雷鸟创新这一成绩，诞生于行业竞争急剧升温的关键窗口期。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，第三方数据机构Counterpoint Research近日发布 的《2025年Q3全球AR智能 眼镜品牌厂商出货份额报告》显示， 雷鸟创新 RayNeo 以24%的市场份额，连续两个季度蝉联全 球AR智能眼镜市场第一。同时，IDC、CINNO Research等多家第三方研究机构的报告也指出， 2025年Q3，雷鸟创新在中国大陆市场销量持续领跑，实现全球与国内市场"双冠"加冕。 值得关注的是，雷鸟创新这一成绩，诞生于行业竞争急剧升温的关键窗口期。2025年下半年以来， 全球AR市场迎来空前热闹，Meta首款带显示的AR眼镜RayBan Meta Display正式开售，阿里巴巴 发布了夸克AI眼镜S1、G1两个系列共6款单品，Google首款基于Android XR平台的AI眼镜也在近 期被提上日程。在此竞争态势下，雷鸟创新不仅稳固了市场份额，更展现出强劲的增长韧性， 其海 外市场销量在2025年同比激增3.8倍，产品入驻Amazon、Sam' ...

对此，罗永浩表示，这些东西摆上来以后，就有一些观众开始闹，认为影响观看体验。罗永浩则回怼 道，"你是不是免费听的？免费听就别那么多话了。我现在为什么只摆了这五个？是因为没有招到更 多，如果能招到更多，我们不惜做成堆满商品的样子。因为重点是你听我在讲什么，和我们的嘉宾在讲 什么。" 类命运的十字路口等话题。 他承认现场招商是能让节目免费经营下去的核心原因，但并不认为这样做会影响节目内容。"如果我拿 了钱请嘉宾来，那这个内容他们一定要干涉对不对？那观众就得不到保证品质和干干净净的内容了。" 事实上，外界早有传闻称上罗永浩的播客节目需要花"大价钱"，但罗永浩予以否认，表示"这是赤裸裸 的诬蔑和泼脏水，是谣传。我们这个播客不是花钱能上的。如果花钱能上的话，我们8月份开始搞，现 在三个多月，应该可以考虑上市了。"他强调自己虽不是媒体人出身，但还有一些新闻理想。 据他透露，在和企业接触时发现，对方最愿意掏钱买的，其实就是"上播客"这个名额。"如果不坚持原 则，比如10期里掺1-2期付费的，那一年的利润确实能厚不少。说实话，我也是人，我也动过心。但我 清楚，一旦开了这个口子，团队的价值观就会'往脏了去'，这队伍就没法带了。 ...

Important Market News - Brent crude oil for January closed up $0.21, an increase of over 0.33%, at $63.34 per barrel. WTI crude oil saw a daily increase of 1.00%, closing at $59.23 per barrel [1] - Major European stock indices closed mixed, with Germany's DAX30 up 0.31% at 23,767.56 points, the UK FTSE 100 down 0.02% at 9,689.65 points, France's CAC40 up 0.04% at 8,099.47 points, and the Euro Stoxx 50 down 0.06% at 5,652.15 points [1] Industry Insights - The Beijing Municipal Science and Technology Commission and the Zhongguancun Science City Management Committee released a plan for the construction of a space data center. The plan proposes a centralized large data center system in the 700 to 800 km dawn-dusk orbit, capable of accommodating a million-class server cluster for space-based data relay transmission and computing services [2] - The "Star Eye" space perception constellation plan was officially launched, consisting of 156 satellites aimed at creating a space information analysis platform and space management service platform [2] - The satellite internet industry is becoming a new frontier in global technology competition, with the satellite communication market currently valued at approximately 40-50 billion yuan, expected to exceed 200-400 billion yuan by 2030, with an annual compound growth rate of 10%-28% [3] - The industry is at a critical turning point from "concept validation" to "scale application," with advancements in technology, cost reductions, and expanded application scenarios expected to create a new communication pattern of "integrated space and ground, interconnected everything" over the next decade [3] - The National Development and Reform Commission plans to promote the healthy and standardized development of the embodied intelligence industry through three main approaches: establishing industry standards, accelerating core technology breakthroughs, and promoting infrastructure construction [3] - The humanoid robot industry is expected to see significant growth by 2025, driven by leading companies enhancing component performance and reducing costs, with a focus on core supply chains and application scenarios [4] - XREAL officially launched its global headquarters in Shanghai and announced a partnership with Google to develop the "Project Aura" AR glasses, which will integrate Google Gemini AI as its core [5][6]

