Guotai Haitong: In July, financing and new product dynamics for consumer-grade 3D printing were active, and global shipments of AI glasses saw rapid growth.

Guotai Haitong released a research report stating that in July, the consumer-level 3D printing financing and new product dynamics were active, with global entry-level device shipments continuing to grow rapidly. The WAIC exhibition in 2026 will showcase over 20 AI eyewear products, with industry competition logic shifting from "feature aggregation" to "deep cultivation of high-frequency scenarios." AI eyewear is accelerating its transition from conceptual demonstration to mass production, with Rokid continuing to advance its global channel and intelligent ecosystem. According to IDC data, in Q1 2026, global smart eyewear shipments reached 3.566 million units, a year-on-year increase of 130.1%; the shipment volume in the Chinese market was 610,000 units, up 23.5% year-on-year. The main points from Guotai Haitong are as follows: Monthly Special: The WAIC exhibition in 2026 will showcase over 20 AI eyewear products, and the industry competition logic has shifted from "feature aggregation" to "deep cultivation of high-frequency scenarios." New products can be categorized into three types: Moonix and Li Weike focus on lightweight display-less designs and long battery life; Iflytek Co., Ltd., Liangliang Shijia, and Yingmu enter the business scenario with near-eye displays and real-time translation; Rokid and Qianwen are betting on native operating systems and intelligent agents to capture the next generation of terminal entry points. In horizontal comparison, Moonix is the lightest, Li Weike has the lowest price, Xunfei stands out in complex environment translation, Liangliang Shijia focuses on professional translation, Yingmu excels in language coverage and battery exchange, while Rokid and Qianwen have greater platform imagination. However, there remain significant contradictions between functionality completeness and weight, battery life, and cost, and currently no product can simultaneously achieve ultra-lightweight, all-day battery life, complete display, and universal intelligent agents. Consumer-level 3D printing: Domestic and overseas demand continues to grow, with first-round financing and product upgrades accelerating. Domestic online: According to Jiouqian data, in July, the e-commerce platform GMV for the 3D printing industry increased by 52% year-on-year. Overseas online: According to Sorftime data, sales of 3D printers on Amazon US in July increased by 18% year-on-year. Industry dynamics: In Q1 2026, global entry-level 3D printer shipments grew by 39% year-on-year, with Tuo Zhu, CREALITY, ELEGOO, and Zongwei Liku collectively accounting for 88% of shipments in this category; in July, Kuaizhao Technology completed a C-round financing of 1 billion yuan; Meshy completed nearly 400 million USD in B-round financing, with a post-investment valuation of 1.5 billion USD, over 12 million registered users, and more than 100 million models generated cumulatively. New product features continue to evolve towards multi-material, multi-tool heads, remote printing, and AI-generated models. AI eyewear: Global shipments are rapidly increasing, with intensive progress in financing and product development. Domestic online: According to Jiouqian data, in July, AI eyewear e-commerce GMV decreased by 16% year-on-year. Overseas online: According to Sorftime data, sales of smart glasses on Amazon US in July increased by 64% year-on-year. Shipment data: According to IDC data, in Q1 2026, global smart eyewear shipments reached 3.566 million units, representing a year-on-year increase of 130.1%; the shipment volume in the Chinese market was 610,000 units, up 23.5% year-on-year. Industry dynamics: Even Realities, Mojie Technology, Nika Optical, and ENGO completed a new round of financing; Meta's Reality Labs reported revenue of 431 million USD in Q2 2026, with an operating loss of 4.619 billion USD; EssilorLuxottica reported revenue of 14.82 billion euros in H1 2026, with an adjusted operating profit of 2.75 billion euros, as the industry remains in a high-investment expansion phase. Rokid: Accelerating market expansion in Japan and South Korea, and continuously improving AI eyewear software and intelligent ecosystem. Domestic online: According to Jiouqian data, in July, Rokids e-commerce platform GMV increased by 186% year-on-year, with JD/Tmall/Douyin increasing by 309%/+230%/+70% respectively. Overseas online: Sales on Amazon US increased by 41% year-on-year. In terms of products and software, Hi Rokid has continuously updated features including Agent Store, Vision, navigation, and remote control; the company showcased YodaOS and a new generation of AR spatial computing devices at WAIC 2026. In terms of ecosystem and channels, Rokid partnered with Ant Group GPASS to launch a development platform for intelligent agents for AI eyewear, and signed an exclusive distribution and brand operation agreement with Crevity for the South Korean market, while entering the general retail phase in Japan, covering 75 offline stores, and holding product release and experience events in Canada. Risk warning: Risks related to technology iteration and commercialization outcomes not meeting expectations; risks of intensified industry competition; risks of downstream demand falling short of expectations; risks related to international trade and supply chains.