Summary of Key Points from the Conference Call Industry Overview - The conference focuses on the AI glasses industry, specifically the application of electrochromic (EC) technology in smart glasses, highlighting its advantages over photochromic technology in terms of control and intelligence [1][4][5]. Core Insights and Arguments - **Electrochromic Technology**: EC technology is favored for AR glasses due to its low power consumption, continuous adjustment, material stability, and long lifespan, despite its higher cost [1][5]. - **Market Adoption**: Xiaomi's AI glasses are expected to ship 400,000 units in 2025, with 30% featuring the electrochromic function. The shipment is projected to double to 1 million units in 2026, maintaining the same percentage for the electrochromic version [9][8]. - **Cost Structure**: The cost of the EC film is currently around $50, with expectations to drop to $30-$35 as production scales up and additional suppliers are introduced [2][24]. - **Meta's Product Launch**: Meta plans to release the "Super Nova" AR glasses with electrochromic functionality in September 2025, targeting a shipment of 200,000 units in Q4 2025 [10][13]. The overall shipment is expected to double to 10 million units in 2026 [11]. - **Supplier Strategy**: Both Xiaomi and Meta are exploring partnerships with non-listed companies for their electrochromic solutions, which may offer advantages in early customer engagement and specialized technology [25]. Additional Important Content - **Technical Differences**: The conference discusses the differences between electrochromic and photochromic technologies, emphasizing that electrochromic technology allows for active control of color changes, making it more suitable for smart glasses [3][4]. - **Future Trends**: The electrochromic technology is anticipated to become a trend in higher-end glasses priced around $300-$400, as these products can absorb the premium associated with the technology [23]. - **Competitive Landscape**: The AR glasses market is expected to remain stable in the next two years, with limited suppliers currently offering products with electrochromic features [28]. - **Huawei's Plans**: Huawei is set to release a smart glasses model in August 2026, which will utilize a similar technology route as competitors but with a cost reduction of 10%-15% due to local suppliers [30][31]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the AI glasses industry, particularly focusing on electrochromic technology.

智能眼镜长啥样？走进北京的一处小米之家，3款小米AI眼镜陈列于醒目位置。乍一看，小米的AI 眼镜与日常眼镜没有明显区别，常见的D型镜框有黑色、棕色、绿色可选，镜片则要根据个体需求选 配。拿起来细看，则会发现镜架上有"玄机"，包括极小的按键、音箱等。店员小张介绍，这款AI眼镜搭 载了1200万像素、105度广角的高清镜头，可以实现0.8秒的快速抓拍和高清录制，并能通过小米的APP 视频通话或直播，同时支持实时翻译、AI识物、语音交互等功能，甚至能通过"看一眼"完成支付。"一 上市热度就很高，不少科技爱好者专门来体验。"该店员说。 在华为的一家电子产品专卖店，陈列着4款智能眼镜。"已经推出一年多了，可以代替耳机听音乐， 有来电和信息会提示。"店员介绍，这几款眼镜功能差不多，差别主要是外型设计，目前整合的功能不 算多，但未来可能有新品上市。 不仅可以让人看得更清楚，还可以听音乐、接打电话、拍照拍视频——随着人工智能（AI）技术 飞速发展，智能眼镜正从科幻走向现实。近来，小米、华为等多家品牌陆续发布智能眼镜产品，吸引了 许多消费者的关注。 价格是智能眼镜推广的另一个重要影响因素。目前市面上不少智能眼镜价格在1600— ...

Core Viewpoint - The launch of Xiaomi's first AI glasses at a starting price of 1999 yuan marks a significant entry into the competitive smart glasses market, positioning itself against Meta's offerings and aiming to be a key component of Xiaomi's "smart ecosystem" strategy [1][15]. Industry Overview - The smart glasses market has gained significant traction in 2023, with over 10 new models launched in May alone, indicating a growing interest from various manufacturers [2]. - According to IDC, global smart glasses shipments reached 1.487 million units in Q1 2023, a year-on-year increase of 82.3%, with China accounting for 494,000 units, representing over 25% of the market [4]. - The global smart glasses market is projected to reach 14.518 million units in 2023, reflecting a year-on-year growth of 42.5%, highlighting its potential as a lucrative market [4]. Competitive Landscape - Meta's Ray-Ban leads the market with over 2 million units sold by February 2023, but its high price point of $299 (approximately 2144 yuan) limits its accessibility to average consumers [7]. - Other competitors in the Chinese market include Huawei, which integrates its smart glasses with the HarmonyOS for enhanced audio and health monitoring, and Rokid, which has received 250,000 pre-orders for its glasses [7][10]. - Xiaomi's AI glasses are designed with a focus on user experience, featuring a lightweight design and advanced functionalities such as a 12-megapixel camera and AI capabilities, which may enhance its competitive edge [20]. Technological Advancements - The current technological shift in AI glasses is moving from "no screen" to "full-color display," with single-color AR glasses becoming more affordable due to advancements in manufacturing [10]. - The industry is facing challenges with full-color displays, including issues with yield rates and color dispersion, which keep costs high despite some brands achieving breakthroughs [12]. - AI integration is becoming a core competitive factor, with companies like Xiaomi and Meta enhancing their products with advanced AI functionalities for improved user interaction [13][14]. Product Features and Pricing - Xiaomi's AI glasses feature a D-shaped frame optimized for comfort, weighing 40 grams, and include functionalities such as rapid photo capture and third-party app support [18][20]. - The glasses are priced competitively at 1999 yuan for the standard version, with higher-end models priced at 2699 yuan and 2999 yuan, making them attractive compared to other high-functionality models in the market [20]. - Despite the competitive pricing, Xiaomi faces challenges in weight management and user privacy concerns, which are critical for user adoption [21][23].

