对于硬件，对于AR，应该都不甚了解的某知名投资人朱啸虎，对自己出手的第一个AI硬件也是AI眼镜项目是如此评价： "Gyges Labs的DigiWindow技术相比其他等方案，有着一个非常重要的优势：它的显示模组隐形，能把内容投到眼睛，成本很低。这种技术能极大拓宽信 息提示型智能眼镜的使用场景，也能帮助眼镜厂商进行智能化升级。" 集成了Gyges Labs公司DigiWindow方案的Halliday Glasses眼镜，未用主流的衍射波导或组合光路设计的几何光学方案（如BirdBath、自由曲面等），而是 单目微型投影仪直投眼睛。 这个方案如果不了解原理，它的"直观效果"对行业不亚于一枚真正的深水炸弹，因为Gyges Labs的DigiWindow解决了太多AR近眼显示的根本性难题。 风险投资本质是为不确定性押注。如果风险很低，确定性非常高，那超额收益从哪里来？ 当一家顶级投资机构追求风险可控，能看中的拥有"确定性和安全感"的AI+AR眼镜，会是一种什么形态？ Halliday Glasses。 悲观者永远正确，乐观者赢得未来。但是技术上的难题，特别那种几十年都无法攻克的关键障碍，突然能够被一种"创新方案" ...

| |  特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | 媒体采访 □业绩说明会  | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | |  其他（ 现场调研 ） | | 参与单位名称及人 | 李明明 国海证券 | | 员姓名 | 李庭旭 招银理财 | | | （以上排名不分先后） | | 时间 | 2025年11月20日 | | 地点 | 合肥市方兴大道6988号芯瑞达科技园 | | 上市公司 | | | 接待人员姓名 | 董事会秘书兼财务总监：唐先胜 | | 投资者关系活动主 | 问题1、如何看待当前行业数据，公司核心业务现状 | | 要内容介绍 | 回答： | | | 从行业数据看，当前国内电视出库量同比有所降低，但在结构上， | | | Mini终端产品的渗透率却在大幅提升。体现到公司数据上，一是Mini | | | 产品渗透率提升，二是单位价值明显高于传统，对营收与利润贡献均 | | | 超过了传统。行业数据变化对公司核心业务的影响较小。 | | | 今年前三季度，公司净利润9,427.41万元，同比增长25.75%。公 | | | ...

消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上 市公司，行业主要分布于电子制造、半导体、光学光电子等市场关注度较高的主流板块。其场外联接基 金为，A类：018300；C类：018301。 11月19日上午，A股三大指数集体上涨，上证指数盘中上涨0.24%，有色金属、银行、石油石化等 板块涨幅靠前，综合、房地产跌幅居前。消费电子个股分化，截至10:24，消费电子ETF（159732.SZ） 下跌0.48%，其成分股瑞芯微上涨3.41%，晶晨股份上涨1.91%，均胜电子上涨0.97%，领益智造上涨 0.82%。然而，风华高科、圣邦股份等表现不佳，其涨跌幅分别是-3%、-2.16%。 从主要厂商动态来看，海外大厂Meta上市其首款AR眼镜；国内创业先锋企业如雷鸟、XREAL、 Rokid等新产品集中在AR显示上加码；国内互联网大厂开始进入，其中阿里智能眼镜采用一体式AI+AR 的产品形态，双十一预售市场反馈较好。 银河证券表示，2025下半年智能眼镜发展在加速，核心变化在于AR显示功能的应用，使智能眼镜 从技术上相对简单的音频与拍摄眼镜向技术门槛相对高的AI+AR眼 ...

