Core Insights - The smart glasses industry is approaching a "breakout critical point" 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] - China is positioned to play a crucial role in the global smart glasses supply chain, controlling over 80% of suppliers [1] Industry Trends - The smart glasses market is entering a phase of accelerated demand release, characterized by a "two-stage differentiation" growth logic [2] - **First Stage (2025-2027)**: AI glasses will lead growth with an expected annual shipment growth rate of 25% due to their high technological maturity and cost control [2] - **Second Stage (2028 onwards)**: AR glasses are projected to replace AI glasses, with an anticipated annual shipment growth rate of 101% as display technology and optical solutions improve [2] - The overall market is expected to see a compound annual growth rate (CAGR) of 40% from 2025 to 2030, with a doubling point in shipments around 2027 driven by consumer electronics replacement cycles and enterprise applications [2] Supply Chain Dynamics - The global smart glasses supply chain is characterized by "China dominance and regional division of labor" [3] - **Supply Side**: Chinese companies control over 80% of core components, including cameras, optical waveguides, MEMS, and batteries, with significant market shares in key areas [3] - **Manufacturing Side**: China remains the core manufacturing base, while EMS companies are gradually shifting some non-core assembly operations to Southeast Asia to mitigate supply chain risks [3] - The industry focuses on two main technological directions: drug delivery efficiency and user adaptability, with companies holding core technology patents establishing differentiated barriers [3] Key Company Analysis - **GoerTek**: Upgraded to "Buy" due to its position as the world's largest smart glasses assembler, with over 70% of assembly orders from major clients like Meta and Sony. Target price set at 42 RMB based on a 34x PE ratio for 2026 [4] - **Crystal Optoelectronics**: Maintained "Buy" rating as a core supplier of AR optical waveguide plates, with a target price of 30 RMB based on a 27x PE ratio for 2026 [6] - **Sunny Optical**: Also rated "Buy," recognized for its dual capabilities in camera modules and optical waveguides, with a target price of 104 HKD based on a 25x PE ratio for 2026 [9]

Core Viewpoint - The smart glasses market is experiencing significant changes, with increased competition from both established tech giants and emerging startups, particularly in the AR and AI segments [2][8]. Company Summary - Thunderbird Innovation, a startup focused on AR glasses, has completed its third round of financing in six months, indicating a strong demand for funding [3][4]. - The company has developed the Thunderbird X2, the world's first dual-lens full-color MicroLED waveguide AR glasses, showcasing its technological innovation [6][7]. - Despite being a leader in the AR glasses market, Thunderbird Innovation faces intense competition from major players like Xiaomi and Huawei, who are focusing on AI glasses [11][19]. Industry Summary - The global smart glasses market is projected to reach 14.518 million units by 2025, with the Chinese market expected to hit 2.907 million units, reflecting year-on-year growth of 42.5% and 121.1% respectively [8]. - AI glasses are gaining traction, with a significant increase in their market share, accounting for 78% of total shipments in the first half of 2025, up from 46% the previous year [12]. - The competitive landscape is shifting, with companies that possess large models, AI application entry points, and hardware ecosystems likely to gain an advantage [19][20].

Investment Rating - The industry investment rating is "Positive" [2] Core Views - The report highlights that the recent interest rate cut in the US and expected demand improvement could catalyze growth in sectors such as smart glasses and new tobacco products [2][3] - The report emphasizes the potential for export recovery due to the interest rate cut, which is expected to benefit companies with strong overseas production capabilities [2][4] - The smart glasses sector is seeing product improvements and optimization of industry pain points, which may lead to high growth in sales [3][4] Summary by Sections Pulp and Paper - Supply disruptions in pulp continue, with UPM extending maintenance at its Kaukas pulp mill until October 11, 2025, impacting production [2] - Price adjustments for various types of pulp are noted, with expectations of price increases from paper companies in Q4 [2] Exports - The recent interest rate cut by the Federal Reserve is expected to lead to a gradual recovery in interest-sensitive sectors like real estate and home consumption [2] - Companies with robust overseas production are anticipated to show greater resilience and improved export orders [2][4] New Tobacco - Increased competition in Japan's heated tobacco market is noted, with major players reducing prices to enhance market share [2][3] - The report anticipates growth in sales of new tobacco products, particularly in Europe and North America [3] Smart Glasses - Meta's launch of new AI smart glasses with improved features is expected to enhance market appeal and sales [3] - The report suggests that the industry may see high growth in sales due to these advancements [3] Packaging - The report discusses the strong overseas expansion of packaging leaders, with expectations of increased profitability [2] - Companies are focusing on high-margin clients and expanding their overseas production capabilities [2] Gold and Jewelry - The report notes a positive outlook for traditional jewelry brands despite challenges from rising gold prices [2] - Companies are expected to adapt their strategies to maintain sales growth [2] Two-Wheel Vehicles - The electric three-wheeler market is seen as having growth potential, with new product launches from leading companies [2] - The report highlights strategic partnerships aimed at enhancing performance in the electric motorcycle segment [2] E-commerce - The report indicates that cross-border e-commerce sellers are expected to maintain stable performance, with a focus on optimizing operations [2] - The upcoming holiday season is anticipated to drive sales growth [4] Pet Products - The pet industry is expected to maintain a positive trend, with new high-end products being introduced [2] - Companies are focusing on brand development to enhance market presence [4] IP Retail - The report highlights the strong performance of brands like Pop Mart in the global market, with plans for further expansion [2] - New product launches are expected to drive sales during the upcoming holiday season [4] Maternal and Child Products - Recent government policies aimed at boosting birth rates are expected to benefit the maternal and child retail sector [5] - Leading companies are positioned to capitalize on these policy changes [5]

