Guotai Haitong: Meta expands wearable product matrix; global AI glasses enter a phase of rapid volume growth.

Guotai Haitong released a research report stating that Muse plans to connect to glasses and expand shopping, payment, and office connectors, and hardware value is expected to extend from one-time functions to continuous task services. According to Wellsenn, global AI glasses sales in 2023/2024/2025 were 240,000/1.53 million/8.46 million units; in 2026Q2 they reached 3.48 million units, up nearly 200% year-on-year, maintaining a high-speed growth trend, with full-year sales expected at 15 million units. As products continue to be launched, scenarios such as first-person perspective shooting, real-time translation, and AI assistants are driving users to try them out, and product penetration is expected to continue rising, potentially reaching 70 million units by 2029. Guotai Haitong's main views are as follows: Monthly special topic: Global AI glasses have moved from small-scale trial sales into a phase of rapid volume growth, with Meta as the absolute industry leader. According to Wellsenn, global AI glasses sales in 2023/2024/2025 were 240,000/1.53 million/8.46 million units; in 2026Q2 they reached 3.48 million units, up nearly 200% year-on-year, maintaining a high-speed growth trend, with full-year sales expected at 15 million units. As products continue to be launched, scenarios such as first-person perspective shooting, real-time translation, and AI assistants are driving users to try them out, and product penetration is expected to continue rising, potentially reaching 70 million units by 2029. According to Counterpoint, in 2026H1, screenless AI glasses were led by North America and Western Europe (shares of 50%/28%), with Meta accounting for 94%; AR+AI glasses accounted for 45% in China, slightly ahead of North America's 41%, with Rokid and Meta leading in market share at 41%/37%. Meta expands its wearable product matrix, and Muse drives glasses from an information portal toward task execution. At this Meta Connect 2026, Ray-Ban Meta Audio, Gen 3, Meta VR Glasses, and Muse Charm were released, covering pure audio, shooting, immersive entertainment, and portable interaction. Audio strengthens daily wearability with no camera and long battery life; Gen 3 upgrades the audio recording and operating experience; VR glasses use a split architecture to reduce facial burden and promote the extension of immersive entertainment and spatial office work; Muse Charm is a pocket-sized portable terminal, completing Muse's all-weather interaction portal. Muse plans to connect to glasses and expand shopping, payment, and office connectors, and hardware value is expected to extend from one-time functions to continuous task services. Consumer-grade 3D printing: AI 3D financing and multi-color full-color hardware jointly advance the upgrade of the creative process. Tripo AI completed Series B and Series B+ financing in September, totaling about RMB 3 billion; Flashforge CJ270, CREALITY K3, and SPARKX i8 enrich multi-color printing solutions. ELEGOO Nexprint launched three types of modeling generators on September 15, and Bambu Lab R1 expanded to laser processing. CREALITY: Multi-color new products enter the crowdfunding and sales preparation stage. K3 and SPARKX i8 were showcased at IFA, and SPARKX i8 launched crowdfunding on Indiegogo on September 21, with an official early-bird price of USD 289. It surpassed USD 1 million in crowdfunding 40 minutes after launch, exceeded USD 1.9 million on the first day, and had more than 5,000 backers, all setting platform category records. AI glasses: Global shipments are growing rapidly, and applications and channels continue to expand. In September, Meta released audio glasses and the third-generation Ray-Ban Meta, and announced a plan to update display glasses functions; Snap introduced cross-device AI services. Rokid: The developer ecosystem and overseas channels are expanding simultaneously. AIUI Studio was launched globally in September, and the company disclosed more than 35,000 registered developers and more than 500 agents on the Agent Store; European retail channels are expanding, and Style went on sale in Japan on September 15. Application supply and offline experience are expected to jointly drive product usage. Risk warnings: New product delivery and function implementation may fall short of expectations; application demand and paid conversion may fall short of expectations; intensifying competition and profitability pressure; privacy compliance, overseas trade, and supply chain fluctuations.