行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 庞盈盈 A0230522060003 pangyy@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2025 年 12 月 23 日 扩内需提消费下关注个护、潮玩、 宠物等赛道；关注永艺股份报告 看好 —— 造纸轻工周报 2025/12/15-2025/12/19 本期投资提示： ⚫ 重点提示：1）内需消费：在扩大内需、提振消费的背景下，关注结构性消费机会，如国 货崛起的个护、相对高景气的宠物用品、悦己消费催化的 IP 潮玩 ...

中经记者 秦枭 北京报道 12月19日，《中国经营报》记者注意到，德国慕尼黑第一地区法院就XR行业首例核心技术专利侵权案 作出一审裁决，认定VITURE公司旗下VITURE Pro等产品侵犯XREAL所持欧洲专利 VITURE方面对记者表示，目前除德国外，涉诉产品在其他欧洲国家均正常销售，产品未被禁售，也未 被亚马逊下架。公司会在合法范围内继续销售产品，保护公司和用户的合法权益。 VITURE Pro此次被判侵权的专利则是由XREAL在2019年12月申请的增强现实设备及其所用光学系统相 关技术，该技术直接决定了AR眼镜的显示效果。 XREAL成立于2017年，被称为国内"AR眼镜四小龙"之一，其已构建起覆盖中、美、日、欧的全球化业 务版图。根据IDC数据，自2022年起，XREAL已连续多年稳居全球消费级 AR 市场份额第一。 天使投资人、人工智能专家郭涛对记者表示，对VITURE而言，此次裁决或带来一定的负面影响。其核 心产品VITURE Pro在德国被禁售，可能引发其他海外市场的连锁专利诉讼。资本市场对其增长确定性 和抗风险能力的评估将趋于谨慎，品牌声誉受损严重，即便启动技术整改或上诉，短期内也难以挽回 ...

以AI眼镜为例，在过去的11月里，就有小度、夸克、Rokid、理想汽车等多家公司发布了AI眼镜新品。 整个行业在大厂的扎堆涌入下，打得难舍难分。 12月18日，全球消费级AR眼镜厂商XREAL，正式推出XREAL1S，这是其"XREAL One系列"的最新成 员。 按照公司构想，XREAL1S面向更广泛的年轻消费人群，真正将"一部到位"变为现实：融合500英寸随身 巨幕、稳定的空间显示、实时2D转3D能力，标志着AR眼镜进一步走向"随身空间巨幕时代"。 眼镜是距离人类感知最近的终端，也是最有可能承载下一代计算形态的入口。因此，包括AR厂商以及 AI厂商等在内，都在加强对这个终端的角逐。 据悉，XREAL1S定价3299元，于12月18日14:00在京东和天猫开启预约，12月22日20:00正式发售。 此前，通过与Google、Qualcomm等全球巨头建立深度战略联盟，XREAL希望能引领AndroidXR生态的 落地与普及。自2017年成立以来，XREAL已构建起覆盖中、美、日、欧的全球化业务版图。根据IDC 数据，自2022年起，XREAL连续多年稳居全球消费级AR市场份额第一。 市场普遍认为，无论是AR ...

Group 1 - The core viewpoint of the news is that Thunder Innovation has achieved a leading position in the global AR smart glasses market, holding a 24% shipment share in Q3 2025, marking two consecutive quarters at the top [1] - Thunder Innovation's sales in the domestic Chinese market continue to lead, as reported by various research institutions including IDC and CINNO Research [1] - The AR glasses market is experiencing intensified competition, with new products launched by major companies such as Meta, Alibaba, and Google [3] Group 2 - Thunder Innovation's overseas market sales have increased by 3.8 times year-on-year in 2025, with products available in over 25 countries and regions, serving more than 500,000 users [3] - The Thunder Air 3s Pro was recognized as the "Best Seller" in the AR glasses and viewing glasses categories during the recent Amazon Black Friday sales [3] - Thunder Innovation has developed a comprehensive product matrix, including the Thunder X3 Pro, which is noted as the world's smallest mass-produced dual-lens full-color MicroLED AR glasses, and the Air 4 series featuring the Vision 4000 chip [3]

