如往常一样，一年一度的双十一电商优惠活动在十月下旬准时展开。作为过年前的最后一次超大型全品类电商优惠活动，结合数码产品的更新「季节」，我 们不难发现，双十一同时也是每年购买数码产品的最好时机之一。 以小雷关注的智能眼镜品类为例，经过多年的发展，智能眼镜品类已经从早期的概念尝鲜期，进入到功能稳定、技术分化的成熟阶段。从光波导显示到拍摄 影像，再到主打音频交互，不同路线的产品都在尝试找到属于自己的使用场景。可以说，这一次的双十一，将会是智能眼镜真正意义上的「高光时刻」。 图片来源：雷科技 那在当前这个时间点，又有哪些值得我们考虑的智能眼镜产品呢？ 图片来源：雷科技 但如果平时没什么拍照的需求，那同样采用光波导技术的星纪魅族 StarV Air2 同样值得考虑。尽管价格稍贵，但 StarV Air2 同样有着不错的光波导显示效 果和较低的学习成本。同时，StarV Air2 也是当前市面上为数不多的矮方框智能眼镜，如果你不喜欢当前主流的 D 框、威灵顿框型，那 StarV Air2 会是你的 不二之选。 光波 AI 导眼镜：价格高，但体验最完整 毫无疑问，光波导方案的智能眼镜始终是「未来感」最强的一类产品。Roki ...

Summary of the Conference Call on AI Glasses Industry Industry Overview - The global glasses market is projected to reach a significant scale in 2024, with sales of prescription and sunglasses estimated at 1.4 to 1.5 billion pairs, growing at an annual rate of 10% [1][4] - The smart glasses market is expected to see substantial growth, with Meta Ribbon AI glasses projected to sell 1.4 to 1.5 million units in 2024, and 800,000 units already sold in Q1 2025, indicating a strong market potential [1][4] Key Insights and Arguments - The introduction of new products in the smart glasses market in 2025 will be driven by major brands like Meta, Alibaba, and ByteDance, as well as companies like Xiaomi exploring the integration of smart glasses with large models [1][5] - The success of Meta Ribbon has encouraged domestic manufacturers to shift their focus from hardware to user experience, prompting a reevaluation of the essential needs for AI glasses [1][8] - Future competition in the smart glasses market will hinge on three critical factors: 1. **Technical Usability**: AI experience, hardware performance, and privacy security [9] 2. **Price Accessibility**: The price point of Meta Ribbon at $299 (approximately 1,500 RMB) is seen as a crucial threshold for market penetration [9] 3. **Scenario Necessity**: Identifying high-frequency essential applications such as real-time translation and first-person perspective recording is vital for product relevance [9] Product Launches and Market Dynamics - The smart glasses market is highly active in 2025, with new products being launched approximately every eight days [6] - Meta plans to release three new models, including a ski sports model priced between $499 and $599, a high-end AR glasses model priced over $1,000, and an industrial application model priced above $10,000 [7] - Domestic brands are also launching multiple new products, with notable releases from companies like 雷鸟 (Thunderbird) and 小米 (Xiaomi), focusing on both functionality and pricing strategies to attract consumers [5][7] Competitive Landscape - Different players in the smart glasses industry have distinct advantages: - **Internet Giants**: Companies like Baidu, ByteDance, and Alibaba leverage AI model development and content ecosystems, positioning smart glasses as software service entry points [10] - **Mobile Manufacturers**: Companies like Xiaomi, Huawei, and Samsung utilize their existing supply chains and user bases to optimize production and reduce costs [10] - **AR Technology Firms**: Companies like Lenovo's Xreal and Lucid focus on optical display technology, emphasizing their technical expertise in the field [12] Future Trends - The period from 2025 to 2026 is expected to be a brand positioning battle, with companies aiming to capture consumer attention [14] - Long-term survival in the market will favor brands that can identify killer applications and meet real-world usage needs [15] - The industry anticipates a shift towards more natural human-computer interaction, lighter designs, improved battery life, and integration into personal ecosystems [16]

Core Insights - Thunder Innovation and Ant Group have formed a strategic partnership to develop innovative digital payment solutions for the global market, integrating AI and AR technology with payment systems [1] - The Thunder X3 Pro AR glasses have launched the "Look and Pay" service on Alipay, allowing users to make payments by simply looking at the merchant's payment code and devices [1] - The partnership aims to enhance user experience in various scenarios, including travel, shopping, and transportation, by providing seamless payment solutions [1][2] Group 1 - The Thunder X3 Pro AR glasses enable users to make payments without taking out their phones, enhancing daily usage experiences in supermarkets, restaurants, and parking [2] - The collaboration incorporates Alipay's multi-dimensional risk control system to ensure transaction security, promising device safety and user payment protection [2] - Future developments will explore deeper applications of AI and AR glasses in daily services, aiming to integrate features like QR code scanning, bill payments, and price comparisons into everyday life [2]