Summary of Key Points from Conference Call Industry Overview - The global technology sector is experiencing a significant downturn, influenced by various macroeconomic factors and industry-specific challenges [1][2][3]. Core Insights and Arguments 1. **Monetary Policy Outlook**: The Federal Reserve is expected to maintain a passive easing monetary policy until mid-2026, with potential interest rate cuts of 25 basis points in December [1][3]. 2. **Long-term Investment in Tech**: Domestic long-term funds have significantly increased their positions in technology stocks during the recent market adjustment, particularly in the robotics sector, anticipating a bullish trend before the 2026 Spring Festival [1][4]. 3. **AR Market Dynamics**: The global AR competitive landscape is shifting from a dominance of OpenAI to a multi-tiered competition, benefiting companies like Nvidia and domestic AR firms, suggesting long-term investment opportunities [1][5]. 4. **Performance Disparity**: Recent market performance has shown a clear divide, with companies closely associated with OpenAI, such as Microsoft and Nvidia, performing better than those entirely reliant on OpenAI [1][7]. 5. **AI Industry Development**: The AI sector continues to evolve, with high evaluations for new models like Gemini 3 and Grok 4.1, while OpenAI faces challenges including financial pressure and declining market share [1][8][9]. 6. **OpenAI's Challenges**: OpenAI is experiencing significant challenges, including reduced user engagement and a drop in market share from 80% to 66%, indicating potential issues with its business model [1][9][10]. 7. **Impact of OpenAI's Developments**: OpenAI's recent developments have caused short-term volatility in the tech stock market, but the long-term outlook remains positive due to the emergence of multi-company competition [1][11]. 8. **Regulatory Challenges**: OpenAI's operations are constrained by strict regulations, particularly from left-leaning political forces, which could hinder its growth and innovation [1][12][13]. 9. **Market Trends**: The global AI market is transitioning from OpenAI's dominance to a more competitive environment, with its market share potentially dropping to 50% while competitors like Google and X.AI gain ground [1][14][15]. 10. **Investment Recommendations**: Investors are advised to focus on sectors such as robotics and brokerage firms, while also considering the implications of upcoming economic policies [1][17][18]. Additional Important Insights - **Domestic Fund Flows**: Recent inflows into domestic indices like the CSI 300 and Shanghai Composite indicate strong support for the market, with significant capital inflow of nearly 25 billion [1][16]. - **Market Sentiment**: The current market sentiment reflects a cautious approach from institutional investors, with expectations of a potential rebound in tech stocks as the year progresses [1][19][20]. - **Future Investment Strategies**: Investors should consider a balanced asset allocation strategy, focusing on technology leaders and sectors poised for growth, while being mindful of market volatility [1][22]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the technology sector and its associated challenges and opportunities.

