港股公司 证 券 研 究 报 告 康耐特光学（02276.HK）重大事项点评 强推（维持） 阿里即将推出千问 AI 眼镜，端侧 AI 落地有 望加速 事项： 根据报道，千问将在西班牙巴塞罗那举行的 2026 年 MWC 上发布首款同名 AI 眼镜，并于 3 月 2 日开启线上线下全渠道预约。同时，千问还会在年内陆续发 布 AI 指环、AI 耳机等产品，并面向全球市场发售。夸克 AI 眼镜和千问 AI 眼 镜都是由夸克眼镜团队开发的，同一个团队、同样的算法、软硬件支持，只是 后续推出的新的系列将和全球品牌保持一致，采用"千问（Qwen）"品牌。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,061 | 2,347 | 2,835 | 3,380 | | 同比增速(%) | 17.1% | 13.9% | 20.8% | 19.2% | | 归母净利润(百万元) | 428 | 564 | 696 | 869 | ...

Investment Rating - The industry rating for the light industry sector is "Recommended" [1] Core Insights - Alibaba's Qianwen will launch AI glasses at the 2026 Mobile World Congress, with a full-channel reservation starting on March 2. Additional products like AI rings and AI headphones are also expected to be released throughout the year [1] - The first generation of Alibaba's Quark AI glasses has seen impressive sales, topping sales charts on major platforms within hours of release, with over 7,000 units sold on Tmall alone on the first day and total orders exceeding 10,000 within two days [2] - The AI glasses market is rapidly growing, with global sales expected to reach 7 million units in 2025, driven by major players like Meta, which currently holds a 75.7% market share [3][4] - Domestic sales of AI glasses in China have surged, with a 731% year-on-year increase in the first three quarters of 2025, primarily driven by brands like Xiaomi and Ray-Ban Meta [3] - Key suppliers in the AI glasses industry include Conant Optical, the exclusive lens supplier for Quark AI glasses, and Mingyue Lens, which is collaborating with Xiaomi [5] Summary by Sections - **Event Overview**: Alibaba's Qianwen is set to unveil AI glasses at the MWC, with a focus on global market expansion and additional product launches [1] - **Sales Performance**: The Quark AI glasses achieved remarkable sales figures shortly after launch, indicating strong consumer demand and market interest [2] - **Market Trends**: The AI glasses industry is experiencing significant growth, with projections indicating a rise in global sales and a strong performance from domestic manufacturers [3][4] - **Industry Players**: Major companies like Conant Optical and Mingyue Lens are strategically positioning themselves within the AI glasses supply chain [5] - **Investment Recommendations**: The report suggests investment opportunities in companies collaborating with Alibaba in the AI glasses sector, highlighting the favorable market conditions and government support [6]

但竞争最终还是回到了"阿里必须要有一个AI原生的C端超级入口"。2025年11月，阿里将通义升级为千问app,并为今年春节千问"请客"的AI大战埋下伏笔， 一个隐线是，在超级搜索框的探索后，阿里最终还是将争夺AI入口的重心押回了对话式AI助手。 千问发布AI眼镜的同时，针对夸克AI眼镜与千问AI眼镜的区别，阿里工作人员在用户群里表示，夸克AI眼镜和千问AI眼镜的背后由同一套算法、软硬件团 队提供支持，只是后续推出的眼镜系列和全球品牌保持一致，以"千问（Qwen）"为名。已经上市的夸克眼镜会和千问眼镜保持一样的功能更新。千问最终 获得AI眼镜"冠名权"的背后，实际也意味着，尽管都在吴嘉麾下，阿里再度将AIToC的重心移至了千问。 AI ToC战火不断。 距离夸克AI眼镜正式发售仅三个月，2月27日，阿里又宣布旗下个人AI助手"千问"正式进军AI硬件领域，今年将面向全球市场推出多款不同形态的AI硬件产 品。 记者了解到，千问将在西班牙巴塞罗那举行的2026年世界移动通信大会（MWC）上发布首款同名AI眼镜，并于3月2日开启线上线下全渠道预约。此外，阿 里内部人士透露，除AI眼镜之外，千问还会在年内陆续发布AI指环 ...