阵列光波导作为全彩AR眼镜实现"轻薄外观+沉浸视觉+隐私保护"的最优解，并非Meta首创，国内智能 眼镜头部品牌影目INMO，从创立初就坚守阵列光波导核心光学显示路径。作为行业内始终坚 持"AI+AR"一体式轻量化设计的智能眼镜，是国内唯一一家从首代影目INMO AIR开始，率先将阵列光 波导应用于消费级智能眼镜，并在后续迭代中持续优化。 目前影目INMO AIR系列已经来到了第三代，作为全球首款量产的1080P无线一体式AR眼镜，AIR3已经 积累了成熟的技术经验与用户验证。如今，Meta的选择无疑印证了影目前瞻眼光与战略定力，也让影 目的早期坚持显得更具价值，同时再次证明了国产智能眼镜在硬件技术上的全球领先地位。 Meta Display vs. INMO AIR3：技术与体验的正面交锋 Meta Ray-Ban Display首次在右眼增加全彩单目显示，带来时尚外观与初步的AR叠加体验；而经过3年 技术迭代的影目INMO AIR3，作为双目全彩AR眼镜先行者，其搭载自研IMOS 3.0空间操作系统，集成 AI语义交互、空间计算、多屏协同能力，已广泛应用于办公、娱乐、社交、出行等高频日常场景。 光学方案： ...

Meta举办年度大会，如期推出新的消费级带屏显AI眼镜。有了显示屏加入，这款产品可以实现发送信 息、视频通话等多项功能。作为该公司CEO马克·扎克伯格口中的"个人超级智能的理想形态"，这款眼 镜让Meta向"减少低头看手机"的未来迈进一步。而在Meta之后，谷歌、苹果预计也将陆续发布类似产 品，一场新的"AR+AI热潮"可能将要到来。 售价799美元起 当地时间9月17日，Meta在美国举办年度开发者大会Meta Connect，展示其最新的软件与硬件创新，并 分享在AI方面的最新成果。最受关注的是，Meta正式推出与Ray-Ban联名的智能眼镜Meta Ray-Ban Display，并配有神经腕带，将于9月30日上市，起售价799美元。 这款眼镜是Meta预告已久的一大项目，也是公司旗下首款以"Meta"作为名称开头的眼镜。作为去年预告 过的"Orion"项目的量产版，其外观与上一代Ray-Ban Meta眼镜相似，同样配有摄像头、扬声器和麦克 风。 作为一大创新点，该眼镜能够在右镜片内侧为用户投射一块彩色显示屏，从外部无法看到。这款 600×600像素的显示屏可提供20度视场角内容显示，刷新率为90Hz ...

Meta举办年度大会，如期推出新的消费级带屏显AI眼镜。有了显示屏加入，这款产品可以实现发送信 息、视频通话等多项功能。作为该公司CEO马克·扎克伯格口中的"个人超级智能的理想形态"，这款眼 镜让Meta向"减少低头看手机"的未来迈进一步。而在Meta之后，谷歌、苹果预计也将陆续发布类似产 品，一场新的"AR+AI热潮"可能将要到来。 售价799美元起 当地时间9月17日，Meta在美国举办年度开发者大会Meta Connect，展示其最新的软件与硬件创新，并 分享在AI方面的最新成果。最受关注的是，Meta正式推出与Ray-Ban联名的智能眼镜Meta Ray-Ban Display，并配有神经腕带，将于9月30日上市，起售价799美元。 这款眼镜是Meta预告已久的一大项目，也是公司旗下首款以"Meta"作为名称开头的眼镜。作为去年预告 过的"Orion"项目的量产版，其外观与上一代Ray-Ban Meta眼镜相似，同样配有摄像头、扬声器和麦克 风。 作为一大创新点，该眼镜能够在右镜片内侧为用户投射一块彩色显示屏，从外部无法看到。这款 600×600像素的显示屏可提供20度视场角内容显示，刷新率为90Hz ...

