Investment Rating - The report maintains an investment rating of "Outperform" with a target price set at 1599 CNY for the preferred stock [5][6]. Core Insights - The smart glasses industry is experiencing a significant evolution driven by optical display technology and AI integration, marking a transition into a robust growth phase since 2023 [1][17]. - The market for AI glasses, particularly those that integrate camera and voice interaction without optical display modules, is rapidly expanding, with Meta's Ray-Ban Meta leading the charge [2][38]. - The report identifies four main categories of smart glasses: AI shooting glasses, AR viewing glasses, AR full-domain glasses, and VR glasses, each with distinct technological and application characteristics [26][32]. Summary by Sections 1. Optical Technology Driving Product Iteration - The development of smart glasses can be categorized into four stages: 1) Early exploration (before 2012) focused on technology validation 2) Commercial trial (2012-2016) saw initial product launches like Google Glass 3) Product diversification (2017-2022) led to a variety of offerings 4) Robust growth phase (2023-present) characterized by significant technological advancements and market expansion [1.1][1.1.1][1.1.2][1.1.3][1.1.4]. 2. AI Glasses: A New Wave of Competition - AI glasses, particularly those that prioritize lightweight and low-cost designs by omitting optical display modules, are gaining traction. The Ray-Ban Meta has become a standout product, capturing a significant market share [2][38]. - The report notes that in 2024, Ray-Ban Meta is expected to account for 98.68% of global AI glasses sales, highlighting the competitive landscape dubbed the "Hundred Glasses War" [2][38]. 3. AR Glasses: The Ultimate Form of AI Glasses - AR glasses are categorized into AR viewing glasses and AR full-domain glasses, with the former focusing on portable viewing experiences and the latter on interactive applications like navigation and translation [3][30]. - The report emphasizes the ongoing technological iterations in AR glasses, particularly in display technologies such as Micro OLED and light guide systems, which are expected to enhance user experience [3.2][3.3]. 4. Traditional VR Glasses: Focus on Immersive Experience - Traditional VR glasses are designed for complete immersion, primarily targeting gaming and viewing experiences. The report notes that the market for VR glasses is relatively mature, with key players like Meta and PICO driving innovation [4][4.3]. 5. Industry Chain and Competitive Landscape - The upstream segment focuses on core components like chips and optical modules, with Micro OLED expected to become a primary solution for XR devices. The report forecasts that global Micro OLED shipments will reach approximately 399.57 million units by 2030 [10][10.1]. - The midstream market is dominated by companies like 雷鸟创新 and PICO, while the downstream segment is crucial for the practical deployment of smart glasses [10.2][10.3]. 6. Key Investment Targets - The report suggests monitoring key players in various segments, including manufacturing (立讯精密, 歌尔股份), optical technology (舜宇光学科技, 蓝特光学), and storage chips (佰维存储) [11][11.1].

2025年中国国际服务贸易交易会（以下简称"2025年服贸会"）文旅服务专题展于9月10日至14日在北京市首钢园举行。以"科技赋能 创意引领"为主题，此次 专题展吸引了超400家企业线下参展，其中，硬核科技革新文旅新体验成为该展的一大亮点。9月12日，北京商报记者专访PICO视频负责人熊俊杰，针对公 司在2025年服贸会上的展品创新，新订单签约或合作意向达成情况，LBE（基于位置的娱乐、沉浸式元宇宙实景娱乐项目，在国内也被称为"XR大空间"） 市场发展以及公司未来业务计划等问题进行沟通交流。 北京商报：今年是PICO第二年参展服贸会，与去年相比，展示上有什么新变化？ 熊俊杰：作为国内外领先的XR品牌，PICO非常荣幸第二次受邀参加服贸会。去年参展主要以硬件为主，推出了新品PICO 4 Ultra；今年则更聚焦XR大空 间，带来了从硬件方案、线下运营到内容发行的完整的XR大空间技术解决方案。今年的参展变化，其实也反映出国内XR领域硬件技术持续迭代、应用场景 不断拓展的新趋势。 北京商报：通过参展服贸会，企业是否有达成新的订单签约或合作意向？ 熊俊杰：今年展会亮相的《浪浪山小妖怪：妖你同行XR》《太空奥德赛》《遇 ...

