近日，上海财经大学特聘教授胡延平在接受《每日经济新闻》记者（以下简称每经记者）采访时表示， 2025年AI大模型格局从OpenAI 一骑绝尘转向群雄并起的多极化态势，AI应用从软件延伸至智能硬件全 面开花，不再局限于Chatbot（聊天机器人）单点形态。 他认为，经过2025年"百镜大战"淬炼的AI眼镜产品力显著提升，将成为2026年最具成长性的硬件产品， 且2026年大概率成为AI手机元年，但整体进展不会如预期迅猛。 2025年，DeepSeek（深度求索）横空出世，降低了AI（人工智能）技术的应用成本和门槛，细分垂直 领域应用端大爆发，行业竞争逻辑也从单一模型比拼转向全栈生态较量。 与此同时，"百模大战"悄然落幕，"百镜大战"如火如荼。国内外科技公司纷纷布局AI硬件，使其成为市 场焦点。 2026年AI领域核心增长点在哪？ 胡延平直言，谷歌发布Gemini 3系列产品后，市场看到OpenAI不仅模型水准不再有明显优势，而且未来 可能难以抗衡谷歌的全栈全生态优势。 反映在资本端，与OpenAI深度绑定的上市公司，包括甲骨文、软银、微软、英伟达和CoreWeave股价从 10月底开始集体下跌。 谈及2026年 ...

12月25日上午，A股三大指数走势分化，上证指数盘中上涨0.07%，国防军工、非银金融、房地产等板 块涨幅靠前，有色金属、综合跌幅居前。消费电子个股分化，截至9:53，消费电子ETF（159732.SZ）下 跌0.54%，其成分股信维通信上涨7.96%，长盈精密上涨2.94%，东山精密上涨2.26%，圣邦股份上涨 1.95%。然而，晶合集成、精测电子等表现不佳，其涨跌幅分别是-3.24%、-2.64%。 消息方面，苹果计划于2026年发布、2027 年正式发售首款智能眼镜Apple Glass，产品定位为智能穿戴 配件而非独立设备。其核心配置包括搭载Apple Watch 同款的SiP 芯片。以苹果目前最新的SiP芯片S10 为例，S10搭载双核CPU与4核NPU，性能达旧款iPhone 芯片水准且低功耗，有望实现全天续航。 华鑫证券表示，当前AR/AI 眼镜行业正迎来产业爆发起点，大厂纷纷入局角逐，相关新品有望成为继耳 机、手表后甚至替代手机的下一代智能终端。 消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上市公 司，行业主要分布于电子制造、半导体、光学光电子 ...

截至2025年12月25日 09:34，中证消费电子主题指数(931494)上涨0.15%，成分股圣邦股份(300661)上涨 4.23%，北京君正(300223)上涨3.86%，工业富联(601138)上涨2.96%，东山精密(002384)上涨2.38%，信 维通信(300136)上涨2.37%。消费电子ETF(561600)上涨0.16%， 冲击5连涨。最新价报1.22元。 消息面上，苹果计划于2026年发布首款智能眼镜Apple Glass，定位为智能穿戴配件，将搭载Apple Watch同款SiP芯片，主打极致轻量化与低功耗设计，支持电话、Siri语音指令、拍照及音乐播放等功 能，并可能集成健康监测功能，需连接iPhone以实现AI能力。与此同时，XREAL于12月18日发布搭载 全球首颗专为空间显示定制的X1空间计算芯片的AR眼镜XREAL 1S，具备系统级实时2D转3D功能和 500英寸随身巨幕体验，定价3299元并已开启发售。随着大厂加速布局，AI眼镜正成为继耳机、手表之 后的下一代智能终端增长极。 诚通证券指出，AI正从云端向终端加速渗透，推动智能手机高端化趋势持续深化，GenAI已成为高端 ...

3 2025 年 12 月 24 日 Apple Glass 于 2026 年发布，XREAL 1S 将搭载 X1 空间计算芯片 推荐(维持) 投资要点 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 消费电子(申万) -0.4 -5.6 35.5 沪深 300 -0.4 1.5 15.8 市场表现 -40 -20 0 20 40 60 80 (%) 消费电子 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《消费电子行业周报：豆包发布 手机助手预览版，华为"智能憨 憨"销售火爆》2025-12-10 2、《消费电子行业动态研究报告： iPhone17 系列销量超预期，果链有 望迎来景气周期》2025-10-23 3、《消费电子行业动态研究报告： 2025 年苹果秋季新品发布会跟踪， 看好果链中长线投资机会》2025- 09-12 ▌Apple Glass 有望搭载 Apple Watch SiP 芯片，产 品主打极致轻量化与低功耗 苹果计划于 2026 年发布、2027 年正式发售首款智能眼镜 Apple Glass，产品定 ...

