投资要点： 风险提示：1)客户集中风险2)新业务商业化进度不及预期风险3)下游需求不及预期4)iPhone 折叠屏手机 推出存在不确定性 蓝思科技积极打造高度垂直整合的具身智能硬件核心制造平台。1）蓝思科技展示了人形机器人的高自 由度仿生灵巧手与头部总成；2）公司集成了自研的行星滚珠丝杠、谐波减速器等核心传动部件，采用 镁铝合金轻量化骨架与液态金属精密结构件，在力控精度及工业级耐久性方面取得了关键突破。3）公 司永安园区具备50 万台具身智能机器人年产能。2025 年，蓝思人形机器人出货量已达3000 台，四足机 器狗超10000 台。 蓝思科技推出全栈液冷解决方案。本次展会同步亮相的TGV 玻璃基板，凭借优异的平整度、高热稳定 性与低信号损耗特性，成为延续摩尔定律的关键支撑材料。这款产品不仅能为E 级超算提供核心硬件保 障，更有望推动AI 算力综合成本降低超30%。 公司在消费电子领域持续开拓创新。1）公司依托原子级制造工艺推出3D 曲面玻璃、液态金属及新一代 VC 散热技术，实现产品极致轻薄与AI 算法稳定运行的双重目标。2）交互革命端，推动行业从屏幕时 代迈向无感交互，新一代AI/AR 眼镜实现数字信息 ...

国产算力迎来发展新机遇：国内云厂商资本开支尚有提升空间，腾讯、阿里、百度25Q3资本开支分别 为130亿元/315亿元/34亿元，分别同比-24%/+80%/+107%。国内云厂商也同步提升远期AI投入，阿里在 今年2月宣布未来三年投入3800亿元建设云和AI硬件基础设施，看好国产算力的AI芯片、存储芯片、先 进晶圆制造、交换芯片、光芯片等方向。 AI端侧看好苹果硬件及端侧AI创新及AI/AR眼镜产业链：全球AI大模型调用量正经历高速增长，行业 已进入规模化应用爆发期。苹果的AI战略是以硬件为本、端侧优先、强隐私保护。核心能力涵盖语言 文本、图片影像、跨应用操作、个人情景理解，其AI不是单一功能或大模型，而是深度嵌入操作系 统、芯片与应用生态的"个人智能系统"，基于个人情景实现跨app执行操作。AI/AR眼镜有望不断实现 技术突破和销量上升，看好SOC芯片、光学等核心环节。 风险提示： AI资本开支低于预期、AI端侧应用不达预期、存储芯片上涨影响电子硬件销量，存储及晶圆厂扩产低 于预期。 智通财经APP获悉，国金证券发布研究报告称，北美四大云厂商(微软、谷歌、Meta、亚马逊)资本开支 持续增长，并且对未来资 ...

Investment Rating - The report maintains a positive outlook on the AI industry chain and core computing hardware, with a focus on AI copper-clad boards, PCBs, semiconductor equipment, and domestic computing power benefiting from the AI sector [1][2][3]. Core Insights - The capital expenditure (CAPEX) of the four major North American cloud service providers (CSPs) continues to grow, with a positive outlook for future spending. The total CAPEX for Microsoft, Amazon, Google, and Meta reached $97.3 billion in Q3 2025, a year-on-year increase of 65% [1][13]. - The demand for AI computing power is expected to remain strong, driven by the increasing need for ASICs and GPUs. The global market for ASICs is projected to grow at a compound annual growth rate (CAGR) of 54% from 2025 to 2029 [1][41]. - The semiconductor equipment industry is poised for growth due to the expansion of storage capacity and the push for domestic control, with significant opportunities for domestic equipment manufacturers [2][3]. Summary by Sections Section 1: Continued Optimism for the AI Industry Chain - The high CAPEX of cloud providers is expected to be sustainable, with Microsoft, Amazon, Google, and Meta showing strong growth in capital expenditures [1][13]. - AI server demand is projected to increase significantly, with a 20% year-on-year growth expected in 2026, driven by CSP investments in AI infrastructure [1][34]. Section 2: Semiconductor Equipment Industry - The storage expansion cycle, combined with the need for domestic control, is expected to benefit the semiconductor equipment supply chain. The introduction of 3D DRAM technology and increased stacking layers in NAND will drive demand for advanced manufacturing equipment [2][3]. Section 3: Domestic Computing Power Opportunities - Domestic cloud providers have significant room for increased capital expenditure, with major players like Alibaba planning to invest $58 billion in AI hardware infrastructure over the next three years [2][3]. Section 4: AI Edge Applications and Hardware Innovations - Apple's AI strategy focuses on hardware integration and edge AI applications, with expectations for growth in AI/AR glasses and related technologies [3][3]. Investment Recommendations - The report suggests a favorable outlook for AI copper-clad boards, PCBs, core computing hardware, semiconductor equipment, and domestic computing power, anticipating continued growth in these sectors through 2026 [3].

