《科创板日报》12月14日讯（记者 黄心怡 李佳怡）在智能穿戴赛道，AI眼镜正从极客玩具走向大众消 费市场。 今年以来，国内厂商多款AI眼镜相继发售，谷歌也在上周强势杀入。但据《科创板日报》记者了解， 各厂家畅销款解均出现产能不足的情况，比如夸克AI眼镜的新订单，需要等待至少15天甚至更长。 Rokid创始人祝铭明向《科创板日报》透露，供应链此前为了匹配其需求采取了三班倒作业，目前产能 勉强跟上。而夸克AI眼镜已在立讯工厂新增一条产线，团队最大的目标是明年1月能够充分释放产能。 《科创板日报》记者实地走访多家线下数码集合店后观察到，不同品牌的AI眼镜在功能上呈现较高同 质化。与此同时，行业整体仍处于市场教育初期，尽管线下体验吸引不少客流，但实际转化率依然有 限。 ▍夸克AI眼镜、Rokid产能成瓶颈 今年11月，夸克AI眼镜正式发布了S1、G1两个系列共六款单品，S1系列最低到手价为3799元，G1最低 到手价1899元起，这也是搭载千问的首款硬件。 据了解，天猫、抖音、京东等平台上的夸克AI眼镜S1发货周期已被拉长至45天。 《科创板日报》记者走访线下体验店了解到，夸克AI眼镜处于缺货的状态。"现在下单至少 ...

智通财经APP获悉，根据IDC最新发布的《全球智能眼镜市场季度跟踪报告》，2025年第三季度全球智能眼镜(Smart Eyewear)市场出货 量429.6万台，同比增长74.1%。其中全球音频和音频拍摄眼镜市场出货量299.4万台，同比增长287.5%；AR/VR市场出货130.2万台，同 比下滑23.2%。 三季度Meta(META.US)推出Ray-Ban Meta二代、Oakley运动线及Meta Display新品，凭借创新硬件和丰富的产品矩阵，迅速获得市场关 注，市场份额达到75.7%，稳居主导地位。全球市场前五名中，除Meta外，有小米(01810)、雷鸟、Xreal和Viture四家中国厂商入围，并 且中国厂商在智能眼镜领域的创新能力和国际竞争力仍在持续提升中。从区域表现来看，北美、西欧、中国及亚太(不含中国、日本)市 场均实现50%以上的同比增长，其中西欧以106.5%的增速位居全球首位。 中国市场 2025年第三季度中国智能眼镜(Smart Eyewear)市场出货量62.3万台，同比增长62.3%。 三季度经历新品集中上市后的环比短暂回落，但同比增速依然显著。其中官宣支持大模型的产品占比 ...

这两天对理想AI眼镜信息极其多，由于这几天在北京线下交流理想（眼镜是子话题之一，不是全 部），搜集信息/辨别信息/思考的时间不够，导致无法深入全面分析 。顺带一提，最近AI界也有很多 增量信息来不及深入学习。 据TOP2观察，最核心的是6个讨论角度： 1.理想第一代AI眼镜的实用性如何？受众是谁？ 2.李想/理想其他人对AI眼镜中长期重要度是如何看的？各种说法里原始材料里的原话是什么？ 5.理想对第一代眼镜的销量预期是多少，目前现状如何？ 6.理想与蔡司的合作，海外是如何考虑的？1-2年的野心是什么？ 这六个主流讨论角度里，前四个角度信息量极大，需要仔细交叉对比思考求证。 加微信，进群深度交流理想实际经营情况与长期基本面。不是车友群。 3.理想对后续眼镜迭代方向是什么？目前行业主流玩家是谁？理想AI眼镜不考虑控理想车，和他们比 较产品水准如何？各方认为的先进前进方向是什么？理想较其他家的潜在优势劣势是什么？ 4.AI眼镜终局市场有多大？理想是否有必要进入？现在进入的时机是否合适？物理AI公司是否必须得 做眼镜？对于想终局活下来的车企，是否必须得做眼镜？ ...

#总结 ：36g+18h续航+标配蔡司镜片1699起售+毫秒级响应速度 愿景：希望理想同学一直在身边，不仅在车上；没有理想汽车的人也能得到这种陪伴。哪种东西能够持续陪伴——眼镜，智能体验的最佳载体 1）控车：打开车门、前后备箱、打开空调、充电哦，不用掏出手机，打开应用，点击按钮，启动。之前7-8秒，现在一句话 2）墨镜：蔡司紫外线隔离率；外形好看；看到最好的HUD，专门做了适配，不影响faceid，还有光致变色镜片 3）livis头枕音箱：互不干扰，所有车屏的音源，后排睡觉、看电视不影响。音质：双磁炉扬声器，效果很好，理想车里的空间音频算法也装进去了 4）续航：连续听7个小时；充电：一个口都没有，无线充电，充电宝眼镜盒，和座椅门板一样舒适，充电盒可以放在车上的无线充电板上充电 5）链接：这辆车和AI眼镜，就像iPhone和AirPods一样的关系，带着眼镜，车上立马出现眼镜配对卡片，电机，无需任何输入，和车机相互认识，融为一 体。后续和车机还有很多升级空间。共享车机麦克风 9）芯片：恒玄2800，杭州极微电子ISP芯片 12）AI：快、自然、准，真正的AI交互，理想同学智能座舱很快，livis更快，0.8秒对 ...

