Core Viewpoint - The article warns against the hype surrounding smart glasses, suggesting that investment opportunities should focus on the "content" of companies like Xiaomi rather than the popularity of concepts [1][12]. Group 1: Xiaomi's Automotive Launch - Xiaomi's first SUV, YU7, was launched at a price of 253,500 yuan, and within three minutes, 200,000 units were sold [3][4]. - The launch event also introduced Xiaomi's first AI glasses, priced approximately 15% lower than Meta's Ray-Ban, featuring voice calls, photo and video recording, and real-time translation capabilities [6]. Group 2: Investment Performance - Xiaomi-related ETFs have seen a return of over 40% due to the company's strong cash flow and marketing capabilities [8]. - The average return for high "Xiaomi content" funds was 21.5% for 2024 and 23.5% year-to-date, indicating significant gains for investors who followed previous recommendations [12]. Group 3: Smart Glasses Market Outlook - The global smart glasses market is expected to grow significantly, with an estimated shipment of over 12 million units in 2025, reflecting an 18.3% year-on-year increase, particularly strong in China with a 113.8% increase in online sales [15]. - The smart glasses industry is segmented into three main areas: chips, optics, and sensors, which are closely related to various consumer electronics indices [15][16]. Group 4: ETF Performance and Industry Analysis - Seven ETFs tracking consumer electronics indices have reported negative returns this year, indicating challenges in the sector despite the hype around smart glasses [17]. - The only ETF tracking the virtual reality theme index is VRETF (159786.SZ), which covers upstream industries like electronic components and digital chip design [19][20]. Group 5: Consumer Demand and Market Sentiment - Smart glasses are not considered a necessity for average consumers, and despite recent interest, they may not become essential personal items [23]. - The product's limitations, such as not catering to the needs of the visually impaired, may lead to lower adoption rates, suggesting that investors should be cautious and not be swayed by market sentiment [23].