Group 1 - ByteDance's "Doubao" AI glasses are set to enter the shipping phase, with a starting price expected to be under 2000 yuan and weighing less than 50 grams [1] - The no-screen version of the AI glasses is planned for release in Q1 2024, while the version with a display is expected in Q4 2024 [1] - The product is a collaboration between ByteDance and Longqi Technology, with clear division of responsibilities for UI and app development [1] Group 2 - The AI glasses are considered the next key terminal after smartphones, with major internet companies like Alibaba, ByteDance, and Baidu also developing similar products [5] - The global smart glasses market saw a 110% year-on-year increase in shipments in the first half of 2025, with AI glasses accounting for 78% of total shipments [6] - The AI glasses market is projected to reach a scale of hundreds of billions, indicating significant growth potential [6]

中兴通讯深圳科技园总部 中兴通讯滨江工厂，机械臂正在进行自动化测试 中兴通讯坚持技术创新，用四十年的时间，实现了从跟随者到引领者、从"单打冠军"到"全能选手"、从 国内市场到全球布局的跨越，为全球通信网络的升级换代贡献了关键力量 2G跟随、3G突破、4G并跑、5G领跑，围绕"连接"主航道，中兴通讯坚持技术创新，用四十年的时间， 实现了从跟随者到引领者、从"单打冠军"到"全能选手"、从国内市场到全球布局的跨越，不仅成长为我 国通信行业的领头羊，也成为全球通信设备市场的重要参与者，为全球通信网络的升级换代贡献了关键 力量。 "1995年，中兴通讯首次参加国际电信展，是最早走出国门的中国通信制造企业。当前，全球主流通信 网络设备供应商主要包括中兴通讯、华为、爱立信和诺基亚。在产品竞争力上，中兴通讯核心产品位居 行业前列。"陈志萍说。 中兴通讯2019年开始全面发力5G领域，并在2023年后积极布局5G-A(5G-Advanced)技术。根据第三方咨 询机构最新数据，中兴通讯5G基站、5G核心网累计发货量保持全球第二。目前，中兴通讯与全球主流 运营商紧密合作，积极部署5G商用网络，推动5G技术在工业互联网、智慧医疗、 ...

Investment Rating - The report maintains a recommendation for investment in the consumer electronics sector, particularly highlighting opportunities in AI glasses and related technologies [1]. Core Insights - Apple plans to release its first smart glasses, Apple Glass, in 2026, which will feature the same SiP chip as the Apple Watch, emphasizing lightweight design and low power consumption [3][4]. - The XREAL 1S, a new consumer-grade AR glasses product, was launched on December 18, 2025, featuring the X1 spatial computing chip and innovative 2D to 3D conversion capabilities, targeting a younger audience [5][15]. - The AR/AI glasses industry is expected to experience significant growth, with major companies entering the market, indicating a potential shift in consumer electronics towards new smart devices [5][15]. Summary by Sections Industry Performance - The consumer electronics sector has shown varied performance over different time frames, with a 1-month decline of 0.4%, a 3-month decline of 5.6%, and a 12-month increase of 35.5% [2]. Key Companies and Earnings Forecast - Notable companies in the sector include: - GoerTek (未评级) with an EPS forecast of 0.79 for 2024 and a PE ratio of 37.52 [8][17]. - Luxshare Precision (未评级) with an EPS forecast of 1.86 for 2024 and a PE ratio of 31.45 [8][17]. - Yujing Technology (Buy) with an EPS forecast of -1.83 for 2024 and a PE ratio of -19.43 [8][17]. - Rockchip (未评级) with an EPS forecast of 1.42 for 2024 and a PE ratio of 124.30 [8][17]. - Hengxuan Technology (未评级) with an EPS forecast of 3.86 for 2024 and a PE ratio of 78.57 [8][17]. Industry Dynamics - The smartphone market in China saw a 13% increase in sales for foreign brands in October 2025, with total smartphone sales reaching 32.27 million units, a growth of 8.7% [20]. - Apple is planning to expand its iPhone product line significantly, with at least seven new models expected by 2027, indicating a strategic shift in its product offerings [21][24].

