MR行业专题报告：AI×MR×空间计算，定义新一代超级个人终端

Industry Rating - The industry is rated as Overweight [1] Core Views - MR as a Disruptive Personal Terminal: MR is defined as an entertainment device rather than a portable communication device or super personal terminal due to its current limitations in portability (weight between 600g-650g) [2] - Hardware as the Foundation, Software & Content as the Soul: Key components like chips, sensors, display modules, and optical modules account for 70% of the BOM cost of an MR device, with specialized OS and app ecosystems being crucial for user experience [2] - Policy Support for Virtual Reality: Multiple government departments have issued policies supporting virtual reality, with more detailed local policies expected to follow [2] - Four Key Factors for User Experience: Performance, screen quality, portability, and price are critical for MR to become a super personal terminal [2] Apple's Leadership in MR - Apple Vision Pro: Equipped with M2+R1 dual-processor architecture, offering superior performance and setting a benchmark for MR devices [3] - AI-Enhanced MR: AI technology expands the boundaries of MR, increasing its practicality and penetration across various industries [3] - Transition from Real to Virtual World: MR is being applied in entertainment, office collaboration, gaming, and new sectors like virtual humans and digital assets [3] Investment Recommendations - AI + 3D Content Production: AI reduces the production cycle of 3D content, lowering costs and improving efficiency, benefiting companies like Silkroad Visual and Fantawild Digital Innovation [4] - Application Scenarios: MR devices are already widely used in entertainment (gaming, movies) and are expected to expand into social, medical, and office applications, with companies like Kaiying Network, Baotong Technology, and Shanghai Film being key players [4] MR Industry Chain - Hardware Requirements: MR devices demand high-performance hardware, with chips, sensors, display modules, and optical modules being critical components [12] - Software Ecosystem: The success of MR depends on a robust software ecosystem, similar to iOS and App Store for iPhones, which will drive user adoption and developer engagement [12] Policy Support - Government Initiatives: Policies like the "Virtual Reality and Industry Application Integration Development Action Plan (2022-2026)" aim to boost the MR industry, with a target of over 35 million VR terminal sales by 2026 [15][17] User Experience Factors - Performance: Determined by chips, sensors, and battery life, with Apple Vision Pro leading in performance [25] - Screen Quality: High resolution and large screens are essential for MR devices, with Apple Vision Pro offering 4K-level micro-OLED displays [25] - Portability: Current MR devices like Apple Vision Pro are heavy (600-650g), but future devices like Meta Orion (98g) may improve portability [25] - Price: High hardware costs make MR devices expensive, with Apple Vision Pro priced at $3,499, significantly higher than smartphones [25] AI and MR Integration - AI-Powered 3D Content Development: AI tools like NVIDIA's LATTE3D and Stability AI's TripoSR are accelerating 3D content creation, enhancing MR applications [45] - MR in Entertainment: MR is already penetrating the entertainment sector, with global AR headset shipments expected to reach 800,000 units in 2024, driven by gaming and movie applications [45] MR in Various Industries - Gaming: MR enhances gaming experiences with immersive and interactive features, with the Chinese gaming market generating 1472.67 billion yuan in revenue in 2024H1 [76][78] - Virtual Humans and Digital Assets: MR is creating new opportunities in virtual humans and digital assets, with the virtual human market expected to grow significantly by 2025 [80][81] Business Model Innovations - Interactive Experience Upgrades: MR introduces new interaction methods, moving from traditional touch-based interfaces to gesture and eye-tracking controls [86] - NFT and MR Integration: MR enhances the NFT experience, allowing users to interact with and trade NFTs in immersive environments, with NFT trading volume reaching $1.7 billion in December 2023 [88][89]