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].