● 本报记者 罗京 在第四届全球数字贸易博览会上，一副重量不足50克、形态近乎普通眼镜的乐奇AI+AR眼镜，让佩戴 者眼前实时浮现信息窗口，引得观众惊叹；不远处，秋果计划科技有限公司的展台上，观众们排队体验 Wigain Omnision XR智能眼镜的实时翻译和购物功能。一批AI智能眼镜产品正悄然改变人机交互的边 界。 业内人士表示，随着ChatGPT-4o及豆包视觉模型的发布，多模态AI加速落地，语音、视频及图片等交 互方式有望刷新市场对于AI能力的认知。AI与AR眼镜产品具备透视能力，同时，设备搭载摄像头、麦 克风及扬声器等多种传感器，可实现素材实时获取，有望成为多模态AI终端的更优选择。 解锁多元场景体验 成立于2021年的秋果计划，今年是第三次参加数贸会。在本届数贸会上，秋果计划展出了旗下首款融合 人工智能能力的全彩碳化硅光波导XR眼镜。据介绍，该款眼镜将视场角由行业AI眼镜的30°提升到 50°，升级视野，实现大屏体验；自研的绿洲系统让眼镜摆脱了手机，成为独立智能终端；融入智能体 Wigain，整合购物、翻译、社交等多元功能。 此外，数字技术、VR技术带来的娱乐消费新场景同样受到观众欢迎。时空精灵 ...

● 本报记者 罗京 在第四届全球数字贸易博览会上，一副重量不足50克、形态近乎普通眼镜的乐奇AI+AR眼镜，让佩戴 者眼前实时浮现信息窗口，引得观众惊叹；不远处，秋果计划科技有限公司的展台上，观众们排队体验 Wigain Omnision XR智能眼镜的实时翻译和购物功能。一批AI智能眼镜产品正悄然改变人机交互的边 界。 业内人士表示，随着ChatGPT-4o及豆包视觉模型的发布，多模态AI加速落地，语音、视频及图片等交 互方式有望刷新市场对于AI能力的认知。AI与AR眼镜产品具备透视能力，同时，设备搭载摄像头、麦 克风及扬声器等多种传感器，可实现素材实时获取，有望成为多模态AI终端的更优选择。 解锁多元场景体验 成立于2021年的秋果计划，今年是第三次参加数贸会。在本届数贸会上，秋果计划展出了旗下首款融合 人工智能能力的全彩碳化硅光波导XR眼镜。据介绍，该款眼镜将视场角由行业AI眼镜的30°提升到 50°，升级视野，实现大屏体验；自研的绿洲系统让眼镜摆脱了手机，成为独立智能终端；融入智能体 Wigain，整合购物、翻译、社交等多元功能。 "Wigain Omnision XR眼镜能够将手机、电脑的功能与应用 ...

Group 1 - A-shares experienced a collective decline on September 26, with the Shanghai Composite Index down by 0.20% during intraday trading [1] - The sectors showing gains included power generation equipment, petrochemicals, and soft drinks, while the internet and electronic components sectors faced the largest declines [1] - The Consumer Electronics ETF (159732) fell by 1.59%, with key component stocks such as Lingyi iTech down by 4.96%, Rockchip down by 4.83%, and Lens Technology down by 4.70% [1] Group 2 - Meta launched several new smart glasses products at the annual Mca Connect conference on September 18, including the world's first AR+AI glasses with a built-in display, the Meta Ray-Ban Display [3] - The introduction of AI glasses is expected to accelerate penetration in the market, driving continuous upgrades in the supply chain [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, primarily investing in 50 A-share listed companies involved in the consumer electronics industry, with a focus on electronic manufacturing, semiconductors, and optical electronics [3]

Group 1 - A-shares showed mixed performance on September 24, with the Shanghai Composite Index rising by 0.26%, driven by gains in energy equipment, gas, and real estate sectors [1] - The Consumer Electronics ETF (159732) experienced a slight decline of 0.26%, while individual stocks like Jiangfeng Electronics, Hehui Optoelectronics-U, and Changying Precision saw significant increases of 14.35%, 10.00%, and 5.65% respectively [1] - Conversely, stocks such as Pengding Holdings and Shenghong Technology performed poorly, with declines of 5.38% and 4.62% respectively [1] Group 2 - Meta announced the launch of three new AI smart glasses at the Meta Connect 2025 conference, including Meta Ray-Ban Display, Oakley Meta Vanguard, and Ray-Ban Meta Gen 2 [3] - According to Macquarie Securities, Meta is leading the acceleration of AI+AR glasses penetration, which is expected to drive continuous upgrades in the supply chain [3] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, primarily investing in 50 A-share listed companies involved in the consumer electronics industry, with a focus on electronic manufacturing, semiconductors, and optical optoelectronics [3]