Core Insights - The Chinese audio and audio recording glasses market experienced significant growth in Q2 2025, driven by the launch of new products from Xiaomi, including the Xiaomi AI glasses and Thunderbird V3, leading to a market share increase to 19.7% [3]. Market Performance - In Q2 2025, the total shipment of smart glasses in China reached 664,000 units, marking a year-on-year increase of 145.5% [2]. - The audio and audio recording glasses segment saw shipments of 514,000 units, reflecting a remarkable year-on-year growth of 256.6% [3]. - The AR/VR market in China recorded shipments of 150,000 units in Q2 2025, with a year-on-year growth of 18.7% [3]. Market Segmentation - The AR & ER category significantly contributed to the growth, achieving a market share of 76.4% with a year-on-year increase of 61.8%, while the VR & MR segment faced a decline of 36.2% [3]. - The competitive landscape is shifting, with notable performances from products like the Thunderbird Air 3S and Xreal One, while Pico experienced a decline due to a product transition period [3]. Future Projections - The Chinese smart glasses market is projected to reach 2.846 million units by 2025, representing a year-on-year growth of 116.4%, with audio and audio recording glasses expected to account for 2.202 million units, growing by 183.2% [3]. - The AR/VR device shipments are anticipated to reach 644,000 units, reflecting a year-on-year growth of 19.8% [3]. Industry Trends - Analysts predict that the second half of 2025 will see a comprehensive deepening of the smart glasses market in China, with a focus on AI ecosystem integration, channel optimization, technological collaboration, and matching of scene demands [4].

Core Insights - Meta has invested over $60 billion in the XR market, dominating the MR headset and AI glasses sectors with over 70% market share [1] - At the Meta Connect 2025 event, multiple new products were launched, including the Ray-Ban Meta Display and Oakley Meta Vanguard, with a focus on enhancing user experience through advanced features [3][8] Product Launches - The Ray-Ban Meta Display, priced at $799, features a display for messaging and video calls, but faced technical issues during the demonstration [3][19] - The Ray-Ban Meta Gen 2 offers improved battery life and video capabilities, supporting 3K video recording and lasting up to 8 hours, with a starting price of $379 [4][6] - The Oakley Meta Vanguard, designed for sports, includes a 12MP camera and supports 3K video recording, priced at $499, and is set to ship on October 21 [8][9] Market Performance - The collaboration with Ray-Ban has resulted in over 300% year-on-year sales growth for Meta's smart glasses, with the previous model achieving over a million units sold [4][21] - The introduction of the Ray-Ban Meta Display is seen as a transitional product, with analysts predicting limited sales due to its high price and lack of revolutionary features [19][21] Competitive Landscape - Meta faces increasing competition from companies like Apple and Amazon, which are expected to launch their own AI glasses in the near future, potentially challenging Meta's market dominance [21] - The need for a balance between price and technological experience is emphasized as crucial for the future of the AR glasses market [21]

Core Viewpoint - Meta's CEO Mark Zuckerberg has shifted from a contentious relationship with the Trump administration to becoming a favored guest at the White House, while simultaneously navigating complex supply chain dynamics with Chinese manufacturer Goertek [1][2]. Group 1: Meta's Supply Chain and Partnerships - Goertek has strengthened its control over Meta's AI glasses supply chain through significant transactions, including acquiring 100% of Shanghai Aolai's optical device production [1][2]. - Despite Meta's efforts to diversify its hardware supply chain away from China, Goertek remains a key partner, producing Meta's upcoming Hypernova smart glasses and continuing to supply components for the Quest VR headsets [2][4]. - Meta claims to have a robust and diversified supply chain, not solely reliant on any single manufacturer, while Goertek's role as a stable supplier is emphasized by industry insiders [4]. Group 2: Zuckerberg's Positioning and Market Challenges - Zuckerberg is positioning himself as an "AI leader," developing AI-driven wearable devices and collaborating with the U.S. government on military technology modernization [5]. - Despite his strong anti-China rhetoric, Zuckerberg's attempts to expand Meta's business in China have faced significant challenges, with potential partners wary of his past comments [7][10]. - The competitive landscape for Meta's VR devices in China includes major players like ByteDance, Apple, and Sony, which could hinder Meta's market entry despite any potential opportunities [9][10].

Core Insights - Meta's CEO Mark Zuckerberg has shifted from being threatened by the Trump administration to becoming a welcomed guest at the White House, indicating a change in his relationship with the U.S. government [1] - Goertek, a leading Chinese hardware manufacturer, is strengthening its control over Meta's AI glasses supply chain through strategic acquisitions, enhancing its influence in the smart glasses industry [1][2] - Meta is diversifying its hardware supply chain and has begun production in Vietnam, but Goertek remains a key partner for Meta's hardware needs [2][4] Group 1 - Goertek has acquired 100% of the shares of Shanghai Aolai Micro-Nano Optics and Shanghai Aolai Optoelectronic Information Technology, which produce micro-nano optical devices for smart glasses, through a capital increase of 530 million yuan [1] - Goertek is also involved in the production of Meta's upcoming new generation smart glasses, Hypernova, which is expected to be unveiled soon [2] - Meta's response to reports emphasizes its robust and diversified supply chain, indicating it does not rely solely on any single manufacturer [4] Group 2 - Zuckerberg is positioning himself as an "AI leader," developing AI-driven lightweight wearable devices and collaborating with the U.S. government on military technology modernization [5] - Despite his hardline stance towards China, Meta's ongoing reliance on Goertek for next-generation wearable devices highlights a contradiction in Zuckerberg's approach [7] - Previous attempts by Zuckerberg to expand Meta's business in China have faced challenges due to his past comments and the geopolitical climate [7][11]