Core Viewpoint - The 8th China International Import Expo showcases global innovation, with a focus on the launch of the second-generation AR translation glasses, Leion Hey2, by the company亮亮视野, emphasizing advancements in AR and AI technology for enhancing cross-language communication and international trade [1][2]. Group 1: Product Innovation - The Leion Hey2 AR translation glasses weigh only 49 grams and overcome the challenges of lightweight design, high performance, and long battery life, featuring ultra-thin optical waveguide lenses and high brightness for clear display even in bright conditions [2]. - The glasses support over 100 languages and dialects with a translation delay of less than 0.5 seconds, maintaining high accuracy in noisy environments, and offer a continuous working time of 8 hours, extendable to 96 hours with a charging case [2]. Group 2: Market Expansion - The company is accelerating its global reach, with the Leion Hey2 having achieved over 10,000 pre-orders within two hours of its launch in Seoul, setting a record for Chinese AR consumer products [3]. - The product will soon be available in domestic, South Korean, and North American markets, with plans to expand to major global economies [3]. Group 3: Technological Foundation - With over 280 core AR patents, the company holds approximately 60% of the Chinese enterprise AR market, providing a strong foundation for the development of consumer-grade products [3]. - The company's AR solutions have been applied in various sectors, including healthcare and aviation, showcasing its technological capabilities and supporting the innovation of consumer products [3]. Group 4: Global Communication - The company aims to leverage the Import Expo to promote AR translation technology as a tool for global communication, breaking down language barriers and facilitating efficient interactions among international exhibitors and buyers [4]. - Future plans include deepening global technological cooperation and expanding market presence, focusing on applications in international business, study abroad, and travel scenarios [4].

在AI+AR的推动下，今年国内多家AR企业均获得了一轮或多轮融资，金额在上亿元。据悉，雷鸟创新 近期完成由中信金石领投、中信证券国际资本及中信证券投资共同参与的C轮融资，资金将用于加速在 AI+AR眼镜的技术研发及生态建设，进一步巩固和扩大雷鸟创新在全球消费级AI+AR眼镜市场的领先 地位。官方称本轮融资创下2025年国内AR领域单笔融资金额的最高纪录，但具体金额并未透露。 同时，作者还从接近雷鸟的人士处独家获悉，目前旗下产品国内海外销量占比为6:4，后续海外的占比 还会进一步上升。此轮融资后，雷鸟也会加速迈向IPO，可能会在未来2-3年内上市。 公开资料显示，雷鸟创新成立于2021年10月，在近眼显示光学设计、自研AI算法模型，以及多模态人 机交互等领域持续布局。在产品层面，雷鸟拥有涵盖AI+AR眼镜X系列、观影眼镜Air系列，以及AI拍 摄眼镜V系列，也是全球唯一实现量产全彩Micro LED AR眼镜的企业。 值得一提的是，AI+AR在迈向大众市场的过程中，也迎来了更多的玩家。除了垂直AR创业公司，包括 小米、阿里等巨头也都纷纷入局。通常情况下，像小米这样的生态大厂入局，必然是对垂直创业公司的 重击，但 ...

Financing Transactions - "月之暗面" completed a Series C financing round, raising several hundred million dollars, positioning itself as a leading AI large model startup in China [1] - "乐聚机器人" secured 1.5 billion RMB in a Pre-IPO financing round, making it one of the largest financing events in the humanoid robot sector [2] - "瀚博半导体" completed a Pre-IPO financing round, with strategic importance for China's AI infrastructure and high-performance chip development [3] - "新石器无人车" raised 600 million USD in a Series D financing round, transitioning its business model towards large-scale expansion [4] - "星锐医药" completed a 300 million RMB Series B financing round, focusing on RNA technology for innovative drug development [5][6] - "理湃光晶" secured a B+ financing round, specializing in geometric waveguide modules for AR applications [7] - "蓝色向量" completed several million RMB in a Pre-A financing round, focusing on cloud-native PLM and QMS platforms for high-end manufacturing [8] - "Chainguard" raised 280 million USD in a Series D financing round, setting a record in software supply chain security [9] - "Crusoe Energy Systems" completed a 1.38 billion USD Series E financing round, innovating in the energy-computing synergy model [10] - "Redwood Materials" received 350 million USD in strategic investment, focusing on battery material recycling and sustainability [11]

