" 在产业链国产化突破与消费场景深度重构的双重驱动下，2025年中国消费级XR市场实现结构性跃升。 CINNO Re s e a r c h监测数据显示，全年消费级总销量达64.5万台，同比增长13%，AR以48万台销量首 次超越VR。 " CINNO Research 简评 二、技术趋势：显示、光学与交互的全面革新 • AR 显示与光学方案 迭代： Micro OLED 占据 78% 市场份额，索尼以 60% 份额主导，但视涯科 技通过与雷鸟深度合作份额提升至 39% ，完成 20 亿元 IPO 融资标志国产供应链崛起。单绿色 Micro LED 在提示类 AR 眼镜渗透提速，销量同比增 203% ， Rok id Glas ses 热销成主要推动 力。 Birdbath 方案虽份额收缩仍以 75% 领先，雷鸟、 XREAL 在性价比与体验上持续突破。光波导 仍然是以衍射光波导为主，为了寻求低成本方案，一拖二光机方案成为目前不二之选。 • VR 显示与光学方案演进： Fas t LCD 以 90% 份额主导， 5,000 元以上价格段 Micro OLED 渗 透率提升至 62% 。光学方案中， Panca ...

消费新业态新模式不断涌现，市场潜力多层次释放。各地首店、首展、首秀轮番登场，北京大吉巷、成 都春熙路等商圈凭借首发经济实现客流与消费双增长；人工智能、VR、AR等技术与消费场景深度融 合，咖啡机器人、AI糖画机、元宇宙体验空间等数字消费场景走进日常生活，让消费从"交易"向"体 验"延伸；绿色消费理念深入人心，一级能效家电、新能源汽车持续走俏。与此同时，"悦己"成为消费 新风向，国货潮品崛起，乡村消费增速快于城市，"中国游""中国购"持续火热。这些现象共同勾勒出多 元化、个性化、品质化的消费市场新貌。 因此，读懂中国这个超大规模市场的消费表现，既要看商品消费的"基本盘"，更要看服务消费的"新动 能"；既要看总量的"稳"，更要看结构升级的"进"。 消费市场的真实面貌远比单一总量数据更为复杂多元。读懂中国这个超大规模市场的消费表现，既要看 商品消费的"基本盘"，更要看服务消费的"新动能"；既要看总量的"稳"，更要看结构升级的"进"。 2025年，我国社会消费品零售总额首次突破50万亿元，同比增长3.7%，消费对经济发展的主引擎作用 持续发挥，超大规模市场优势进一步巩固。然而，50万亿元并非中国消费故事的全部，如果将 ...

证券代码：002983 证券简称：芯瑞达 | |  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 ） | | | 财通资管 杨佳睿 安信基金 郭陈杰 | | 参与单位名称及人 | | | 员姓名 | 太平养老 高瑜 | | | 广发证券 张云添 | | | （以上排名不分先后） | | 时间 | 2026年2月4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、AI+AR眼镜的研发与产业化进度 | | 要内容介绍 | 回答： | | | 公司依托在Mini/Micro-LED 领域的长期研发与工程化沉淀，协同 | | | 中国科学技术大学、合肥工业大学等高校科研力量，联合推进面向 | | | AR-AI显示的 MicroLED 微显示全彩化技术与核心光机攻关。目前相关 | | | 样机验证工作正在有序展开。相关进展，公 ...