格隆汇12月3日丨佰维存储(688525.SH)在投资者互动平台表示，公司ePOP系列产品目前已应用于阿里夸 克AI眼镜中。此外，公司ePOP系列产品目前已被Meta、Google、小米、小天才、Rokid、雷鸟创新等国 内外知名企业应用于其AI/AR眼镜、智能手表等智能穿戴设备上。 ...

上半年曾经火过一阵的AI眼镜，近期再次成为了高盛眼中的香饽饽。 12月1日，高盛发布研究报告并上调中国AI/AR眼镜市场预期。预计2026-2027年，中国AI/AR眼镜出货量将分别同比增长87%/121%；市场规模方面，2026 年预计同比增长132%至9.46亿美元，2027-2030年复合年增长率为24%，2030年将达30亿美元。 AI/AR眼镜为什么会有巨大的市场规模？高盛认为，其最大的看点，是支持第一视角（POV）拍摄、免手持通信及AI交互，为用户提供了与数字世界连接的 全新方式。 它们降低了第一人称视角（FPP）拍摄的门槛，无需手持设备即可操作，同时搭建了AI辅助与增强现实的直接交互界面，让现实世界更具互动性。 Part.1 产品功能与核心价值 1. 核心AI功能 当前AI/AR眼镜的核心功能包括实时字幕、即时翻译、视觉问答、AR导航及AI智能助手。免手持人机交互设计使其更适配日常生活场景，被视为潜在的智 能手机继任者。 2. 体验优势 第一视角体验：眼镜可同步用户视野，在眼前直接显示内容、耳边传递声音，支持即时分享所见场景，社交属性突出。 免手持便捷性：无需握持设备，自然融入视线，适配行走、骑 ...

Core Viewpoint - The company Bawei Storage has successfully integrated its ePOP series products into various smart wearable devices for renowned global companies, indicating strong market demand and partnerships in the AI/AR sector [1] Group 1 - Bawei Storage's ePOP series products are currently utilized by major companies such as Meta, Google, Xiaomi, Xiaotiancai, Rokid, and Thunderbird Innovation [1] - The applications of these products include AI/AR glasses and smartwatches, showcasing the versatility and relevance of Bawei Storage's technology in the wearable device market [1] - The company advises stakeholders to refer to publicly disclosed information for details regarding its business collaboration with Google [1]

佰维存储回复称，公司ePOP系列产品目前已被Meta、Google、小米、小天才、Rokid、雷鸟创新等国内 外知名企业应用于其AI/AR眼镜、智能手表等智能穿戴设备上。公司与Google的业务合作情况请以公司 公开披露的信息为准。 格隆汇12月1日｜有投资者在互动平台向佰维存储提问：贵司除了ePOP产品已广泛应用于Google的智能 穿戴设备中，是否在硬盘内存等设备跟Google有业务上的合作？ ...

Group 1 - The core viewpoint of the article highlights that Bawei Storage (688525.SH) is focusing on smart wearable storage products, particularly for AI/AR glasses and smartwatches [1] - According to the company's Q1 2025 report, revenue from AI glasses products is expected to grow by over 500% year-on-year [1]

格隆汇12月1日丨佰维存储(688525.SH)在投资者互动平台表示，公司ePOP系列产品目前已被Meta、 Google、小米、小天才、Rokid、雷鸟创新等国内外知名企业应用于其AI/AR眼镜、智能手表等智能穿 戴设备上。 ...

Core Insights - The article discusses the advancements in AR+AI glasses, highlighting the importance of lightweight optical waveguide technology as a key solution for the industry [1][2] - The industry is experiencing accelerated technological iterations, expanded market scale, and emerging ecological patterns, driven by breakthroughs in AI models and optical technologies [1] Group 1: Company Overview - Gu Dong Technology is positioned as a unique player in the industry, possessing comprehensive capabilities in array waveguide and holographic waveguide technology, along with full-chain coverage from optical materials to AI algorithms [2] - The company has successfully developed new optical materials for waveguide modules, breaking the long-standing monopoly of international giants like Covestro and Digilens [2] Group 2: Technological Advancements - The core hardware technology breakthroughs in AR+AI glasses are laying the foundation for industry growth, with ultra-thin waveguide lenses achieving mass production and thickness reduced to 0.7mm [2] - Gu Dong Technology has made significant advancements in addressing challenges such as outdoor brightness visibility, rainbow effect, and external light leakage, which are critical for the performance of AR+AI glasses [2][3] Group 3: Cost Control and Market Expansion - The company has achieved substantial cost reductions in optical waveguide production, with self-developed GDPA3 optical orientation dye costing only 1/10 of imported products, and production costs for single waveguides reduced by 60%-90% compared to imports [3] - Due to the explosive growth in the consumer market, Gu Dong Technology is expanding its production lines, with expectations to ship around 10,000 units of AR+AI glasses by the end of the year [3]