Huatai Securities: AI glasses and other terminals are expected to become new entry points and carriers for consumer consumption in new scenarios.

Huatai Securities research report believes that the current explosion of technology consumption is essentially the result of underlying technologies crossing the threshold of practicality and becoming deeply integrated with consumers' pursuit of efficiency improvement, emotional companionship, and personal expression needs. The industry is upgrading from a single "product category expansion" to "scenario and entry point" enhancement. Huatai Securities believes that terminals such as AI glasses, smart wearables, service robots, and 3D printing are expected to become new entry points and scene carriers for consumption. If the subsequent equipment penetration rate, service subscriptions, and ecosystem circulation continue to be verified, the future profitability logic of products may extend from one-time hardware sales to continuous service monetization. Investment advice: Focus on three categories of technology consumption leaders with product innovation capabilities and leading advantages. For entry opportunities, pay attention to interactive terminals such as AI glasses/wearables, with a focus on the value of ecosystem entry points; for household entry and scene opportunities, focus on household service robots and AI companion robots; for emotional and creative opportunities, focus on consumer-grade 3D printing, laser engraving, etc.