Group 1: Oracle's Performance and Market Reaction - Oracle's stock experienced a pre-market decline of over 10%, with a peak drop of 12% following the release of its Q2 FY2026 earnings report, which showed revenue of $16.06 billion, a 14% year-over-year increase, but below market expectations of $16.21 billion [1][2][3] - The company's cloud business revenue was reported at $7.98 billion, also falling short of the anticipated $8.04 billion, while its free cash flow was negative at $10 billion, raising concerns about its short-term financial health [2][3] - Despite the disappointing results, Jefferies maintained a "buy" rating on Oracle, citing a slightly better-than-expected order backlog of $523 billion, although concerns about AI-related debt financing remain unresolved [3] Group 2: AI Glasses Market Developments - Apple is expected to launch its first lightweight AI glasses, Apple Glass, in 2026, likely during the WWDC, with mass production starting in 2027; these glasses will not have independent computing capabilities and will rely on multiple cameras for photo and video capture [4][5] - The global smart glasses market is projected to see a shipment of 12.8 million units by 2025, representing a 26% year-over-year growth, with China's market expected to reach 2.75 million units, a 107% increase [5] - Various companies, including Alibaba and Li Auto, are entering the AI glasses market, indicating a growing competitive landscape [4][5] Group 3: Positive Outlook for AI Glasses Stocks - A total of 16 AI glasses stocks have seen net purchases exceeding 200 million yuan since Q4 2025, with Jiangbolong leading at 1.162 billion yuan [6][10] - Analysts predict significant profit growth for several companies in the AI glasses sector, with TCL Technology, Haopeng Technology, and Sitwei expected to see net profit growth rates of 259.7%, 176.02%, and 153.63% respectively in 2025 [9][10] - Jiangbolong is recognized as a leading independent storage manufacturer, actively advancing its domestic and international storage industry layout, which is expected to provide substantial growth opportunities [7][10]

消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上 市公司，行业主要分布于电子制造、光学光电子等市场关注度较高的主流板块。其场外联接基金为，A 类：018300；C类：018301。 每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 10月21日早盘，A股三大指数集体上涨，上证指数盘中上涨0.62%，能源设备、贵金属、重型机械 等板块涨幅靠前，煤炭、林木跌幅居前。消费电子大幅走强，截至9点58分，消费电子ETF（159732） 上涨2.16%，其成分股环旭电子上涨8.32%，视源股份上涨7.11%，佰维存储上涨6.27%，蓝思科技上涨 5.52%，信维通信上涨5.13%。 Meta于25年9月推出单目全彩显示AR眼镜Meta Celeste，苹果预计2026年推出AI眼镜Apple Glass， 小米、百度、华为等国产厂商也 ...

Core Insights - The article discusses the significant shift of artificial intelligence (AI) from cloud-based solutions to edge computing, driven by the explosion of computing power and increasing privacy concerns. This transition is termed the "downward revolution" in AI, which is expected to create new opportunities in the industry [1][2]. Industry Developments - The Ministry of Commerce and eight other departments in China have issued guidelines to accelerate innovation in AI terminal products, emphasizing the need for collaboration between supply and demand [1][2]. - Major tech companies, including Meta, OpenAI, NVIDIA, Lenovo, and JD.com, are making significant advancements in edge AI, indicating a competitive landscape that is heating up [1][3]. - According to Tianfeng Securities, the combination of policy support and industry leadership is expected to lead to a major cycle of innovation in edge AI products, with 2026 projected to be a pivotal year [1][3]. Market Potential - The demand for edge AI is driven by user needs for real-time processing, data privacy, and personalized experiences. Edge AI reduces reliance on cloud computing resources, thereby enhancing user experience and privacy protection [2][6]. - The Chinese edge AI market is projected to grow from less than 200 billion yuan in 2023 to over 1.9 trillion yuan by 2028, with a compound annual growth rate (CAGR) of 58% [6][7]. Competitive Landscape - Companies are intensifying their efforts in edge AI, with OpenAI planning to launch several AI hardware products in the coming year, including smart speakers and smart glasses [3][6]. - Lenovo is also making strides in edge AI, with its upcoming Moto X70 Air smartphone expected to feature advanced AI capabilities, positioning it as a strong competitor to Apple's products [3][4]. Technological Innovations - The trend towards smaller AI models for edge devices is gaining traction, with companies focusing on practical performance and power efficiency rather than just increasing model parameters [7][8]. - Lenovo has introduced technologies such as model compression and inference acceleration engines to enhance the performance of AI PCs, achieving capabilities comparable to cloud-based models [9][11]. Future Outlook - The integration of edge and cloud AI is seen as crucial for enhancing overall AI performance, with companies like Lenovo developing platforms that facilitate seamless collaboration between devices [11][12]. - The maturation of model miniaturization technology and continuous upgrades in hardware components are expected to lead to a significant explosion in AI terminal products, benefiting domestic manufacturers [14].

