人形机器人+AI眼镜，携手智元交付人形机器人，成功量产六维力矩传感器、行星滚柱丝杠等机器人核心 零部件，已配合国际大客户完成多代智能眼镜核心组件研发，这家公司客户包括特斯拉、苹果、Meta等国 际巨头。 前言 《电报解读》是一款主打时效性和专业性的即时资讯解读产品。侧重于挖掘重要事件的投资价值、分析 产业链公司以及解读重磅政策的要点。即时为用户提供快讯信息对市场影响的投资参考，将信息的价值 用专业的视角、朴素的语言、图文并茂的方式呈现给用户。 ...

2025 年 10 月 08 日 行 业 研 究 行 业 定 期 报 告 机械设备 3C 设备周观点：Meta AR 眼镜销售火爆， 苹果或全力转向开发 AI 眼镜 投资要点： Meta Ray-Ban Display 智能眼镜市场反应火爆 近日，Meta 首席技术官安德鲁·博斯沃思（Andrew Bosworth）在 Threads 上发表文章称，Meta Ray-Ban Display 智能眼镜在全国各地的 线下零售店几乎全部售罄，11 月之前的试戴预约也几乎全部排满。 博斯沃思表示，目前这款产品的市场反应强于预期，公司正在努 力跟进。并且补货即将到来，本月将增加一倍的销售点数量，从而保 证供货量。目前，Meta 正在评估未来是否支持在线订购。 苹果或全力转向开发 AI 眼镜 据映维网 Nweon 报道，彭博社引述知情人士称，苹果正搁置开发 低成本 Vision Pro 头显的计划，转而优先开发能与 Meta 竞争的 AI 眼 镜，并且正在重新分配资源，包括人员方面。第一款智能眼镜或不配 备显示屏，并设计成为与 iPhone 配合使用。苹果计划在 2025 年预览这 款产品，并计划在 2027 年发布。另 ...

Group 1 - Apple has paused its Vision Pro headset upgrade plans to focus on developing smart glasses to compete with Meta Platforms [1] - Apple was initially planning to launch a lighter and cheaper version of the headset, code-named N100, in 2027, but has redirected resources to smart glasses development [1] - Apple is reportedly developing at least two models of smart glasses, with the first model, code-named N50, expected to be compatible with iPhone and debut as early as next year [1] Group 2 - The AI glasses industry has experienced explosive growth this year, with major companies releasing new products and a significant increase in shipment volumes [2] - Analysts believe that the recent launches of AI glasses by several tech giants indicate a high level of industry prosperity [2] - The AI glasses sector is transitioning from technological exploration to large-scale commercialization, recognized as a strategic value for the next generation of human-computer interaction [2] Group 3 - Companies like 康耐特光学 (Conant Optical) are expected to benefit from the AI glasses industry upgrade trend, with a focus on high-performance integrated solutions [2] - 蓝思科技 (Lens Technology) is set to exclusively supply core components for Meta's next-generation Ray-Ban AI glasses, which will feature AR display capabilities [2] - 小米集团 (Xiaomi) has launched its first AI glasses, positioning them as a personal smart device and AI entry point [3]

Core Viewpoint - The article highlights the rapid growth and innovation in the embodied intelligence robotics sector, particularly showcased at the recent Global Digital Trade Expo, emphasizing the integration of artificial intelligence with physical entities and the emergence of new applications in various industries [3][4][12]. Summary by Sections Digital Trade Expo Highlights - The fourth Global Digital Trade Expo attracted 257,000 visitors, a 28.5% increase from the previous year, with 1,812 participating companies, marking a 17.2% growth [3][12]. - The expo featured a significant focus on the integration of digital trade and artificial intelligence, with the AI exhibition area expanding to nearly one-third of the total space, hosting over 330 AI companies [3][12]. Embodied Intelligence Robotics - Embodied intelligence combines AI with physical entities, enabling robots to understand causality and develop common sense through interaction with their environment [8][12]. - A new competitor in the cleaning robot market is the embodied intelligence cleaning robot, which can perform 3D space cleaning using advanced methods rather than traditional wiping [11][12]. - The industry is in its early stages of technological breakthroughs and scaling production, with government support increasing for innovation in this sector [12][16]. Market Trends and Innovations - The demand for embodied intelligence robots is rising, with companies like Xingwuzhong planning to scale production next year while focusing on real-world data accumulation for product improvement [12][16]. - The Zhejiang province has gained a competitive edge in the embodied intelligence robotics industry, particularly in quadruped robots, although it still lags behind major cities like Beijing and Shanghai [16][17]. Sales and Orders - The expo resulted in a procurement amount of 30.9 billion yuan, doubling from the previous year, with 82% of orders in AI, cultural exports, and cross-border e-commerce [16][17]. - Notable orders included over 1,600 units of cleaning robots and approximately 300 million yuan in orders for the "Turing No. 1" series [16][17]. Other Technological Developments - The article also discusses the rising popularity of AI glasses, with a new model selling 40,000 units in just five days [18][19]. - Drones are expanding into civil applications, with companies reporting rapid growth in their civil business and significant order volumes for heavy-lift drones [25][26].

