Core Viewpoint - The company has entered into a lease agreement for new office space in Hong Kong, which is deemed beneficial for its operations and shareholders [1] Group 1: Lease Agreement Details - The lease agreement is set to commence on March 27, 2026, and will last for three years until March 26, 2029 [1] - The leased property is located at 39 Gloucester Road, 11th Floor, Rooms 1101-4, Wan Chai, Hong Kong [1] Group 2: Rationale for the Lease - The decision to lease the new office space was based on factors such as the provided office space, location, rental costs, and other commercial terms [1] - The board believes that the terms of the lease are fair and reasonable, and that entering into this agreement aligns with the overall interests of the company and its shareholders [1]

Core Viewpoint - The metaverse industry parks are currently underperforming, with many enterprises facing challenges in technology and investment, indicating a long road ahead for sustainable development in the metaverse sector [1][4][5]. Group 1: Industry Overview - The metaverse, seen as the next generation of the internet, combines technologies like VR, AR, and AI for real-time interaction with the physical world [1]. - Since the concept gained popularity in 2021, there has been a surge in the establishment of metaverse industry parks across various regions, with 137 parks reported to be under construction or completed nationwide [2]. - Major cities like Beijing, Shanghai, and Shenzhen have a significant number of these parks, reflecting local governments' eagerness to capitalize on the digital economy [2]. Group 2: Current Challenges - Many existing metaverse parks are struggling with weak investment attraction and low operational effectiveness, leading to a lack of strong returns for resident companies [4][6]. - Some parks have not transitioned from conceptual stages to practical applications, with a focus on technology demonstration rather than integration with local cultural and commercial resources [4][5]. - The overall state of the metaverse industry is characterized by immature technology, unclear business models, and insufficient short-term profitability, causing companies to be cautious about investing in these parks [7]. Group 3: Factors Contributing to Underperformance - The underperformance of metaverse parks is attributed to multiple factors, including premature hype, blind capital influx, improper operational strategies, and uneven policy resource allocation [5][6]. - There is a tendency for capital to concentrate in easily understandable areas, leading to inefficiencies and wasted investments when the initial excitement fades [5][6]. - Many parks are populated by low-tech enterprises that do not effectively leverage core technologies, resulting in a lack of sustainable business models [6][7]. Group 4: Recommendations for Improvement - To address the challenges, it is essential to adopt a phased development approach, moving from early breakthroughs to deeper integration with the economy [8]. - Local governments and enterprises should reassess the development models of metaverse parks, focusing on integrating new technologies and fostering collaboration among various stakeholders [8][9]. - Parks should prioritize real-world problem-solving and value creation rather than chasing conceptual trends, with an emphasis on developing a skilled workforce and innovative ecosystems [8][9].

来源：科技日报 卢力媛 科技日报记者 王春 当前，元宇宙技术正加速从概念走向产业实践，成为驱动实体经济数字化转型的重要引擎。破解技术瓶 颈、构建协同生态，成为全球元宇宙产业高质量发展的关键命题。 在上海青瞳视觉科技有限公司（以下简称"青瞳视觉"），演员一个细微的肩部抖动被亚毫米级精度的光 学相机精准捕捉，这份数据将用于训练千里之外工厂里的人形机器人。 戴上VR眼镜，上海宝信软件股份有限公司（以下简称"宝信软件"）的技术专家正远程"走进"千里之外 的钢铁厂加热炉区。炉内温度、板坯位置、出炉时间等数据以三维可视化形式实时呈现在眼前。这套基 于工业元宇宙的远程监控系统，将设备故障处理时间从以往的半小时以上缩短到分钟级，更重要的是， 它正在将高危险性的工业场景转化为安全的数字实验场。 这是"2025元宇宙创新大会"上展示的上海元宇宙创新生态一角。近日，科技日报记者随大会企业集中采 访活动，走访上海多家元宇宙企业。从黄浦区的沉浸式体验到张江的硬件制造，从漕河泾的内容创作到 宝山的工业应用，一条以"硬技术"支撑"软场景"、以"虚能力"赋能"实产业"的清晰路径正在形成。 实现核心工具链自主化 元宇宙的虚实连接，离不开关键技 ...

