Core Viewpoint - AAC Technologies (02018) has seen a nearly 3% increase in stock price, currently at 38.8 HKD, with a trading volume of 35.08 million HKD, indicating positive market sentiment towards the company [1] Group 1: Company Developments - AAC Technologies has successfully transitioned its AR device for core customers in the North American market from the conceptual phase to mass production, marking a significant milestone in its product development [1] - The AR device meets key market demands for high-quality display and lightweight design, positioning it well within the AR smart glasses market [1] Group 2: Industry Insights - The XR industry is shifting from a conceptual exploration phase to a structural growth phase, with North America identified as a major consumer region for XR technology [1] - According to CounterPoint Research, sales of AR smart glasses in North America have increased by 68% year-on-year as of Q2 2025, highlighting the growing demand in this sector [1] - AAC Technologies' entry into the core supply chain for AR in North America signifies its strengthened position in the rapidly expanding XR market [1]

消息面上，据IT之家报道，近日，XR产业正从概念探索阶段向结构性增长阶段转型，在这个关键时 期，瑞声科技为北美市场的核心客户专门打造的AR设备，已经成功通过量产验证，开始大规模交付。 这款产品很好地满足了AR智能眼镜对高画质显示和轻量化设计的主要需求，在市场上很有适配性。根 据CounterPoint Research2025年第二季度的报告，北美是全球XR产业的主要消费地区，AR智能眼镜销 量同比增长了68%。瑞声科技AR设备成功量产交付，意味着它正式进入了北美AR供应链的核心圈子。 瑞声科技(02018)涨近3%，截至发稿，涨2.32%，报38.8港元，成交额3508.13万港元。 ...

12月19日，记者从西安市政府办公厅获悉：西安市日前印发《西安市培育打造XR产业链工作实施 方案》，明确将依托西安文化、科技、人才资源优势，推动XR技术研发、硬件制造、软件配套、运维 服务全产业链集聚发展，助力数字经济高质量发展。 《方案》提出构建"1+1+1+N"的XR产业发展体系，即建立一套机制和标准体系，打造一个XR内容 生产基地，构建一个XR终端装备产业制造基地，构建"N"个领域应用与配套，筑牢产业发展根基。 在机制与标准建设上，西安市将成立XR产业发展工作小组，统筹多部门资源；建立文化（文物） 资源授权开放机制，选取2家单位试点并建设基础资源数据集，为内容创作提供支撑；制定XR内容生产 与终端应用标准，提升产业规范化水平。 西安市数据局相关负责人说："西安市将加快布局XR产业新赛道，积极推动内容生产与产业制造协 同发展、多领域应用拓展与人才支撑并举，促进XR技术研发、产业聚集与生态构建一体化发展。"（记 者：陈志涛） 终端装备产业制造基地将落户西安浐灞国际港，聚焦整机产品研发制造及配套，打造XR终端产业 集群；围绕智算中心、精密零部件、基础服务设施及XR关键软件开发，完善产业链生态与配套；成立 专业 ...

Core Insights - The integration of AI and optical technology is accelerating the transition of AR glasses from product iteration to consumer market, positioning AI+AR glasses as the core interface for personal computing in the next generation [1] - The current trend of "display + AI + ecosystem" demands lightweight, high-brightness, and low-power solutions, making technological breakthroughs and collaborative evolution crucial to overcoming industry bottlenecks [1] XR Industry Overview - The XR industry is transitioning from the PC and mobile era to the XR era, with significant attention from national leadership [3] - The evolution of the XR industry can be divided into three phases: - 2010-2017: Emergence phase with AR and VR as niche markets, driven by Oculus, HTC, and Sony [3] - 2018-2021: Market differentiation phase with the Quest series leading in VR device sales, achieving a global installed base of approximately 20 million units [3] - 2022-present: New development phase with the introduction of Apple's Vision Pro, indicating new possibilities for information interaction [4] Market Trends and Device Types - The current market features four main types of XR devices: 1. VR/XR devices using LCD and Pancake solutions, with the highest shipment volume 2. Semi-immersive AR devices primarily using silicon-based OLED and BB optical solutions 3. AI+AR devices predominantly utilizing Micro LED technology, with significant orders for products like Rokid Glasses 4. Non-display AI devices, which include camera and audio types [4][5] Display Technology and Challenges - The XR market is currently dominated by Fast-LCD displays, accounting for 69% of the market, while silicon-based OLED is gaining share [7] - Key challenges in the industry include device weight and price, display quality, cost issues, and power consumption [9] - The industry consensus is that waveguide technology can achieve lightweight, all-day wearable AR glasses, but current display technologies and waveguide efficiencies need improvement [6][9] Technological Innovations - The introduction of Field Stack Lighting (FSL) technology by Yunlight Technology enhances display performance through digital driving methods, achieving higher refresh rates and better display quality [10][11] - Yunlight Technology has made significant advancements in micro-display technology, with plans for mass production of silicon-based OLED micro-displays [12] Future Outlook - The XR industry is expected to experience a significant breakthrough akin to the "iPhone moment," contingent on the readiness of the hardware supply chain and the availability of compelling content [23][24] - The next five years are critical for capacity planning and market growth, with expectations for increased device shipments and user engagement [25]

Core Viewpoint - The sales of consumer-grade AR/VR devices in China's three major e-commerce platforms are expected to exceed 200 million during the 2025 618 shopping festival [1]. Group 1: Overall Sales Situation - The overall sales volume of consumer-grade AR/VR devices during the 618 shopping festival (from May 20 to June 20) will be analyzed [2]. - The overall sales revenue of consumer-grade AR/VR devices during the 618 shopping festival will be detailed [3]. Group 2: Sales by Category - The sales volume and year-on-year growth of consumer-grade AR/VR devices will be categorized and summarized [4]. Group 3: Platform-Specific Sales - The top brands' sales volume and revenue on the JD platform during the 2025 618 shopping festival will be reported [5]. - The top brands' sales volume and revenue on the Tmall platform during the 2025 618 shopping festival will be reported [6]. - The top brands' sales volume and revenue on the Douyin platform during the 2025 618 shopping festival will be reported [7]. Group 4: Hot Sales Rankings - The hot sales rankings of AR/VR products on JD and Tmall during the 2025 618 shopping festival will be provided [8]. Group 5: Industry Insights - Information regarding the XR industry and new product updates for July will be included [9]. - The financing situation for July will be summarized [10].