立讯展出 AR 眼镜和陪护机器人，看好 端侧 AI 产业趋势 ——AI 消费电子行业观点报告 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 我们认为全球端侧 AI 市场持续增长，AI 眼镜是端侧 AI 最佳硬件载体 之一，产业趋势有望持续成长。 立讯精密云雀二代引领 AR眼镜产业化新纪元。2025 年 9 月，在 25 年 第 26 届中国国际光电博览会（CIOE2025）上，立讯精密凭借其出色 的"云雀二代"AR 眼镜产品矩阵，成为展会焦点，展示了立讯精密在 AR 眼镜领域的深厚技术积淀。公司自主研发搭载 MicroLED+光波导的 AR智能眼镜方案，展台面积也是去年的 3倍。此外，公司还展出 PVG 单绿 AR 眼镜和智能家庭陪护机器人。 立讯作为传统的消费电子 OEM巨头，正在积极布局智能眼镜方向。不 仅在为星纪魅族 StarV Air 第一代及阿里夸克 AI 智能眼镜提供组装代工 服务，也正在往纵深发展，成为智能眼镜产业的更综合型的 ODM 服务 商。 从长期来看，我们认为 AI 智能眼镜具备以下 3 点成长逻辑： （1）行业爆发在即：根据 WellsennX ...

Investment Rating - The report maintains a "Recommended" rating for key companies in the AR glasses and optical technology sector, including GoerTek, Dongmu Co., Jingyan Technology, Tonglian Precision, and Guangfeng Technology [4]. Core Insights - The 2025 CIOE (China International Optoelectronic Exposition) showcased significant advancements in AR technology, with leading companies like JBD, GoerTek, and Luxshare Precision presenting breakthroughs in Micro LED, optical waveguides, and AR optics [1][2]. - Guangfeng Technology and Gudong Intelligent launched a new AR solution that redefines the industry pricing structure, featuring the innovative "LCoS + PVG optical waveguide" technology, which enhances light efficiency by 300% and achieves over 90% transmittance [2][3]. - The report emphasizes the continuous evolution of AR glasses technology, highlighting the importance of display, optics, assembly, and components in the industry [3]. Summary by Sections Event Overview - The 2025 CIOE was held on September 10 in Shenzhen, gathering top global optoelectronic technology and industry trends [1]. - Key exhibitors included JBD, GoerTek, and Luxshare Precision, showcasing cutting-edge products and technologies [1][2]. Technological Breakthroughs - JBD introduced the "Hummingbird II" color light engine, featuring a self-developed 0.1-inch Micro LED micro-display capable of full-color display in a compact size [1]. - GoerTek presented several new products in AR and VR, focusing on lightweight designs and high display performance [2]. - Guangfeng Technology's new AR optical solution supports a large field of view and ensures user comfort during prolonged use [2][3]. Investment Recommendations - The report suggests monitoring companies involved in various segments of the AR technology supply chain, including: - Optical waveguides: GoerTek, Luxshare Precision, Sunny Optical Technology, Crystal Optoelectronics, and Lantech Optical [3]. - Micro LED: HC Semitek, Zhaochi Co., Sanan Optoelectronics, Qianzhao Optoelectronics, and Jucan Optoelectronics [3]. - LCoS: OmniVision Technologies and Guangfeng Technology [3]. - SiC: Tianyue Advanced [3]. - MIM components: Dongmu Co., Jingyan Technology, and Tonglian Precision [3].