Core Insights - The technology industry is calling for a wearable revolution, with smart glasses expected to become a significant accessory after smartphones, as evidenced by a projected shipment of 12.05 million units globally by 2025, reflecting an 18.3% year-on-year growth [1] Group 1: Technological Breakthroughs - DPVR AI Glasses feature EIS electronic stabilization technology, effectively eliminating image shake during activities like running and cycling, ensuring smooth recording [2] - The glasses incorporate distortion correction algorithms to address the "fisheye effect" of traditional wide-angle lenses, enhancing image clarity and overall coherence for first-person vlogging [2] - HDR dynamic range correction technology allows the glasses to adapt to complex lighting conditions, preserving details in both bright and dark areas, resulting in high-quality images [4] Group 2: Scene Innovation - The design of DPVR AI Glasses emphasizes lightweight materials and structural optimization, enhancing user comfort and increasing wear time across various scenarios, from business meetings to casual outings [5] - The glasses plan to integrate with Baidu's intelligent cloud platform, transforming from a mere recording device into a comprehensive smart assistant capable of real-time transcription and personalized adjustments based on environmental conditions [5] Group 3: Industry Positioning - DPVR has accumulated over 200 core patents in the VR/AR field and has received accolades such as the German iF Design Award, showcasing its commitment to innovation and quality [6] - The upcoming DPVR AI Glasses, set to launch in the second half of 2025, aim to redefine the boundaries between technology and daily life, leading the industry from hardware competition to ecosystem competition [9]

每经记者｜蔡鼎 每经编辑｜兰素英 当地时间周三，Alphabet旗下的无人驾驶出租车（Robotaxi）公司Waymo宣布，下个月其出租车服务将 重返纽约市。之前在2021年，Waymo已在曼哈顿部分地区进行了初步的地图测绘和数据收集，此次回 归是为了进行更多的地图绘制以及测试工作。不过在初始阶段，Waymo不会提供完全的无人驾驶出租 车服务，而是将配备人类驾驶员，因为纽约州的法律不允许车辆在无人驾驶的情况下行驶。Waymo表 示，它正在推动修改法律，已经申请了纽约市的许可证，允许其出租车在曼哈顿自动驾驶，司机座位上 会有安全员。 点评：Waymo无人驾驶出租车重返纽约市进行地图绘制与测试，虽因当地法律限制需配备人类驾驶 员，但其推动法律修改并申请自动驾驶许可，展现了其在无人驾驶商业化落地上的持续推进与努力。 NO.4 OpenAI发布Altman专访，首次大谈GPT-5、AGI ｜2025年6月19日 星期四｜ NO.1 消息称特斯拉Grok车载AI助手即将上线：支持多个性定制 尽管特斯拉尚未将AI助手Grok集成到其车辆中，但相关固件代码显示，未来该功能将具备更逼真的交 互体验。马斯克曾在数月前透露，Gr ...

Market Overview - The smart glasses market in China has seen a significant increase in demand, with a projected shipment of 494,000 units in Q1 2025, representing a year-on-year growth of 116.1% [1] - The audio and audio-capturing glasses segment is particularly strong, with expected shipments of 359,000 units, marking a 197.4% increase [1] - Globally, the smart glasses market is anticipated to reach 14.518 million units by 2025, with China contributing 2.907 million units, reflecting a growth of 121.1% [1] Factors Driving Growth - The growth in smart glasses sales is attributed to three main factors: the integration of AI large models with AR technology, government subsidy policies enhancing product affordability, and continuous product innovation towards lightweight and diversified designs [1] - The development of AI large models has significantly improved the interactivity and practicality of smart glasses, while breakthroughs in AR technology have enhanced user experience [1] Industry Developments - Several manufacturers are launching new products to capture market share, including Rokid's launch of the first globally payable smart glasses and Meta's collaboration with Oakley for new AI glasses [2] - The price range for released products is generally between 1,000 to 3,000 yuan, facilitating wider adoption among consumers [2] - During the "6·18" shopping festival, popular models like the Thunder V3 were sold at discounted prices, further driving sales [2] Stock Market Performance - In the A-share market, there are 50 stocks related to smart glasses, with an average increase of 1.68% on June 18, and some stocks like Zhuoyue Technology and Shengli Precision seeing gains over 5% [2] - The smart glasses sector has shown strong performance this month, with an average increase of 6.44%, and 13 stocks achieving over 10% cumulative growth [2] Financial Performance - The profitability of smart glasses stocks has improved significantly, with a total net profit of 8.781 billion yuan in Q1, representing a year-on-year growth of over 20% [3] - Among the companies, Hengxuan Technology reported the highest growth in net profit, achieving 191 million yuan, a staggering increase of 590.22% [3] - The trend indicates that over 60% of the companies in the smart glasses sector have reported positive financial results, with many transitioning from losses to profitability [3]