Core Insights - The next revolutionary display device after smartphones is likely to be mixed reality (MR) headsets, with companies like Apple and Samsung showing interest in this direction [1] - Vivo has launched the Vivo Vision mixed reality headset exploration version, becoming the first domestic smartphone manufacturer to do so, but it will not be sold publicly due to various factors [1][2] Group 1: Product Development and Features - Vivo Vision exploration version has been in development for four years, featuring the OriginOS Vision system and a Micro-OLED screen, powered by Qualcomm's second-generation Snapdragon XR2+ platform [1] - The weight of the Vivo Vision exploration version is only 398 grams, significantly lighter than the industry average of 600-700 grams, and its dimensions are 26% smaller than the average [1] - Vivo's MR device aims to meet user demands for large screens and immersive experiences, with a development team that has grown to 500 people [2] Group 2: Market Position and Strategy - Vivo does not plan to sell the headset immediately, as the product's overall evaluation is below 60 points, with a target of reaching 80 points in 2-3 years [3] - The MR industry has seen early entrants like Microsoft and Apple, but their products have not achieved the revolutionary success of the iPhone [4] - The commercial viability of MR devices is hindered by high prices and heavy weight, with Apple's Vision Pro priced at $3,499 and weighing 600-650 grams [4] Group 3: Industry Challenges and Future Outlook - The price reduction of MR devices relies on lower costs of upstream components, but sales volume remains low, with PICO's MR product not achieving blockbuster status despite a lower price point [5] - The development of a rich content ecosystem is crucial for MR commercialization, and Vivo's strategy focuses on providing experiences to attract developers and build this ecosystem [5] - Current challenges in the MR industry include price, comfort, content availability, and application scenarios, which need to be addressed over the next few years [5]

Core Viewpoint - The next revolutionary display device after smartphones appears to be mixed reality (MR) headsets, with major smartphone manufacturers like Apple, Samsung, and vivo entering the market [1][2]. Company Developments - Vivo has become the first domestic smartphone manufacturer to launch an MR headset, the vivo Vision Exploration Edition, which features a Micro-OLED screen and is powered by Qualcomm's second-generation Snapdragon XR2+ platform [2][3]. - The vivo Vision Exploration Edition weighs only 398 grams, significantly lighter than the industry average of 600-700 grams, and its dimensions are 26% smaller than the average [2]. - Vivo's MR development team has grown to 500 members, indicating a strong commitment to this technology [2]. Market Challenges - Vivo does not plan to sell the MR headset immediately, opting instead to offer it for experience in select cities, citing the need for improved product quality before consumer sales [3][4]. - The current evaluation of the product is below 60 out of 100, with a target of reaching 80 within 2-3 years [3]. - The MR industry faces challenges such as heavy weight, high prices, and a lack of content ecosystem, which hinder the adoption of MR products [4][6]. Industry Insights - Previous MR products from Microsoft and Apple have not achieved significant market success, with Apple’s Vision Pro expected to sell fewer than 500,000 units globally in 2024 [4]. - The price of MR devices is expected to decrease as upstream costs for screens, chips, and optics decline, but achieving volume sales is crucial for further price reductions [5][6]. - The development of a rich content ecosystem is essential for the commercialization of MR technology, and companies like vivo are focusing on building this ecosystem before launching products for sale [6].

Group 1 - The core viewpoint is that the humanoid robot industry is rapidly developing, with the global market expected to reach $5.3 billion by 2025, indicating significant growth potential in both global and Chinese markets [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 10 billion, covering various segments including humanoid robots, industrial robots, and service robots, providing investors with a comprehensive investment opportunity in the robot industry chain [2] - PICO has launched the XRoboToolkit for XR robots, which supports multiple head-mounted devices and offers capabilities such as low-latency visual feedback and multi-modal tracking, facilitating seamless integration with real robots and simulation platforms [1] Group 2 - The market for humanoid robots is expected to expand due to breakthroughs in core technologies such as artificial intelligence and precision manufacturing, as well as the activation of diverse demand scenarios in industrial, service, and household sectors [2] - The trading volume for the Robot ETF reached 8.21 billion, indicating significant liquidity in the market, while its latest scale stands at 16.429 billion, far exceeding comparable funds [1][2]

