轻工制造行业：2025年智能眼镜进入新品密集发布期

Investment Rating - The industry investment rating is "Overweight (First Time)" [3] Core Insights - The smart glasses market is entering a period of intensive new product launches in 2025, with significant growth expected in global sales [5] - The China Academy of Information and Communications Technology has initiated a special testing program for AI glasses, aiming to establish a standard system for the industry [5] - The report highlights the potential for domestic manufacturers to accelerate their entry into the AI glasses market as model capabilities improve and costs decrease [5] Summary by Sections Industry Performance - Over the past 12 months, the light manufacturing industry has shown a relative return of -5.23% compared to the CSI 300 index, while absolute returns were 9.96% [4] Market Developments - The report notes that RayBan-Meta has sold over 2 million units since its launch in September 2023, with production expected to reach 10 million units by 2026 [5] - The global AI glasses market is projected to see sales of 5.5 million units in 2025, a year-on-year increase of 135% [5] Investment Recommendations - The report suggests focusing on companies such as: 1. Doctor Glasses, which has over 100 flagship stores for showcasing AI glasses [5] 2. Mingyue Lenses, which has established deep partnerships with major tech companies like Xiaomi [5] 3. Inpax, which is developing smart sports equipment for cycling and fitness [5] 4. Konnate Optical, which has partnered with Goer to engage in multiple R&D projects with leading global tech firms [5]