编者按：８月７日，大摩发布研究报告，聚焦大中华区及亚太区 AI+AR 眼镜领域，提及阿里巴巴、Rokid、Xreal 等中国厂商加速整合 AR 功能，采用 MicroLED、波导系统等技术，而 Meta 的新款 AR 眼镜 Celeste 将采用 LCOS 显示模块，电池续航是关键考量因素。大摩预测 2024-2028 年 AI 眼镜的 SoC 市场将实现 80% 的年复合增长率，2028 年 CIS 和 LCOS 市场规模分别可达 2.73 亿美元和 1.53 亿美元。主要内容如下： 眼镜中的芯片：中国品牌人工智能眼镜，哇哦…… 阿里巴巴推出了其哇哦（WOW）眼镜。此外，豪威科技的硅基液晶显示器已被 Meta 的新款增强现实眼镜 Celeste 采用。 中国的人工智能眼镜制造商正竞相整合增强现实功能。在世界人工智能大会上，我们参观了阿里巴巴、若琪和极越的展台。 阿里巴巴推出了哇哦夸克人工智能 + 增强现实眼镜。在半导体方面，哇哦采用了主流的系统级芯片，但增加了一枚百思科技 BES2800 芯片以提高能效。 在增强现实方面，阿里巴巴选择了双目微发光二极管 + 波导系统。我们在世界人工智能大会上了解到，哇哦采用 ...

Core Viewpoint - The AI glasses market is currently booming, with major players like Xiaomi and Alibaba entering the space, while XREAL, a leading AR glasses company, has not yet released its AI glasses, focusing instead on core technological advancements and product differentiation [1][2]. Company Overview - XREAL was founded in 2017 by Xu Chi and Wu Kejian, with nearly 500 employees and over $300 million in funding from investors including Alibaba and Sequoia [2]. - The company has established two optical factories in Wuxi and Kunshan, producing 65% of its components in-house, leveraging China's manufacturing advantages [2]. Market Position - XREAL has been the global sales leader in the AR sector for three consecutive years and ranks second in the global AR/VR market, only behind Meta [1][2]. - The company believes that the hardware still faces challenges in optical display and battery life, predicting that achieving the ideal form will take five years or more [2]. Product Innovations - XREAL recently introduced two products: XREAL One Pro and Project Aura, focusing on spatial display and spatial computing capabilities [6][7]. - The XREAL One Pro features an upgraded optical system with a field of view of 57 degrees, providing an immersive viewing experience [6][7]. - The self-developed X1 chip in the XREAL One series reduces latency to an industry-leading 3 milliseconds, enhancing the user experience [7]. Strategic Partnerships - XREAL has partnered with Google on Project Aura, which aims to create a unified operating system for XR devices, similar to the Android system for smartphones [10]. - This collaboration is expected to address the fragmentation in the XR industry, allowing developers to create applications that can run across various hardware platforms [9][10].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the transformation of the consumer industry driven by AI technology, highlighting opportunities in smart glasses, AI e-commerce, AI education, and AI personal services starting from 2025 [1][2][4]. Core Insights and Arguments 1. **AI Integration in Consumer Sector**: - AI will significantly impact the consumer industry, with smart glasses and AI-enhanced services expected to emerge as key areas of growth [2][5]. - Meta has successfully launched commercial smart glasses, prompting domestic companies like Xiaomi and ByteDance to follow suit, indicating a strong market potential for smart glasses [4][5]. 2. **Emotional Value Consumption**: - This includes IP content, addictive consumption (e.g., coffee, tea, new tobacco products), and self-indulgent consumption (e.g., gold jewelry, health and fitness) [1][6]. - Consumers are increasingly prioritizing emotional needs and personal preferences after basic needs are met, benefiting from the IP economy driven by a second baby boom and rising national confidence [1][6][16]. 3. **Cost-Performance Consumption**: - Expected to become a primary investment focus, with growth potential in discount retail stores (e.g., snack shops), functional brands, and second-hand trading platforms [1][6][9]. - Historical data from the US and Europe suggests that regardless of economic conditions, once material needs are satisfied, a shift to cost-performance consumption occurs [18]. 4. **Service Consumption Trends**: - Anticipated to see continued growth in both volume and price, potentially addressing employment issues and becoming a focus of policy support [1][6][23]. - The US service consumption share has reached 70%, while China remains predominantly goods-focused [23]. 5. **AI in E-commerce**: - AI e-commerce is enhancing cross-border trade efficiency through AI customer service and video editing translation, although profitability remains to be observed [3][7][10]. - AI tools have enabled international trade businesses to achieve 24/7 multilingual communication, significantly increasing transaction volumes [7]. 6. **AI Education**: - AI education can overcome traditional educational challenges, such as scalability, equity, and personalization [3][11]. - Companies like Tianli International Holdings have successfully launched AI education products, demonstrating positive outcomes [11]. Additional Important Insights - **Standardization in Service Industry**: - Standardization is crucial for scaling service consumption, with companies like Haidilao and Huazhu Group improving service quality through standardized practices [1][25]. - The online transition is seen as the best way to address marginal cost issues and achieve scale in the service sector [26][27]. - **Retail Channel Evolution**: - Japan's retail landscape has shifted towards high-cost performance channels, with discount stores rapidly growing and traditional pricing structures being disrupted [19][20]. - Retailers targeting low-income groups often report better profitability compared to those focused on the middle class [21]. - **Future of Service Consumption in China**: - With rising disposable income, service consumption in China is expected to grow, moving towards a balance of volume and price increases [23]. - The capital market has historically overlooked the service sector due to challenges in standardization and marginal cost issues, but successful companies can achieve significant growth once these challenges are addressed [24]. This summary encapsulates the key points discussed in the conference call, providing insights into the evolving consumer landscape influenced by AI technology and changing consumer preferences.

