风险提示：产品市场推广不及预期，行业竞争加剧等。 [Table_Report] 相关报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 毛宇翔(分析师) | 021-38038672 | maoyuxiang@gtht.com | S0880524080013 | 本报告导读： 相对 AR 眼镜，无显示功能的 AI 眼镜更好满足传统眼镜型态的底层需求逻辑，有望 率先起量。 投资要点： 产品力持续打磨，销售上量可期。目前而言，制约智能眼镜产品快 速渗透上量的制约因素及解决路径在于在于：1）依赖传统线下渠道 解决最后一公里，品牌方已启动与渠道方的强强联合。眼镜作为强 体验型产品，现阶段高度依赖线下验光与试戴服务。传统眼镜产品 两大类产品构，可视力矫正的屈光镜和墨镜，均需要个性化的线下 服务。2）产品重量及设计决定长时间佩戴舒适体验，有赖于轻量化 材料及组件布局优化。目前市面上的 AI 眼镜重量基本 ...

Core Insights - The report highlights the launch of Manus, a universal AI assistant that emphasizes action over mere thought, showcasing its capabilities in tasks such as resume screening, property selection, and stock price analysis [2][24][30] - The MWC2025 event showcased advancements in generative AI, with various companies presenting innovations in robotics, AR glasses, and AI PCs, indicating a trend towards tighter integration of hardware and AI [18][22][40] - The report expresses optimism regarding investment opportunities in the AI sector, particularly with the emergence of domestic AI applications like Manus and Deepseek, which are expected to drive demand for computational power [3][32] Industry Overview - The communication sector index rose by 2.81% from March 3 to March 7, 2025, outperforming the CSI 300 index, which increased by 1.39% [10][11] - The report identifies key stocks to watch, including China Mobile, China Telecom, and ZTE, among others, indicating a focus on major players in the telecommunications and AI sectors [8][23] - The communication sector's current valuation is noted to be 21.96, ranking fourth among TMT industries, suggesting a relatively favorable investment environment [12][14] MWC2025 Highlights - The event featured the world's first 5G-A humanoid robot, developed through collaboration between China Mobile, Huawei, and Leju Robotics, showcasing the potential for advanced applications in various sectors [19][34] - Innovations in AR glasses were presented, with products like the Raybird X3 Pro expected to launch soon, indicating a growing market for augmented reality technologies [21][36] - Intel announced its commercial AI PC product lineup, set to ship by the end of March 2025, reflecting the increasing demand for AI-integrated computing solutions [22][39]