来源：X研究媛 文｜JeffHill 从悲观到乐观 最近AI+AR 眼镜越来越热闹了，前有"掌握核心科技"的JBD获得天量融资，再有未披露具体金额却是行 业今年最大单笔融资的华南某企业，春江水终于暖了，也真心为一众AR创业公司庆幸。 作为曾在行业里两家标杆性公司工作的野生评论家，深知消费级AR极不成熟又身体力行的不易。 两年前，核心微显示屏和光机占了BOM成本一半，但是色彩、亮度始终不能匹配需求；近眼显示光学 方案复杂艰深且远未达成共识，量产一致性和良品率又十分感人，这些必须买单的高昂成本，成型终端 只有羸弱的场景和极为有限的扩屏和信息提示功能。 消费级AR不是真AR。要同时满足「消费级」、「AR」，那只能是假的。 一个代表，Video-See Through方案强大如苹果也难，无论光学模组、sensor、算法、算力再怎么推进， 本质上人类要适应"透过摄像头以望远镜方式"去观察世界（见文章），这似乎要等待智人完成进化， Apple Vision Pro在消费市场前景难测。 一群野蛮人，Optic-See Through方案乃至部分透光的BirdBath方案真正能被消费者接受，但做完整的AR 只有做成头盔，只能 ...

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 银河证券表示，2025下半年智能眼镜发展在加速，我们认为核心变化在于AR显示功能的应用，使 智能眼镜从技术上相对简单的音频与拍摄眼镜向技术门槛相对高的AI+AR眼镜进阶。 消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上 市公司，行业主要分布于电子制造、光学光电子等市场关注度较高的主流板块。其场外联接基金为，A 类：018300；C类：018301。 每日经济新闻 11月18日午后，A股三大指数集体下跌，上证指数盘中下跌0.52%，文化传媒、办公用品、互联网 等板块涨幅靠前，精细化工、化肥农药跌幅居前。消费电子个股活跃，截至13点45分，消费电子ETF （159732）上涨0.19%，其成分股晶晨股份上涨13.09%，风华高科上涨7.48%，顺络电子上涨4.60%，东 山精密上涨3.83 ...

银河证券表示，2025下半年智能眼镜发展在加速，我们认为核心变化在于AR显示功能的应用，使智能 眼镜从技术上相对简单的音频与拍摄眼镜向技术门槛相对高的AI+AR眼镜进阶。 消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上市公 司，行业主要分布于电子制造、光学光电子等市场关注度较高的主流板块。其场外联接基金为，A类： 018300；C类：018301。 （文章来源：每日经济新闻） 11月18日午后，A股三大指数集体下跌，上证指数盘中下跌0.52%，文化传媒、办公用品、互联网等板 块涨幅靠前，精细化工、化肥农药跌幅居前。消费电子个股活跃，截至13点45分，消费电子ETF （159732）上涨0.19%，其成分股晶晨股份上涨13.09%，风华高科上涨7.48%，顺络电子上涨4.60%，东 山精密上涨3.83%。然而，佰维存储、闻泰科技等表现不佳，其涨跌幅分别是-6.22%、-2.92%。 根据IDC数据，2025上半年，全球智能眼镜市场出货量达406.5万台，同比增长64.2%。IDC预计到2029 年全球智能眼镜市场出货量将突破4000万台，2024-2029年5年 ...

从悲观到乐观 最近AI+AR 眼镜越来越热闹了，前有"掌握核心科技"的JBD获得天量融资，再有行业今年最大单笔融资但金额"未知"的华南某企业，春江水终于暖了，也真 心为一众AR创业公司庆幸。 作为曾在行业里两家标杆性公司工作的野生评论家，深知消费级AR极不成熟又身体力行的不易。 两年前，核心微显示屏和光机占了BOM成本一半，但是色彩、亮度始终不能匹配需求；近眼显示光学方案复杂艰深且远未达成共识，量产一致性和良品率 又十分感人，这些必须买单的高昂成本，成型终端只有羸弱的场景和极为有限的扩屏和信息提示功能。 消费级AR不是真AR。要同时满足「消费级」、「AR」，那只能是假的。 一个代表，Video-See Through方案强大如苹果也难，无论光学模组、sensor、算法、算力再怎么推进，本质上人类要适应"透过摄像头以望远镜方式"去观察 世界，这似乎要等待智人完成进化，Apple Vision Pro在消费市场前景难测。 图为 Apple Vision Pro的定制光学模组 一群野蛮人，Optic-See Through方案乃至部分透光的BirdBath方案真正能被消费者接受，但做完整的AR只有做成头盔，只能2B ...

