Orient Securities released a research report stating that from CES to Meta's planned production expansion, it is further confirmed that smart glasses are one of the important application scenarios for edge AI implementation. The firm continues to be optimistic about the smart glasses industry chain. Simultaneously, it remains positive on leading cross-border e-commerce enterprises driven by new product logic. The report also expresses optimism regarding AI applications as a globally significant industry narrative. B2B cross-border e-commerce companies are using AI to increase revenue and are expected to deploy AI tools on the buyer side, while B2C cross-border e-commerce companies are applying AI to enhance operational efficiency. The main viewpoints of Orient Securities are as follows:
Chinese AI smart glasses made a stunning appearance at CES, and Meta plans to expand smart glasses production capacity. 1) CES 2026 was held in Las Vegas, USA, from January 6th to 9th, gathering over 4,500 exhibitors, including approximately 1,000 Chinese companies. 2) Smart glasses became a hot trend at this year's CES, with Chinese brands accounting for over 90% of the core exhibition area (LVCC Central Hall). More than 50 companies, including TCL RayNeo, XREAL, INMO, Rokid, Xingji Meizu, and Alibaba, participated. 3) Three core highlights: ① TCL RayNeo launched the world's first binocular full-color AR glasses supporting eSIM functionality, integrating an eSIM communication module and 4G protocol support, achieving independent operation without a phone; ② Rokid released the new AI glasses model Rokid Style for the overseas market, weighing only 38.5 grams; ③ XGIMI launched the smart glasses brand MemoMind, with the monocular display model Memo Air Display weighing a mere 28.9 grams. 4) Meta and EssilorLuxottica plan to increase the production capacity of AI smart glasses to 20 million units or more by the end of the year; they are also discussing the potential to establish an annual capacity exceeding 30 million units if demand is sufficiently strong.
The development of smart glasses is expected to accelerate, with the glasses industry chain benefiting first. 1) The firm estimates that the global shipment volume of smart glasses (including audio, camera, and display functions) is expected to grow from 9.93 million units in 2025 to 86.9 million units in 2030, with the corresponding market size potentially increasing from RMB 19.7 billion to RMB 161.2 billion, representing a CAGR of 50%. 2) The firm believes: ① Smart glasses are standardized products, but consumers' myopia and astigmatism prescriptions are highly individualized. Smart glasses brands need to collaborate with eyewear companies for customization to reach end consumers; ② Weight is a critical factor influencing consumer decisions. Eyewear companies capable of producing ultra-thin lenses and mastering bonding technologies hold a crucial position in the industry chain; ③ Consumer education for smart glasses relies more heavily on offline channels, making eyewear retail stores with strong channel networks equally vital.
Leading overseas-focused companies like Anker Innovations, Ugreen Group, and Poweroak exhibited important product categories at CES. 1) Anker Innovations showcased flagship new products across multiple domains, including charging & energy storage, audio-video entertainment, and smart home; four of its products won CES Innovation Awards. 2) Ugreen Group launched three major series—storage, security, and charging—building a new intelligent ecosystem. Its NAS iDX6011 and iDX6011 Pro series feature high-performance hardware and incorporate powerful local AI capabilities, redefining the product form of consumer-grade AI NAS; it also systematically displayed the SynCare smart home security ecosystem for the first time. 3) Poweroak developed an "all-around consumer-grade solar storage" strategy, releasing multiple new products such as the Jackery Solar Gazebo, the Jackery Solar Mars Bot, and the portable solar generator Jackery Explorer 1500 Ultra.
Investment recommendations and targets: Investment advice: Smart glasses-related targets: Conant Optical, BOSE EYEWEAR, Mingyue Optical, Aishide, Tianyin Holdings, etc. Cross-border e-commerce-related targets: Anker Innovations, Ugreen Group. Risk warnings: Intensifying industry competition, slower-than-expected commercialization of AI applications, slower-than-expected penetration rate of smart glasses, etc.
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