202505原油展望报告 强现实弱预期与伊朗原油扰动的叠加态 姓名：肖彧 投资咨询证号：Z0016296 2025年5月21日 期货投资咨询业务批准文号：证监许可[2011]1446号 01 回顾总结 02 原油市场分析 目录 CONTENTS 01 回顾总结 1.1 4月原油展望报告回顾 50 60 70 80 90 100 24/1 24/2 24/3 24/4 24/5 24/6 24/7 24/8 24/9 24/10 24/11 24/12 25/1 25/2 25/3 25/4 25/5 WTI 布伦特 阿曼 SC 4月主要观点：在宏观氛围急转直下的背景下，OPEC+不仅不抵抗，反而加速增产，布伦特原油70美元 大支撑位转为难以逾越的压力位。随着宏观局势持续动荡，市场信心愈加脆弱，我们维持空头观点。 行情回顾：中美贸易谈判内容超预期带动市场有限反弹，此后美伊谈判变动构成油价短期波动主要因 素。 1.2 5月原油展望报告总结 5月主要观点： 基本面： 尽管油价重心每况愈下，国际原油市场月差均处在0轴上方，这意味着现实供需依然能够匹配。 当前市场利空因素主要聚集在预期层面，比如OPEC+很可能在7月后 ...

Core Insights - Google has entered the smart glasses market by collaborating with Xreal to launch the first smart glasses equipped with an augmented reality (AR) operating system [1][3] - The product, named Project Aura, was showcased at the Google I/O conference and runs on the newly released Android XR system, which aims to replicate the Android experience across various devices [3][5] - Google is also working with Samsung on a head-mounted display called Project Moohan and is developing non-AR glasses in partnership with Gentle Monster and Warby Parker [3][5] Product Details - Project Aura is expected to be available to consumers by the end of this year or early next year, with a price range significantly lower than competitors, estimated between $200 and $600 [4][5] - The glasses will feature a lightweight optical see-through design, allowing users to access common Android applications [4][5] - The device will prioritize developers initially, enabling them to create augmented experiences using familiar Android tools [4] Competitive Landscape - Xreal's CEO indicated that the Android XR smart glasses are designed to compete with Meta's upcoming AR glasses, which are expected to launch by 2027 [4] - Meta has also introduced a new version of its smart glasses with a display, priced between $1,000 and $1,400, while Xreal aims to offer a more cost-effective alternative [4][5] - Google’s strategy involves partnering with established hardware brands like Samsung and Xreal, rather than developing its own devices from scratch, contrasting with Apple's approach of self-developing products like the Vision Pro [5][6] Strategic Implications - The Android XR system is central to Google's strategy to expand its operating system beyond smartphones into areas like TVs, cars, and smart home devices [5] - The collaboration with Xreal allows Google to leverage its software expertise while Xreal focuses on hardware development, enhancing the potential for competitive products in the AR space [5][6] - The integration of augmented reality and artificial intelligence is seen as a significant advantage for the upcoming smart glasses, potentially redefining user experiences in both entertainment and professional settings [6]

北京时间2025年5月21日，在位于美国加利福尼亚州的2025Google I/O全球开发者大会上，一款由Google 与中国科技企业XREAL联合打造的AR(增强现实)眼镜——Project Aura亮相。这款产品，不仅承载着空 间计算"下一个十年"的技术愿景，也代表着一家扎根上海浦东的中国企业，首次以底层生态合作伙伴的 身份，深度参与全球XR(扩展现实)操作系统与终端生态的联合定义与技术演进。(智通财经) ...