智能眼镜行业更新 20251203 摘要 理想汽车推出 AI 眼镜，旨在展示其在大模型和人工智能领域的实力，初 期虽定位为车载娱乐设备，现更侧重于 AI 技术展示，不局限于汽车应用 场景。 理想 AI 眼镜具备防眩光、音频交互、视频拍摄和 AI 交互等功能，通过 蔡司防眩光技术减少视觉干扰，并与车载系统联动，实现音乐播放和导 航提示等功能。 夸克智能眼镜首日销量约 3,000 台，累计销量数千台，逊于 Rokid 首日 1 万台的销售成绩，主要原因是阿里巴巴在硬件销售策略上经验不足， 前期预热不足。 市场对标品智能眼镜的需求量仍低于 Rocket 约 5 倍，但夸克 3 天内的 销量表现良好，预计一年内销量可达 20 万台，取决于备货和后续运营 能力，目前用户口碑正面。 智能眼镜行业面临硬件公司与 APP 生态绑定问题，需打破底层数据和权 限限制，字节跳动等公司或有意愿和能力破局，但这是一个长期博弈过 程。 Q&A 理想的 AI 眼镜有哪些亮点和特点？ 理想的 AI 眼镜定位类似于目前市面上的大部分智能眼镜或 AI 眼镜，如 Meta、Rokid 等不带显示屏的产品。其设计逻辑与这些产品相似，主要功能包 括 ...

华见早安之声 请各位听众升级为见闻最新版APP，以便成功收听以下音频。 市场概述 美国ADP数据意外下降，使投资者几乎完全确信美联储下周将降息。"坏消息就是好消息"剧本再度上演。 美股普涨，标普500中近350家公司上涨。小盘股表现突出、涨近2%。微软因销售担忧而股价下挫2.5%，拖累大型科技股，纳指微涨0.17%。报道称特朗普 政府考虑支持机器人行业，机器人概念股走高，特斯拉涨超4%，iRobot飙升近74%。 美债收益率普跌，10年期跌2.7基点。美元下挫近0.5%，创逾1个月低点、跌破50日均线。离岸人民币延续11月强势，升破7.06。以太坊加速脱离月内低点， 日内涨约5.7%。比特币涨2.08%。 伦铜时隔一日再创历史新高，美铜一度大涨3.7%、创五个月来高点。黄金徘徊于4200美元附近。美油涨0.85%。 亚洲时段，A股震荡调整，创业板跌超1%，商业航天表现分化，超硬材料逆势大涨，港股恒科指跌超1%，30年期国债显著承压。 要闻 李强主持国务院第十七次专题学习。 美联储新主席宣布在即：市场如何定价政策拐点？ 贝森特淡化美联储主席对利率掌控权，拟推动设地区联储主席居住年限，称关税可重构。白宫取消原定面 ...

Core Insights - DeepSeek has launched the DeepSeekMath-V2 model, which utilizes a self-verifying training framework and has achieved gold medal levels in international mathematics competitions [2] - Microsoft has introduced the Xbox Gaming Copilot feature on mobile devices, transforming them into AI gaming assistants [3] - Quark AI glasses have been released in two series, featuring six models equipped with Alibaba's latest AI assistant [3] - OpenAI has introduced a shopping research tool aimed at providing personalized shopping suggestions during the holiday season [4] - Nvidia's CEO Jensen Huang has emphasized the importance of AI in the company, stating that all tasks that can be automated should be done using AI [5] Group 1: AI Model Developments - DeepSeekMath-V2 model has been built on the DeepSeek-V3.2-Exp-Base and has shown significant performance improvements through high-difficulty sample optimization [2] - Anthropic has released Claude Opus 4.5, a model that excels in coding and long task processing, surpassing human performance in software engineering tests [3] Group 2: AI Applications and Innovations - The AI writing feature by NetEase Cloud Music is currently in testing, targeting musicians and select users [3] - Google is reviving its AI glasses project, with production expected to begin in late 2026, in collaboration with Foxconn and Samsung [4] - Baidu has established two new research departments focused on developing general and application-specific AI models [6] Group 3: Industry Collaborations and Investments - SK Telecom and Samsung are collaborating to develop AI-driven wireless access network technology for the next generation of 6G [6] - Google and Accel are partnering to fund early-stage AI startups in India, with a focus on various sectors [7] - "Songyan Power" has completed nearly 200 million yuan in Pre-B+ round financing to enhance technology innovation and expand application scenarios [8] Group 4: Market Trends and Projections - HSBC has projected that OpenAI may require up to $207 billion in new financing by 2030 due to increased cloud computing needs [8] - OpenAI anticipates that by 2030, it will have 220 million paid subscribers for ChatGPT, representing 8.5% of its weekly active users [11][12] - Xiaomi's CEO Lei Jun predicts that humanoid robots will significantly enter manufacturing processes in the next five years, enhancing efficiency and precision [10]