Core Viewpoint - Tengjing Technology (688195.SH) emphasizes its commitment to R&D investment, which is projected to remain above 10% of revenue in 2025, reflecting a focus on innovation and market trends [1] R&D Investment - In the first half of 2025, the company invested CNY 29.1077 million in R&D, accounting for 11.07% of its revenue [1] - The company plans to maintain a minimum R&D investment ratio of 10% of revenue in 2025 [1] Focus Areas - R&D efforts are primarily centered around customer needs and are aligned with trends in high-speed optical communication technology integration, domestic substitution of semiconductor equipment components, and the acceleration of near-eye display technology for AR glasses [1] - The company is also enhancing its patent portfolio to build technological barriers and ensure long-term innovation advantages [1]

Core Insights - Shanghai aims to strengthen its smart terminal industry, targeting a total scale exceeding 300 billion yuan by 2027, with the goal of establishing over three globally influential consumer terminal brands and nurturing two leading enterprises [1] Group 1: Smart Terminal Development - The action plan includes ten initiatives focusing on artificial intelligence computers, AI smartphones, robotic terminal capabilities, smart glasses, and satellite internet terminal products [2][3] - Shanghai plans to cultivate leading brands in AI computers and establish production bases with an annual capacity of ten million units, transitioning traditional computer production to AI computers [2] - The initiative emphasizes the development of AI smartphones to fill existing gaps in Shanghai's smartphone production capabilities [3] Group 2: Robotics and Smart Glasses - The plan aims to create humanoid robots with advanced capabilities, supporting R&D and mass production of these products while enhancing the industrial robot sector [3] - Shanghai will accelerate the development of smart glasses, focusing on AR, MR, and VR technologies, and aims to establish a complete product matrix for various market segments [3] Group 3: Satellite Internet and Elderly Care - The action plan includes the establishment of a satellite terminal production line, targeting a production scale of 100,000 units and fostering the development of supporting industries [4] - Shanghai will support the development of innovative products for the elderly, such as AI hearing aids and smart assistive devices, enhancing the functionality of smart terminals [4] Group 4: Industrial Applications - The plan encourages the development of industrial terminal products that align with advanced AI technology trends, aiming to transform production models and improve efficiency in smart factories [5] Group 5: Key Technology Development - The action plan outlines five initiatives to strengthen key technologies, including enhancing AI chip layouts and promoting next-generation display technologies [6][7] - Shanghai will focus on lightweight, low-power, high-resolution display technologies, supporting innovations in Micro LED and OLED technologies [7] Group 6: Industry Ecosystem Optimization - The plan proposes five measures to optimize the industry ecosystem, including financial support for key components and services related to smart terminals [8] - Shanghai will leverage various funding mechanisms to support terminal enterprises and encourage mergers and acquisitions in the sector [8] Group 7: Application Promotion - The initiative will support the integration of smart terminal products in various sectors such as industry, education, and healthcare, promoting innovative applications [9] - Shanghai aims to develop key areas like Pudong and Songjiang into industrial clusters for smart terminals, fostering competitive enterprises and innovation [9]

Core Insights - The chairman of Shenzhen Zhihui Technology Co., Ltd. emphasized the importance of a "technology, manufacturing, and ecosystem triangle collaboration" strategy to overcome mass production challenges in waveguide technology and transition AR from a niche product to a mainstream productivity tool [1] Group 1: Company Strategy - Zhihui Technology has made a strategic investment in Shenzhen Montong Intelligent Technology Co., Ltd., focusing on integrated AI+AR glasses products [1] - The company aims to enhance its annual strategy of "technological innovation and efficiency first" through product structure optimization, supply chain collaboration, and multi-channel layout [2] - Zhihui Technology plans to adopt a dual-driven model of "ODM + own brand" to capitalize on the upcoming AR market boom [2] Group 2: Industry Development - The chairman highlighted the critical significance of ecosystem co-construction for the industrialization of AR, advocating for cross-field collaboration among technology providers, manufacturers, and investors [1] - The integration of AI and AR is accelerating, positioning Zhihui Technology to play a significant role in the forthcoming AR popularization wave [2]