AI 眼镜"功能探索期迈向"规模化爆发期" 摘要 2024 年全球眼镜市场规模庞大，近视及太阳眼镜销量达 14-15 亿副， 并以每年 10%的速度增长，为智能眼镜市场奠定用户基础。Meta Ribbon AI 眼镜 2024 年销量达 140-150 万台，2025 年一季度已达 80 万台，预示智能眼镜市场潜力巨大。 2025 年智能眼镜市场新品频发，雷鸟、Meta 等知名品牌以及阿里、字 节等大厂纷纷入局，小米等厂商也在探索将智能眼镜与大模型结合，关 注功能与价格策略，旨在普及大众市场。 Meta Ribbon 的成功为国内厂商提供了积极信号，其产品逻辑从硬件思 维转向用户体验优先，促使国内厂商重新审视 AI 眼镜的本质需求，并积 极布局新产品。 智能眼镜未来竞争的关键在于技术可用性（AI 体验、硬件性能、隐私安 全）、价格可触达性（参考 Meta Ribbon 299 美元定价）和场景必要 性（实时翻译、第一视角拍摄等高频刚需应用）。 互联网大厂（百度、字节、阿里）凭借 AI 大模型和内容生态优势，将智 能眼镜作为软件服务入口；手机厂商（小米、华为、三星）利用供应链 和用户基础，整合生态系统；AR 技 ...

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].

【2025 年 Q1 全球 AI 智能眼镜销量 60 万台，同比增速达 216%】2025 年 Q1 全球 VR 销量 133 万台，同比下降 23%，主要原因有 Vision Pro 基数 效应消退、PS VR2 与 Meta Quest 销量下滑、Pico 等其余品牌表现乏力。 2025 年全年预计销量为 611 万台。同期 AR 产品销量为 11.2 万台，与去年 基本持平。综合来看整体大环境消费行情下行，但中国消费补贴与海外信息 提示类 AR 填补了老牌 AR 头盔停产缺口。2025 年全年预计销量 65 万台，大 头为下半年光波导 AI+AR 新品。AI 智能眼镜 Q1 销量 60 万台，同比增长达 216%，主力产品 Ray Ban Meta 贡献 52.5 万台，雷鸟 V3 等新品增量显著。 AI 智能眼镜类产品全年预计销售 550 万台。值得一提的是，中美贸易战对 XR 与 AI 类产品都带来了极大的不确定性，如果关税没有豁免，近两年对 Meta 等产品的销量将会带来巨大冲击。 【Claude 网页版接入 MCP！10 款应用一键调用】Anthropic 宣布 Claude 两大更新："MCP ...

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].