智能眼镜正经历从手机配件向独立智能终端的关键跃迁，随着eSIM通信模块的集成与多模态AI技术的落地，这一品类开始实质性接管通话、联网 与复杂运算等手机核心功能。 据国泰海通证券刘越男团队12日发布的研报，在2026年CES（国际消费类电子产品展览会）上，英伟达CEO黄仁勋提出的"物理 AI"概念为行业定 调，标志着AI发展重心正从数字世界迈向能够理解并作用于物理世界的硬件深度融合阶段。 国泰海通证券表示，AI眼镜成为展示焦点。约23家相关参展商中，来自中国的企业占据16席，包括Rayneo（雷鸟创新）、Rokid、INMO（影目） 等品牌。其中，具备独立通信能力的智能眼镜首次亮相，打破了该品类长期依赖手机算力和网络的局限，推动行业向规模化应用加速迈进。 这一技术跨越叠加了强劲的市场增长与政策利好。根据Counterpoint咨询数据，2025年上半年全球智能眼镜出货量同比激增110%，其中AI眼镜占 比已升至78%。与此同时，智能眼镜2025年底首次被纳入"以旧换新"国补范围，预计将为2026年的市场销量带来显著增量。 摆脱手机束缚：独立终端形态确立 国泰海通证券表示，AI眼镜迈向独立终端的标志性事件，是雷鸟 ...

大模型进展看，首先全球模型都在放缓！ OpenAI最新进化以GPT-5.2系列（含Codex专项） 与GPT-4o持续迭代为核心，还是强化学习的路子，走的纵 深，多层，提升模型精度，减少幻觉。 大的变革已经没有了。目前ds模型也是大的工程优化，降低成本，没有路径上的变革。 所以可以认为26年开始 ，国产模型年到来。我们能缩小差距。追赶并可能在应用上超越。 DS梁 文锋的mHC为矩阵添加约束，mHC在不大幅增加计算量的前提下，让大模型各层之间多走几条信息通 道、更多互相交流，但又给这些通道加上严格的规则，避免信息和梯度在训练中被越传越乱、越传越炸。实验 结果它27B模型就能超过传统更大参数的模型。 量 比 1.05 换手率 3036.91万手 4.57% 成交量 溢折率 0.26% 净值 0.7629 规模 500.99亿 跟踪指数 恒生科技指数 5673.84 -1.13% 近1年 +31.72% > 华夏恒生科技ETF联接C 场外基金 查看 成立以来 -3.27% 0.934 56.48% +26.30% 0.00% 0.527 -11.76% 2025-07-11 2025-01-08 2026-01-0 ...

以下文章来源于蓝鲸科技 ，作者蓝鲸科技 翟智超 蓝鲸科技 . 上海报业集团主管主办。蓝鲸新闻科技频道官方账号。 关注互联网行业报道，以及科技热点新闻事件。 蓝鲸科技记者还独家获悉， 这款AI眼镜搭载自研空间算法芯片，重量不足50克，并计划推出多款不同配置产品，包括是否带拍照功能、是 否带显示等不同选项，起步价预计控制在2000元以内。 " 按字节跳动规划，无屏版AI眼镜将于今年第一季度率先发布； 带显示功能的版本预计在今年第四季度推出。"有供应链人士向蓝鲸科技记 者称。 在产品策略上，蓝鲸科技了解到， 字节跳动选择先推出单款产品，主要基于当前市场对该品类接受度较高的判断。 关于采用联合研发模式的原因，有供应链人士向蓝鲸科技记者解释称，目前OEM（制造商仅负责生产不参与研发或设计）、ODM（制造商 自主完成产品研发、设计及生产，品牌方直接采购成型产品并贴牌销售）业务多以混合模式开展，纯自研存在一定风险。"如果设计阶段不 与后端ODM厂充分沟通，很多工艺问题可能无法提前预见。" 前述人士进一步指出， " 当前眼镜的难点不在技术，而在制造——例如镜腿等部件细小，内部空间极其有限。若前期设计过于理想化，后续 制造会很 ...

文 | 窄播，作者 | 李威 大厂AI应用出现在跨年晚会、跨年演讲上，明星AI创业公司有了新一波资本动作，整个AI行业的竞争 已经进入了大厂主导的时间。 自从开启新一波AI浪潮的ChatGPT 3.5选择在2022年11月发布以来，这几年的年末逐渐成为观察AI行业 发展趋势的一个重要时间节点。 2024年末，OpenAI风头正盛，连续12日的直播发布拿出了一系列新产品，风头直接压过了在同时间段 发布Gemini 2.0的Google。在国内，大模型六小龙也是AI创业公司中绝对的明星，大家曾经对他们的期 待是，从中走出下一个时代的巨头企业。 但到了2025年末，我们看到的是国内外的大厂从基建投入、模型研发、AI应用推广等多个层次发力， 已经在AI入口、AI算力等关键领域主导了AI叙事的走向，大厂和创业公司之间的竞争格局已经悄然发 生变化。 一个标志性体现就是，千问、豆包、夸克眼镜等大厂的AI产品不再只是进行买量，而是有了更激进的 大众化传播动作。跨年演讲、跨年晚会、春晚等聚集大众注意力的场合，都成为大厂AI产品进行大众 化推广的重要选项。对于经历过多轮互联网产品生死搏杀的大厂来说，这种操作是回到了他们的舒适 区 ...

