming education, leading to performance growth from diversified investments [1]. Gaming Sector - The company has established a solid performance foundation through long-standing IPs in the MMORPG sector, such as "Magic Domain," "Conquest," and "Spirit of Heroes," which exhibit strong user stickiness and long-term operational capabilities. The flagship IP "Magic Domain" has maintained high operating profit margins over nearly two decades. The company is implementing an "AI + Gaming" strategy, with AI integrated into art production, code writing, and multilingual localization, enabling rapid global market expansion and cost-effective development of mobile versions from PC games. In the first half of 2025, R&D expenses in the gaming and application services segment are expected to decrease by 26.7% year-on-year, indicating potential profit growth from AI-driven cost reductions [2]. Education Sector - Mynd.ai, a subsidiary, is a leader in global educational interactive display devices, with cumulative sales of 1.37 million units from 2016 to 2024, capturing nearly 16% of the global market share in 2024. The next replacement cycle for educational equipment is anticipated as devices purchased during the pandemic begin to expire, indicating a broad long-term market opportunity. In the first half of 2025, the company's SaaS ecosystem is taking shape, with "Explain Everything" continuing its growth trend. The acquisition of Merlyn Mind introduces an AI voice assistant to enhance user interaction with hardware and link software resources with SaaS tools, reinforcing the "hardware + SaaS" barrier and accelerating the transition to a high-margin subscription model, which is expected to improve profitability [3]. Strategic Investments - The company is focusing on a dual-core business strategy with strategic investments in AI, AR, and the broader entertainment sector, creating multiple potential growth drivers. AI technology is expected to enhance intelligent interactions in gaming and generate personalized educational content, improving the quality and efficiency of both core businesses. AR hardware will enhance immersion in gaming and the appeal of educational products, while the broader entertainment sector will aggregate traffic and incubate IPs, contributing to user growth and brand value, thus closing the "technology-scenario-user" loop [4]. - The company has made strategic investments in ROKID, Chuangqisi, and Shuaiku Network to strengthen its ecosystem in AI, AR, and the entertainment sector. In AI, Chuangqisi has partnered with Zhongke Wenge to become the exclusive overseas platform and commercialization partner, developing several AI large model products. In AR and the metaverse, the investment in ROKID aims to explore new applications in education and gaming. In the entertainment sector, the investment in Shuaiku Network positions the company in the group broadcasting sector, expected to contribute to performance growth and provide new channels for IP promotion in gaming and user outreach in education. Additionally, the company is joining the Open-Q ecosystem to lay the groundwork for AI computing power and high-quality educational content [5].