五矿期货：铁矿石盘面估值或重新向"弱预期"定价靠拢 我们认为，在中美贸易紧张局势缓和后，预期的阶段性改善使得"强现实""拉扯"铁矿石价格向上反弹。 但是，高铁水有限的向上空间，使得反弹后的价格继续向上的驱动不足。考虑到当前终端需求还能够支 撑铁水在高位波动，短期价格或偏震荡运行，往后等待现实拐点出现后，供需边际弱化，盘面估值或重 新向"弱预期"定价靠拢。 5月21日盘中，铁矿石期货主力合约偏强震荡，最高上探至730.5元。截止发稿，铁矿石主力合约报725.5 元，涨幅0.35%。 铁矿石期货主力小幅上涨0.35%，对于后市行情如何，相关机构该如何评价？ 机构 核心观点 五矿期货 铁矿石盘面估值或重新向"弱预期"定价靠拢 东海期货 铁矿石短期依旧偏强 国新国证期货 短期铁矿呈现震荡走势 东海期货：铁矿石短期依旧偏强 钢厂盈利可观，铁水产量短期仍处于高位。后期铁水产量回落是大概率事件，但对于回落路径，市场仍 存在较大分歧。供应方面，本周全球铁矿石发运量环比回升318.8万吨，但因前期发运回落影响，本周 铁矿石到港量环比回落289.6万吨。二季度为传统铁矿石发运旺季，发货量及到港量均可能有所回升。 周一，铁矿石港口 ...

又是一年谷歌I/O开发者大会，不出所料地，主题演讲又是一场AI交响乐。去年，"AI"一词在谷歌I/O大会上被提及120 次，今年依然是主角，被提及92次。 其中最受关注的，是谷歌将AI更深入地植入搜索及Chrome浏览器： 谷歌搜索将不满足于在生成结果中显示"谷歌摘要"，而是直接会在结果分类中新增"AI模式"标签，展示效果类似独立 AI搜索应用。 Chrome浏览器中将加入Gemini AI助手，未来将能够"跨多个标签页工作，并代表用户浏览网站。 这是谷歌对近期争议的直接回应。一方面，谷歌搜索被唱衰。苹果高管声称谷歌搜索受到Perplexity、ChatGPT等竞品 的挑战，Safari浏览器的搜索量（默认引擎是谷歌搜索）出现2022年以来首次下降。 另一方面，AI初创公司开始对浏览器虎视眈眈，Chrome也在被重新审视。Perplexity即将发布浏览器，名字都起好了。 而OpenAI也有类似传言，并直言有兴趣收购Chrome。 谷歌对搜索和浏览器的进一步升级，在表明其"继续伟大"的决心。 当然，本次谷歌I/O大会主题演讲的亮点不止于此，还有安卓XR平台最新进展、3D视频聊天项目升级、文生图工具 Image ...

Core Insights - Google has partnered with Chinese AR glasses manufacturer Xreal to launch the first smart glasses powered by its augmented reality operating system, Android XR, marking its entry into the smart glasses market [1][3] - The Project Aura smart glasses were showcased at the Google I/O developer conference, aiming to provide a familiar Android experience across various devices [1][7] - Xreal's CEO indicated that the Aura glasses are designed to compete with Meta's upcoming AR glasses, while Google's collaboration with Samsung aims to develop a head-mounted display to rival Apple's Vision Pro [3][4] Group 1 - Google and Xreal's collaboration aims to create a more affordable AR device, with Aura glasses expected to retail between $200 and $600, compared to potential prices of several thousand dollars for competitors [4][5] - The Android XR system is a strategic move for Google to enhance its Android business, expanding its operating system to various devices beyond smartphones [7][9] - Xreal has maintained the largest market share in the global AR market for three consecutive years, with projections indicating that its market share in 2024 will exceed the combined total of the second to fourth-ranked competitors [9][10] Group 2 - The global investment in augmented and virtual reality (AR/VR) is projected to reach $15.22 billion in 2024, with expectations to grow to $39.7 billion by 2029, reflecting a compound annual growth rate (CAGR) of 21.1% [10]