Group 1 - The Congolese government has updated its cobalt export policy, extending the export ban to October 15, 2025, and limiting export quotas to 44% of annual production for 2026-2027, indicating a strong intention to control global cobalt prices [1] - The export quota policy is expected to lead to significant supply shortages in global cobalt supply, with shortfalls of 122,000 tons, 88,000 tons, and 97,000 tons for the years 2025, 2026, and 2027 respectively, which may result in a strong increase in cobalt prices [1] - Companies involved in cobalt smelting in Indonesia and those owning mines in the Democratic Republic of Congo are expected to benefit significantly from the anticipated rise in cobalt prices [1] Group 2 - Global investment in power grids is projected to exceed $400 billion by 2025, indicating a sustained high demand for electrical equipment [2] - The demand for transformers is increasing, particularly in the U.S. and the Middle East, with Chinese companies securing large orders worth billions [2] - The first half of 2025 is expected to see rapid growth in export business for leading companies in the electrical equipment sector, contributing to increased profitability [2] Group 3 - The computing power sector remains in a performance realization phase with moderate valuation levels, continuing to show promise for the second half of the year, particularly in PCB, domestic computing power, IP licensing, and chip inductors [2] - 2026 is anticipated to be a pivotal year for the foldable screen market, with potential new products from Apple expected to stimulate market discussions and demand [2] - AR glasses manufacturers are pushing the technology from niche markets to mainstream consumer electronics, with advancements in AI and AR technology expected to position smart glasses as the next major computing platform after smartphones [2]

Core Insights - Changying Precision (300115) is supplying structural components for AI glasses to Meta, which is set to launch the new generation Ray-Ban AI smart glasses, Meta Hypernova, during the Meta Connect conference on September 18-19, 2025 [1][2] - The global smart glasses market is expected to see a 110% year-on-year increase in shipment volume in the first half of 2025, with AI smart glasses accounting for 78% of total shipments [1] - The smart glasses market is projected to grow at a compound annual growth rate (CAGR) of over 60% from 2024 to 2029, driven by the popularity of Meta's Ray-Ban smart glasses and the entry of new brands like Xiaomi and RayNeo [1] Company Insights - Meta Hypernova is positioned as a consumer-grade AR glasses featuring a pioneering sEMG neural wristband for gesture-based non-contact operation, alongside touch controls [2] - The device includes advanced multimodal AI capabilities such as real-time visual search, voice assistance, and social live streaming, powered by the Snapdragon AR2 Gen2 chip [2] - Changying Precision was the largest value supplier for Apple's Vision Pro last year and is currently developing multiple projects in the smart glasses sector to meet the rapidly growing market demand [2] - The company anticipates that ongoing advancements in AI, display, and interaction technologies will create more scenario-based demands, positioning smart glasses as a new growth driver for its performance [2]

Core Insights - The global AI glasses market is projected to reach $300 billion by 2030, indicating a significant growth opportunity beyond niche players [2] - Rokid, a leader in the AR field, has launched its innovative product, Rokid Glasses, in collaboration with Focus Media, targeting major urban consumer demographics [2][4] - The partnership exemplifies a successful model of "hard technology + strong media" collaboration to penetrate the AI glasses market [2] Industry Overview - The AI glasses industry is at a historical turning point, with global shipments expected to grow by 26% to 12.8 million units by 2025, and the Chinese market projected to surge by 107% to 2.75 million units, making it the largest globally [3] - Rokid has established itself as a global leader, recognized for its innovative technology and achievements in over 80 countries, showcasing China's technological confidence [3] Product Features - Rokid Glasses, weighing only 49 grams, integrates advanced features such as a 12-megapixel camera, directional speakers, and waveguide display, enabling functionalities like photography, video recording, real-time translation, and navigation [3] - The glasses support continuous voice interaction and adaptive scene recognition, enhancing user experience from "usable" to "user-friendly" [3] Marketing Strategy - The collaboration with Focus Media leverages its extensive reach to 400 million mainstream consumers, utilizing high-frequency touchpoints to break down cognitive barriers and enhance brand visibility [4] - Focus Media's digital capabilities allow for precise brand messaging in fragmented communication environments, establishing a centralized exposure platform [4] Market Dynamics - The partnership between Rokid and Focus Media is seen as a model for the smart hardware industry, highlighting the importance of effective communication channels in driving product commercialization [5] - The collaboration aims to transition Rokid Glasses from a "tech circle hit" to a mainstream consumer product, emphasizing the synergy of "hard technology + strong media" as a key strategy for market penetration [5] Future Trends - The rise of AI consumer trends suggests that more tech brands will adopt similar collaborative models, shifting from technical specifications to consumer-centric, scenario-based communication [7] - Brands that effectively utilize quality media resources for scenario-based communication will gain a competitive edge in the evolving market landscape [7]

