6 证券研究报告 12 月 15 日 10 点国家统计局公布 11 月中国宏观经济数据。 评论： 11 月规模以上工业增加值同比实际增长 4.8%，较 10 月回落 0.1 个百分点，Wind 的市场预期为 5.0%。从累计同比增速看，1-11 月同比增长 6.0%，较 1-10 月回 落 0.1 个百分点。从规模以上工业企业产销率看，11 月为 96.5%，较 10 月回 升 0.1 个百分点；1-11 月为 96.1%，较 1-10 月回升 0.1 个百分点。从工业企 业出口交货值同比看，11 月为-0.1%，较 10 月大幅回升 2 个百分点；1-11 月 为 2.6%，较 1-10 月回落 0.1 个百分点。 点评报告 2025 年 12 月 16 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、宏观经济组： 事件： 从固定资产投资同比数据看，1-11 累计增速为-2.6%，创 2020 年 6 月以来的新 低，低于 Wind 预期-2.2%，较 1-10 月回落 0.9 个百分点。其中，制造业为 1.9%， 较 1-10 月回落 0.8 个百分点；基建投资（不含电力） ...

Core Insights - Google officially launched Project Aura, an XR hardware reference design, in collaboration with Chinese AR hardware company XREAL, marking a significant advancement in Android XR operating system architecture [1][3] - Project Aura integrates Gemini AI with spatial awareness capabilities, transitioning AI from a "screen-based intelligence" to a "physical world intelligence" [1][3] Group 1: Project Aura Overview - Project Aura is positioned as the closest realization of the ideal Android XR hardware, enabling Gemini AI to construct environmental semantic maps and understand user intentions in real-time [3][5] - The strategic goal of Android XR is to create an open and unified extended reality platform, embedding AI into the real world [3][5] Group 2: Technical Innovations - Project Aura features a 70° optical field of view (FOV), the largest practical limit for consumer AR, enhancing the natural integration of digital content with the physical environment [5][6] - The X1S spatial computing chip, developed by XREAL, is optimized for spatial AI, providing a high-efficiency inference link from sensor input to semantic output [6][8] - Gemini AI is deeply integrated into the Android XR operating system, functioning as an OS-level service rather than a standalone application, enabling continuous and context-aware interactions [6][8] Group 3: Manufacturing and Future Outlook - Project Aura's core technology relies heavily on Chinese manufacturing, with key components like the X-Prism optical module and X1S chip developed and produced in China [8] - The global supply chain for Project Aura is based in the Yangtze River Delta, facilitating rapid hardware iteration cycles [8] - Project Aura is set to be commercially available by 2026, potentially transforming the XR industry from "display devices" to "spatial intelligent terminals" [8]

Core Insights - Samsung Electronics, in collaboration with Google and Qualcomm, has launched the Galaxy XR headset, featuring the latest Android XR operating system and Gemini AI, aiming to challenge Apple's and Meta's dominance in the mixed reality (XR) and future smart glasses market [1][3] Product Overview - The Galaxy XR headset is priced at $1,799 and features external cameras for "perspective" vision, allowing users to see the real world while wearing the device. It includes internal eye-tracking cameras for navigation and supports gesture-based interaction with virtual interfaces [1][3] Strategic Positioning - Samsung and Google are betting on the Android XR operating system and Gemini AI as key differentiators for the Galaxy XR. The integration of Gemini AI is seen as a significant advantage, enabling users to query real-world objects and receive information directly through the headset [3][4] Market Context - Despite the competitive hardware design, the market for smart glasses is rapidly growing, contrasting with the declining shipment volumes of Meta's headsets, which fell by 11% to 710,000 units in Q2. In contrast, global augmented reality smart glasses shipments increased by 74% year-over-year [5] Future Vision - Samsung executives view the Galaxy XR as a foundational step towards future devices, with plans to develop wired and wireless smart glasses, ultimately leading to "AI glasses" equipped with built-in displays for navigation and notifications [5] Competitive Landscape - The alliance faces intense competition from Meta, which has launched the Quest 3 headset and popular Ray-Ban Meta smart glasses. Apple is also developing its own smart glasses, adding further challenges to Samsung, Google, and Qualcomm's future plans [6] Collaboration Challenges - The collaboration among Samsung, Google, and Qualcomm has been challenging, particularly in coordinating hardware and software development. However, a shared belief in the potential of XR and AI integration has driven the alliance to market [6]