"低估了今年市场需求，是我今年犯下的最大错误。" 智能眼镜Rokid创始人祝铭明在近期发出如此感叹。Rokid本以为2025年产品能卖10-15万副，但今年至今已获的20万订单让祝铭明感到既幸福又感到苦 恼。 纵观整个智能眼镜产业，无疑正处于产品爆发期。 根据IDC数据，2025上半年，全球智能眼镜市场出货量达406.5万台，同比增长64.2%。天猫双11于10月30日数据显示，智能眼镜成交额同比暴涨25倍，成 为3C数码行业增长最快的品类之一。其中Rokid成交增长超7倍，雷鸟同比增长超80%。京东在8月26日发布的智能眼镜半年报也显示，2025年上半年智能 眼镜的成交量同比增长超过10倍，入驻品牌数量也增加了3倍。 | 林林总总算下来，今年市场上共计冒出多达几十款新品也让整个智能眼镜市场的竞争变得空前激烈。 | | --- | | | | | | | 2025重点智能眼镜一览 | | 光锥智能 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ■商 | 发布时 间 | 产品名称 | 价格 | 显示方案 | 续航 | Al支持 | 重 ...

Core Insights - The smart glasses market, including XR and AI glasses, is experiencing strong growth driven by major tech companies like Baidu, Alibaba, and Xiaomi accelerating their investments and product launches [1][2] - IDC predicts that by 2025, the global shipment of smart glasses will reach 12.8 million units, with China leading the market [3][4] - The market is expected to undergo significant changes in product forms, interaction methods, and service models by 2026, marking a critical turning point for the industry [1][3] Market Growth - Baidu has re-entered the smart glasses market after 11 years with the launch of its Xiaodu AI Glass Pro, featuring multiple AI functionalities [2] - Tmall reports a 2500% year-on-year increase in sales for AI glasses as of October 30, while JD.com indicates a 346% increase during the "Double 11" shopping festival [2] - CINNO Research notes that the AR/VR industry saw 33 financing deals in Q3 2025, totaling approximately 5.5 billion yuan, driven by new AR device launches and AI technology integration [2] Technological Integration - The integration of AI and AR is seen as a key driver for the adoption of smart glasses, with AR glasses being the ideal platform for AI technology [3] - The average price of AI glasses is expected to remain around 1500 yuan, appealing to both tech enthusiasts and general consumers [3][4] - The development of Micro LED technology is crucial for the next generation of smart glasses, offering advantages such as high pixel density and low power consumption [6][7] Industry Dynamics - Companies are focusing on reducing costs and enhancing user experience to transition smart glasses from novelty to everyday use [4][8] - The cost structure of smart glasses is heavily influenced by hardware components, with hardware costs accounting for 80-85% of total expenses [4] - The industry is witnessing a shift towards lightweight AI glasses without displays, which are more affordable and can stimulate market growth [5][8] Future Outlook - The smart glasses market is expected to evolve through three stages: lightweight AI glasses, AI+AR single display, and ultimately AI+AR dual full-color display [5] - As optical and display technologies mature, the market for AR glasses is anticipated to expand, leading to a gradual "AR-ification" of AI glasses [5] - The integration of advanced technologies and user-centric design will be essential for the sustained growth of the smart glasses market [8]

Market Overview - The market experienced a decline on November 20, with the Shanghai Composite Index falling by 0.4%, the Shenzhen Component down by 0.76%, and the ChiNext Index decreasing by 1.12%[2] - The total trading volume was 1.72 trillion, a decrease of approximately 20 billion compared to the previous trading day[1] Sector Performance - Most sectors declined, with notable increases in construction materials and comprehensive banking, while coal, oil, chemicals, and power equipment sectors faced significant declines[1] - The technology sector, particularly semiconductor and communication equipment, saw major capital outflows, indicating a shift in investor sentiment[3] Technical Indicators - The market is showing signs of short-term weakness, with the ChiNext Index breaking below the 60-day moving average, and the Shenzhen and Shanghai indices also facing similar tests[1] - A five-day consecutive decline in the daily K-line pattern suggests a bearish trend, necessitating caution in trading strategies[1] Fund Flows - On November 20, net outflows from the Shanghai Stock Exchange amounted to 4.557 billion, while the Shenzhen Stock Exchange saw net outflows of 6.478 billion[3] - The top three sectors for capital inflows were IT services, energy metals, and joint-stock banks, while the semiconductor, communication equipment, and photovoltaic equipment sectors experienced the largest outflows[3] Economic Indicators - The October consumption market showed stable growth, with new energy vehicle retail sales increasing by 7.3%[4] - The November Loan Prime Rate (LPR) remained unchanged at 3.5% for five years and 3% for one year, indicating a stable monetary policy environment[5] Industry Trends - The Chinese chip design industry is projected to achieve sales of 835.73 billion in 2025, reflecting a year-on-year growth of 29.4%[8] - The smart glasses market is expected to reach a significant turning point in 2026, with global shipments projected to exceed 23.687 million units, and China's market expected to surpass 4.915 million units[7]

