"相比算力，应用的故事现在似乎更具有想象空间。" 一位科技股投资经历颇丰的基金经理对记者坦言，在他看来，算力层的"价值底座"已趋于稳固，估值变 得"有迹可循"；应用层的爆发才刚刚开始，其重塑各行各业、创造全新商业模式的"想象空间"显然更 大。 从"卖铲子"（硬件和基础设施）转向"挖金子"（实际应用和商业化），市场的投资逻辑似乎正在变化。 一级市场上，嗅觉敏锐的风投资本正重金"下注"下一代AI硬件商；二级市场上，基金经理提前布局，开 始从产业链中寻觅有望受益于端侧AI新品驱动的"明日之星"。产业与资本同频共振，推动AI手机、AR 眼镜等创新产品加速从概念走向柜台。 二级市场AI投资策略生变 "临近年底，团队在AI投资策略上发生了较大变化。算力仍然是我们非常看好的方向，依然会重仓这一 板块。但随着产业链的结构越来越稳定，算力公司的营收和估值也被分析得越来越清晰。"近期，一位 深耕科技股多年的基金经理向记者表示，"AI应用的想象空间更大，尤其是随着端侧AI新产品不断涌 现，这一领域是需要重点关注的方向。目前，我们已经开始往这一板块慢慢加仓。" 结合三季报的观点和调仓路径，不少科技基金经理或已开始提前"埋伏"相关领域 ...

Core Insights - The investment logic is shifting from focusing on hardware and infrastructure ("selling shovels") to prioritizing actual applications and commercialization ("mining gold") in the AI sector [1][7] - The AI application layer is seen as having greater potential for growth and innovation compared to the more stable and predictable computing power layer [1][2] Market Trends - In the primary market, venture capital is heavily investing in next-generation AI hardware companies, while in the secondary market, fund managers are positioning themselves to benefit from emerging AI products [1][2] - Fund managers are increasingly optimistic about AI applications, particularly with the rise of edge AI products, leading to a gradual increase in investments in this area [2][4] Fund Manager Strategies - For example, Dongwu Fund's manager significantly increased investments in semiconductors while reducing holdings in AI optical modules and PCBs, indicating a strategic shift towards hardware that supports AI applications [3] - Managers are focusing on mid-term opportunities in AI terminal applications, including foldable screens, 3D printing, AI glasses, and robotics [3][4] Primary Market Activity - The edge AI market is witnessing new developments, such as the launch of the Doubao mobile assistant and the Quark AI glasses, indicating a growing consumer interest in AI-integrated devices [5] - Significant funding rounds have been completed in the edge AI hardware sector, with record investments in companies like Thunderbird Innovation and Guangli Technology [5] Consumer Electronics Outlook - The Ministry of Industry and Information Technology has outlined plans for significant growth in consumer electronics, with expectations for AI devices to drive performance in related companies [6] - The investment focus for 2026 is anticipated to be on the consumer electronics chain driven by edge AI innovations, as the industry shifts towards application-based value creation [7]

2025年，当VR头显逐渐成为"过气网红"，智能眼镜赛道却焕发"第二春"，再次热闹起来，尤其近期大厂入局的动作更是吸引了爆发式关注。 阿里巴巴近日正式开售夸克Quark AI眼镜S1，集成千问大模型，支持实时翻译、支付和互联网搜索等功能，正式进军消费级智能可穿戴设备市场。 昨日，理想汽车发布首款Livis AI眼镜，配合"理想同学"语音指令，实现用智能眼镜联动遥控理想汽车，包括空调开启、方向盘加热、尾门控制等操作。 一、智能眼镜赛道2025年融资"热"起来了 根据IT桔子数据，截至12月1日，全球智能眼镜赛道2025年内共记录36起融资事件，融资总额估算统计约43.67亿元，涉及26家创业企业，覆盖从上游零部 件、中游行业解决方案提供商到终端品牌（占比过半）的产业链环节。 | 公司名称 | | 轮次 | 融资金 | 投资方 | 时间 | | --- | --- | --- | --- | --- | --- | | | | | 额 | | | | | Gyges Labs | Pre-A | 未透露 | 璀璨资本 | 2025-11 | | | | નદ્દે | | Granite Asia | | | | ...