Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - The smart glasses have been included in the national subsidy scope for the first time, with a subsidy standard of 15% of the selling price, capped at 500 yuan [2] - The smart glasses market is heating up, with global AI camera glasses sales expected to reach 14.5 million units by 2025, with a compound annual growth rate (CAGR) exceeding 50% from 2025 to 2029, potentially reaching 60 million units by 2029 [3] - Major players like Apple, Samsung, and Xiaomi are actively entering the smart glasses market, with significant sales growth reported for products like the Ray-Ban Meta series, which saw a year-on-year sales increase of over 200% [4] Summary by Sections National Subsidy Policy - The 2026 consumer goods national subsidy policy expands the subsidy range to include smart glasses for the first time, maintaining the same subsidy standard as 2025 [2] Market Growth Projections - The smart glasses market is projected to grow significantly, with sales expected to reach 14.5 million units globally by 2025 and 60 million units by 2029, indicating a robust growth trajectory [3] Competitive Landscape - The entry of major tech companies into the smart glasses sector is intensifying competition, with notable collaborations and product launches enhancing market dynamics [4] Investment Opportunities - Suggested companies to watch include those involved in foldable screens, smart glasses, silicon-based OLED screens, automation assembly and testing equipment, thermal management, and 3D printing applications [5]

在人工智能与实体经济深度融合的浪潮中，数字人正从炫酷的概念，演变为驱动产业变革的"新质生产 力"。作为国内数字人领域的先行者与全栈技术提供商，世优科技凭借其自主研发的"波塔"AI数字人智 能体及系列解决方案，正将这一前沿技术深度融入政务、企业、文旅、教育等多元场景，构建起一个虚 实共生、人机协同的智能服务新生态。 技术筑基：全栈自研，构建数字人核心引擎 世优科技的核心竞争力，源于其覆盖数字人技术全链路的自主研发能力。公司构建了从底层算法、硬件 设备到上层应用平台的完整技术体系。 在底层技术层面，世优自研了高精度3D/2D数字人驱动算法、AI表情生成算法、多模态交互技术以及实 时渲染引擎。其数字人引擎拥有超过180个面部控制点，口型准确率超95%，支持24种情绪模式，能够 实现媲美真人的细腻表情与自然动作。这为数字人提供了"有温度"的交互基础。 在交互智能层面，"波塔"AI数字人智能体深度融合了自研AI智能体平台与大语言模型能力。它支持语 音、文字、唇动等多模态交互，具备双工对话能力，可实现秒级响应与上下文关联记忆，交互正确率高 达98%。同时，系统支持快速搭建和动态更新专属知识库，确保在专业领域问答的精准性。 ...

镜片行业长坡厚雪，智能眼镜爆发在即。视力矫正为刚性需求，2024 年中国儿童青少年近视人数达1.2 亿，老视人数达4.5 亿，推动中国镜片制造端销售额增至207.2 亿元。随使用场景多元化，具备防蓝光、 抗疲劳等属性的功能性镜片需求快速提升。此外，2024 年国内高折射率（1.70及以上）镜片市场占比仅 约0.7%，随着对轻薄美观需求的增加，高价值量的高折射率产品替代空间巨大。我们认为智能眼镜行 业正处于"供给创造需求"的关键转折点，阿里、亚马逊、Meta 等全球科技巨头加速布局智能眼镜赛 道。头部镜片厂商有望充分受益：一方面，智能眼镜对极致轻薄的要求将倒逼高折射率（如1.74）镜片 成为标配；另一方面，AR光波导模组的价值量更高，有望进一步驱动产品结构优化提利润率。 卡位AI 眼镜赛道，歌尔赋能开启新增长曲线。康耐特光学凭借三大优势深度布局XR 产业链：1）公司 为全球少数能规模化量产1.74 超高折射率镜片的厂商，该产品轻薄特性完美契合AR 眼镜的轻量化刚 需，同时具备领先的自由曲面技术，可解决光波导带来的光学畸变痛点；2）依托成熟的C2M"小单快 反"生产体系，公司能够高效响应智能眼镜新零售业态下的个性 ...

