Galaxy Securities Research Report stated that technological progress drives market demand, and AR glasses are moving towards the "next computing terminal": through technological breakthroughs + ecological integration + market penetration, AR glasses manufacturers are pushing AR glasses from "niche geek toys" to "mass smart terminals". In the first quarter of 2025, global AR sales were 112,000 units, basically the same as the same period last year; benefiting from the significant increase in Ray Ban Meta sales, global AI smart glasses sales reached 600,000 units, a year-on-year increase of 216%. From the perspective of the Chinese market, in the first quarter of 2025, my country's AR device sales reached 91,000 units, a significant year-on-year increase of 116%; AI glasses omni-channel sales (including AI+AR) reached 71,000 pairs, a year-on-year surge of 193%. Although AR glasses still face key challenges in terms of cost, battery life, ecology and user habits, with the maturity of AI+AR technology, smart glasses are expected to become the next generation of mainstream computing terminals after smartphones, driving the entire industry chain (chips, optics, sensors, foundry, etc.) into a period of rapid growth.