双十一正落下帷幕，却带火了AI眼镜。 然而，市场火热的背后，却依旧难掩行业的"不可能三角"难题：轻便穿戴体验、使用性能极高、电池续航能力极强，这三者很 难在同一副AI眼镜上兼得，如何做出取舍也成为悬在国内厂商头上的"达摩克利斯之剑"。 当"不可能三角"带来的交互不畅、续航焦虑、佩戴不适乃至量产延迟等挑战仍存，国内厂商如何在热销与退货的"冰与火之 歌"之中给出解法？AI眼镜能否成为下一个消费级入口？ 大小玩家涌进赛道 在京东发布的数据中，数码品类的用户规模同比增长超过 50%，其中AI拍摄及显示眼镜销量同比增长超10倍，成为数码品类里 增长最高的品类。 AI眼镜赛道挤满了各大玩家。 11月，百度发布了重量为39克的全新AI拍摄眼镜小度AI眼镜Pro，这是继阿里旗下夸克AI眼镜S1后，国内第二家正式开售AI眼镜 的互联网大厂。 作为今年最火热的赛道之一，AI眼镜挤满了阿里、百度等互联网大厂，华为、小米等手机厂商，还有雷鸟、Rokid等AR/VR企 业，以及闪极、莫界科技、李未可、影目科技等一众垂直创业公司。 IDC预计，到2029年，全球智能眼镜市场出货量将突破4000万台，其中中国市场份额将稳步提升，增速位居全 ...

Investment Rating - The industry rating is maintained as "Outperform" [11] Core Insights - The report highlights the accelerating investment in AI infrastructure by major tech companies, indicating a robust demand for computing power and a positive outlook for the AI ecosystem [1][17] - The end-side AI market is expected to see significant growth, with key players like Apple, Nvidia, and Meta leading innovations and product launches [2][20][24] Summary by Sections AI Cloud Side - The ongoing US-China talks are easing tensions, leading to increased investments from major tech firms, which is expected to drive demand in the computing supply chain [1][17] - Meta has raised its capital expenditure forecast to $70-72 billion, driven by urgent needs in AI computing [1][18] - Microsoft's capital expenditure reached $34.9 billion in Q1 2026, with plans to double its data center capacity in the next two years [1][19] - Alphabet has adjusted its capital expenditure guidance for 2025 to $91-93 billion, focusing on expanding AI and cloud computing infrastructure [1][19] AI End Side - Apple reported record earnings, with iPhone revenue expected to grow by double digits in Q1 2026, and is increasing its AI R&D investments [2][20] - Nvidia's GTC Washington summit showcased the Vera Rubin superchip, with GPU shipment targets raised to 20 million by 2026 [2][24] - Meta's smart glasses have seen strong sales, with Reality Labs exceeding expectations, prompting increased production [2][26] - Industrial Fulian's net profit surged by 62% YoY in Q3, validating the profitability of its AI server business [2][29] - Luxshare Precision is leading innovations in AR technology and showcasing advanced optical interconnect solutions [2][32] - Google officially launched the seventh-generation TPU "Ironwood," expected to be available soon [2][41] - Rokid has introduced the new BOLON AI smart glasses, marking a significant collaboration in the smart wearable sector [2][8]

Investment Rating - The industry investment rating is "Outperform the Market" [40] Core Insights - Alibaba has launched the "Qianwen" app, entering the C-end AI assistant market, aiming to create a comprehensive AI agent platform and expand globally, enhancing the integration of technology and commercialization [11][12] - The autonomous driving sector is accelerating, with "LuoBo Kuaipao" leading the global Robotaxi commercialization process, achieving over 250,000 fully autonomous orders weekly and expanding its services to 22 cities worldwide [13][14] - Rokid has partnered with BOLON to introduce AI smart glasses, which feature advanced functionalities such as AI object recognition and voice navigation, marking a significant step in wearable technology [17][19] - The release of GPT-5.1 signifies a new era in AI, enhancing ChatGPT's intelligence and conversational experience, with features like adaptive reasoning and personalized dialogue styles [20][21][23] Summary by Sections 1. Alibaba's Qianwen App Launch - Alibaba is developing the "Qianwen" app based on the Qwen model, directly competing with ChatGPT, and plans to enhance its AI capabilities over the coming months [11][12] - The international version of the app is also in development, targeting overseas users [11][12] 2. Autonomous Driving and Robotaxi - "LuoBo Kuaipao" has become the world's largest fully autonomous ride-hailing platform, with significant growth in service volume and geographical expansion [13][14] - The company has established partnerships in cities like Dubai and Abu Dhabi, facilitating its global expansion [14][15] 3. AI Smart Glasses by Rokid and BOLON - The new BOLON AI smart glasses are designed for comfort and functionality, featuring a 12-megapixel camera and various AI capabilities [17][19] - Rokid aims to innovate further in the AI glasses market, focusing on lightweight designs and enhanced user experience [18][19] 4. GPT-5.1 Model Release - OpenAI's GPT-5.1 introduces significant improvements in conversational AI, focusing on user experience and adaptability [20][21][23] - The model includes features for personalized dialogue and enhanced emotional intelligence, marking a shift towards more human-like interactions [21][23]

