AR行业2~3年内出现“iPhone时刻”？智能眼镜龙头加速布局上海

Core Insights - The AR industry is currently in a pre-iPhone era, facing multiple challenges, but is expected to reach a pivotal moment between 2027 and 2028 when smart glasses will enter the L4 stage with personalized demand prediction capabilities [1][4] - XREAL has established its global headquarters in Shanghai, which will serve as a strategic core for global R&D, operations, and ecosystem collaboration, aiming to make AR glasses a universal smart terminal [1][6] Industry Development - The integration of AI and AR is anticipated to create a "golden decade" for AI terminals, driven by four industrial accelerators: AI multimodal understanding, AI long-term memory, hardware and supply chain, and agent ecosystem collaboration [4] - Shanghai's action plan aims for the smart terminal industry to exceed 300 billion yuan by 2027, with a focus on developing smart glasses and supporting key technologies such as multimodal interaction and low power consumption [5] Company Positioning - XREAL has maintained the largest market share in the global AR market for four consecutive years, with a projected 38% share in 2024, indicating that one in three AR glasses sold globally will be from XREAL [6] - The company aims to leverage its global headquarters in Shanghai to capitalize on the commercialization opportunities in the AR glasses market, targeting a significant increase in sales volume [6][9] Ecosystem and Collaboration - The integration of AI and AR is reshaping terminal forms, moving from single-function devices to proactive intelligent systems, emphasizing the importance of ecosystem collaboration [7][8] - XREAL's collaboration with Google on Project Aura represents a significant step in integrating Chinese AR technology with international platforms, with a majority of components sourced from China [8][9] Future Outlook - The transition from L2 AR glasses to all-weather AI glasses requires a perfect balance of computing power, display, and battery life, necessitating deep collaboration across the supply chain [9] - XREAL is committed to focusing on foundational technology innovation, aiming to establish a "Chinese coordinate" for the next generation of computing platforms [9]