Investment Rating - The report maintains a positive outlook on the smart glasses industry, indicating a robust growth trajectory and recommending attention to key players such as 康耐特光学, 明月镜片, 博士眼镜, and 英派斯 [5][31]. Core Insights - The smart glasses market is experiencing rapid growth, driven by the introduction of AI and AR glasses, with significant potential for long-term expansion [2][6]. - The industry is at a pivotal point where traditional eyewear is evolving, and midstream lens manufacturing and downstream eyewear channels remain crucial [3][7]. - The report highlights the increasing integration of advanced functionalities in smart glasses, which enhances user interaction and expands application scenarios [18][19]. Summary by Sections 1. Smart Glasses: AI and AR Glasses Flourishing - AI glasses, exemplified by Meta's RayBan Meta, have ignited market interest, with significant sales growth expected [24][29]. - AR glasses are evolving with continuous optical solution iterations, broadening their application scope [6][18]. - The market is witnessing a surge in domestic players, with companies like 雷鸟创新, Xreal, and Rokid rapidly developing their product lines [4][6]. 2. Transformation of Traditional Eyewear - The midstream lens manufacturing sector is seeing steady global demand growth, with a shift towards higher-value, functional products [4][7]. - Downstream channels, particularly offline retail, play a vital role in capturing consumer trends and facilitating product development [9][7]. - The report emphasizes the importance of collaboration between smart glasses manufacturers and established eyewear retailers to enhance market penetration [9][7]. 3. Key Companies to Watch - 康耐特光学 is positioned as a leading lens manufacturer, focusing on domestic market growth and XR business opportunities [5][31]. - 明月镜片 is enhancing its product structure and actively engaging in high-growth segments like AI glasses [5][31]. - 博士眼镜 is expanding its retail presence and integrating smart glasses into its service offerings [5][31]. - 英派斯 is diversifying into the AI glasses sector while maintaining steady growth in its core fitness equipment business [5][31].