Core Viewpoint - Smart glasses have evolved from niche gadgets to practical devices, with various brands like Meta, Ray-Ban, Rokid, and Xiaomi launching their versions, each focusing on different functionalities and user experiences [1][5]. Group 1: Comfort and Usability - Comfort is crucial for wearable devices, and the best experiences were reported with StarV Air2 and Rokid Glasses, attributed to their weight distribution [2][4]. - A comparative ranking of five smart glasses showed StarV Air2 and Rokid as the top choices, with StarV Air2 excelling in design features [4][7]. Group 2: Performance and Features - In terms of imaging capabilities, Rokid Glasses and Meta Ray-Ban Wayfarer were noted for their superior photo and video quality, while StarV Air2 lacks a camera [12][22]. - Rokid Glasses demonstrated excellent video performance with some motion blur, while Ray-Ban Wayfarer provided high-quality images but was less suitable for Asian users due to design issues [21][11]. Group 3: AI Capabilities - AI functionalities varied significantly among the glasses, with Xiaomi's AI assistant being highly interactive but sometimes overly verbose, while Rokid's AI was more mature and context-aware [23][31]. - StarV Air2, lacking a camera, had limited AI capabilities but maintained good voice interaction performance [40]. Group 4: Audio and Display - Rokid and StarV Air2 were the only models with display capabilities, both using optical waveguide technology, while Meta Ray-Ban excelled in audio quality [44][45]. - The audio performance of Meta Ray-Ban was noted for its clarity and low distortion, making it stand out among the other models [44]. Group 5: Battery Life and Charging - All five models exhibited limited battery life, with Xiaomi AI glasses being the most reliable, while the Ray-Ban and Rokid models offered charging cases [46][48]. - The charging mechanisms varied, with Ray-Ban's case being more aesthetically pleasing but less user-friendly compared to others [50][52]. Group 6: Market Positioning - The analysis suggests that Rokid Glasses are the most balanced option, while StarV Air2 and Thunder V3 serve as good alternatives for users not needing extensive features [55][57]. - Meta Ray-Ban Wayfarer is recommended against for domestic users due to compatibility issues, positioning it more as a fashion accessory than a practical tool [59].

Investment Rating - The report maintains an "Increase" rating for the media industry, indicating a positive outlook for the sector [5]. Core Insights - The media sector has shown resilience with a 2.86% increase in the index during the week of April 28 to April 30, driven by quarterly earnings and advancements in AI applications [9][12]. - Key investment themes include AI applications, IP monetization, and mergers and acquisitions, particularly focusing on state-owned enterprises due to increased capital demands [9][12]. - The report highlights significant growth in AI smart glasses, with Q1 2025 sales reaching 600,000 units, a year-on-year increase of 216% [3][17]. Summary by Sections Market Overview - The media sector index rose by 2.86% during the specified week, outperforming other sectors such as real estate and comprehensive finance [9][12]. - The top-performing stocks in the media sector included Shandong Publishing and Jin Cai Interactive, with increases of 13.7% and 13.2%, respectively [12][14]. Subsector Insights - **Resource Integration**: Companies like China Vision Media and Guangxi Broadcasting are expected to benefit from resource consolidation [9][12]. - **AI Focus**: Companies such as Rongxin Culture and Aofei Entertainment are highlighted for their potential in AI applications [9][12]. - **Gaming**: Strong recommendations for companies with solid performance like Shenzhou Taiyue and Jubi Network [9][12]. - **State-Owned Enterprises**: Increased focus on companies like Ciweng Media and Anhui New Media due to capital advantages [9][12]. - **Education Sector**: Companies like Xueda Education are noted for their growth potential [9][12]. Key Events Review - Alibaba's launch of the Qwen3 model family is expected to significantly advance research and development in large foundational models [17]. - The report notes a decline in global VR sales but a substantial increase in AI smart glasses sales, indicating a shift in consumer preferences [3][17]. Subsector Data Tracking - The gaming sector is seeing a variety of new titles gaining traction, with popular games listed for upcoming releases [18]. - The box office for the week of April 28 to May 2 reached approximately 413 million yuan, with "Dumpling Queen" leading the charts [20][21].

Investment Rating - The report rates the electronic industry as "Outperform the Market" [1][3]. Core Insights - The report highlights that AI has become the main innovation direction for electronic terminal devices, with emerging products like smart glasses and robots gaining prominence. Continuous product launches in the AI application layer are expected to drive demand for related terminal products [3][23]. - The report notes that the traditional AI computing power supply chain is facing challenges from new open-source forces, leading to a new cycle of declining AI computing costs, which will benefit application-layer industries directly [3][23]. - The report anticipates a new wave of upgrades in servers, smartphones, and intelligent driving systems, alongside a sustained increase in demand for domestic computing power chips [3][23]. Summary by Sections 1. MWC 2025 Focus on AI and 5G-A Technology Innovation - The MWC 2025 showcased global leading technology companies and innovations, focusing on AI integration, 5.5G-A technology development, and AI terminal device trends [6][10]. 2. Global Industry Dynamics - OpenAI launched a new set of API and agent development tools to simplify AI agent development, enhancing capabilities for information retrieval and task execution [22][23]. - Samsung is accelerating the development of glass substrates, aiming for mass production by 2027, which is expected to reduce semiconductor manufacturing costs and enhance chip performance [24][25]. - ASML and Imec have signed a new five-year strategic cooperation agreement to advance semiconductor technology, focusing on high-end node chip development [26][27]. - Meta is testing its first self-developed AI training chip based on the RISC-V architecture, with plans for mass deployment in 2026, aiming to reduce reliance on external suppliers [28][29]. 3. Market Review - The electronic industry experienced a decline of 0.6% this week, ranking 29th out of 31 sectors, while the SW electronic sub-sectors showed varied performances, with printed circuit boards leading at +8.6% [31][34].