Core Insights - The article discusses the development of XRoboToolkit, a cross-platform framework for robot teleoperation, addressing the increasing demand for large-scale, high-quality robot demonstration datasets due to the rapid advancement of visual-language-action models (VLAs) [3]. Existing Teleoperation Solutions Limitations - Current teleoperation frameworks have various shortcomings, including limited scalability, complex setup processes, and poor data quality [4][5]. XRoboToolkit's Core Design - The framework features a three-layer architecture for cross-platform integration, comprising XR end components, robot end components, and a service layer for real-time teleoperation and stereo vision [4][5]. Data Streaming and Transmission - XRoboToolkit employs an asynchronous callback-driven architecture for real-time data transmission from XR hardware to the client, with a focus on various tracking data formats [7][9]. Robot Control Module - The inverse kinematics (IK) solver is based on quadratic programming (QP) to generate smooth movements, particularly near kinematic singularities, enhancing stability [8][10]. XR Unity Application and Stereo Vision Feedback - The framework has been validated across multiple platforms, demonstrating an average latency of 82ms, significantly lower than the 121.5ms of Open-TeleVision, with a standard deviation of 6.32ms [11][13]. - Data quality was verified through the collection of 100 data points, achieving a 100% success rate in a 30-minute continuous operation [11][14]. Application Interface and Features - The application interface includes five panels for network status, tracking configuration, remote vision, data collection, and system diagnostics, supporting various devices [16]. - Stereo vision capabilities are optimized for depth perception, with the PICO 4 Ultra outperforming in visual quality metrics [16].

Core Insights - Qualcomm is accelerating the deployment of AI capabilities across various terminals, leveraging innovation and market opportunities to deepen industry collaboration and drive technological innovation [1] Group 1: Qualcomm's Commitment to China - 2025 marks an important milestone as Qualcomm celebrates 30 years in China, emphasizing its role as a leading player in global connectivity and computing [2] - Qualcomm provides essential chip solutions such as modems, processors, and RF front-end modules, facilitating innovation in smart terminals, automotive, and IoT sectors [2] - The company highlights the importance of open collaboration in the industry, positioning China as a significant source of global innovation [2] Group 2: AI Deployment and Product Showcase - Qualcomm is partnering with various Chinese ecosystem partners to deploy AI applications on a wide range of devices, including smartphones, automobiles, XR headsets, PCs, and industrial IoT terminals [2] - At the expo, Qualcomm showcased four XR terminal products from companies like Xiaomi and PICO, including the newly launched Xiaomi AI smart glasses and PICO 4 Ultra [2] Group 3: Global Market Adaptation - Qualcomm's support for Chinese clients enables rapid adaptation of products to global markets, with Chinese brands occupying eight of the top ten global smartphone positions [3] Group 4: Industry Collaboration and Innovation - The key to Qualcomm's success in China is "deepening collaboration," which has proven essential for industry upgrades [4] - Qualcomm has displayed a range of Snapdragon-enabled smart terminals at the expo, including flagship smartphones from Chinese brands, showcasing over 100 product designs supporting diverse AI applications [4] - The company has expanded its manufacturing capabilities in Wuxi to meet the growing demand in the 5G sector and established joint innovation centers in collaboration with local governments [4] Group 5: Automotive Sector Transformation - Qualcomm's Snapdragon digital chassis solutions are transforming vehicles from mechanical products to intelligent mobile terminals, supporting over 210 models from various Chinese automotive brands since 2023 [5] - The Li Auto MEGA, featuring the fourth-generation Snapdragon cockpit platform, was highlighted for its advanced graphics processing and local AI capabilities, enhancing user interaction within the vehicle [5]