在这款设备中，AI助手首次被赋予系统级执行权限，从调起外卖App、规划出行路线，到整理文件、拆解任务并自主调度多个应用，其开始真正代替用户 完成跨应用操作，AI不再只是给建议，而是直接去做事。 中国市场，似乎总存在一种独特的"加速度"，能够把原本停留在抽象层面的技术命题，迅速推入现实世界，接受真实场景的检验。互联网时代如此，AI 时代也更是如此。 这一特征，在12月初豆包与努比亚联合推出的努比亚M153上体现得尤为集中。 而在当前的全球智能终端市场中，具备类似系统级自治执行能力的产品，几乎找不到可对照的案例。 也正因如此，产品发布仅两天，便在行业和用户层面引发了较高的讨论热度。除了关于"权限"的争议外，引发这场热议的核心原因恰是，一个长期存在于 产业叙事中的抽象想象，第一次被具象化地呈现在公众面前，那就是AI，正在从能"思考"，迈向能"行动"。 事实上，过去两年，围绕AI Agent的讨论从未停止。模型公司、终端厂商、应用平台都在反复强调Agent将重写数字经济的运行逻辑。然而，用户并没有 获得实质性的体感。豆包手机一定程度上打破了这种距离感。如果说ChatGPT曾让全球用户第一次切身感受到AI会"思考"，那 ...

业 及 产 业 行 业 研 究 / 行 业 点 评 证 券 研 究 报 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 杨海晏 A0230518070003 yanghy@swsresearch.com 黄忠煌 A0230519110001 huangzh@swsresearch.com 洪依真 A0230519060003 hongyz@swsresearch.com 李国盛 A0230521080003 ligs@swsresearch.com 郝知雨 A0230525060002 haozy@swsresearch.com 陈晴华 A0230525100001 chenqh@swsresearch.com 研究支持 张淇元 A0230124080001 zhangqy@swsresearch.com 姜安然 A0230125070008 jiangar@swsresearch.com 陈悦 A0230524100003 chenyue@swsresearch.com 联系人 林起贤 A0230519060002 linqx@swsresearch.com 2 ...

21世纪经济报道记者雷晨 在AI技术从"能说会道"向"能干实事"转型的关键节点，字节跳动携豆包大模型吹响了向智能手机操作系 统底层进军的号角。 12月19日，有消息称，继与中兴通讯达成深度合作后，字节跳动正加速拓展"朋友圈"，正与vivo、联 想、传音等全球主流手机厂商推进AI手机合作。 对此，21世纪经济报道记者向字节跳动方面求证，对方暂无回复。 上述消息并非空穴来风。豆包曾于本月初透露，正与多家手机厂商洽谈助手合作，后续将公布更多进 展。 近期，字节的一系列动作标志着，国内AI手机市场正式从"手机厂商自研大模型"的单打独斗，进入 了"互联网巨头+硬件厂商"深度共建的生态博弈新阶段。 长期以来，字节跳动虽然拥有抖音、豆包等超级App，但在硬件入口上始终缺乏像苹果、华为那样 的"护城河"。 面对AI时代的浪潮，字节选择了一条截然不同的道路——不做硬件，只做"软硬结合"的中间层。 12月16日，中兴商城重启了该工程机的销售，但名额极其有限。官方同时明确了新的安全边界：在涉及 金融、支付等高敏感环节，助手将严格遵循合规要求，提示用户手动完成，或无法截取银行安全键盘等 受保护界面。 这种"系统级权限"的获取，是豆包 ...

Core Insights - The "Doubao AI Phone" launched by ByteDance and ZTE has become a focal point in the tech industry, showcasing advanced AI capabilities for app automation and interaction [1][4] - The rapid development of a similar product called "Roubao" by Li Yunlong demonstrates the low technical barrier for creating AI phone assistants, with the main challenges lying in model optimization, data annotation, and sustainable business models [2][7] Group 1: Product Development and Features - The "Doubao Phone" sold out quickly after its release, with resale prices on second-hand platforms reaching nearly double the original price [1] - "Roubao" was developed in just four hours, with 99% of the code generated by AI, highlighting the efficiency of AI tools in software development [3] - The core functionality of "Roubao" mirrors that of the "Doubao Phone," allowing users to automate tasks across various apps without needing a computer [4][5] Group 2: Technical Challenges and Limitations - Despite its rapid development, "Roubao" faces performance bottlenecks, taking significantly longer to execute tasks compared to the "Doubao Phone" due to reliance on a general-purpose model [6][7] - The lack of detailed data annotation resources limits the accuracy and efficiency of "Roubao," as opposed to the "Doubao Phone," which benefits from extensive manual labeling and a specialized model [6][7] Group 3: Market Dynamics and Competition - Major tech companies are resistant to third-party AI assistants due to concerns over user privacy and potential disruption to their business models, as AI assistants can bypass traditional app usage patterns [8][9] - Companies like Tencent, Meituan, and Alibaba are developing their own AI services to keep users within their ecosystems, further complicating the competitive landscape for independent AI assistants [9] Group 4: Regulatory and Ethical Considerations - The development of AI phone assistants raises questions about user privacy and the potential for misuse, necessitating careful regulation and responsibility delineation [10][11] - There is a need for collaboration between phone manufacturers and app developers to create secure AI interfaces that protect user data while enhancing functionality [10][11]

