2025 年是 XR 行业过去十年中最具里程碑式的一年。 文/VR陀螺 冉启行 2025 年，是 XR 行业过去十年中最具里程碑式的一年。 如果说 2024 年是行业在"空间计算"与"AI 眼镜"两大变量前的蓄力与试探，那么 2025 年，无疑是两大变量发生剧烈化学反应后的"质变之年"。 这一年，我们目睹了 AI Agent 赋予了眼镜真正的灵魂，从初创公司到手机厂商、互联网大厂纷纷入场，也见证了 MR 空间技术在巨头博弈中走出实验 室，也亲历了 LBE 大空间从一种新奇体验演变为散布在各个城市的文化肌理。 喧嚣之后，泡沫散尽，留下的皆是坚硬的岩石。站在 2025 年的尾声，我们试图通过梳理这十大标志性事件，在碎片化的信息洪流中，拼凑出过去 365 天 里 XR 产业最真实的进化逻辑。 （本文为 VR陀螺「2025 年复盘系列」十大行业事件篇，主要聚焦 2025 年全球关注度最 Top 的技术、产品与行业大事。） 01 Rokid CEO用AI眼镜提词 "品牌"与"融资"完成双赢 2025 年 2 月，杭州市余杭区经济高质量发展大会上，一款能将演讲词呈现在镜片上的 AI 眼镜Rokid 乐奇眼镜成为热搜的"主 ...

History is nothing to fret about, especially after Alibaba's rally this year fueled by a pivot to artificial intelligence ...

Chautauqua Capital Management, a division of Baird Asset Management, is a boutique investment firm that released its third-quarter 2025 investor letter for the “Baird Chautauqua International and Global Growth Fund”. A copy of the letter can be downloaded here. Global equity markets delivered solid results in the third quarter, driven by the resolution of significant trade conflicts and a shift in U.S. monetary policy toward a more dovish stance. Baird Chautauqua International Growth Fund underperformed the ...

互联网电商 2025 年 12 月 31 日 科传寸/分别 《即时零售+电商协同深化，AI 投入成效 初显 -- 互联网电商 25Q2 业绩总结及展 望》 2025/09/12 《盈利分化,即时零售开拓增量一 -日联 网电商 25Q1 业绩总结及展望》 2025/06/04 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 联系人 张蕴达 A0230125030003 zhangyd@swsresearch.com 申万宏源研究微信服务号 本期投资提示: 线上消费保持稳定增长,以旧换新高基数效应开始显现。据国家统计局,25年 1-11 月 社零总额实现 45.6 万亿元，同比增长 4.0%，全国网上零售额实现 14.5 万亿元，同比 增长 9.1%,实物商品网上零售额同比增长 5.7%达 11.8 万亿元,渗透率同比+0.42pct 至 25.9%。去年以旧换新政策刺激下高基数效应显现，异地快递业务量及实物商品网上 零售额增速均同步出现下滑。据国家邮政局，25 年 1-11 月，快递业务量累计完成 1807.4亿件，同比增长 14.9%，高于同期实物商品网上零售 ...

Core Insights - Alibaba's 1688 platform has reported significant improvements in merchant performance since the launch of its AI tool, with a 20% increase in buyer numbers, a 73% increase in transaction volume (GMV), and a 31% increase in repurchase rates since October [1] Group 1 - The AI tool was launched in October and has been adopted by over 290,000 merchants daily out of more than 1 million merchants on the 1688 platform as of December 30, 2025 [1]

Core Insights - The article emphasizes the transformative impact of AI on the cloud market, highlighting that AI is becoming a core growth driver for cloud vendors as more industries recognize its potential to optimize business efficiency and create value [3][4][6] - Cloud vendors are shifting from being infrastructure providers to AI capability providers, with the development of Agents seen as a method to unlock the value of Tokens [6][11] - There is a growing demand for reliable and low-barrier Agent development platforms to help enterprises transition from concept validation to large-scale application [3][4][6] Group 1: Market Growth and Opportunities - AI-driven growth has created new business opportunities for cloud vendors, with Alibaba Cloud's AI-related revenue experiencing triple-digit year-on-year growth for nine consecutive months [1] - AWS anticipates that future Token revenue from MaaS platforms will be comparable to its EC2 computing product revenue [1] - Google Cloud's annual revenue exceeds $50 billion, largely driven by AI [1][3] Group 2: Agent Development and Implementation - The article discusses the need for a comprehensive framework for Agent development, which includes tools for model customization, Agent development, operation, and security governance [3][4][7] - Companies like Firefly Engine and AWS are actively providing solutions to lower the barriers for Agent development, emphasizing ease of use and security [7][9] - The development of Agents is expected to lead to significant efficiency improvements, as evidenced by case studies where projects were completed in a fraction of the time previously required [4][6] Group 3: Challenges in Agent Adoption - Despite the optimistic outlook, many enterprises face significant obstacles when moving from concept validation to production, with 93% of customers encountering major challenges [6] - The challenges stem from data and engineering aspects, where the requirements for large-scale applications differ significantly from those in the concept validation phase [6][11] Group 4: Strategic Shifts Among Cloud Vendors - Cloud vendors are increasingly focusing on developing foundational models that are tailored for Agent development, with companies like Tencent and Baidu making organizational adjustments to enhance their model capabilities [11][13] - The shift towards MaaS business models is becoming a core metric for cloud vendors, with Firefly Engine viewing AI Token usage as a key performance indicator [13] - Alibaba Cloud aims to position itself as a leading player in the AI era, with a focus on comprehensive AI cloud solutions [13]