Investment Rating - The report does not explicitly state an investment rating for the XR industry Core Insights - The XR industry is expected to enter a growth phase post-2025, following a period of adjustment from 2022 to 2024 [14] - The macro environment presents both opportunities and challenges, with technological innovation and regulatory frameworks being key factors [20][22] - The XR market is experiencing a significant divergence, with VR/MR device sales declining while AR devices show strong growth [54] Part 1: Industry Development Background and Macro Environment - The XR industry has undergone various phases, including a growth phase expected to start in 2025 [14] - The macroeconomic environment is complex, with factors such as economic recovery and technological integration influencing the industry [20][22] - Different countries are providing varying levels of support for XR technology, with the US leading in talent and technology support [25][30] Part 2: Market Size and Development Status - The global XR device shipment is projected to be 731 million units in 2024, a decrease of 10.3% year-on-year [52] - The XR market is showing a clear split: VR/MR devices are declining, while AR devices are expected to grow by 37% in 2024 [54] - In China, the XR market is also facing challenges, with a total sales volume of 53.6 million units in 2024, down 12.5% year-on-year [55] Part 3: Technology Development and Product Trends - Multiple technology routes are being explored in the XR market, with display technology being a critical focus [125] - Micro-OLED has emerged as the mainstream display technology for AR devices, with significant market share growth expected [137][140] - The XR market is characterized by a variety of product forms and functionalities, with a trend towards lightweight and user-friendly designs [141] Part 4: Operating Systems, Industry Applications, and Case Studies - Major XR operating systems are primarily based on Android, with companies like Meta and Apple leading the way in developing proprietary systems [152] - The XR ecosystem is evolving, with a focus on low-latency rendering and multi-modal interaction capabilities [152] - The report highlights the competitive landscape of XR operating systems, emphasizing the importance of ecosystem integration and developer engagement [159]

Group 1: Industry Overview - The global consumer electronics industry is experiencing a multi-dimensional recovery driven by the AI hardware revolution, with VR/MR headset shipments expected to reach 9.6 million units in 2024, a year-on-year increase of 8.8% [1] - The integration of AI large models with display technologies like waveguides and MicroLED is accelerating the evolution of smart glasses from entertainment tools to productivity tools, marking the beginning of a "battle of hundreds of glasses" [1] - The smartphone remains a crucial hardware product for AI technology implementation, with global smartphone shipments projected to reach 1.26 billion units in 2025, reflecting a 2.3% year-on-year growth [1] Group 2: AI and Metaverse Synergy - The collaborative evolution of AI and the metaverse has created a symbiotic relationship, where generative AI supports digital identity creation and virtual environment construction [2] - AI is expanding the boundaries of the metaverse, exemplified by AI agents like Luna, which autonomously operate multiple social media accounts and evolve through social interactions [2] - The metaverse provides a dynamic ecosystem for AI growth, offering a rich training sample library through user behavior data and interaction information [3] Group 3: Market Dynamics and Competition - Traditional smartphone manufacturers, internet giants, VR/AR companies, AI startups, and cross-industry players are competing in the "battle of hundreds of glasses" [4] - Major companies like Huawei, Xiaomi, and ByteDance are entering the AI glasses market, with Xiaomi targeting a production of 300,000 units by Q2 2025 [4] - The competition is expected to mature by 2025, with mainstream manufacturers completing product scenario validation and entering a phase of scaled production [4] Group 4: Company Spotlight - GoerTek - GoerTek is positioned as a key player in the AI and metaverse industry, providing essential technical and ecological support for the development and application of AI glasses and VR/AR technologies [5][8] - GoerTek holds a 70% market share in the high-end VR headset segment, serving as the exclusive manufacturer for top products like Meta Quest Pro and Sony PS VR2 [5] - The company is collaborating with major manufacturers like Xiaomi to develop AI glasses, with internal sales expectations set at 300,000 units [5] Group 5: Technological Advancements - GoerTek is building a strong technological moat through advancements in SiP packaging, acoustic technology, optical micro-displays, and smart sensing technologies [8][9] - The SiP module technology allows for the integration of high-performance processors and sensors in limited spaces, crucial for VR/AR devices [9] - GoerTek's acoustic technology enhances immersive experiences in the metaverse, while its optical micro-display innovations support lightweight and high-performance VR/AR devices [9][10] Group 6: Financial Performance - GoerTek reported a revenue of 100.95 billion yuan in 2024, a year-on-year increase of 2.41%, with a net profit of 2.665 billion yuan, reflecting a significant growth of 144.93% [11] - The company is expected to reach a critical point in its technology compounding curve, leveraging its technological reserves and ecological partnerships for future growth [11] - The ongoing advancements in AI and the metaverse are anticipated to provide GoerTek with new growth opportunities and potential valuation reassessment [11]