Core Viewpoint - The metaverse, once seen as the next generation of the internet, is currently facing challenges in development, with many industrial parks underperforming and struggling to create sustainable growth [1][2]. Group 1: Current State of Metaverse Industrial Parks - As of 2023, there are 137 metaverse industrial parks under construction or completed across China, with a concentration in economically developed regions like Beijing, Shanghai, and Shenzhen [2]. - Many parks have transitioned from conceptual exploration to operational phases, but several remain stagnant, failing to meet initial expectations [2][3]. - Existing parks often exhibit weak investment attraction and low satisfaction among resident companies, leading to a lack of effective economic benefits [4]. Group 2: Challenges Faced by the Metaverse Industry - The metaverse industry is hindered by multiple factors, including speculative capital influx, poor operational strategies, and uneven policy resource allocation [5][6]. - Many parks focus excessively on technical demonstrations without integrating local cultural or commercial resources, resulting in ineffective industry ecosystems [4][6]. - The industry is characterized by a lack of collaboration among companies, significant disparities in scale and technology, and a general decline in business performance [7]. Group 3: Recommendations for Future Development - The development of metaverse industrial parks should follow a phased approach, emphasizing long-term integration with the economy rather than short-term gains [8]. - Local governments and enterprises need to reassess development models, focusing on real-world applications that create tangible value rather than pursuing speculative concepts [8][9]. - Establishing innovation alliances and training programs is essential to address key technological bottlenecks and foster a skilled workforce to support the metaverse ecosystem [8][9].

张江科学城聚焦智能终端整机与关键部件研发，构建了从芯片到终端的完整产业链。这里集聚了 XREAL、歌尔、恒玄等龙头企业，以及显耀显示、青瞳视觉等细分领域"隐形冠军"。例如，XREAL连 续三年登顶全球消费级AR眼镜销量榜，其最新产品XREAL 1s搭载自研空间计算芯片，实现500英寸随 身巨幕与实时2D转3D功能；小派科技推出的Crystal Super VR头显，以单眼3840×3840分辨率、140°视 场角刷新行业标杆；青瞳视觉则通过全栈自研动作捕捉系统，为影视、医疗等领域提供亚毫米级精度支 持。张江的硬件集群不仅为元宇宙提供了底层技术支撑，更通过"整机牵引"模式，带动上下游企业协同 创新。 上海通过"黄浦—漕河泾—张江"的区域联动，实现了场景、软件、硬件的闭环生态。例如，黄浦区的大 空间体验项目依赖漕河泾的内容创作能力与张江的硬件支持；漕河泾的游戏企业则通过张江的AR/VR 设备拓展交互边界；张江的硬件厂商则与黄浦区的文旅、医疗场景深度融合，推动技术落地。此外，上 海还通过制度创新护航生态发展：成立元宇宙产业基金矩阵，聚焦早期项目与颠覆性技术；发布多项团 体标准，推动数字电视国家工程研究中心参与国际标 ...