继今年2月祝铭明的"眼镜提词器"视频火爆全网，到9月首发Rokid Glasses五天销量突破4万台的惊人战 绩后，Rokid再次凭借"双十一"漂亮的成绩单坐稳了"智能眼镜"赛道前三的位置。 这家成立11年，前后融资13轮，总融资金额超35亿人民币（股东包括吴咏铭、线性资本、IDG资本、元 璟资本、淡马锡、瑞士信贷、海通证券以及杭州、无锡、江西、合肥等地的国资平台。）的公司成了 2025年"智能眼镜"赛道异军突起的最大黑马。 "十一年前我们就坚定地认为未来的AI时代应该有一个全新的终端，不会是手机，不会是电脑，不会是 Pad，也不会是VR，它只有可能是一个产品，就是智能眼镜。"祝铭明在发布会上回忆Rokid的起点。 从个人计算机刚刚问世时的命令行交互，再到上世纪八十年代苹果引领的GUI交互。每一代技术革命都 伴随着交互方式和终端硬件的巨大革新。而祝铭明坚定地认为AI时代的信息不应由程序员替用户分类 打包在不同的app里，而应是AI根据巨大的算力、根据最新的技术将知识进行重新理解、组织、打包， 再展现给用户，让用户随时随地，所想即所得。 "我们要定义的是Native AI的产品，所以我们定义它一定要有显示，一定 ...

Core Insights - Rokid and BOLON have launched the new BOLON AI smart glasses, achieving sales of 40,000 units within the first five days across all channels, topping sales charts on platforms like Tmall, JD, and Douyin [1] - Blue Glass Technology, as the exclusive supplier for Rokid, provides comprehensive production services from precision components to complete assembly, leveraging its expertise in lightweight composite materials [1][2] - The Rokid glasses weigh only 49 grams, overcoming traditional AR glasses' challenges of being heavy, having short battery life, and unclear displays, thanks to Blue Glass Technology's advancements in precision manufacturing [1] Company and Industry Summary - Rokid is focused on human-computer interaction technology and aims to develop AR glasses and related software and hardware products, utilizing the YodaOS operating system for ecosystem development [1] - Blue Glass Technology has established vertical integration capabilities covering "materials—process—manufacturing," enabling efficient and stable production while promoting significant breakthroughs in domestic supply chains [1][2] - The integration capabilities of Blue Glass Technology translate into competitive advantages for products, facilitating the transition of AI hardware from "lab samples" to "mass production," with a target of 1 million units for Rokid in the coming year [2] - The demand for AI edge hardware is expected to continue growing, with Blue Glass Technology positioned as a crucial player in the AI hardware industry chain due to its technological accumulation and production capabilities [2]

Core Insights - Smart glasses are evolving from tools to fashion symbols, redefining the boundaries of human-computer interaction [1] Product Overview - The newly launched BOLON AI smart glasses are designed without a display, focusing on "fashionable design" and "hardcore functionality," with a price of 2,199 yuan [2] - The glasses come in two styles: sunglasses and optical glasses, featuring a lightweight design at only 38.5g and equipped with a Qualcomm AR1 processor, a 12MP Sony camera, and dual-directional speakers [2][3] - BOLON has partnered with All Vision to offer dynamic photochromic lenses that change color in 25 seconds and block over 99% of UVA and UVB rays [2] Strategic Collaboration - The collaboration between BOLON and Rokid is significant for both companies; BOLON aims to reach the 3C and digital consumer market while leveraging its traditional optical advantages in the smart glasses sector [3] - Rokid benefits from BOLON's fashion design and optical technology, enhancing the stylish aspect of its products and reducing the "hardcore" feel of tech products [3] Market Trends and Sales Performance - Rokid's new product line, "Wind, Forest, Fire, Mountain," inspired by traditional craftsmanship, is priced between 4,599 and 5,858 yuan, with a strong initial sales performance of 40,000 units sold within an hour of launch [4] - Daily user engagement for Rokid smart glasses averages nearly 8 hours, with over 15 million total usage instances, indicating a growing acceptance among a broader user base [4] - The demographic of Rokid's users has shifted significantly, with the proportion of tech professionals dropping from nearly 50% to 16%, while other sectors like education and agriculture have seen increased representation [4] Future Projections - Rokid's sales target for AI glasses is set at 1 million units for the next year, with expectations to reach 2-3 million units in the following year and over 10 million units in three years [5] - The company plans to collaborate with more international brands for co-branded products, marking the beginning of its global expansion [5] - The CEO of Rokid likens the potential of AI glasses to the transformative impact of the Macintosh and iPhone, suggesting that AI glasses will define the next computing era [6]

