Galaxy Securities: Continuous Innovation in Mainstream Consumer Goods, the Future of Wearable Products is Promising.

China Galaxy Securities released a research report stating that technological progress is driving market demand, and innovation in the consumer electronics industry chain is ongoing. From the iteration of AI glasses this year, communication independence and open ecology have become new highlights, while manufacturers continue to pursue lightweight and deep cultivation of professional scenarios. Overall, AI glasses are gradually evolving towards a direction that can replace smartphones and enhance the user experience, and domestically produced AI glasses have deeply influenced the entire industry. Wearable devices are also breaking through traditional boundaries and evolving towards a more seamless and multisensory integration. Event: The 2026 International Consumer Electronics Show (CES) was held in Las Vegas, USA from January 6-9, 2026, focusing on the combination of artificial intelligence and physical hardware. Wearable products continued to attract attention with the launch of new products. Key points from China Galaxy Securities: From novelty to practicality, AI glasses continue to evolve From the iteration of AI glasses this year, communication independence and open ecology have become new highlights, while manufacturers continue to pursue lightweight and deep cultivation of professional scenarios. In terms of specific styles, Raven Tech has released the first eSIM smart glasses, opening up a new breakthrough for AI glasses to become the next generation of smart terminals; Rokid has made breakthroughs in ecology, supporting multiple AI engines such as ChatGPT and DeepSeek, and establishing partnerships with applications such as Google Maps and Microsoft Translator, to some extent addressing the shortcomings of AI glasses in application ecology; in terms of lightweight, Rokid Style weighs 38.5g and JmGO Memo Air Display weighs about 28.9g, further enhancing the user experience; BleeqUp's Super Shadow Engine focuses more on deepening scenarios, aiming to optimize the recording and interaction experiences during exercise. Overall, AI glasses are gradually evolving towards a direction that can replace smartphones and enhance the user experience, with domestically produced AI glasses deeply influencing the industry's transformation. Continuous innovation in mainstream consumer products, hardware forms may be revolutionized At the conference, Honor changed the form of smartphones with the world's first Siasun Robot & Automation-shaped smartphone ROBOT PHONE, which integrates a hidden three-axis mechanical arm gimbal that can achieve a wide-angle physical compensation that traditional optical and electronic stabilization cannot achieve. Infinix's NOTE 60 series will become the first consumer-grade satellite phone, solving the signal problem faced by traditional smartphones in certain specific scenarios. Lenovo once again showcased two scrollable screen laptops this year, with the Legion Pro Rollable featuring a horizontally expandable screen driven by dual motors for gaming and esports scenarios; the ThinkPad Rollable XD screen can be stretched upward, with the unexpanded part extending to the A side, forming a second external screen. Overall, traditional consumer electronics manufacturers are mainly creating new demand and application scenarios through the revolutionary form of hardware, aiming to break the current trend of lengthening the replacement cycle for traditional consumer electronics. Various new forms emerging, bright future for wearable products In addition to the innovation in AI glasses and mainstream consumer products, relatively new wearable products such as camera headphones, rings, etc. are also emerging. FindYoo brought its first vibrating AI smart ring to the stage, which uses a miniature vibration motor in the finger to actively detect health and manage emotions. Gol's AI camera OWS headphones attended the conference, integrating a camera and proprietary algorithms for unobstructed dual-ear images, providing a direction for the evolution of headphones from auditory to audio-visual integration. Overall, wearable devices are also breaking through traditional boundaries and evolving towards a more seamless and multisensory fusion direction. Risk warning: Risks of technological iteration falling short of expectations; risks of international trade; risks of market penetration falling short of expectations.