Core Viewpoint - Huawei's Pura 80 series has generated significant consumer interest, with over 67,000 reservations within hours of its announcement, indicating strong market demand for its new flagship smartphones [1][4][11]. Group 1: Product Launch and Features - The Huawei Pura 80 series, including the Pro and Pro+ models, officially opened for reservations on June 5, with a total of over 67,000 reservations by 3:14 PM the same day [2][4]. - The series is set to be officially launched on June 11, with a total of 250,000 reservations for the launch event, showcasing its popularity [10][11]. - The Pura 80 series will feature significant advancements in imaging technology, including a 50-megapixel periscope lens and a dual-focus imaging module, which is expected to set a new standard in smartphone photography [9]. Group 2: Operating System and Ecosystem - The Pura 80 series will come pre-installed with HarmonyOS 5, which integrates advanced AI capabilities and enhances user interaction [9]. - Huawei's ecosystem is expanding, with the Pura 80 series contributing to a broader strategy that includes various devices such as tablets and smartwatches, aiming to create a comprehensive "people-car-home" smart ecosystem [13]. Group 3: Market Impact and Sales Expectations - Analysts predict that the Pura 80 series could achieve sales of over 10 million units, potentially igniting a replacement cycle in the smartphone market and intensifying competition in the high-end segment [11]. - The previous Pura 70 series reportedly surpassed 13 million units in shipments within three months, indicating strong sales momentum for Huawei's flagship lines [11].

Investment Rating - The report maintains an investment rating of "Outperform" for the industry [2]. Core Insights - The evolution of eyewear terminals presents significant investment opportunities, particularly in smart interactive glasses, projection glasses, and AR glasses, each with distinct features and market potential [10][5]. - Smart interactive glasses are positioned as AI life assistants, integrating multiple functionalities such as cameras, sunglasses, and Bluetooth headsets, focusing on providing superior audio experiences [10][5]. - The report highlights the importance of ecosystem and model differentiation in smart interactive glasses, as hardware configurations become increasingly standardized [13][5]. - The rise of AI audio glasses is driven by the growing demand for wearable devices and the emergence of generative AI models, suggesting a new market segment for audio experiences [5]. Summary by Sections 1. Investment Opportunities in Eyewear Evolution - Smart interactive glasses are categorized into audio glasses and camera glasses, with the latter being the most mainstream and highest-selling category [10]. - Projection glasses focus on portable screen experiences and entertainment, with advancements in display technology and cost reduction paving the way for future growth [10][5]. - AR glasses, which combine audio and camera functionalities with augmented reality experiences, face challenges in hardware integration and power consumption [10]. 2. Key Features and Upgrades - Smart interactive glasses emphasize social capabilities, allowing users to capture and share content on social media platforms, enhancing their appeal among heavy social media users [17][5]. - The report discusses the fashion aspect of eyewear, noting a shift in consumer behavior towards purchasing frames separately, driven by factors such as self-confidence and personal style [19][5]. - The introduction of limited edition collaborations, such as Ray-Ban Meta x Coperni, aims to position smart glasses in the luxury market, validating the feasibility of high-end smart eyewear [24][5]. 3. Technological Trends - The report identifies silicon carbide and etching technology as key trends in optical development, suggesting a new ecosystem of consumer electronics comprising smartphones, smartwatches, and glasses [4][5]. - The advancements in optical solutions, such as the use of micro LED and waveguide technologies, are expected to enhance the performance and user experience of AR glasses [48][5]. - The report emphasizes the need for high brightness and low weight in AR glasses, highlighting the challenges in achieving these specifications while maintaining a compact form factor [48][5].