Core Viewpoint - The 2025 Metaverse Innovation Conference was held in Shanghai, focusing on the theme "Yuanrong Ecology, Smart Drawing New Realm," where a Metaverse Industry Fund Matrix was launched to support the financial needs of Metaverse enterprises throughout their lifecycle [1]. Group 1: Fund and Strategic Cooperation - Seven funds, including the Shanghai Future Industry Fund, jointly released the "Metaverse Industry Fund Matrix" to gather capital for Metaverse enterprises from incubation to maturity [1]. - A strategic cooperation framework agreement was signed between the Shanghai Science and Technology Exchange Center and Huangpu Sci-Tech Group to promote the establishment of a scene release center [4]. Group 2: Ecosystem Development - Three parks, including Zhangjiang High-tech Zone Huangpu Branch, Caohejing Development Zone, and Zhangjiang Science City, will leverage their regional advantages to foster an industrial ecosystem, forming a collaborative "scene-software-hardware" innovation ecology in the Metaverse [4]. - The "Yangtze River Delta Metaverse Entrepreneurship Competition" was launched to discover innovative and commercially viable entrepreneurial teams in the "Artificial Intelligence + Metaverse" sector [4]. Group 3: Technological Trends and Applications - Experts and representatives from leading companies shared insights on cutting-edge trends and practical applications of Metaverse technology during the conference [6]. - Six innovative companies showcased the application of Metaverse technology in various scenarios, including smart wearables, digital building materials, and spatial computing platforms [6]. - Since the implementation of the "Shanghai Metaverse Key Technology Tackling Action Plan (2023-2025)," Shanghai has made breakthroughs in core technology areas such as near-eye display, rendering processing, and perception interaction, aiming to build a complete XR terminal industry chain [6].

Core Insights - The metaverse industry in Shanghai is experiencing significant growth, with the core industry and related sectors expected to exceed 300 billion yuan by the end of 2024 [1] - Shanghai has implemented systematic plans for the metaverse, including the "Metaverse New Track Action Plan (2022-2025)" and the "Key Technology Breakthrough Action Plan (2023-2025)" [1] - The 2025 Metaverse Innovation Conference showcased innovative products and solutions, highlighting the city's advancements in the metaverse ecosystem [1] Industry Developments - The "Red Dawn" project, developed by Shanghai Business School and the First National Congress of the Communist Party of China Memorial Museum, utilizes mixed reality (MR) technology for immersive political education [3] - The project enhances computational capabilities, allowing for direct processing within the headset and improving flexibility and cost-effectiveness [3][5] - The project team achieved significant advancements in XR natural interaction technologies, including eye-tracking precision of 2.0 degrees and gesture recognition accuracy of 95% [5] Medical Training Innovations - The metaverse technology is being leveraged for medical training, addressing challenges faced by medical students and new doctors in practicing real surgeries [6] - Kongdao Technology has developed a VR surgical simulation system that supports various specialties and enhances training efficiency through remote collaboration [6][9] - The system can incorporate real case information to create realistic simulation models, providing a comprehensive training experience [11] XR Hardware and Ecosystem - Shanghai is building a comprehensive XR terminal industry chain, attracting various XR brands and research centers [12] - XREAL launched the XREAL 1S, featuring a self-developed spatial computing chip and advanced display capabilities [12] - Content ecosystems are crucial for the development of the metaverse, with companies like Ningfeng Intelligent focusing on creating immersive experiences through their platforms [14] Collaborative Innovation - Shanghai's metaverse ecosystem is characterized by collaboration across different sectors, linking software, hardware, and application scenarios [16] - The "Yellow River - Caohejing - Zhangjiang" area is leveraging its strengths to create a full-chain collaborative innovation ecosystem in the metaverse [16] - The 2025 Metaverse Innovation Conference is expected to further propel investment and development in the metaverse sector [16]

Group 1 - The 2025 Metaverse Innovation Conference will be held in Shanghai, showcasing various immersive experiences and results from Shanghai's metaverse initiatives, highlighting the integration of AI with metaverse technologies across multiple industries such as healthcare, education, and tourism [1] - The metaverse serves as an immersive interconnected space bridging the digital and physical worlds through VR and AR technologies, with software and hardware iterating together to expand the market [2] - AI-powered AR smart glasses are currently the most anticipated smart devices, with the trend of "AI + Metaverse" driving the evolution of XR glasses, providing AI with a first-person perspective of the world [2] Group 2 - Companies like Ningfeng Intelligent have developed platforms for metaverse content creation, enhancing development efficiency and lowering technical barriers, allowing users without programming knowledge to create interactive scenes quickly [2] - The collaboration between hardware manufacturers and software developers, such as Ningfeng Intelligent's partnerships with brands like XREAL and Pimax, exemplifies the cooperative innovation in Shanghai's metaverse ecosystem [3] - Shanghai is leveraging key application scenarios to connect metaverse technology with industry, facilitating the integration of research and market needs [4] Group 3 - Companies like Kongdao Technology are utilizing VR technology for virtual surgical training, with their products already implemented in over 100 hospitals and medical schools in China, accumulating over 110,000 hours of training [4] - The integration of 5G technology with virtual training systems allows remote collaborative surgical training, enhancing the learning experience for medical professionals [4] - Shanghai is actively promoting the metaverse across various sectors, with initiatives in standardization, investment, and the establishment of international organizations to support industry development [5]