● 刘英杰 谭丁豪 今年以来，智能（AI）眼镜行业迎来爆发式增长。巨头新品迭出，出货量高速增长，叠加AI与AR技术 深度融合，AI眼镜已推向大众消费电子前沿。Wind数据显示，截至9月29日收盘，万得智能穿戴指数上 涨1.34%。指数成分股中，盈趣科技、冠石科技、领益智造涨停，达瑞电子、东山精密等跟涨。 分析人士认为，近期多家科技龙头发布AI眼镜，行业景气度高企。AI眼镜行业正处于从技术探索向规 模化商用过渡的关键阶段，其作为下一代人机交互入口的战略价值已成为行业共识。随着硬件技术持续 迭代与软件生态不断丰富，AI眼镜有望逐步突破当前瓶颈，在消费端与行业端实现双向渗透。 行业高速发展 日前，Meta首席执行官扎克伯格在Meta Connect 2025大会上正式发布旗下全新AI眼镜，再次加码AR赛 道。其发布的Meta Ray-Ban Display采用经典的雷朋飞行员系列外观设计。据悉，该眼镜相比现款的雷 朋AI眼镜新增了一块基于LCoS（硅基液晶）技术的显示屏，采用光波导光学方案，外人完全无法看到 镜片里的显示内容，可直接在眼镜上显示导航、通知等信息，并支持全新的肌电手环，售价799美元 起。 国际数据公 ...

数贸会上，星物种机器人拿到1600多台订单，"图灵1号"系列清洁机器人订单约3亿元，其中阿联酋客户就预订了200台。 在北京首钢演出到深夜，再连夜赶回杭州参加数贸会（全球数字贸易博览会），演出几天紧接着又去下一站……档期不断还可以挑活儿，这是今年一款"机 器人乐队"的工作状态。而背后的操控团队，好比是这些"明星"的经纪人，更是连轴转。 展出5天后，第四届数贸会于9月29日闭幕。截至当天中午12点，累计入场观众达25.7万人次，较上届增长28.5%；参展企业1812家，增长17.2%。本届数贸会 突出"数字贸易与人工智能深度融合"特色，人工智能展区面积占比近1/3，较往年扩容一倍，设置具身智能、智能体、数商、大模型四大板块，集聚了超330 家人工智能企业。 比如，这几年竞争火热的扫地机器人和扫拖一体机有了新对手——具身智能清洁机器人。 上述人工智能展区的"门面担当"——机器人乐队的研发及操控人员告诉第一财经，他们并不是来参展的，而是被邀请出场来增加娱乐性的。今年因为宇树机 器人爆火，整个具身机器人行业都被推上了流量高峰，他们今年的档期也非常满，"一般的活动不去了，付费的都接不过来"。 除了"演出嘉宾"，数贸会现 ...

Investment Rating - Industry investment rating: Positive (maintained) [2] Core Viewpoints - The smart glasses industry is undergoing continuous iteration, with products like AI-enabled glasses, display glasses, and outdoor sports glasses emerging. Major tech companies such as Meta, Apple, and OpenAI are accelerating their involvement, highlighting the importance of technological advancements and the pace of new product launches, particularly focusing on lens and channel leaders [2] - OpenAI plans to develop products including display-less smart speakers, glasses, digital voice recorders, and wearable pins, with the first devices expected to launch by the end of 2026 or early 2027 [2] - Meta has introduced three new AI smart glasses at the Meta Connect event, including Ray-Ban Meta (Gen 2), Oakley Meta Vanguard (sports version), and Meta Ray-Ban Display, with significant improvements in battery life, video recording capabilities, and additional features [2] Summary by Sections - **Smart Glasses Industry Development**: The industry is characterized by a diverse range of products, with significant contributions from major tech companies. Continuous innovation and product launches are critical for growth [2] - **OpenAI's Product Plans**: OpenAI is set to enter the smart glasses market with a timeline for product releases, indicating a strategic move into wearable technology [2] - **Meta's New Product Launches**: Meta's recent product launches showcase advancements in smart glasses technology, including enhanced battery life and new functionalities aimed at various consumer needs [2]