2月27日，记者获悉，阿里巴巴旗下个人AI助手"千问"进军AI硬件领域，今年将面向全球市场推出多款 不同形态的AI硬件产品。3月2日至5日，西班牙巴塞罗那举办2026年世界移动通信大会（MWC），"千 问"将首次参加并发布首款同名AI眼镜，预计3月2日开启线上线下全渠道预约。 阿里巴巴正在将"千问"打造为软硬一体、跨多种终端形态的AI助手。跳出手机的"千问"将能够捕获更多 物理世界的信息，在复杂生活场景中理解用户意图，让AI解锁更多的可能性。千问APP点外卖、打车等 能力，也将在千问AI眼镜等终端设备上实现。 记者还了解到，未来阿里巴巴所有新上市AI眼镜产品将统一以"千问AI眼镜"（Qwen Glasses）品牌面向 全球市场。已上市的夸克AI眼镜将与千问AI眼镜功能更新保持同步，持续享受千问AI服务。 据阿里内部人士透露，除AI眼镜之外，"千问"还会在今年陆续发布AI指环、AI耳机等产品，并面向全 球市场发售。 业内专家认为，AI时代"软硬一体"更有利于实现"数据飞轮"，形成生态壁垒。纯做软件，AI体验也许会 受限于设备性能、系统权限，有了硬件能力，能够让模型能力在端侧更快部署、更好响应，实现芯片、 算法和 ...

Group 1 - The core focus of the news is on Qianwen's launch of its first AI glasses at the 2026 Mobile World Congress in Barcelona, with online and offline reservations starting on March 2 [2] - Qianwen's app capabilities, such as food delivery and ride-hailing, will be integrated into its AI glasses and other terminal devices, aiming for a seamless transition from "finger interaction" to "scenario-based interaction" [2] - Qianwen's hardware strategy is part of a broader trend among global tech giants accelerating their investments in AI hardware, particularly in the hot market for AI smart glasses [2] Group 2 - In the first half of 2025, the global smart glasses market shipped 4.065 million units, marking a 64.2% year-on-year increase, with Meta holding a dominant 75.7% market share [3] - The top five companies in the global smart glasses market, apart from Meta, are all Chinese manufacturers: Xiaomi, Thunder, Xreal, and Viture [3] - Meta has launched multiple AI smart glasses, including the Ray-Ban Meta AI glasses, and is building a wearable hardware ecosystem that includes AI headphones and smartwatches [4] Group 3 - Apple is also advancing its AI wearable device lineup, developing AI smart glasses and other products to enhance its AI capabilities and create a comprehensive AI ecosystem centered around the iPhone [5] - OpenAI has reportedly formed a hardware team of over 2,000 people, planning to launch several consumer-grade hardware devices, including smart glasses and wearable pins, by late 2026 to 2027 [5]

Core Viewpoint - Alibaba's AI assistant "Qwen" is entering the AI hardware market with the launch of its first product, AI glasses, at the 2026 Mobile World Congress in Barcelona, marking a significant step in its "AI + Life" strategy [1] Group 1: Product Launch - Qwen will unveil its first AI glasses, named "Qwen Glasses," at the Mobile World Congress on February 27, 2026 [1] - Online and offline pre-orders for the AI glasses will begin on March 2, 2026 [1] Group 2: Product Line Expansion - Qwen plans to introduce multiple AI hardware products globally within the year, including AI rings and AI headphones, in addition to the AI glasses [1] - All new AI glasses will be marketed under the "Qwen Glasses" brand, ensuring a unified branding strategy [1] Group 3: Existing Product Integration - The already launched Quark AI glasses will receive functional updates in line with the new Qwen AI glasses, allowing users to access Qwen AI services [1]

Business and Technology Development - Alibaba's AI application Qianwen App achieved over 10 million downloads in its first week of public testing, with the Cloud Intelligence Group's revenue continuing to grow due to AI demand [1] - The company plans to invest 380 billion yuan in cloud and AI infrastructure over the next three years, with the possibility of additional investments [1] Performance and Operating Conditions - For the first quarter of fiscal year 2026 (April to June 2025), Alibaba reported revenue of 247.65 billion yuan, with the Cloud Intelligence Group's revenue increasing by 26% year-on-year, and AI-related product revenue achieving triple-digit growth for several consecutive quarters [2] - Investors should monitor upcoming quarterly earnings releases to assess the monetization effects of AI investments [2] Strategic Advancement - Over the past four quarters, Alibaba's capital expenditure on AI and cloud infrastructure amounted to approximately 120 billion yuan, with 31.5 billion yuan spent in the second quarter of fiscal year 2026, representing an 80.1% year-on-year increase [3] - The company is optimizing its capital allocation by divesting non-core assets and promoting IPOs of invested enterprises, such as MiniMax and Changxin Technology, to focus on the AI sector [3] Business Progress - Following the release of Quark AI glasses in November 2025, Alibaba continues to enhance its consumer application matrix, including the AI upgrade of Gaode Map and the transformation driven by DingTalk Agent, strengthening the synergy between AI, e-commerce, and local services [4] - These initiatives may impact future user experience and revenue structure [4]

