Investment Rating - The report rates the smart glasses industry as "Buy" [1] Core Insights - The smart glasses industry is expected to enter a rapid growth phase, with related companies poised to benefit from an upturn in market conditions. Recommended companies include Mingyue Lens, which is actively collaborating with leading brands in the industry, and Inpai, which is accelerating its layout in the smart sports equipment sector [2][66] - The launch of the Ray-Ban Meta smart glasses marks a new cycle in smart glasses products, featuring improved audio and video quality, and integration with Meta's social platforms [2][66] - The supply chain for smart glasses has expanded significantly, incorporating more electronic components compared to traditional eyewear, with a diverse range of manufacturers involved [2] Summary by Sections New Product Developments - The domestic AI glasses market has seen a rapid increase in sales, with 210,000 units sold in Q3 2025, a 200% quarter-on-quarter growth. Major contributors include Xiaomi, Ray-Ban Meta, and others [5][8] - Xiaomi's AI glasses are projected to surpass 300,000 units sold by the end of 2025, while the Ray-Ban Meta has achieved global sales of 1.12 million units in Q3 2025, reflecting a nearly 50% increase [5][6] Key Players and Products - Major AR glasses manufacturers are actively launching new products, including: - Ray-Ban V3 by FFALCON, released in January 2025 - INMO Air 3, set to launch in November 2024 - Rokid Glass, expected to be available in June 2025 [6][15] - The report highlights the emergence of unicorn brands in the AI glasses sector, with valuations exceeding 1 billion RMB for companies like INMO and Rokid [11] Market Trends and Projections - The CES 2026 event is expected to showcase a significant increase in AI glasses exhibitors, with 55 companies participating, up from over 30 in 2025 [11][14] - The report anticipates continued innovation in 2026, with major tech companies like Google and Apple planning to release new AI glasses [14] Financial Projections - Financial forecasts for key companies in the smart glasses sector indicate a positive outlook, with Mingyue Lens and Inpai both rated as "Buy" based on their earnings per share (EPS) projections for 2025 to 2027 [68]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market saw a decrease in trading volume, with total turnover dropping to 82.799 billion HKD [1] - The Southbound Stock Connect recorded a net inflow of 4.84 million HKD, indicating continued interest from mainland investors [1] US Market Performance - US tech stocks rallied, leading to gains in major indices: Dow Jones up 0.39% at 47,474.46 points, S&P 500 up 0.25%, and Nasdaq up 0.59% [2] - Notable stock movements included Intel rising over 8% and Boeing increasing by more than 10%, marking its largest single-day gain since April [2] - The market sentiment was buoyed by expectations of interest rate cuts from the Federal Reserve and optimism surrounding AI technology [2] Investment Opportunities - The report highlights that the Hong Kong stock market remains attractive for investments in undervalued high-dividend sectors [3] - Key sectors to watch include artificial intelligence, semiconductors, and industrial software, which are expected to drive long-term growth [3] - Companies benefiting from the anticipated Federal Reserve interest rate cuts and strong mid-year performance in the upstream non-ferrous metals sector are also recommended for investment [3] Stock Performance Highlights - The report notes significant stock movements among Hong Kong-listed companies, with Connet Optical rising 10.58% due to the launch of AI glasses by Alibaba [1] - Other notable performers included Giant Bio, which increased by 8.53% following a share buyback announcement, and J&T Express, which rose 7.29% due to rapid growth in Southeast Asia [1] - Conversely, Chinese concept stocks faced declines, with XPeng Motors dropping nearly 8% and Canadian Solar falling close to 6% [2] Industry Insights - The global humanoid robot market is projected to enter a golden development period over the next 5 to 10 years, with annual sales expected to reach 6 million units by 2035, potentially exceeding 10 million units in optimistic scenarios [9] - The report emphasizes the importance of technological innovation and market expansion in the robotics sector, suggesting a focus on companies like UBTECH and XPeng Motors [9] - The automation potential in the U.S. labor market is significant, with existing technologies capable of automating 57% of work hours, indicating a transformative shift in workforce dynamics [9]