Core Viewpoint - Li Auto's recent financial report reveals significant challenges, including a 36.2% year-over-year revenue decline, a 5 percentage point drop in vehicle gross margin, and a shift from profit to loss, prompting a strategic shift back to a startup management model from a professional manager approach [3][4][10]. Financial Performance - In Q3 2025, Li Auto reported vehicle sales revenue of RMB 25.867 billion, down 37.4% year-over-year and 10.4% quarter-over-quarter [6]. - The total revenue for the quarter was RMB 27.365 billion, reflecting a 36.2% decrease compared to the previous year [6]. - Vehicle gross margin fell to 15.5%, down from 20.9% in the same quarter last year [7]. - The company delivered 93,000 vehicles in Q3, a 39% year-over-year decline and a 16.1% quarter-over-quarter decrease [8]. - Operating cash flow showed a net outflow of RMB 7.396 billion, while free cash flow was negative at RMB 8.912 billion [8][9]. Strategic Shift - Li Auto announced a return to a startup management model, abandoning the professional manager approach that was deemed ineffective in the rapidly evolving automotive industry [10][12]. - The company aims to enhance decision-making efficiency by reducing bureaucratic processes and fostering direct communication [12]. - This strategic pivot is seen as a necessary response to the competitive pressures and technological advancements in the automotive sector [10][12]. AI and Future Vision - Li Auto is focusing on developing "embodied intelligent robots" rather than just competing on traditional vehicle parameters, indicating a shift towards advanced AI integration in their products [13][14]. - The company plans to self-develop a new chip, the M100, aimed at enhancing its AI capabilities, with expectations for it to be implemented by 2026 [13][14]. - Li Auto's ambitions extend beyond vehicles, with plans to introduce AI products like smart glasses, indicating a broader vision for AI integration into everyday life [17].

Core Insights - Major technology companies are entering the AI glasses market, with Alibaba launching its Quark AI glasses featuring the latest Qianwen assistant, enhancing user interaction with various Alibaba services [1] - The AI glasses market is projected to experience significant growth, with global shipments expected to reach 4.368 million units by 2025, marking a 64.2% year-on-year increase [2] - The potential market for smart glasses is estimated at around 1 billion units, with a growing share from the Chinese market [3] Industry Trends - AI glasses are becoming a key focus for major tech companies, with Huawei, Xiaomi, and Baidu also entering the market [2] - The "Double Eleven" shopping festival saw explosive sales growth for AI glasses, with Tmall reporting a 2500% year-on-year increase in sales and JD.com showing a 346% increase [2] - By 2026, the smart glasses market is expected to enter a new phase of scaled growth, with global shipments projected to exceed 23.687 million units [2] Investment Opportunities - The AI glasses industry has a long supply chain, including optical components, core chips, and micro-display devices, with nearly 200 related concept stocks in the A-share market [4] - Several companies, such as Haopeng Technology and Hongxin Electronics, are actively involved in the AI glasses sector, providing customized solutions and products [4][5] - A total of 26 concept stocks are predicted to see net profit growth of over 20% in the next two years, indicating strong investment potential [6]

Core Viewpoint - Li Auto's recent financial report reveals significant challenges, including a 36.2% year-over-year revenue decline, a 5 percentage point drop in vehicle gross margin, and a shift from profit to loss in net income, alongside negative free cash flow [1][2][8] Financial Performance - Vehicle sales revenue for Q3 2025 was RMB 41.32 billion, down 37.4% year-over-year and 10.4% quarter-over-quarter [5] - Total revenue decreased to RMB 42.87 billion, reflecting a 36.2% year-over-year decline [5] - Vehicle gross margin fell to 15.5%, down from 20.9% in the same quarter last year [6] - Operating profit turned into a loss of RMB 1.18 billion, compared to a profit of RMB 3.43 billion in the previous year [5] - Net profit shifted from a gain of RMB 2.82 billion to a loss of RMB 624 million [5] - Free cash flow was negative at RMB 8.91 billion, indicating a significant cash outflow [8][9] Strategic Shift - Li Auto announced a return to a "startup" management model, ending the "professional manager" approach adopted over the past three years, which was deemed ineffective [2][10] - The company aims to enhance decision-making efficiency by reducing bureaucratic processes and fostering direct communication [11][13] Product Transition Challenges - The company is experiencing difficulties transitioning from range-extended vehicles to a mix of range-extended and pure electric models, leading to a decline in sales and market dominance [6][8] - The new pure electric model i8 has received lukewarm market response, while the i6 model faces production and supply chain challenges [6] AI and Future Vision - Li Auto is focusing on developing "embodied intelligent robots" rather than just electric vehicles, aiming to differentiate itself in a saturated market [14][15] - The company plans to introduce self-developed M100 chips and shift to advanced 3D ViT technology for enhanced vehicle intelligence [15][17] - Future products may include AI glasses and speakers, indicating a broader vision for integrating AI into users' daily lives [17]