Core Viewpoint - The article highlights the significance of silicon-based OLED micro-displays as the core hardware for next-generation smart terminals in the AI era, emphasizing the rapid growth of demand for high-performance displays in XR devices [2][5]. Company Overview - Shiya Technology Co., Ltd. has successfully passed the IPO application for the Sci-Tech Innovation Board, achieving this milestone in less than six months since its application was accepted [2]. - Established in 2016, Shiya Technology focuses on providing comprehensive solutions for micro-displays, with its core product being silicon-based OLED micro-displays [2]. Market Position - The micro-display industry has been historically dominated by foreign companies such as Sony, eMagin, and MICROOLED. Sony has maintained a leading position since launching its first silicon-based OLED micro-display in 2011 [2]. - Shiya Technology has innovatively developed several core technologies, including silicon-based OLED strong micro-cavity technology and high-efficiency stacked OLED full-color technology, surpassing Sony in key performance metrics and breaking its monopoly in traditional markets [3]. Performance Metrics - According to a report by Frost & Sullivan, in 2024, Shiya Technology is projected to rank second globally in silicon-based OLED product shipments for XR devices, capturing approximately 35.2% of the market, while Sony holds the first position with 50.8% [4]. - Shiya Technology has established partnerships with major global terminal manufacturers, including ByteDance and Lenovo, and aims to deliver millions of silicon-based OLED micro-displays annually starting in 2026 [4]. Financial Data - The revenue figures for Shiya Technology from 2022 to 2024 are projected to be 190 million, 215 million, and 280 million yuan, respectively. In the first three quarters of this year, the company reported a year-on-year revenue growth of 54.67%, reaching 293 million yuan [4]. Industry Trends - The explosive growth of AI technology has led to a surge in demand for high-performance silicon-based OLED micro-displays, highlighting their strategic importance in the international competition of the AI industry [5]. - Competitors like Sony are increasing their investments in R&D and production capacity for silicon-based OLED micro-displays to secure a leading market position in the global AI industry [5].

Core Viewpoint - The article discusses the current state and challenges of defining smart glasses and XR devices, highlighting the lack of a unified definition and the diverse functionalities and target audiences of these devices [4][5][11]. Group 1: Definition and Evolution of Smart Glasses - Smart glasses and XR devices have evolved into various forms with different functionalities, experiences, and target users, making it difficult to categorize them under a single definition [5][17]. - The ideal smart glasses should combine the form of glasses, AI capabilities, and immersive vision, similar to how the iPhone was defined as a combination of phone, iPod, and internet [18][20]. - The industry lacks a clear definition for smart glasses, leading to confusion among manufacturers and consumers regarding their purpose and capabilities [25][39]. Group 2: Industry Challenges and Manufacturer Strategies - Companies like Apple are facing strategic challenges in the smart glasses market, with reports indicating a shift towards lighter, AI-focused glasses after setbacks with heavier XR headsets [28][30]. - The success of products like Ray-Ban Meta is attributed to their aesthetic appeal and functionality rather than their AI capabilities, indicating that design and user experience are critical for market acceptance [36][41]. - The article emphasizes that the current state of AI hardware lacks a successful case, and the potential for smart glasses to replace smartphones remains uncertain, with the possibility of coexisting instead [40][41]. Group 3: Future Prospects and Industry Direction - The future of smart glasses hinges on manufacturers' ability to clarify what smart glasses truly are and to develop products that effectively integrate the necessary technologies [43]. - The article suggests that the industry must move beyond the experimental phase to establish a coherent narrative around smart glasses, which could lead to their eventual success and acceptance in the market [43].

北京商报讯（记者 马换换 王蔓蕾）12月24日，上交所官网显示，视涯科技股份有限公司（以下简称"视 涯科技"）科创板IPO上会获得通过。 另外，上市委还要求公司说明公司与特定战略客户及供应商签署三方协议的商业合理性。结合相关产品 验证、生产线建设、原材料晶圆背板供应产能保障等进展情况，说明三方协议履行是否存在重大不确定 性，该协议如未能正常履行是否对公司未来生产经营及业绩构成重大不利影响，相关的风险揭示是否充 分。 在上市委会议现场，上市委要求视涯科技结合硅基OLED微显示屏市场空间及XR发展趋势、公司技术 优势、尚未盈利及业绩预计前瞻性信息、主要客户产品验证及订单、阳极环节产能瓶颈、募投项目及竞 争对手产能扩充，说明公司收入增长的可持续性，是否存在产能过剩风险，相关预计是否审慎，风险揭 示是否充分。 据了解，视涯科技是微显示整体解决方案提供商，核心产品为硅基 OLED 微型显示屏，并为客户提供 包括战略产品开发、光学系统和XR整体解决方案等增值服务。公司IPO于2025年6月26日获得受理，当 年7月21日进入问询阶段。本次冲击上市，公司拟募集资金约20.15亿元。 ...