现在中东已经乱成一锅粥了！全球资本市场都在担忧，国际原油价格像是做了"起跳机"，一会拉升，一 会跳水。 第二，A股还算比较稳当，没有出现大跌，扛住了氛围压力，主要是因为权重股比较稳，避险资金流入 石油、煤炭、运输、电力、大金融等板块，挺住了指数。 也就是说，两市这个节骨眼突然涨不动了，不算是坏事，国际氛围面紧张，扛住了诸多利空波及，得益 于权重股的稳盘。 今天市场震荡分化，三大指数均小幅飘绿，其中脑机接口概念股强势领涨，固态电池、稳定币、AI眼 镜、油气等板块盘中活跃，创新药方向再度冲高回落，IP经济概念同样陷入调整。全天成交12072亿， 较上一交易日缩量79亿，两市近3000只个股下跌，收盘，沪指下跌0.04%，深指下跌0.12%，创业板指 下跌0.36%。 那，两市突然涨不动了，原因是什么呢？我认为有两大原因：第一，伊以冲突愈演愈烈，加剧了市场担 忧情绪。现在中东的情况是，以色列誓言继续打击伊朗，美国喊话让所有人撤离德黑兰，伊朗找中间人 想认怂，但一方面又加快反击。以色列说打掉伊朗最高指挥阿里·沙德马尼，伊朗方面还没有证实，霍 尔木兹海峡有3艘船起火。 据相关机构分析，随着eVTOL（电动垂直起降飞行器 ...

Core Insights - Huawei officially launched the Watch 5 series in June 2025, positioning it as an "AI smart watch," indicating a strategic shift from merely collecting health data to becoming a proactive health management platform [1][3] - In a slowing global smartwatch market characterized by product homogenization, Huawei aims to drive growth by focusing on "health decision-making" as a new growth avenue [1][3] Product Upgrades - The Watch 5 series features three key upgrades: - Proactive health intervention capabilities that utilize local AI computing and multi-modal sensing to identify health risks and provide personalized intervention suggestions, integrating with remote medical services [4] - Evolution of independent terminal functionality with self-developed chips for efficient local AI inference and support for 5G eSIM communication, catering to various user needs [4] - Establishment of a health ecosystem hub based on HarmonyOS, enabling multi-device interaction and third-party service integration, creating a closed-loop ecosystem for health data and services [4] Strategic Intent and Competitive Advantage - Huawei is building a significant competitive advantage through vertical integration of self-developed chips, algorithms, and sensors, establishing a high barrier to entry in the Chinese market [9] - The company is leveraging its leading position in the Chinese market, with over 30% market share in wearables, to replicate its successful proactive health intervention model in emerging overseas markets [10] User Perception and Market Challenges - Many consumers still view smartwatches as upgraded fitness bands, raising concerns about the authority and reliability of "intervention-type health assistants" [13] - The subscription-based health service model is still in its early stages in China, and consumer willingness to pay for intervention suggestions remains to be validated [13] - Attracting third-party participation from medical institutions and fitness service providers requires addressing core issues such as interface standardization and data compliance [13] Strategic Recommendations - To build a long-term capability system, Huawei should focus on four core areas: - Establishing a trust system through clinical validation and user education to enhance the credibility of AI-driven health decisions [14] - Innovating business models by implementing a dual-track strategy that leverages B2B health management solutions to create a payment foundation [15] - Setting ecological rules to lower entry barriers for third-party services and drive deep collaboration [16] - Developing global compliance capabilities to adapt to international regulatory frameworks for proactive health intervention [17] Industry Implications - The Watch 5 series signals a strategic shift in the wearable industry, emphasizing the evolution from precise measurement to effective intervention, and transforming devices into central platforms connecting fitness, healthcare, and insurance sectors [18] - The value proposition is shifting from selling product features to building long-term user relationships based on ongoing services, indicating a potential new growth path for the industry [19]