北京商报讯（记者 陶凤 王天逸）11月13日，Rokid乐奇与BOLON眼镜举行"戴上新时尚"新品联合发布 会，会上发布了Rokid乐奇眼镜国潮系列和BOLON AI 智能眼镜，展现了智能穿戴设备在功能创新、时 尚融合与生态布局上的全新可能。 产品层面，Rokid乐奇眼镜国潮系列"风林火山"四个版本中三款售价已公布，林、火、山系列定价分别 为5688元、5858元和4599元；发布会的新品BOLON AI 智能眼镜搭载高通AR1处理器，可接入当下多款 主流ai大模型，同时装配了索尼1200万像素摄像头及双定向扬声器，首发包含太阳镜和光学镜两款产 品，可选极客灰和耀石黑两款颜色，售价2199元。 ...

Core Viewpoint - The article highlights the launch of Rokid's new series of smart glasses, emphasizing the integration of traditional culture with modern technology, positioning smart glasses as fashionable wearable art pieces [2][7][19]. Product Launch - Rokid introduced the "Wind, Forest, Fire, Mountain" series of smart glasses, each inspired by traditional craftsmanship, showcasing cultural symbols [3]. - The "Wind" series features Hangzhou embroidery, priced at 5688; the "Forest" series uses wood carving, priced at 5688; the "Fire" series employs dripping glaze, priced at 5858; and the "Mountain" series utilizes leather carving, priced at 4599 [5]. - A limited edition "Casting Waves into Mountains" model was also unveiled, priced at 9688, combining 24K gold foil with natural lacquer [7]. BOLON AI Smart Glasses - BOLON AI smart glasses were launched as a new benchmark in the smart wearable sector, focusing on stylish design and robust functionality [8]. - Weighing only 38.5g, the glasses are designed for Asian facial structures and feature advanced technology, including a Qualcomm AR1 processor and a 12MP camera [10]. - The glasses support various functions such as photography, navigation, translation, and payment, catering to multiple daily scenarios [10]. User Engagement and Ecosystem - Rokid emphasizes user needs, having completed over 200 product updates since launch, with an average daily usage time of nearly 8 hours and over 15 million total uses [13][14]. - The company introduced "Rokid Care," an AR glasses screen insurance plan, to enhance user confidence [15]. - Collaborations with various platforms like Amap, Alipay, and QQ Music were highlighted, showcasing a strong ecosystem [15]. Market Potential and Applications - Rokid's smart glasses have significant potential in B2B applications, enhancing experiences in transportation, real estate, automotive control, and healthcare [16][17][18]. - The partnership between Rokid and BOLON signifies a strong collaboration between leading AR technology and optical industries, aiming to create a "third space" centered around smart glasses [18]. Future Outlook - The article suggests that smart glasses are evolving into a new fashion statement, representing a shift in how users interact with technology and express individuality [19].

Core Viewpoint - Rokid and BOLON jointly launched new smart glasses, integrating traditional craftsmanship with modern technology, targeting both consumer and business markets [1] Group 1: Product Launch - Rokid introduced a national trend series of smart glasses themed "Wind, Forest, Fire, Mountain," priced between 4599 yuan and 9688 yuan, incorporating traditional crafts like Hangzhou embroidery and wood carving [1] - BOLON launched AI smart glasses featuring Qualcomm AR1 processor and a 12-megapixel Sony camera, priced at 2199 yuan, emphasizing stylish design and advanced functionalities such as AI object recognition, navigation, and translation [1] Group 2: Ecosystem and Partnerships - Rokid is expanding its ecosystem by collaborating with platforms like Amap, Alipay, QQ Music, JD Technology, and Flight Manager, covering various life scenarios including navigation, payment, music, shopping, and travel [1] Group 3: Business Applications - Rokid's smart glasses have been applied in sectors such as transportation, real estate, vehicle control, and healthcare, enhancing industry efficiency [1] - To boost user confidence, Rokid introduced the "Rokid Care" service, offering screen breakage and water damage coverage starting at an annual fee of 199 yuan [1]