专注全球化、硬科技报道。36kr旗下官方账号。 以下文章来源于硬氪 ，作者张子怡 硬氪 . 以打造普通眼镜镜片的思路 开发VR眼镜镜片。 文 ｜ 张子怡 编辑 ｜ 彭孝秋 来源｜ 硬氪（ID：south_36kr） 封面来源 ｜ IC photo 硬氪获悉，AR眼镜光学厂商至格科技于近期再次完成亿元级融资，这是其2025年完成的第二轮亿元级融资。 本轮融资由银润资本领投，老股东方广资本超额追投，久德投资、人才科创基金、易景科技跟投。资金将主要用于产能提升、团 队扩充和产品研发迭代。 至格科技成立于2019年，是一家专注于AR衍射光波导、衍射光栅和微纳光学领域的高新技术企业和专精特新企业，公司由清华大 学精密仪器系光栅与测量实验室孵化而来，核心团队包括长江学者、国家杰青、国家万人、清华博士以及前上市公司高管。 智能眼镜行业发展迅速之际，以至格科技为代表的光波导厂商，相当于下游品牌客户的"弹药提供者"，其已经服务多家消费电子 和互联网大厂以及AR眼镜独角兽公司。 国内衍射光波导实现量产开始于2021年，而至格科技已建成国内首条衍射光波导全自动批量生产线，月产能可达10万片，且已实 现单月2万片的量产出货，产能和出 ...

报告指，根据行业数据，预期今年全球与中国的智能眼镜市场将分别实现43%与1.21倍的同比增长。随 着更多科技企业进入AI眼镜市场，成本优化与生成式AI应用场景的扩展，将在未来数年持续推动需 求，而科技供应链将受惠。当中，主要科技品牌如小米集团-W(01810)，该行予目标价65.91港元;光学元 件厂商如丘钛科技(01478)，目标价13.21港元;扬声器与麦克风零件公司瑞声科技(02018)，目标价63.54 港元，均予"买入"评级。 招银国际发布研报称，持续看好AI眼镜产业的蓬勃发展，认为Ray-Ban Meta眼镜上半年强劲增长逾两 倍、小米AI眼镜50万件出货量目标、各品牌丰富的产品管线，以及持续扩展的生态系统与人工智能功 能及应用场景，将为相关供应链今年下半年的增长铺路。 ...

Group 1 - The report from 招银国际 highlights the strong growth potential of the AI glasses industry, with Ray-Ban Meta glasses experiencing over 200% growth in the first half of the year and Xiaomi targeting a shipment goal of 500,000 AI glasses [1] - The global smart glasses market is expected to achieve a year-on-year growth of 43%, while the Chinese market is projected to grow by 121% this year [1] - Major technology brands, including Xiaomi Group-W (01810), are recommended for investment, with a target price of HKD 65.91, alongside optical component manufacturers like 丘钛科技 (01478) with a target price of HKD 13.21, and speaker and microphone component company 瑞声科技 (02018) with a target price of HKD 63.54, all receiving "buy" ratings [1] Group 2 - The expansion of the ecosystem and applications of artificial intelligence will continue to drive demand for AI glasses in the coming years, benefiting the technology supply chain [1] - The entry of more tech companies into the AI glasses market, along with cost optimization and the expansion of generative AI applications, is expected to sustain demand growth [1]

报告指，根据行业数据，预期今年全球与中国的智能眼镜市场将分别实现43%与1.21倍的按年增长。随 着更多科技企业进入AI眼镜市场，成本优化与生成式AI应用场景的扩展，将在未来数年持续推动需 求，而科技供应链将受惠。当中，主要科技品牌如小米，目标价65.91港元；光学元件厂商如丘钛科 技，目标价13.21港元；扬声器与麦克风零件公司瑞声科技，目标价63.54港元，均予"买入"评级。 招银国际发表研究报告指，持续看好AI眼镜产业的蓬勃发展，认为Ray-Ban Meta眼镜上半年强劲增长逾 两倍、小米AI眼镜50万件出货量目标、各品牌丰富的产品管线，以及持续扩展的生态系统与人工智能 功能及应用场景，将为相关供应链今年下半年的增长铺路。 ...