Core Insights - Huawei's Watch 5 series is positioned as an "AI smart watch," marking a strategic shift from merely health data collection to an active health intervention platform [1] - In a slowing global smartwatch market, Huawei aims to break through growth ceilings by focusing on "health decision-making" as a new growth avenue [1] Key Upgrades of Huawei Watch 5 Series - The series features three significant upgrades that enhance its functionality and user experience [2] Strategic Intent and Technological Moat - Huawei's integration of self-developed chips, algorithms, and sensors creates a significant competitive advantage, establishing a difficult-to-replicate technological moat [7] Core Scenarios of Terminal Services - The watch serves as a critical touchpoint connecting user behavior with backend services, facilitating Huawei's transition from hardware sales to ongoing service operations [5] Active Health Intervention Capability - The watch utilizes local AI computing and multi-modal perception to identify health risks and generate personalized intervention suggestions, integrating with remote medical services [6] Independent Terminal Evolution - The device supports independent communication via 5G eSIM (in the domestic market), catering to various scenarios such as elderly monitoring and extreme sports [6] Health Ecosystem Hub - Built on HarmonyOS, the watch enables multi-device interaction and opens APIs/SDKs for third-party services, creating a closed-loop ecosystem of "data-model-service" [6] Global Expansion Strategy - Leveraging its leading position in the Chinese market, Huawei plans to replicate its successful "active health intervention model" in emerging overseas markets [8] Challenges Facing Huawei's Vision - Huawei's "health brain" vision faces three main challenges: building a trust system, validating business models, and establishing ecological collaboration [10][12] Strategic Recommendations - To ensure long-term success, Huawei should focus on four core areas: building a trust system, validating business models, establishing ecological rules, and ensuring global compliance [11][13][14][15] Value Reconstruction - The future of wearable technology is shifting from selling product features to building long-term user relationships based on ongoing services [19] Conclusion - The Huawei Watch 5 series represents a strategic signal indicating a shift in the competitive landscape of the wearable industry, emphasizing the importance of user perception, scalable services, and sustainable business models [16]

Core Viewpoint - Huawei's launch of the WATCH 5 marks a significant advancement in the smart wearable market, showcasing its leadership and innovative capabilities in the industry [1][25]. Group 1: Product Launch and Market Position - Huawei WATCH 5 is the first smartwatch powered by HarmonyOS AI, emphasizing Huawei's dominance in the smart wearable sector [1][12]. - The cumulative shipment of Huawei's wearable devices has surpassed 200 million units, with a projected year-on-year growth rate leading the global market in 2024 [4]. - The WATCH 5's release is expected to disrupt the current market landscape significantly [4]. Group 2: Design and Pricing - The WATCH 5 features a futuristic design with a streamlined aesthetic, available in two sizes: 42mm and 46mm, priced at 2699 yuan and 2799 yuan respectively, with a competitive subsidy bringing the effective price down to 2295 yuan [6][10]. - Eight color options are available, catering to diverse aesthetic preferences, including styles suitable for both men and women [8]. Group 3: Technological Innovations - The WATCH 5 is equipped with a new LTPO 2.0 display, achieving a peak brightness of 3000 nits and an 82.5% screen-to-body ratio, enhancing user experience [10]. - It introduces the X-TAP smart sensor, enabling advanced health monitoring capabilities, including a fingertip blood oxygen measurement feature [19][21]. - The device supports seamless integration with various smart devices, breaking down barriers between hardware and applications [18]. Group 4: Health Monitoring Features - The WATCH 5 offers a non-cuff blood pressure risk screening feature, allowing users to manage their health proactively [24]. - A "micro health check" can be initiated with a simple press, providing a comprehensive report on 17 health indicators within 60 seconds [27].