专题报告 2025-05-21 铁矿石：中美关税谈判对价格的影响 从业资格号：F03098415 交易咨询号：Z0020771 0755-23375161 chenzy@wkqh.cn 黑色建材研究 | 铁矿石 陈张滢 报告要点： 近两年铁矿石价格的下跌在节奏上有预期先行，基本面跟随的现象。本轮铁矿价格的反弹，则 是在"弱预期"带动铁矿石价格下行后，"强现实"并未随之转弱，并且在中美关税谈判进展 超预期，预期阶段性改善后带动盘面价格向上修复。 万林新（联系人） 黑色研究员 从业资格号：F03133967 0755-23375162 wanlx@wkqh.cn 往后看，价格反弹后，高铁水有限的向上空间，使得反弹后的价格继续向上的驱动不足。考虑 到当前终端需求还能够支撑铁水在高位波动，短期价格或偏震荡运行。二季度作为矿山发运旺 季，可作为对今年铁矿石供给增量预期的验证观测节点。往后等待现实拐点出现后，供需边际 弱化，盘面估值或重新向"弱预期"定价靠拢。 黑色研究员 中美关税谈判超预期对原有节奏的扰动 2 月下旬以来，铁矿石盘面价格呈现"下跌-横移震荡-再下跌"的走势。从逻辑上来看，宏观利 好的兑现、政策消息的扰动 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货铁矿石早报（2025 年 5 月 21 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 铁矿 2509 | 震荡 | 震荡 | 震荡 偏强 | 关注 MA10 一线支撑 | 强现实弱预期，矿价延续震荡 | 铁矿石基本面在走弱，钢厂生产趋弱，矿石需求开始回落，但降幅相对有限，继续给予矿价支撑， 但上行动能趋弱，利好效应不强。与此同时，港口到货再度降至低位，带来港存有所去化，但海外矿 商发运则是大幅增加，创下年内单周第二高水平，后续到货将回升，相应的内矿生产积极，矿石供应 延续相对高位。目前来看，铁矿石需求高位回落，而供应维持高位，且存回升预期，供需格局在走弱， 但需求维持高位叠加期价深度贴水，下行阻力较大，强现实弱预期下矿价维持震荡运行态势，关注铁 水变化情况。 （仅供参考，不构成任何投资建议） 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价 ...

Group 1 - Google announced a strategic partnership with Chinese AR company XREAL to launch the new generation AR glasses, Project Aura, designed specifically for the Android XR platform [1][3] - Project Aura represents a significant step in Google's XR platform ecosystem strategy and elevates XREAL's position in the global AR market, featuring lightweight design, wide field of view, cinema-level immersive experience, and integration with Gemini AI [3][4] - The collaboration combines the technological strengths of Google, XREAL, and Qualcomm, forming a "golden triangle" that covers platform, hardware, and chip, establishing a solid foundation for the Android XR ecosystem [3] Group 2 - Google’s VP of Android XR, Shahram Izadi, expressed excitement about XREAL joining the Android XR family and emphasized the importance of Project Aura in advancing spatial experiences into a more intuitive and accessible OST era [4] - XREAL's founder and CEO, Xu Chi, highlighted the company's commitment to pushing the boundaries of AR hardware, merging performance, comfort, and design aesthetics, and believes that the collaboration with Google will elevate their vision to new heights [4]

Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The year 2025 is expected to be a breakout year for AI glasses, with significant growth in sales and the emergence of domestic SoC (System on Chip) solutions [4][39] - The global AI glasses market is projected to reach 5.5 million units by 2025, with a CAGR of 97.4% over the next six years [26] - Major brands are entering the AI glasses market, leading to increased competition and innovation [4][39] Summary by Sections AI Glasses Market Overview - In Q1 2025, global AI glasses sales reached 600,000 units, a 216% increase year-on-year, driven primarily by the success of Ray-Ban Meta glasses [20] - The report highlights that over 60 manufacturers are currently developing AI glasses, indicating a highly competitive landscape [43] SoC and Component Analysis - The main control SoC accounts for approximately 30% of the total BOM (Bill of Materials) cost of AI glasses, significantly influencing product performance and user experience [5][29] - The report identifies three main SoC solutions: single-chip SoC, dual-chip SoC with a co-processor, and a main SoC with a separate ISP [6][50] Key Players and Products - Major companies such as Meta, Xiaomi, and various domestic brands are actively launching AI glasses, with Meta's Ray-Ban Meta leading in sales [39][40] - The report suggests monitoring companies in the AI glasses chip supply chain, including Hengxuan Technology, Aojie Technology, and others [6] Future Projections - The report anticipates that by 2025, Meta will release a new AI glasses model, Hypernova, which will include a heads-up display [32] - The competitive landscape is expected to intensify as more smartphone manufacturers and tech companies enter the AI glasses market [4][39]