Core Viewpoint - The smart glasses industry is in its early development stage, with the potential to become the "best carrier of artificial intelligence" as it integrates with AI technology, impacting various aspects of life, work, and learning [1][3] Group 1: Product Features and Innovations - Rokid's new AR+AI glasses, Rokid Glasses, feature two global first applications: smart navigation in collaboration with Gaode and a payment system with Alipay that allows users to complete transactions without taking out their phones [1] - The product is equipped with Qualcomm's flagship chip and optimizes power consumption to support all-day use under low-density scenarios, with a quick charge feature that reaches 80% in 20 minutes [2] - Rokid Glasses address the "impossible triangle" challenge of weight, performance, and battery life, which has historically hindered the widespread adoption of smart glasses [1][2] Group 2: Market Landscape and Competition - The market for AI glasses is viewed as a blue ocean, with major tech companies like Xiaomi and Alibaba entering the space, leading to what is termed the "hundred glasses battle" [2] - According to Northeast Securities, the estimated sales of AI glasses in China for 2024 will be around 50,000 units, representing only 3% of the global market [2] Group 3: Future Trends and Industry Outlook - The integration of AI with AR in smart glasses is expected to evolve from basic question-answering capabilities to executing tasks such as ordering food and hailing rides, enhancing efficiency beyond that of smartphones [3] - The industry is anticipated to see advancements in full-color displays, high resolution, domestic chips, and high-density batteries, which are essential for overcoming current technological limitations [2][3] - The future of AI glasses is projected to replace smartphones as the primary device for personal intelligence, offering hands-free interaction that aligns with the demand for portable smart technology [3]

Core Insights - The World Artificial Intelligence Conference (WAIC) showcased a variety of AI and AR glasses, attracting significant attention due to their hands-on experience opportunities [1] - The audience's reactions to the smart glasses varied widely, reflecting differing expectations and prior experiences with similar products [2][4] - The industry faces a challenge where hardware development may lag behind software capabilities for at least the next decade, raising questions about how to engage a broader consumer base as the market matures [5] Industry Trends - The success of Ray-Ban Meta glasses has catalyzed a competitive landscape, leading to a surge in smart glasses development, with a focus on AI functionalities [5][6] - Many companies are beginning to clarify their product positioning, with some focusing on specialized features rather than attempting to cover all functionalities [7] - Halliday's AI glasses, which prioritize display capabilities over traditional features like photography, exemplify a trend towards specialization in product development [8][10] Competitive Landscape - Major tech companies like Xiaomi and Alibaba are entering the AI glasses market, indicating a shift towards more established players dominating the space [12][13] - Alibaba's Quark AI glasses are designed to integrate deeply with its ecosystem, showcasing the importance of software capabilities alongside hardware [13] - The industry is expected to see a convergence in hardware specifications and core functionalities, leading to a more stratified competitive environment where smaller firms focus on niche markets while larger companies leverage their ecosystem advantages [15]

Core Viewpoint - The smart glasses industry is at a critical juncture, with the potential to replace smartphones as the next terminal for spatial computing, but it requires careful development and cannot take shortcuts [1][2]. Group 1: Company Insights - XREAL's latest product, XREAL One Pro, features a field of view of 57 degrees, an increase of 38% compared to its predecessor, XREAL One, which had a 50-degree field of view [1]. - XREAL has invested over $300 million in research and development, with 65% of the components in XREAL One Pro being self-developed, indicating a strong commitment to innovation across the entire supply chain [1][3]. - The company aims to create a million-level sales product before progressing to larger-scale targets, emphasizing the importance of a solid foundation in the AR market [2][3]. Group 2: Industry Trends - The AR and AI glasses market is currently characterized by a lack of clear consumer understanding, with many companies hoping for rapid success without adequate investment [2]. - The industry is still in its early stages, and the development of smart glasses requires a focus on spatial display and the establishment of a comprehensive spatial computing ecosystem [3]. - The current competition in the AI glasses market is seen as more of a speculative chase for concepts rather than a reflection of mature technology and user experience [2].