Orientation: Clear AI landing scenarios on the terminal side, intelligent glasses and AI empowerment become twin main lines of cross-border e-commerce.

Orient released a research report stating that from CES to Meta's plan to expand production, it once again confirmed that smart glasses are one of the important scenarios for AI landing on the end side, and continue to be optimistic about the glasses industry chain; at the same time, it continues to be optimistic about the top cross-border e-commerce enterprises with new product-driven logic. It also views AI applications as a globally important industrial narrative, and B2B cross-border e-commerce companies are expected to use AI to increase revenue and may layout AI buyer-side tools, while B2C cross-border e-commerce companies are expected to use AI to empower business efficiency. Orient's main points are as follows: Chinese AI smart glasses made a stunning appearance at CES, and Meta plans to expand the production capacity of smart glasses. 1) From January 6th to 9th, CES 2026 was held in Las Vegas, USA, bringing together over 4500 exhibitors, with about 1000 of them being Chinese companies. 2) Smart glasses became a popular direction at this year's CES, with Chinese brands accounting for over 90% of the core exhibition area (LVCC Central Hall), with over 50 companies such as Thunderbird, XREAL, INMO, Rokid, Star Meizu, and Alibaba participating. 3) Three major highlights: Thunderbird innovatively released the world's first binocular full-color AR glasses with eSIM function, integrating eSIM communication module and 4G protocol support, achieving independent operation capability without the need for a phone; Rokid released a new AI glasses product Rokid Style for overseas markets, weighing only 38.5 grams; Xgimi Technology released the smart glasses brand MemoMind, with the weight of the single-eyed display Memo Air Display being only 28.9 grams. 4) Meta and Luxottica are planning to increase the production capacity of AI smart glasses to over 20 million pairs by the end of the year, and are discussing the ability to further establish a capacity of over 30 million pairs per year if demand is strong enough. Optimistic about the acceleration of smart glasses development, the glasses industry chain will benefit first. 1) The bank estimates that the overall shipment volume of global smart glasses (including audio+photography+display) is expected to increase from 9.93 million pairs in 2025 to 86.9 million pairs in 2030, corresponding to the market size is expected to increase from 19.7 billion yuan to 161.2 billion yuan, with a CAGR of 50%. 2) The bank believes that: Smart glasses are standardized products, and consumers' degrees of myopia and astigmatism are "thousands of faces," smart glasses brands need to reach end consumers through cooperation with eyewear companies; Weight is one of the important factors affecting consumer decisions, and eyewear companies that produce ultra-thin lenses and have mastery of fitting technology occupy a crucial position in the industry chain; Consumer education in smart glasses relies more on offline channels, and eyewear retailers with channel advantages are also crucial. Anker Innovations Technology, Ugreen Group Limited, Shenzhen Hello Tech Energy, and other top overseas companies released important categories at CES. 1) Anker Innovations Technology showcased flagship new products in areas such as charging storage, audio-visual entertainment, and smart homes; and four products won CES innovation awards. 2) Ugreen Group Limited released storage, security, and charging series, creating a new smart ecosystem, with the NAS iDX6011 and iDX6011 Pro series equipped with high-performance hardware configuration and incorporating powerful local artificial intelligence capabilities, redefining the product form of consumer-grade AINAS; and for the first time, it systematically demonstrated the SynCare smart home security ecosystem. 3) Shenzhen Hello Tech Energy is building a "comprehensive consumer-level light storage" strategy, releasing several new products including CECEP Solar Energy sunshade Jackery Solar Gazebo, light storage Mars Siasun Robot&Automation Jackery Solar Mars Bot, and portable CECEP Solar Energy generator Jackery Explorer 1500 Ultra. Investment advice and investment targets Investment advice: Smart glasses related targets: CONANT OPTICAL, Doctorglasses Chain, Mingyue Optical Lens, Shenzhen Aisidi, Telling Telecommunication Holding, etc. Cross-border e-commerce related targets: Anker Innovations Technology, Ugreen Group Limited. Risk warning: intensified industry competition, commercialization of AI applications falling short of expectations, lower-than-expected penetration rate of smart glasses, etc.