Group 1: Company Performance - Huayi Brothers has reported a cumulative loss of 8.2 billion yuan over the past seven years, with its current market value being less than one-tenth of its peak [3] - In Q3, Huayi Brothers achieved a revenue of 62.6 million yuan, a year-on-year decline of 31.61%, and a net loss attributable to shareholders of 39.5 million yuan [3] - Lululemon's stock price has dropped by 46.40% this year, resulting in a market value loss of approximately 25 billion USD, leading to the resignation of CEO Calvin McDonald [8] Group 2: Industry Developments - The average age of the labor force in China has reached 39.66 years, indicating a gradual maturity in the aging process of the population [2] - The global largest automotive safety testing center has been put into operation in Ningbo, Zhejiang, featuring multiple Guinness World Records [6] - The National Market Supervision Administration has issued guidelines prohibiting car manufacturers from selling vehicles at a loss, aiming to enhance price compliance in the automotive industry [4] Group 3: Strategic Moves - Kweichow Moutai has introduced a volume control policy to alleviate financial pressure on distributors, halting product distribution until January 1, 2026 [4] - SpaceX is reportedly seeking to go public with a target valuation of approximately 1.5 trillion USD, which could make Elon Musk the world's first trillionaire [2] - OpenAI has adjusted its compensation policy to prevent talent outflow by removing the "vesting cliff" for stock options [11]

Core Viewpoint - The article highlights the unveiling of Project Aura, a consumer-grade AR glasses product developed by Chinese company XREAL in collaboration with Google, set to launch in 2026 [1] Group 1: Product Details - Project Aura is the world's first consumer-grade AR glasses equipped with the Android XR platform and GeminiAI [1] - The product is positioned as the most complete and closest hardware sample to the ideal form of Android XR to date [1] Group 2: Market Introduction - Project Aura is scheduled for market release in 2026, marking a significant milestone in the AR technology sector [1]

Core Viewpoint - Ruhi Tai is positioned at the upstream of the electronic industry chain, with products widely used in flexible circuit boards and flexible electronic substrates, ultimately applicable to various smart terminals, including AR glasses as a consumer electronics application scenario [1] Group 1 - The company operates in the upstream segment of the electronic industry chain [1] - Products are extensively utilized in flexible circuit boards and flexible electronic substrates [1] - The end applications of these products include various smart terminals, highlighting AR glasses as a specific consumer electronics application [1]

Core Viewpoint - Crystal Optoelectronics is focusing on the AR glasses sector, particularly in AR near-eye displays, optical waveguide plates, 3D modules, and other optical components [1] Group 1 - The company is actively engaging in the AR glasses market [1] - Specific business details will be disclosed in the company's official communications [1]

Core Viewpoint - Tianyue Advanced (02631) saw a significant stock increase of over 7%, currently trading at 57 HKD with a transaction volume of 223 million HKD, following the announcement of Alibaba's new AI smart hardware product, Quark AI Glasses S1 [1] Group 1: Company Developments - Tianyue Advanced is recognized as a leading enterprise in the silicon carbide (SiC) semiconductor materials industry, having achieved technological breakthroughs in the full series of 12-inch SiC substrates, marking the industry's transition to the 12-inch era [1] - The company is positioned to benefit from the high growth expectations in emerging applications such as AR glasses, driven by advancements in silicon carbide materials [1] Group 2: Industry Trends - Major tech companies like Meta and Google are actively developing AI glasses, with Meta releasing several models this year and Google planning to launch its AI glasses project by Q4 2026 [1] - According to a report from Wenguang Securities, the supply and demand for SiC substrates is expected to be tightly balanced by 2027, with potential supply constraints if the penetration rate of AR glasses and advancements in AI thermal materials exceed expectations [1]

Core Insights - Nika Optics positions itself as a key player in the AR glasses market by addressing cost and mass production challenges of core components, likening its role to selling shovels next to a gold mine [1][2] Company Overview - Nika Optics specializes in micro-nano holographic technology, which has a development history of over a century, focusing on manipulating light through three-dimensional structures [1] - The company operates as an IDM (Integrated Device Manufacturer), conducting in-house research and development across core materials, optical design platforms, exposure equipment, and processes [1] Product Lines - Nika Optics is currently focused on two main product lines: grating waveguide plates for AR glasses and automotive AR HUDs [1] - The waveguide plates, weighing only 3.5 grams, are crucial for achieving lightweight AR glasses, with a field of view of 30 degrees and a light efficiency of 1400 nits/lm, the highest in the industry [2] Market Potential - The market for AR glasses is showing exponential growth, with Meta alone shipping 5 million units in the first half of the year [2] - The demand for AR technology is expected to reach hundreds of billions to trillions in the future, driven by applications in both automotive and AR glasses [3] Production Capacity - Nika Optics has overcome challenges related to materials and equipment, with current issues revolving around scaling production to meet surging orders [3] - The company aims to establish a production line capable of producing one million waveguide plates annually to meet market demand [3]