Core Viewpoint - Meta is shifting its focus from the metaverse to AI hardware, planning to cut its metaverse budget by 30% next year due to ongoing losses exceeding $70 billion over the past four years, while also considering acquiring an AI wearable startup [1][2]. Group 1: Meta's Strategic Shift - Meta's metaverse business has faced continuous losses, with challenges including underwhelming technology maturity, insufficient user interest, and unclear commercialization prospects [1]. - The market reacted positively to Meta's decision to reduce metaverse funding, resulting in a stock price increase of over 3%, reflecting investor concerns about ongoing losses in this segment [1]. - Despite the budget cuts, the metaverse remains a long-term vision for Meta, with generative AI contributing to content development, but the company is prioritizing AI hardware for more immediate returns [1]. Group 2: AI Hardware Market Dynamics - Meta's AI glasses have gained significant market traction, capturing 73% market share in the first half of the year, with shipments increasing over 200% year-on-year, positioning it as a new growth engine [2]. - The company is reallocating investments from the metaverse to AI hardware, emphasizing its commitment to AI infrastructure with a substantial portion of its $72 billion capital expenditure directed towards this area [2]. - The competition in AI hardware is intensifying, with major tech companies like Alibaba, ByteDance, and Google entering the market, indicating a fierce battle for dominance in AI glasses and smartphones by 2026 [2].

Government Initiatives - The Ministry of Industry and Information Technology (MIIT) has revised the "Management Measures for Public Service Platforms for Industrial Technology," effective from December 5, 2025, focusing on key industries such as equipment, petrochemicals, steel, and artificial intelligence [1][1] - The National Development and Reform Commission, along with other ministries, has issued opinions to strengthen the construction of data element disciplines and digital talent teams, aiming to support the development of a digital economy and society [1][1] - The Ministry of Ecology and Environment has released guidelines for the construction of a product carbon footprint factor database to support the establishment of a carbon footprint management system [1][1] - MIIT is seeking public opinions on the "Comprehensive Standardization System Construction Guide for the Metaverse Industry (2026 Edition)," aiming to establish over 50 national and industry standards by 2030 [1][1] Local Actions - Shandong Province is promoting the metaverse as a new economic growth point, supporting cities like Jinan and Qingdao in building future industry pilot zones [1][1] - Jiangsu Province has established a Metaverse Standardization Technical Committee in Nanjing to fill the gap in the standardization system within the province [1][1] Industry Developments - The GPU leader, Moore Threads, has officially listed on the STAR Market, becoming the first domestic GPU stock, with a market capitalization of 305.5 billion yuan and an opening surge of 468.78% [3][3] - Google has integrated AI simultaneous translation into all its headphones and launched an experimental browser named "Disco," aiming to redefine web browsing experiences [3][3] Academic Insights - Academician Zhang Yaqin predicts that the future of large models will not exceed ten, emphasizing the integration of information, physical, and biological intelligence [4][4] - Academician Tan Jianrong stresses the importance of small models as the foundation for large models, advocating for a shift towards precision small models and industry-specific intelligent agents [4][4] Technology and Applications - The Ministry of Industry and Information Technology has granted approval for China's first batch of L3-level conditional autonomous driving vehicles, marking a significant step towards commercialization [6][6] - Mathematician Terence Tao and his team have solved the 50-year-old Erdős 1026 problem in just 48 hours using AI tools, showcasing the potential of AI in solving complex mathematical challenges [6][6]