Core Insights - The 25th China International Optoelectronic Exposition (CIOE) held from September 10 to 12 in Shenzhen showcased a significant increase in attendance, particularly in the XR (Extended Reality) section, indicating growing interest in AR glasses and related technologies [1][2] - Major companies like GoerTek, Sunny Optical, JBD, and Raynex presented their latest solutions in the AR glasses sector, focusing on advancements in optical components such as waveguides and micro-displays, which are critical for product form and display quality [1][4] - The development of AI large models is driving demand for new smart terminal devices beyond smartphones, providing a clear market direction for "glasses" shaped products [1][4] Market Trends - According to CINNO Research, sales of consumer-grade AI/AR glasses in China are projected to reach 262,000 units in the first half of 2025, representing a 73% year-on-year increase, with audio and photography-focused non-screen AI glasses seeing a staggering 463% growth [4] - Over 30 companies showcased XR-related solutions at the expo, covering various aspects from materials to micro-display chips, indicating a robust interest from leading manufacturers like Xiaomi and Huawei entering the market [4][5] Technical Challenges - Industry experts highlighted that the mass production of AI+AR glasses faces challenges in supply chain coordination, cost control, and yield improvement, particularly in the precision processing of waveguide lenses and the low yield rates of Micro-LED micro-display chips [4][5] - The optical display system accounts for approximately 40% of the total cost of AR glasses, making the maturity and cost of this segment crucial for market acceptance [5] Performance vs. Cost - Manufacturers are divided into two camps: those pursuing maximum performance, exemplified by MicroLED technology, and those focusing on cost optimization, represented by LCoS (Liquid Crystal on Silicon) technology [6][9] - Companies like Raynex and JBD are pushing the boundaries of performance with their MicroLED solutions, achieving high brightness and compact sizes, while others like Guangfeng Technology are working on cost-effective solutions through innovative architectures [9][10] Future Outlook - The industry is currently at a crossroads, with AR glasses still facing technical, cost, and application scenario constraints before reaching maturity [16][17] - The market for AI glasses, which focus on audio and photography, is expected to grow significantly, with projections for sales increasing from 5.5 million units to between 7 million and 8 million units this year [17][18] - Experts predict that AR glasses will eventually evolve into a platform capable of supporting a wide range of applications, but this may not occur until around 2029 to 2030 when display technologies and chips mature [18]

Core Viewpoint - The significant reduction in costs for optical display systems is expected to catalyze the smart glasses market, with a new AR optical solution priced between 1500-2000 yuan, disrupting the current market average of over 3000 yuan [1][2]. Group 1: Company Overview - Gu Dong Intelligent, founded in 2017, is transitioning to the consumer market after establishing a leading position in the B2B sector, particularly in industrial AR applications [2][4]. - The company has over 500 global partners and its products are sold in more than 130 countries, with a market share exceeding 35% in China's industrial AR B2B market [5][4]. Group 2: Technology and Innovation - The newly launched "one-to-two" AR optical solution utilizes LCoS and PVG technology, significantly reducing the number of core display units and thus costs [1][8]. - Gu Dong Intelligent has achieved a cost reduction in core materials, with self-developed GDPA3 light orientation dye costing only 1/10 of imported products, and production costs for waveguides reduced by 60%-90% [1][11]. Group 3: Market Strategy - The company aims to produce over 10 million units by 2026, leveraging its B2B revenue to fund C2D market development, which is projected to be a trillion-yuan market [7][12]. - Gu Dong Intelligent positions itself as a technology supplier rather than a brand, focusing on providing components to major manufacturers like Huawei and Xiaomi [12][15]. Group 4: Future Outlook - The establishment of a 200,000-piece PVG waveguide production line is expected to lower the cost of waveguide pieces by 80%, potentially bringing the overall device price down to around 1000 yuan [11][12]. - The company anticipates a surge in demand for AR combined with AI technologies, projecting around 10,000 units shipped by the end of the year [11][12].

Core Viewpoint - The collaboration between Guangfeng Technology and Gudong Intelligent has led to the launch of an innovative "LCoS (Silicon-based Liquid Crystal) + PVG Optical Waveguide" AR glasses optical solution, marking a significant breakthrough in the AR industry [2] Group 1: Product Launch and Features - The new optical solution features a "single light engine driving dual display" architecture, allowing one light engine to independently deliver light to the left and right lenses of the glasses [2] - This solution addresses the traditional AR glasses dilemma of high performance being synonymous with high costs, achieving breakthroughs in optical performance, cost control, and power management [2] Group 2: Market Impact and Production Goals - The introduction of this solution is expected to disrupt the current pricing structure of AR glasses, bringing the end product price down to the range of 1500-2000 yuan, facilitating a goal of mass production in the millions [2] - Gudong Intelligent aims to achieve a production target of over 10 million units by 2026, with significant interest from major domestic and international companies [2][3] Group 3: Company Background - Gudong Intelligent, established in 2017, is recognized as a leading "specialized and innovative" enterprise in the AI+AR sector, holding over 420 patents and providing solutions to more than 500 well-known companies globally [3] - The company is focused on advancing the consumer-grade AI+AR glasses market through technological breakthroughs and aims to enhance intelligent living with superior optical technology [3]