Sinolink Securities' research report highlights that the Shenzhen Smart Glasses Industry Development Forum was held, Rokid Color was launched, and RayNeo iO+ was officially announced. The industry's competitive focus is shifting toward comprehensive experience competition in full-color display, Agent capabilities, and content ecosystems. AI glasses are evolving into next-generation near-eye terminals capable of carrying social content and task-flow interactions. Sinolink Securities believes that improvements in content-carrying capacity will elevate the importance of myopia prescription, functional lenses, offline experience, and delivery and after-sales systems, significantly raising the industrial value of lenses and channels.