双十一正落下帷幕，却带火了AI眼镜。 然而，市场火热的背后，却依旧难掩行业的"不可能三角"难题：轻便穿戴体验、使用性能极高、电池续航能力极强，这三者很 难在同一副AI眼镜上兼得，如何做出取舍也成为悬在国内厂商头上的"达摩克利斯之剑"。 当"不可能三角"带来的交互不畅、续航焦虑、佩戴不适乃至量产延迟等挑战仍存，国内厂商如何在热销与退货的"冰与火之 歌"之中给出解法？AI眼镜能否成为下一个消费级入口？ 大小玩家涌进赛道 在京东发布的数据中，数码品类的用户规模同比增长超过 50%，其中AI拍摄及显示眼镜销量同比增长超10倍，成为数码品类里 增长最高的品类。 AI眼镜赛道挤满了各大玩家。 11月，百度发布了重量为39克的全新AI拍摄眼镜小度AI眼镜Pro，这是继阿里旗下夸克AI眼镜S1后，国内第二家正式开售AI眼镜 的互联网大厂。 作为今年最火热的赛道之一，AI眼镜挤满了阿里、百度等互联网大厂，华为、小米等手机厂商，还有雷鸟、Rokid等AR/VR企 业，以及闪极、莫界科技、李未可、影目科技等一众垂直创业公司。 IDC预计，到2029年，全球智能眼镜市场出货量将突破4000万台，其中中国市场份额将稳步提升，增速位居全 ...

(智能眼镜行业专家何万城) 11月，国内的AI眼镜迎来新品发布潮，需要佩戴近视眼镜的用户在选购时也更加关注镜片结构的 安全性与佩戴体验。多位行业专家和医学专家表示，"一体化贴合镜片"在光学性能和可靠性方面表现更 为突出。 目前主流AI眼镜已支持问答、拍照、导航、支付、音乐播放等功能，价格区间在2000元至6000 元，受到AI爱好者与年轻用户的欢迎。对于需要视力矫正的用户来说，AI眼镜需要同时满足"成像显 示"和"屈光矫正"两项需求，这对镜片工艺提出了更高要求。 智能眼镜行业专家朱殿荣介绍，AI眼镜解决视力矫正问题的方法，通常要用到两层光学结构，一 层是光波导镜片，一层是视力矫正镜片。目前，AI眼镜主流的配镜方案包括外挂式、磁吸式和一体化 贴合镜片。 比较三种配镜方案，智能眼镜行业专家何万城表示，"一体化贴合镜片目前是在光学性能和佩戴体 验上更好、更均衡的选择。"外挂式整体外观更厚，会存在外部漏光反射的情况；磁吸式两层镜片容易 有缝隙，长时间使用可能进灰。朱殿荣也认为，外挂和磁吸结构会增加眼镜重量，两层镜片间的空气也 会导致眼镜透光率降低。 从行业趋势来看，一体化贴合镜片正在成为大型厂商的选择。包括美国的Me ...

Core Insights - The article discusses the implementation of the "2025 Annual Special Application Scene Support Guidelines" by the Zhongguancun Science City Management Committee to enhance innovation and economic efficiency in response to government policies [1] - The rapid growth of innovative companies like Beijing Hives Century Technology Co., Ltd. is highlighted, particularly their advancements in AI and wearable technology [2] - The Ministry of Industry and Information Technology announced a new list of "Little Giant" enterprises, with Beijing leading the nation in the number of recognized companies [3] Group 1 - The Zhongguancun Science City aims to strengthen the role of scene innovation in supporting foundational innovation and cultivating future industries [1] - The "Three Cities and One District" initiative in Beijing has been effective in integrating innovation chains, industry chains, and capital chains, leading to the emergence of numerous innovative application scenarios [1] - Hives Technology's AI audio glasses have addressed common industry challenges such as short battery life and bulkiness, showcasing significant technological and design innovations [2] Group 2 - The new AI audio glasses feature a lightweight design and enhanced battery life, equipped with the Superhexa VUI 2.0 system, which offers advanced AI capabilities [2] - Beijing's innovation ecosystem supports the rapid growth of companies, with Zhongguancun Science City serving as a core area for national independent innovation [2] - The total financing for "specialized, refined, distinctive, and innovative" enterprises in Beijing has exceeded 40 billion yuan, demonstrating a robust support system for innovation [2] Group 3 - The recent announcement by the Ministry of Industry and Information Technology recognized 250 new and 262 re-evaluated "Little Giant" enterprises in Beijing, totaling 1,035 nationally [3] - Nearly 90% of these recognized enterprises are focused on cutting-edge fields such as artificial intelligence and biomedicine, contributing significantly to Beijing's status as an international technology innovation center [3]