[Table_Tag] [Table_Summary] 观点 ◼ 泛 AI 分支低位方向：AI 医疗、端侧、智能驾驶、具身智能 ➢ AI 医疗 AI 大模型在病理检测、制药等医药领域具备深度应用潜力。AI+病理检测 有助于提升诊疗效率、减少漏诊误诊，核心痛点在于医疗高质量数据集的 建立与数据壁垒的打通。11 月国家卫健委发布《关于促进和规范"人工智 能+医疗卫生"应用发展的实施意见》，提出到 2027 年建立一批行业高质 量数据集和可信数据空间，形成一批优秀的专病专科垂直大模型和应用， 加强 AI 模型在智能诊疗、智能康复、传染病监测等领域的应用。近期阿里 系医疗模型蚂蚁阿福冲上 IOS 应用商店排行前三，体现出 C 端对于借助专 业模型实现"普惠医疗"与即时健康服务的核心诉求，后续医疗大模型端 伴随数据集深化与应用模式创新有望出现更多爆款。此外，AI 模型在制药 领域的渗透有望显著降低药物发现的成本与时间周期，加速靶点开发与验 证过程，同时通过模拟临床试验降低失败风险，亦是 AI 医疗中长期重要 产业趋势。 ➢ AI 端侧 证券研究报告·策略报告·策略周评 策略周评 20251221 商业航天与核聚变之后， ...

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the impact of the Federal Reserve's interest rate decisions and the implications for the U.S. economy and financial markets, alongside developments in the AI mobile assistant sector and its hardware implications. Federal Reserve and Economic Outlook - The market anticipates a 90% probability of the Federal Reserve lowering interest rates in December, with expectations of three additional cuts to bring the rate down to 3% [1][4] - The upcoming economic work conference in China is crucial, especially given the weakening real estate and consumption data, highlighting the importance of new policies to stabilize the economy [1][2] - The Federal Reserve's potential resumption of balance sheet expansion, primarily through short-term debt purchases, is expected to significantly enhance market liquidity, benefiting the stock market [1][8] - The nomination of a new Federal Reserve chair, likely to be Set, is anticipated to shift market expectations regarding future monetary policy, potentially leading to lower long-term interest rates [1][9][10] AI Mobile Assistant and Hardware Development - The AI mobile assistant is projected to drive significant upgrades in chip computing power, memory, thermal management, battery life, and acoustic interaction, with global AI mobile penetration expected to exceed 50% by 2029 [3][32] - The introduction of AI mobile assistants is expected to reshape the mobile internet ecosystem, influencing hardware, software, and traffic entry points [31][33] - Key hardware development trends include enhancements in chip performance, memory, battery optimization, and innovative structural designs, driven by applications like the Doubao mobile assistant [32][35] Currency and Market Dynamics - The Chinese yuan has been appreciating due to stable U.S.-China relations, a weaker dollar, and increased corporate willingness to convert currency, with expectations for stability through the end of the year [23][24] - Factors influencing the yuan's future include ongoing U.S.-China relations, potential Fed rate cuts, and seasonal trends in currency conversion [29][30] Investment Strategies and Market Predictions - The S&P 500 index is projected to reach between 7,600 and 7,800 points in 2026, indicating significant upside potential [15] - Investment strategies should focus on sectors benefiting from AI technology and dividend-paying stocks to mitigate risks from economic fluctuations [18][21] Additional Considerations - The potential impact of the Bank of Japan's interest rate decisions on global risk assets is noted, with a lower likelihood of significant market volatility compared to previous instances [11] - The distinction between balance sheet expansion and quantitative easing is emphasized, with the former primarily affecting short-term liquidity and the latter impacting long-term interest rates [12][13] This summary encapsulates the critical insights from the conference call records, focusing on the Federal Reserve's monetary policy, the evolution of AI mobile technology, currency dynamics, and investment strategies.

