盛景嘉成王晓辉：政策东风+技术突破，下一代显示技术引爆XR产业链

Core Viewpoint - The article emphasizes the significant growth and investment opportunities in the XR (Extended Reality) sector, particularly focusing on AI smart glasses and Micro-LED technology, which are expected to revolutionize the display industry and human-computer interaction [3][5][46]. Investment Focus - The company has invested over 13 billion in technology innovation, with a portfolio that includes 240 listed companies and over 2,500 global new economy enterprises, focusing on sectors like technology, AI, healthcare, and industrial internet [1]. - The investment strategy is characterized by early, robust, and ecosystem-focused investments, particularly in the XR sector, which is poised for explosive growth due to policy incentives and technological advancements [5]. Market Trends - In Q1 2025, global AI smart glasses sales reached 600,000 units, marking a 216% year-on-year increase, primarily driven by the success of Ray-Ban Meta smart glasses [3][4]. - The market penetration of smart glasses is approaching maturity, with a significant increase in sales and interest from major tech companies, indicating a shift from niche to mainstream [4][5]. Display Technology Evolution - The display technology has evolved through several phases: from CRT to LCD, then OLED, and now to Micro-LED, which is seen as the ultimate display technology due to its high brightness, low power consumption, and long lifespan [9][10][12]. - The global display market is projected to grow by 5.4% in 2024, reaching $122.8 billion, highlighting the industry's robust growth trajectory [9]. Micro-LED Technology - Micro-LED technology is expected to dominate the AR/VR market due to its superior performance in brightness, contrast, and energy efficiency compared to other display technologies [23][25]. - The company has strategically invested in the Micro-LED supply chain, including chip manufacturers and optical device companies, to capitalize on the anticipated growth in AR/VR applications [27][46]. AR/VR Device Development - The article discusses the evolution of hardware from PCs to mobile devices and now to smart wearables, with AR and VR devices expanding the interaction dimensions and providing immersive experiences [14][16]. - The integration of AI into smart glasses is becoming standard, with expectations that the price of these devices will drop below 3,000 yuan, potentially increasing market penetration beyond 20% [45][46]. Policy Impact on VR Cinema - Recent policy developments in China have recognized VR films as a legitimate sector, paving the way for standardized production and distribution, which is expected to drive growth in the VR cinema market [41][42]. - The VR large space solution market is projected to exceed $12 billion by 2025, with China’s market share expected to grow significantly, indicating a strong future for VR applications [42][43]. Company Positioning - The company has established a comprehensive investment matrix across the XR industry chain, focusing on key players in Micro-LED technology and AR/VR device manufacturing, positioning itself as a leader in the upcoming technological revolution [46].