Group 1 - The A-share market experienced a collective decline on February 5, with the Shanghai Composite Index dropping by 0.90% during the session. Sectors such as beauty care, food and beverage, and social services showed gains, while non-ferrous metals and electric equipment faced significant losses [1] - The consumer electronics sector remains sluggish, with the Consumer Electronics ETF (159732.SZ) down by 1.66% as of 10:34 AM. Key component stocks like Dongshan Precision fell by 6.91%, Pegatron by 6.20%, and Changying Precision by 4.08% [1] - Some individual stocks showed activity, with Transsion Holdings rising by 5.93% and Anker Innovations increasing by 2.51% [1] Group 2 - According to Weishen Information, global AI smart glasses sales are projected to reach 4.5 million units by Q4 2025, marking a nearly 500% year-on-year increase. Global AR sales are expected to hit 1.1 million units, reflecting a 110% increase compared to the previous year [3] - China Galaxy Securities indicates that the AI/AR glasses category is expected to continue its rapid growth into 2026, highlighting investment opportunities within the industry chain. In the context of rising prices for components like storage, high-end smartphone sales, such as those from Apple, are showing resilience compared to mid- to low-end brands, suggesting a focus on the Apple supply chain within consumer electronics [3] - The Consumer Electronics ETF (159732) tracks the National Securities Consumer Electronics Index, primarily investing in 50 A-share listed companies involved in the consumer electronics industry, with significant representation in electronic manufacturing, semiconductors, and optical electronics [3]

Core Insights - Perfect Corp. is innovating the traditional red envelope custom for Lunar New Year by allowing users to create personalized designs through its YouCam Perfect app, in collaboration with ibon Cloud Printing [1][2] - The new designs feature playful phrases appealing to younger generations, blending humor with traditional well-wishes, thus modernizing a classic custom [2] - The YouCam Perfect app's AI Smart Cutout feature enables users to personalize red envelopes with photos, making them memorable keepsakes for families [3][4] Company Overview - Perfect Corp. (NYSE: PERF) is a leader in AI and AR technology, focusing on creativity in beauty, fashion, skincare, and digital content creation [4] - The YouCam suite of apps has achieved over 1.1 billion downloads globally, empowering users with tools for photo, video, and generative AI content creation [4] - The platform includes a web-based editor and developer APIs, providing seamless content creation capabilities for creators, brands, and technology partners [4]

康耐特光学 20260128 摘要 康耐特光学通过 C to M 模式，直接对接终端消费者需求，实现个性化定 制，缩短渠道加价，提高毛利率，并优化库存管理，提升运营效率。 公司境外市场占据主导地位，但中国市场受益于渠道渗透率提升和高折 射率镜片需求旺盛，实现快速增长，欧美传统市场稳固，新兴市场亦快 速发展。 全球树脂镜片市场中，高端定制化趋势显著，2019-2023 年复合增速 接近 40%，预计到 2028 年高端定制化产品占比将从 2023 年的 6.1% 提升至 23.4%。 智能眼镜市场快速发展，2024 年全球出货量约为 230 万台，其中 AR 眼镜出货量同比增长 33%，随着成本优化和技术成熟，渗透率有望加速 提升。 康耐特光学自 2021 年起布局 XR 业务，与多家科技公司合作研发 AI 和 AR 眼镜镜片，并引入歌尔作为战略投资者，有望获得更多国际大厂订单。 公司股权结构集中，董事长持股约 44%，戈尔持股约 20%，管理层具 备深厚的行业经验和技术背景，并实施股权激励计划，目标利润增长率 逐年递减。 预计康耐特光学 2025 年至 2027 年归母净利润分别为 5.6 亿元、6.9 亿元 ...

其中，龙头企业联宝科技持续深耕智能制造，通过智能化产线改造和供应链优化释放产能，AI笔记 本、游戏本等高端产品在国内外电竞市场斩获大量订单，呈现爆发式增长，全年笔记本电脑整机产量 2772.4万台套，同比增长20.6%，为经开综保区外贸增长提供坚实支撑。 （来源：市场星报） 此外，全球唯一可量产MicroLED微显示芯片的显耀显示科技一期项目2025年产值增长162.3%，二期项 目即将启动，将加速引进培育AR终端、元器件及内容应用企业，形成新的百亿级产业集群，为经开综 保区产业结构优化注入新动能。 星报讯 记者从合肥经开区获悉，2025年，合肥经开综保区全年累计完成进出口总值1187.5亿元，增长 69.2%，分别占安徽省、合肥市11.7%、26.1%，占全省6家综保区总值的67.8%；累计实现规上工业总产 值1208.5亿元，同比增长23.9%，实现进出口总值、规上工业总产值双双突破千亿，成为推动区域产业 升级和外贸增长的重要引擎。 ...