Market Performance - A-shares experienced a low opening but rebounded, with the Shanghai Composite Index rising to 3845.91 points, up 0.63% with a trading volume of 628.2 billion [1] - The ChiNext Index increased by 1.76% to 3169.40 points, with a trading volume of 383 billion [1] - The STAR Market 50 Index surged nearly 5% to 1476.79 points, with a total trading volume of approximately 82.48 billion [1] Sector Performance - Semiconductor stocks saw significant gains, with companies like ShenGong Co., Jiangfeng Electronics, and Tongfu Microelectronics hitting the daily limit [1][2] - Real estate stocks also showed strength, with Yunnan Cheng Investment, Shibei High-tech, and Chongqing Development reaching the daily limit [1] - Tourism stocks faced a collective decline, with Yunnan Tourism hitting the daily limit down [1][2] Institutional Insights - China Galaxy Securities noted that the consumer electronics sector is entering a period of intensive new product releases, particularly with Meta's smart glasses, which could enhance market penetration [3] - Huatai Securities projected a significant increase in net profit for the power equipment and renewable energy sector in the first half of 2025, driven by strong demand in the new energy vehicle supply chain [3] - CICC highlighted the upgrade of AI power supply architecture to 800V HVDC, with domestic and international manufacturers actively investing in SST technology [3] Transportation Data - The National Railway Administration reported that from January to August, the total freight volume reached 3.467 billion tons, a year-on-year increase of 2.6% [4] - In August alone, freight volume was 457 million tons, up 5.6% year-on-year, with coal, containers, and metal ores showing significant growth [4] Regulatory Developments - The State Administration for Market Regulation is seeking public opinion on new regulations for food delivery platforms, focusing on pricing and promotional practices to enhance service quality and reduce merchant burdens [5] AI Infrastructure Investment - Alibaba's CEO announced a plan to invest 380 billion in AI infrastructure, with expectations of a tenfold increase in energy consumption by 2032, indicating a substantial rise in computing power investment [6] - The company aims to prepare for the arrival of ASI, with a focus on addressing major scientific challenges [7]

Group 1 - Samsung and Meta are launching new smart glasses on the same day, with Samsung's Project Moohan featuring high-performance specifications and Meta's Oakley Meta Vanguard designed for athletes [1][2] - Meta's new smart glasses, Oakley Meta Vanguard, are priced at $499 and are available for pre-order, showcasing a partnership with Oakley and a focus on extreme environments [1][2] - The smart glasses market is entering a phase of product launches and mass production, with Apple exploring various headsets and smart glasses, and Meta planning to release two AI glasses by Q1 2026 [3] Group 2 - The global AI glasses market is expected to grow significantly, with projected sales of 14.5 million units by 2025 and a compound annual growth rate of over 50% from 2025 to 2029 [3] - The AI glasses industry is currently in its early stages in China, with a lack of blockbuster products, but the market is heating up with expectations for increased product releases [3][4] - The first AI smart glasses industry summit was held in Shenzhen, leading to significant stock movements in the VR & AR sector, with companies like Skyworth Digital seeing substantial stock price increases [4]

Core Insights - The smart glasses industry is approaching a "critical point of explosion" with major tech companies like Meta launching new smart glasses [1] - Bank of America predicts that AI glasses will dominate growth from 2025 to 2027, while AR glasses are expected to take over as the main growth driver starting in 2028 [1][2] - China is positioned as a key player in the global smart glasses supply chain, controlling over 80% of core components [4] Industry Trends - The smart glasses market is entering a phase of accelerated demand release, characterized by a "two-phase differentiation" growth logic [2] - Phase one (2025-2027): AI glasses, which do not have displays, are expected to lead growth with an average annual shipment growth rate of 25% due to their mature technology and cost-effectiveness [2] - Phase two (2028 onwards): AR glasses are projected to replace AI glasses, with an average annual shipment growth rate of 101% as display technology and optical solutions improve [3] Market Outlook - The global smart glasses shipment volume is expected to have a compound annual growth rate (CAGR) of 40% from 2025 to 2030, with a potential doubling point around 2027 driven by consumer electronics replacement cycles and enterprise applications [3] Supply Chain Dynamics - The global smart glasses supply chain is characterized by "China dominance and regional division of labor," with Chinese suppliers covering key areas such as cameras, optical waveguides, MEMS, and batteries [4] - Major manufacturing bases for smart glasses are concentrated in China, while some non-core assembly processes are gradually moving to Southeast Asia to mitigate supply chain risks [5] Technological Barriers - The core competitive focus in the industry is on two technological directions: drug delivery efficiency and user adaptability, with companies holding key technology patents establishing differentiated barriers [6] Key Company Analysis - **GoerTek (歌尔股份)**: Recognized as a global assembly leader with over 70% of orders from major clients like Meta and Sony, target price set at 42 RMB based on a 34x PE ratio for 2026 [7][8] - **Crystal Optoelectronics (水晶光电)**: Core supplier of AR optical waveguide plates with a target price of 30 RMB based on a 27x PE ratio for 2026, supported by a stable 22% CAGR in earnings from 2024 to 2027 [10] - **Sunny Optical Technology (舜宇光学)**: Major supplier of camera modules with over 60% global market share, target price set at 104 HKD based on a 25x PE ratio for 2026 [12]