四川：全力推进低空经济快速发展 在四川产竹大县兴文县，秋冬季集中采竹开始了。过去，运竹多靠肩扛人抬，效率低、成本高；今年收 获季，当地引入30多架无人机，运输难题有效解决。全县净增10万吨竹材，经济效益增加5000万元以 上。 四川地域广，高原、丘陵、山区众多，发展低空经济需求迫切。"十四五"以来，四川把低空经济列入全 省17条重点产业链，推动产业集聚成势。目前，已开通无人机物流航线68条，低空观光旅游航线47条。 四中全会提出，建设现代化产业体系，并就培育壮大新兴产业和未来产业作出系统部署，这让四川 在"十五五"时期，发展低空经济等新兴产业的方向更加明确。 央视网消息（新闻联播）：党的二十届四中全会高度评价"十四五"时期我国发展取得的重大成就，审议 通过了《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》，为做好"十五五"时期各项 工作、开创中国式现代化建设新局面提供了科学指南。《新闻联播》从今天（11月17日）起推出《学习 贯彻四中全会精神在基层》系列报道，首先来看广东、四川以全会精神为指引，推动科技创新和产业创 新深度融合，加快建设现代化产业体系的生动实践。 广东：激活创新动能 构建现代化产业 ...

Core Viewpoint - 康耐特光学's stock has seen a significant increase, driven by strong sales performance in the smart glasses category during the "Double 11" shopping festival [1] Company Performance - 康耐特光学's stock rose over 5%, currently trading at 52 HKD with a transaction volume of 55.1485 million HKD [1] - The company is the sole supplier of lenses for the Quark AI glasses S1, which achieved the highest sales in the smart glasses category on Tmall during the pre-sale period, surpassing 5,000 units sold [1] Industry Trends - According to the report from 易观, the transaction value of smart glasses has surged 25 times year-on-year, placing it among the top 3 trending categories in Tmall's 3C digital products [1] - 华创证券 noted that over half of the top 20 best-selling XR devices are priced below 4,000 RMB, indicating a shift of smart glasses from niche products to mainstream consumer items [1] Future Outlook - The company is expected to strengthen its competitive advantage in the XR business due to its first-mover advantage and high technological barriers [1] - 康耐特光学's new factory in Japan is set to be completed in the fourth quarter, adding a capacity of 600,000 customized lenses, which may further reduce tariffs on U.S. operations [1]

Core Viewpoint - 康耐特光学's stock price has increased over 5%, driven by strong sales performance in the smart glasses category during the "Double 11" shopping festival, indicating a significant market shift towards consumer adoption of XR devices [1] Company Performance - 康耐特光学's stock rose by 4.05% to 52 HKD, with a trading volume of 55.1485 million HKD [1] - The company is the sole supplier of lenses for the Quark AI glasses S1, which achieved the highest sales in the smart glasses category on Tmall during the pre-sale period, surpassing 5,000 units sold [1] Industry Trends - According to the report, the transaction value of smart glasses has surged 25 times year-on-year, placing it among the top 3 trending categories in Tmall's 3C digital products [1] - More than half of the top 20 best-selling XR devices are priced below 4,000 HKD, indicating a shift from niche products to mainstream consumer electronics [1] Future Outlook - 康耐特光学 is expected to strengthen its competitive advantage in the XR business due to its first-mover advantage and high technological barriers [1] - The company's new factory in Japan is projected to be completed in the fourth quarter, adding 600,000 units of customized lens production capacity, which may further reduce tariffs on U.S. operations [1]

Core Insights - The competition in the smart glasses market is intensifying, especially with the upcoming "Double 11" shopping festival and new product launches [1][3] - Rokid has achieved significant sales milestones during "Double 11," becoming the top-selling brand in the smart glasses category, with a 1000% increase in sales on JD.com and an overall growth of 800%, surpassing 50 million yuan in sales [3][4] - The user demographic for smart glasses is shifting from tech enthusiasts to a broader audience, with significant representation from sectors like government, agriculture, education, and construction [4][6] Sales Performance - Rokid's sales forecast for the year was initially set at 100,000 to 150,000 units, but within five days of launching a new product, sales exceeded 40,000 units, indicating a strong market demand [4][5] - The company faced supply challenges during "Double 11," leading to a three-shift production schedule to meet demand, highlighting the rapid growth in the smart glasses sector [4][5] Strategic Partnerships - Rokid's collaboration with BOLON aims to balance technology and user comfort, focusing on lightweight and aesthetically pleasing designs that integrate seamlessly into daily life [5][6] - The partnership with traditional eyewear channels is expected to broaden the reach of smart glasses, making them accessible to a wider audience beyond tech-savvy consumers [6] Market Dynamics - Major tech companies like Baidu and Alibaba are entering the smart glasses market, intensifying competition, but Rokid believes there is still a window for smaller companies to establish a foothold [7] - Rokid's focus on smart glasses since its inception gives it an advantage over larger companies that have not yet fully committed to this market [7] Future Outlook - The global smart glasses market is projected to see significant growth, with an expected shipment of 4.065 million units in the first half of 2025, and a compound annual growth rate of 55.6% in the Chinese market from 2024 to 2029 [8] - Rokid aims to achieve a shipment target of over 1 million units next year, reflecting confidence in the market's potential and the company's growth trajectory [8]