Group 1 - The 2025 Yangpu Global Promotion Conference showcased cutting-edge technology products, attracting significant attention from attendees [1] - Featured products included a vertical take-off and landing fixed-wing drone with a wingspan of 6.3 meters, capable of carrying 30 kilograms, with a flight range of 700 kilometers and a 6-hour endurance [1] - Other innovations included a waist exoskeleton robot designed to prevent worker injuries, an AI product combining hearing aids and AR glasses for the hearing impaired, and various advanced robotics and chips from local enterprises [1] Group 2 - Yangpu District is supportive of technology companies, providing substantial assistance and promotion for enterprises [2] - The conference introduced 14 riverside plots covering approximately 34 hectares, along with two premium plots in the Wujiaochang sub-center, totaling around 9 hectares, inviting global investors [2] - The district launched InnoMatch, a global innovation element supply chain platform, in collaboration with the National Technology Transfer Eastern Center [2]

Semiconductor Sector - Cambricon's private placement application for 4.98 billion yuan has been accepted by the Shanghai Stock Exchange[5] - Broadcom launched the Tomahawk 6, the world's first 102.4 Tbps switch chip, doubling the bandwidth of existing Ethernet switches[7] - GlobalFoundries announced a $16 billion investment in the U.S. to expand semiconductor manufacturing and advanced packaging capabilities[11] Automotive Electronics Sector - Xpeng Motors partnered with Huawei to launch the "Chasing Light Panorama" AR-HUD, enhancing navigation capabilities[13] - NIO delivered 23,231 new vehicles in May, a year-on-year increase of 13.1%[16] - Li Auto's supercharging stations surpassed 2,400, with over 13,200 charging piles deployed across 31 provinces[18] AI Sector - Princeton University's AI Lab introduced the general-purpose agent Alita, achieving a 75.15% pass rate in GAIA validation tests[19] - A new Token budget-aware LLM reasoning framework, TALE, was proposed, reducing inference costs by over 60% while maintaining accuracy[21][23] - The first fully asynchronous reinforcement learning training system, AReaL-boba², achieved a training speed increase of 2.77 times compared to its predecessor[24] Metaverse Sector - JBD's ARTCs image quality engine has been commercialized, significantly improving the visual experience of AR glasses[27][28]

Group 1 - China's total goods trade value in the first five months of the year reached 17.94 trillion yuan, a year-on-year increase of 2.5%, with exports at 10.67 trillion yuan, up 7.2%, and imports at 7.27 trillion yuan, down 3.8% [2] - In May, the total goods trade value was 3.81 trillion yuan, growing by 2.7%, with exports at 2.28 trillion yuan, increasing by 6.3%, and imports at 1.53 trillion yuan, decreasing by 2.1% [2] - The strong resilience in trade is attributed to the recovery of the Chinese economy and a notable increase in exports following high-level Sino-U.S. economic talks [2][4] Group 2 - There has been a surge in exports to the U.S. since the release of the Sino-U.S. Geneva Economic Talks Joint Statement, with American companies accelerating orders from Chinese firms [4] - Alibaba's international platform reported a significant increase in Christmas orders, with some products seeing order growth of over 120% compared to last year [4] - The diversification of export markets has been beneficial, with rising export shares to ASEAN, Latin America, and Africa [2][3] Group 3 - High-tech and high-value-added products have emerged as "dark horses" in exports, with significant demand for AR/VR glasses and other innovative products [5][6] - Companies like XREAL and Rokid have reported substantial growth in overseas sales, with XREAL's global sales reaching approximately 600 million yuan last year [6] - The current export structure is optimizing, with high-tech and high-value-added products becoming the main drivers of export growth [6]