图源：中兴商城官网 每经编辑｜许绍航 据第一财经，近日有传言称"字节跳动因网络安全、数据安全及竞争问题被监管机构约谈"，对此，知情人士回应称消息不实。 12月16日，根据中兴商城官网显示，豆包手机助手及合作机型nubiaM153目前已重启F码候补申请通道，正式恢复产品购买资格。 据悉，此次开放的为F码排队候补申请，仅有少量名额且无扩大生产计划，将优先面向此前未购买到该机型的爱好者。 此前已购买产品、已申领F码未下单、取消订单或办理退货的用户不可重复申领，且候补申请不承诺必然获得F码，后续将根据问卷填写情况筛选发放。 豆包手机助手于12月1日上线。官方介绍其与中兴通讯合作，以努比亚M153机型为载体推出，属于定制的技术展示"工程机"。 其核心卖点在于对日常App的自动化操作，包括点外卖、订机票、比价购物。甚至在媒体测评中，AI还可以代替回复微信消息、操作小程序游戏。 由于这是目前唯一一款将豆包嵌入底层操作系统的手机，可实现与系统的深度交互，引发了众多手机发烧友的追捧。 12月5日，中兴商场显示，该手机已售罄，二手平台上大部分卖家的售价均超过3499元的发售价格，其中，全新未拆封的手机报价已经达到7999~999 ...

据第一财经，12月16日，根据中兴商城官网显示，豆包手机助手及合作机型nubiaM153目前已重启F码候补申请通道，正式恢复产品购买资格。 面对豆包手机连日来引发的争论，12月9日，中兴通讯终端事业部总裁、努比亚技术有限公司总裁倪飞在社交平台发文称，"已收到一些问题与反馈，正在与 合作伙伴积极沟通与解决。"抖音集团副总裁李亮转发并配文称："AI带来的变革是真实存在的，用户的需求也是真实存在的。豆包和中兴的探索是一个开 始，不论这次是不是会成功，但AI一定是未来。" 据nubiaM153 F码发放前置信息收集表显示，此次开放的为F码排队候补申请，仅有少量名额且无扩大生产计划，将优先面向此前未购买到该机型的爱好者。 需注意的是，已购买产品、已申领F码未下单、取消订单或办理退货的用户不可重复申领，且候补申请不承诺必然获得F码，后续将根据问卷填写情况筛选 发放。 另据智通财经，近日，有报道称，由于担忧网络安全、数据安全以及潜在的竞争问题，监管机构已经约谈字节跳动相关负责人。12月13日，对于上述报道， 知情人士向记者回应称，该消息不实。字节跳动多次发布公开声明，对于豆包手机助手的安全性作出解释。 在市场端反响强烈的同 ...

Group 1 - The Ministry of Commerce, the People's Bank of China, and the Financial Regulatory Bureau have jointly issued a notice to enhance collaboration between commerce and finance to boost consumption [2] - The notice outlines 11 policy measures across three main areas: deepening collaboration between commerce and finance, increasing financial support for key consumption areas, and expanding cooperation among government, finance, and enterprises [3] - Key areas of focus include upgrading product consumption, expanding service consumption, fostering new consumption types, and supporting consumption assistance [3] Group 2 - The notice emphasizes the need for strong coordination among departments, effective implementation of policies, and sharing of progress to stimulate consumption potential [3] - The financial support measures aim to optimize financial products and services to better align with consumer needs and promote new consumption scenarios [3] - The government encourages multi-channel consumption promotion activities and information sharing to better meet the needs of businesses and consumers [3] Group 3 - The rapid development of the digital economy is leading to an increase in the frequency of electronic product updates, raising concerns about data security in the second-hand market [16] - A new national standard for data security in electronic products will be implemented starting January 1, 2027, to mitigate data leakage risks during second-hand transactions [16] - The standard aims to guide recycling operators in establishing effective information clearance management and technical measures [16] Group 4 - The artificial intelligence industry in China is experiencing accelerated growth, with the core industry scale expected to exceed 1 trillion yuan by 2025, driven by significant applications in manufacturing [19] - The application of large models in production has increased from 19.9% to 25.9% year-on-year, contributing to rapid growth in the AI sector [19] - The market for passenger vehicles is projected to grow by 11% in 2025, supported by policy factors and a recovery in consumer demand [19]