2月11日晚间，智谱正式确认，此前在全球模型服务平台OpenRouter登顶热度榜首的神秘模型Pony Alpha，为智谱新模型GLM-5。2月12日，智谱在港交所挂牌的股票价格大涨逾28%，收报402港元，本 周以来股价接近翻倍。 农历新年临近，AI科技的"春节档"几乎是连轴转：上周，千问App"一句话点奶茶"吹响了AI从"聊 天"到"办事"的号角；近日，字节跳动的新一代AI视频生成模型Seedance2.0上线，迅速在国内外内容创 作圈刷屏，实测效果被称为"导演级AI"王炸；几乎同一时间，神秘模型Pony Alpha以"免费+强劲性 能"火爆出圈，并推动智谱股价持续飙升。 多款现象级产品密集爆发，不仅点燃了全球AI圈，更成为投资人士热议的焦点。多位接受中国证券报 记者采访的投资人士认为，AI应用商业化正加速落地，除了短期反应强烈的传媒、影视等板块之外， 算力与平台型企业也将长期受益。 业内人士透露，AI视频生成长期受"抽卡式生成"困扰，单个镜头平均需反复生成多次才能获得满意结 果，大幅推高了制作成本与周期。Seedance2.0的核心突破是可控性提升，通过多模态输入实现精准复 刻运镜与动作，减少重复生成， ...

Core Insights - The article highlights the rapid advancements in AI technology, particularly focusing on the launch of new models like GLM-5 by Zhiyu and Seedance2.0 by ByteDance, which are significantly impacting the AI landscape and investment opportunities in the sector [1][4][5]. Group 1: AI Model Developments - Zhiyu's new model GLM-5 has gained significant attention, with its stock price surging over 50% in just two trading days, reflecting strong market interest [1][4]. - ByteDance's Seedance2.0 has been described as a revolutionary AI video generation model, achieving high-quality outputs that have impressed both domestic and international users [2][3]. - Seedance2.0 addresses previous limitations in video generation, such as audio-visual synchronization and character consistency, leading to a substantial reduction in production costs and time [3][2]. Group 2: Market Reactions and Implications - The launch of these AI models has led to a notable increase in stock prices for companies in the media, film, and gaming sectors, indicating a strong market response to AI advancements [7][8]. - Analysts predict that the commercialization of AI applications will accelerate, benefiting not only media sectors but also computational and platform-based enterprises in the long run [7][8]. - The integration of AI in content creation is expected to create a significant demand for computational resources, benefiting GPU manufacturers and AI server suppliers [7][8]. Group 3: Future Trends and Opportunities - The emergence of AI models like GLM-5 and Seedance2.0 is seen as a precursor to a broader wave of intelligent agent applications, which could transform user interactions with digital environments [5][6]. - Companies that can create a complete ecosystem from model development to content production and distribution are likely to gain a competitive edge, as they can leverage user feedback for continuous improvement [8]. - The future of AI commercialization is anticipated to focus on subscription models and enterprise applications, with potential revenue streams from advertising and value-added services [8].

字节，阿里等大厂聚焦安全性与可追溯性，阿里通过ACT协议强制要求支付环节必须通过支付宝完成，利用其成 熟支付协议保障链路安全，并通过交易日志记录实现全流程可追溯，便于问题回溯； 国家层面尚未出台针对AlAgent执行权限的具体法规或监管条文； 千问调研 AlAgent落地的潜在风险： 千问调研 AlAgent落地的潜在风险： 随着AlAgent从辅助决策向直接执行操作延伸国内企业及监管机构面临新风险，AI可能跳过用户确认直接决策，导 致意外后果； 千问海外市场拓展规划 虽未发布独立出海产品，但已完成多语言模型开发，接入海外产品并统一使用谷歌UCP协议整合 海外电商，本地生活，Uber等，中间层打 阿里 海外电商及支付产品； 目标市场优先选择东南亚，南美，阿里生 态布局 完善，份额大； 第三方：头部平台如亚马逊接入意愿弱，垂直领域如Uber及中腰部/尾部服务商合作意愿高，目前处于接触阶段； AI驱动电商模式GMV渗透率预期： 2026年AI驱动电商GMV占比预计1.5%-2%;2027-2028年渗透率加速提升，2027年达5%，2028年超15%-20%; -驱动因素：用户心智快速转变；产品迭代重点转向任务执 ...