一年内，458万个中小商家在该平台开展经营，超2.2万个中小商家抖音年销售额超百万。更多实体生意借 助抖音品销合一，如城市文旅特色IP营销、优质零售企业免佣入驻、连锁酒店强化消费供给、主题景区 NPC沉浸式内容运营、老字号数字化经营守正焕新等。 据了解，抖音生活服务达人创作为线下商家带来超过1725亿元经济收益，形成了"观看-兴趣-探寻-购买"的 消费链路；300多万商家"职人"在抖音发展，店长、店员、技师教练等实体店员工在抖音收获自己的专业 名片；"心动榜"餐厅、"心动榜"酒店、烟火榜等特色榜单，以真实、品质消费体验为核心，加大用户点 赞、互动等权重，助力商家将"体验优势"转化为门店客流。 12月30日，抖音生活服务发布《2025抖音生活服务这一年》社会价值总结，数据显示，该平台2025年总交 易额同比增长59%，动销门店数量累计达1519.8万，新增入驻商家399万，将线上流量持续转化为线下消费 活力。 抖音生活服务相关负责人称，平台将以"激发线下生意，丰富美好生活"为使命，深入餐饮、游玩、零售、 综合服务等多类实体业态，与商家、创作者和消费者同行。（心月） ...

Key Points Alibaba has invested more than $17 billion over the past year in AI and cloud infrastructure over the past year. Alibaba's AI-related product revenue has delivered growth north of 100% for nine consecutive quarters. Its cash cow e-commerce business is financing Alibaba's AI future, and you can buy the stock at a forward earnings multiple in the teens. 10 stocks we like better than Alibaba Group › There's an argument to be made that many artificial intelligence (AI) stocks are bargains ...

【#美图阿里完成2.5亿美元可转债交割#】智通财经12月31日电，美图公司发布公告，宣布与阿里巴巴 签署的2.5亿美元可转债协议所有先决条件已达成，并于2025年12月31日完成交割。交割后，美图公司 已根据认购协议条款向认购人发行本金为2.5亿美元的可转股债券，拟将所得款项净额用于一般商业用 途。(智通财经) ...

Core Viewpoint - The essence of the e-commerce business is "traffic," and the competition in the industry has evolved into a complex and multi-dimensional landscape, driven by various factors such as technology, consumer habits, and supply chain dynamics [1][2]. Group 1: E-commerce Competition Dynamics - In February 2025, Liu Qiangdong initiated a fierce competition in the food delivery sector, disrupting the market with substantial subsidies, leading to increased spending on sales and marketing by major players like Meituan, Alibaba, and JD.com, which collectively spent an additional 614 billion yuan in the third quarter [1]. - The competition is characterized by a shift from traditional e-commerce to instant retail, with platforms like JD.com, Meituan, and Alibaba engaging in a "comprehensive war" rather than a zero-sum game [2][6]. - The integration of AI in consumer decision-making and the transition of supply chains from a focus on scale to efficiency and resilience are reshaping the industry's development logic [2]. Group 2: Strategic Moves and Financial Implications - JD.com launched a recruitment initiative for quality dining merchants, offering zero commission for early entrants, marking the beginning of the food delivery war [4]. - Alibaba's recent performance indicates a significant growth in its instant retail business, with revenues reaching 229.06 billion yuan, a 60% year-on-year increase, despite a 53% drop in net profit for the second quarter of fiscal year 2026 [6][7]. - The competitive landscape is intensifying, with platforms reflecting on their strategies, as evidenced by Meituan's CEO acknowledging the unsustainable nature of past competitive practices [9]. Group 3: Market Trends and Future Outlook - The ongoing battle for market share in instant retail is not just about creating new consumption scenarios but also about capturing traditional e-commerce users and offline market shares [7][10]. - The industry is entering a phase of refined and localized operations, moving away from "barbaric growth" towards a more sophisticated approach [2][12]. - The exploration of local life and instant retail by platforms like Xiaohongshu and Douyin continues, despite challenges, indicating that the competition will remain dynamic and multifaceted [10].