Core Insights - The AI + AR glasses market is experiencing a shift from pessimism to optimism, highlighted by significant financing events for key players like JBD and a major undisclosed investment in a South China company [2] - Consumer-grade AR technology remains immature, with high costs and limited functionality, making it challenging for companies to deliver viable products [3][4] - The emergence of large language models (LLMs) has created new opportunities for product combinations and functionalities in consumer-grade AR, positioning it as a key hardware paradigm for AI applications [4][5] Industry Developments - Major tech companies such as Meta, Google, Microsoft, and Apple are heavily investing in R&D and acquiring key technologies to prepare for the upcoming market surge in AI + AR [7] - Meta's Ray-Ban and Orion products exemplify successful integration of audio and AI, with innovative optical designs that enhance user experience [7][9] - The four leading Chinese AR companies are navigating a complex landscape, with varying degrees of success and innovation in their product offerings [6][10][11][12][13] Technological Advancements - Advances in cloud-based large models and AI capabilities are expected to simplify the complexity and cost of AR functionalities, potentially leading to a new generation of consumer electronics [5][16] - The industry is witnessing a convergence of hardware and software, with a focus on creating unique user experiences that cannot be easily replicated by competitors [16][18] - The foundational technologies, such as micro LED displays and optical components, remain critical for the success of AR products, with companies needing to establish strong supply chains and proprietary technologies [14][19] Market Outlook - The consumer-grade AR market is gradually maturing, with increasing investment and interest from venture capital, indicating a potential for significant growth [19] - The integration of AI into AR devices is seen as a transformative opportunity, with the potential to create a multi-trillion-dollar market [19] - The competitive landscape is expected to intensify as established tech giants and agile startups vie for dominance in the evolving AR ecosystem [17][19]

Group 1 - The computing power sector is still in the performance realization stage and has a relatively moderate valuation level, with continued optimism for computing-related PCB, domestic computing, IP licensing, and chip inductors [1] - The year 2026 may be a key year for the recovery of the foldable screen market, with rumored foldable products from Apple expected to stimulate overall category discussions and potentially bring new insights in software interaction and hardware design, further activating market demand [1] - Newly launched wearable devices this year are also expected to drive market recovery [1] Group 2 - AR glasses manufacturers are pushing AR glasses from being "niche geek toys" to "mainstream smart terminals" through technological breakthroughs, ecosystem integration, and market penetration, with the maturity of AI and AR technologies suggesting that smart glasses could become the next mainstream computing terminal after smartphones [1]

Investment Dynamics - Thunder Innovation has completed a Series C financing round led by CITIC Jinshi, with participation from CITIC Securities International Capital and CITIC Securities Investment. The funds will focus on R&D in near-eye display, AI algorithms, and multimodal interaction, aiming to transition AR glasses from niche products to mainstream smart devices [3] - Nestlé is intensifying its efforts to develop nutritional solutions targeting emerging growth areas, particularly focusing on women's health, longevity, and weight management through strategic collaborations with universities [6] - Timex Group has acquired a 51% stake in Daniel Wellington, marking the brand's entry into Timex's multi-brand matrix while maintaining its independence and design ethos [8] - Wancheng Group plans to launch a non-deal roadshow (NDR) for its Hong Kong IPO on November 11, aiming to raise approximately $300 million to $500 million, equivalent to about 2.1 billion to 3.6 billion RMB [11] - Meet Noodle is set to begin its pre-IPO roadshow this month, with expected fundraising between $100 million to $200 million, which will be used for store expansion and central kitchen development [14] - If Coconut Water has signed a memorandum of cooperation with the Shanghai Xihongqiao government to establish its first mainland China branch, enhancing its product matrix and consumer service experience [17] Financial Reports - Swire Properties reported that as of September 30, 2025, its three core shopping centers in Hong Kong maintained a 100% occupancy rate, with retail sales increasing by 3.6%, 3.0%, and 0.2% year-on-year [19] - Tapestry, the parent company of Coach, reported a 16% increase in sales for the first fiscal quarter, reaching $1.7 billion, with adjusted operating income rising by 24.2% to $354 million [21] Personnel Dynamics - PepsiCo plans to close two Frito-Lay facilities in Orlando, Florida, affecting a total of 500 jobs, as part of its strategy to curb declining snack sales in the U.S. [23] - Diageo has appointed Dave Lewis as CEO, effective January 1, 2024, who previously served as CEO of Tesco and has extensive experience at Unilever [26]