省委常委、宣传部部长郑莉出席启动活动并与嘉宾共同点亮彩灯。 本届灯会以"灯绘华夏 筑梦未来"为主题，围绕马年新春意象，将彩灯、扎染、剪纸等非遗技艺与 神话史诗、历史故事、发展成就相结合，共同构筑起想象奇绝、璀璨喜庆的灯海盛景，用彩灯讲 好中国故事，邀全球游客共同体验中国春节。今年的灯会首次引入虚拟歌手，全面应用AR、体 感、声控等技术，创新推出实时语音互动灯组，带给游客更加新奇的观灯体验。前期举办的第三 届自贡彩灯全球少儿创意征集活动征集到来自40多个国家的6000余件彩灯设计创意，灯会特别设 置"创想美灯汇"板块，对其中的优秀作品进行展示。 全省迎春文旅促消费活动在灯会现场同步启动。今年春节期间，省市县将联动举办2400余场文旅 商体活动，除自贡灯会外，还精心准备了古蜀文化展陈、红色精神传承、音乐演艺狂欢、康养度 假体验、乡村年俗荟萃、青年潮流互动、熊猫萌宠相伴、冰雪运动畅玩、工业科技探秘、文博研 学拓展等10道文旅"大餐"和电影赶大集、文物拜年、古城过大年、非遗展演、民俗巡游、戏曲汇 演、年货节等特色活动，诚邀八方宾客"马上入川来"。活动期间将推出文旅商体消费联动优惠政 策，发放涵盖景区、酒店、餐饮、观影 ...

（编辑 丛可心） 证券日报网讯 1月21日，海信视像在互动平台回答投资者提问时表示，公司在AR及AI眼镜等与显示深 度交互的新兴赛道持续进行战略布局，2026年将持续进行新产品的开发与技术迭代。同时，公司也积极 与行业内的知名科技企业探索在生态与技术层面的合作可能，以推动创新应用落地。 ...

Investment Rating - The report rates the smart glasses industry as "Buy" [1] Core Insights - The smart glasses industry is expected to enter a rapid growth phase, with related companies poised to benefit from an upturn in market conditions. Recommended companies include Mingyue Lens, which is actively collaborating with leading brands in the industry, and Inpai, which is accelerating its layout in the smart sports equipment sector [2][66] - The launch of the Ray-Ban Meta smart glasses marks a new cycle in smart glasses products, featuring improved audio and video quality, and integration with Meta's social platforms [2][66] - The supply chain for smart glasses has expanded significantly, incorporating more electronic components compared to traditional eyewear, with a diverse range of manufacturers involved [2] Summary by Sections New Product Developments - The domestic AI glasses market has seen a rapid increase in sales, with 210,000 units sold in Q3 2025, a 200% quarter-on-quarter growth. Major contributors include Xiaomi, Ray-Ban Meta, and others [5][8] - Xiaomi's AI glasses are projected to surpass 300,000 units sold by the end of 2025, while the Ray-Ban Meta has achieved global sales of 1.12 million units in Q3 2025, reflecting a nearly 50% increase [5][6] Key Players and Products - Major AR glasses manufacturers are actively launching new products, including: - Ray-Ban V3 by FFALCON, released in January 2025 - INMO Air 3, set to launch in November 2024 - Rokid Glass, expected to be available in June 2025 [6][15] - The report highlights the emergence of unicorn brands in the AI glasses sector, with valuations exceeding 1 billion RMB for companies like INMO and Rokid [11] Market Trends and Projections - The CES 2026 event is expected to showcase a significant increase in AI glasses exhibitors, with 55 companies participating, up from over 30 in 2025 [11][14] - The report anticipates continued innovation in 2026, with major tech companies like Google and Apple planning to release new AI glasses [14] Financial Projections - Financial forecasts for key companies in the smart glasses sector indicate a positive outlook, with Mingyue Lens and Inpai both rated as "Buy" based on their earnings per share (EPS) projections for 2025 to 2027 [68]