编者按： 当 AI 开始寻找自己的形状，有些选择出人意料。 AI 在智能手机上生出了一颗独立按键，似乎让智能手机找回了久违的进化动力。眼镜凭借着视 觉和听觉的天然入口，隐隐有了下一代个人终端的影子。一些小而专注的设备，在某些瞬间似乎 比 All in one 的设备更为可靠。与此同时，那些寄望一次性替代手机的激进尝试，却遭遇了现实 的冷遇。 技术的落地，从来不只是功能的堆叠，更关乎人的习惯、场景的契合，以及对「好用」的重新定 义。 爱范儿推出「AI 器物志」栏目，想和你一起观察：AI 如何改变硬件设计，如何重塑人机交互， 以及更重要的——AI 将以怎样的形态进入我们的日常生活？ 两千块不到的小米智能眼镜，和三万块的 Apple Vision Pro 放在一起，行业似乎默认它们都属于 同一个宏大的叙事——「智能眼镜」或「XR」。 但这就像是把一顶遮阳帽和一顶宇航员头盔放在一起，仅仅因为它们都戴在头上，就硬说它们是 同一种穿戴设备。 实际上，在今天，头显/眼镜类智能设备早已像物种演化那样，发展出多种功能、体验、场景、 适用人群完全不同的方向。尽管它们可能看起来差不多，但其实完全是不同的东西。 ▲ Meta Que ...

视涯科技的核心产品为硅基OLED微型显示屏，并致力于为扩展现实等终端提供整体解决方案。公司认为，在AI产业爆发的背景 下，XR设备正成为端侧核心硬件，而硅基OLED显示屏因其轻薄、高对比度、快速响应等特性，是XR设备的理想显示解决方 案，具有战略意义。公司在技术上实现了多项突破，包括率先量产全球首条12英寸硅基OLED产线，并具备从显示芯片到光学系 统的全栈自研能力。 12月24日，上海证券交易所上市审核委员会召开2025年第67次审议会议，视涯科技股份有限公司科创板首次公开发行股票申请 获得通过。作为全球领先的硅基OLED微显示整体解决方案提供商，其上市进程迈出关键一步。与此同时，上市委在会议现场提 出的两大问询重点，亦清晰指向了市场对其未来增长可持续性与核心协议稳定性的高度关注。 这一问询反映出审核机构对于新兴技术赛道企业常见问题的关注：在行业仍处快速发展期、技术路线和市场需求尚未完全稳定 的背景下，企业如何平衡前瞻性投入与实际的商业回报，其扩产计划是否与真实市场需求相匹配，避免因过度投资或技术迭代 而导致重大风险。 上市委关注的第二个焦点，集中于公司与特定战略客户及供应商签署的三方协议。具体要求公司说明 ...

Core Insights - Ericsson, SoftBank, and Qualcomm successfully conducted a field trial demonstrating ultra-low-latency communication on SoftBank's 5G Standalone network, achieving a 90% reduction in wireless link latency compared to conventional 5G scenarios [1][9]. Group 1: Trial Details - The trial utilized XR content streaming as the primary use case, connecting smart glasses to a smartphone via Wi-Fi, which accessed the 5G SA network through designated base stations [2]. - The use of network slicing ensured that XR traffic received guaranteed performance without affecting other users, showcasing a key capability for future service differentiation [3]. Group 2: Technology Implementation - Several standardized 3GPP technologies were integrated to achieve low-latency results, including L4S, which leverages Explicit Congestion Notification to manage congestion and maintain low latency [4]. - The Configured Uplink Grant feature simplifies uplink transmission, significantly reducing uplink delay, which is crucial for real-time XR interactions [5]. Group 3: Ericsson's Positioning - Ericsson's successful implementation of advanced 5G technologies positions the company as a key enabler for operators preparing for latency-sensitive services ahead of the transition to 6G [6]. - The company is well-positioned to capitalize on global 5G momentum, supported by a competitive product portfolio and sustained R&D investments [8]. Group 4: Market Challenges - Despite strong positioning, Ericsson faces challenges from geopolitical tensions and macroeconomic uncertainty, leading to revenue declines in key markets like China [11].

两千块不到的小米智能眼镜，和三万块的 Apple Vision Pro 放在一起，行业似乎默认它们都属于同一个宏大的叙事——「智能眼镜」或「XR」。 但这就像是把一顶遮阳帽和一顶宇航员头盔放在一起，仅仅因为它们都戴在头上，就硬说它们是同一种穿戴设备。 ▲ Meta Quest 头显和 Meta Ray-Ban 眼镜 在前不久的 Android XR 活动上，Google 试图用「设备谱系」这个词来修补这种裂痕： XR 头显设备 有线 XR 眼镜 无线 XR 眼镜 不带显示 AI 眼镜 实际上，在今天，头显/眼镜类智能设备早已像物种演化那样，发展出多种功能、体验、场景、适用人群完全不同的方向。尽管它们可能看起来差 不多，但其实完全是不同的东西。 大家都在假装这很合理，但我们心知肚明：这根本不是一个品类。 连厂商自己，都不知道自己为什么在做这些产品，它们的存在本身先于意义。 智能眼镜究竟如何定义？ 我们是怎么定义智能手机的？在初代 iPhone 发布会上，史蒂夫 · 乔布斯给出了一个经典的公式： 电话 + iPod + 互联网 = iPhone 具体来说，iPhone 作为第一批真正意义上的智能手机，首先是一个完 ...