Investment Rating - The report maintains a "Recommend" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [3]. Core Insights - The report emphasizes the importance of AI applications, highlighting the competitive landscape for AI operating systems as companies like Alibaba and ByteDance launch new products [6][21]. - It suggests a strategic focus on the fintech sector, particularly in light of recent regulatory changes that may encourage insurance companies to increase market participation [27][28]. Summary by Sections Industry Overview - The industry comprises 286 stocks with a total market capitalization of 4220.9 billion and a circulating market value of 3742.6 billion [3]. - Recent performance metrics show a 1-month absolute performance of -4.3%, a 6-month performance of 17.2%, and a 12-month performance of 16.4% [5]. Recent Developments - ByteDance launched the "Doubao" mobile assistant, enhancing user interaction through AI capabilities [9][11]. - DeepSeek introduced two new models, DeepSeek-V3.2 and DeepSeek-V3.2-Speciale, which exhibit leading inference capabilities in the global market [16][20]. - Amazon unveiled its new AI training chip, Trainium 3, aimed at competing with Nvidia and Google in the AI chip market [21][22]. Market Performance Review - The computer sector experienced a decline of 1.73% in the first week of December 2025, with notable gainers including Hangtian Zhizhuang and Dineike [29][30].

Core Viewpoint - The electronic industry is expected to maintain an optimistic outlook, with a focus on patience in allocation, leveraging time to create space for growth. Recent market performance shows a rebound in the electronic sector, driven by AI-related demand and upcoming innovations in 2026 [3]. Market Performance - The Shanghai Composite Index rose by 1.40%, while the electronic sector increased by 6.05%. Among sub-industries, components surged by 8.10%, and electronic chemicals rose by 3.93%. Concurrently, the Hang Seng Tech Index, Philadelphia Semiconductor Index, and Taiwan Information Technology Index saw increases of 3.77%, 9.66%, and 5.01% respectively [3]. Industry Challenges - The recent underperformance of the electronic sector over the past month is attributed to the reduction of national subsidies, export rush in Q2, and price hikes due to storage shortages, leading to weaker Q3 reports. The current period is characterized as a performance gap of nearly six months [3]. Future Catalysts - Certain stocks benefiting from high growth in overseas AI computing demand are approaching performance forecasts in January. Anticipation of spring market activity is expected due to innovations in AI smartphones, AI glasses, and foldable screens projected for 2026 [3].

Core Insights - The Ministry of Industry and Information Technology and five other departments have issued a plan to enhance the adaptability of supply and demand for consumer goods, aiming for a significant optimization of the supply structure by 2027, with three trillion-level consumption fields and ten hundred-billion-level consumption hotspots identified [1] Group 1: Market Trends - Smart wearable products are becoming a new essential for consumers, integrating technology and practicality, and are recognized as one of the hundred-billion-level consumption hotspots [1] - The market for smart wearables has diversified, extending from wristbands and watches to headphones, glasses, and rings, with each segment developing distinctively [2] - The deployment of AI models at the edge is driving the evolution of smart wearable product scenarios, enhancing functionalities such as real-time translation and voice control [2] Group 2: Industry Advantages - China possesses five core advantages in the supply of smart wearable products, including a complete industrial chain, strong manufacturing capabilities, flexible supply chains, leading brand ecosystems, and supportive policies and funds [3] - Major companies are leading innovation in the industry, with products like Huawei's smart watch featuring advanced communication technologies and Alibaba's Quark glasses integrating AI capabilities [3] Group 3: Future Outlook - The competition in the smart wearable market is shifting from device-to-device to ecosystem-to-ecosystem, emphasizing a comprehensive user experience that integrates hardware, systems, services, and content [4] - Experts predict that the future growth of the smart wearable market will be driven by three key areas: health management, young consumer markets, and industrial applications [5]

Group 1 - The core viewpoint of the article highlights the struggles of major tech companies like Apple and Xiaomi in the smart glasses market, while Vivo is making a bold move by launching its mixed reality device, Vivo Vision, which aims to address the shortcomings of existing products [1][4][8] - Apple's Vision Pro is reported to have disappointing sales, with projections of less than 500,000 units sold by the end of 2024, leading to speculation about its discontinuation due to weak market demand [1][7] - In contrast, Vivo Vision is set to be released at a significantly lower price point, approximately 30% less than Vision Pro, and is designed to be lightweight and comfortable for long-term wear [6][10] Group 2 - The article discusses the limitations of AI glasses, including poor display capabilities and reliance on smartphones for functionality, which hinders their potential as a mainstream computing platform [3][13] - Despite the challenges faced by AI glasses, the market is seeing a surge in interest and investment, with the Chinese embodied intelligence market projected to grow from 418.6 billion yuan in 2023 to 632.8 billion yuan by 2027 [22][27] - User feedback on AI glasses remains lukewarm, with many users primarily utilizing them for basic functions like photography and music, indicating that the technology is still in its early stages and lacks a clear competitive advantage [28][29]