Investment Rating - The report maintains a strong positive outlook on the AI application-driven demand for computing power, indicating a sustained high growth trajectory [2]. Core Insights - The report emphasizes that the domestic computing power capacity bottleneck has been broken, with expectations for a significant increase in domestic chip production by 2026. The acceleration of commercialization by overseas AI giants like OpenAI is also highlighted, maintaining high demand for computing hardware [2][3]. - The ongoing US-China tensions are not expected to alter the development trends in the AI industry, with domestic computing power making significant strides in capacity and key components [3]. Summary by Sections Domestic Computing Power Industry - The report notes a persistent tight balance in domestic computing power, with critical bottlenecks in advanced process capacity, advanced packaging, large model adaptation, and HBM supply gradually being overcome. Positive news from the industry is expected to catalyze market interest, particularly in the latter half of this year and into next year [3]. - Major Chinese internet companies like ByteDance and Alibaba are experiencing genuine demand for computing power to support their operations, particularly in recommendation and search algorithms, alongside the new demand generated by generative AI applications [3]. Investment Recommendations - Key companies in the domestic computing power hardware supply chain are recommended for attention, including Cambrian (688256), SMIC (0981.HK), and Huahong Semiconductor (1347.HK) [4]. - The report suggests focusing on leading companies in the optical module sector, such as Zhongji Xuchuang (300308) and NewEase (300502), due to the increasing demand for optical modules driven by the needs of companies like Google, Meta, and AWS [5]. AI Edge Hardware Opportunities - The report highlights the launch of AI smart glasses by Meta and the anticipated entry of OpenAI into AI hardware, with Apple also shifting focus towards smart glasses development [6][7]. - Companies involved in edge AI hardware, such as Zhaoyi Innovation (603986) and BYD Electronics (002475), are noted for their potential in the evolving market [7].

Core Insights - Apple is shifting its focus from the Apple Vision Pro to the smart glasses market, planning to release its first product, Apple Glass, in 2026 and officially launch it in 2027 [2][26] - Xiaomi's AI glasses have seen strong initial sales, with over 80,000 units sold within the first 15 days, positioning them as a significant player in the AI glasses market [8][10] - The global smart glasses market is projected to ship 12.05 million units in 2025, with a year-on-year growth of 18.3% [10] Group 1: Apple’s Strategy - Apple is reportedly pausing the development of a lightweight headset to concentrate on smart glasses, reallocating resources from the Apple Vision Pro project [2][3] - The Vision Pro, priced at $3,500, has received mixed reviews and is not seen as a mass-market product, leading Apple to consider targeting enterprise customers instead [13][18] - Apple’s current capabilities in AI and voice interaction are perceived as insufficient for entering the AI glasses market effectively [18][29] Group 2: Xiaomi’s Market Position - Xiaomi's AI glasses were launched at a major event and are considered a key entry point into the future AI ecosystem [5][4] - The initial sales surge for Xiaomi's AI glasses has since declined significantly, indicating potential challenges in sustaining momentum [16][17] - Xiaomi's ecosystem strategy focuses on hardware supply chain integration, which has contributed to its competitive edge in the AI glasses market [28] Group 3: Market Dynamics - The smart glasses market is experiencing rapid growth, but challenges such as cost, battery life, and ecosystem development remain significant hurdles [17][28] - Meta's smart glasses have outsold Apple's Vision Pro by a significant margin, highlighting the competitive landscape [13][14] - Analysts suggest that the lack of a robust application ecosystem is a critical barrier to the widespread adoption of AR glasses [27][28]

Core Insights - Apple is shifting its strategy towards wearable devices, focusing on the development of smart glasses, with plans to release the first model, "Apple Glass," by the end of 2026 [1][2] - The smart glasses will compete directly with Meta's Ray-Ban smart glasses, which have already gained traction in the market since their launch in 2023 [2] Product Development - Apple is developing a dedicated low-power chip for the smart glasses, optimized based on the Apple Watch technology architecture, to support independent AI tasks [2] - The second-generation product is expected to launch after 2028, featuring a single-sided AR display and capabilities for spatial video recording and holographic information overlay [2] Market Context - Meta's Ray-Ban smart glasses have quickly captured the fashion-tech market with features like a 12MP camera, five-microphone array, directional audio, and real-time translation since their introduction [2] - The second-generation Ray-Ban glasses have improved battery life to six hours and introduced a sports version, starting at a price of $299 [2] Strategic Shift - This strategic adjustment is seen as a key decision during CEO Tim Cook's tenure, especially after the Vision Pro headset faced challenges due to its high price and bulky design [2] - Cook has emphasized in high-level meetings that smart glasses are central to Apple's ecosystem for the next decade [2]