与往年相比，2025年市面上的XR设备在轻量化、显示清晰度和续航能力上取得了显著进步，价格也日 趋亲民。消费者不再仅仅满足于短暂的游戏和视频体验，而是开始将其用于虚拟旅游、远程协作、在线 教育等更广泛的场景。 "XR产业正处在从'极客玩具'向'大众消费品'跨越的临界点。"深圳太若科技有限公司相关负责人对《证 券日报》记者称，"黄金周期间，我们一款主打轻便和空间悬停的AR眼镜，销量大幅增长。这表明，能 够提供实用价值、无缝融入生活的沉浸式体验，正在被普通消费者所接受。" 国庆黄金周历来是观察消费市场走向的重要窗口。 在2025年的这个长假，全国首个"全机器人市集"在北京中关村西区大融城亮相，吸引众多观众前来互 动，以AI为核心的"主动智能"正从概念走向日常。同时，《证券日报》记者假期内走访多个综合消费电 子卖场与商圈发现，机器人已走入卖场成为"导购"，国产旗舰手机等电子产品则凭借硬核实力与生态优 势赢得用户，而由XR（扩展现实，含VR/AR）设备构建的"沉浸世界"也正加速进入大众视野。 整体来看，黄金周消费电子市场，并未出现简单的价格厮杀，而是上演了一场模式分化。在宏观经济持 续复苏与消费者心态愈发理性的背景下 ...

Group 1: Virtual Asset Trading in Hong Kong - Tianfeng International Securities has upgraded its securities trading license to provide virtual asset trading services, marking a significant step for traditional financial institutions in the virtual asset sector [1] - The Hong Kong Securities and Futures Commission regulates virtual asset activities, while the Hong Kong Monetary Authority oversees currency payment areas such as stablecoins and digital currencies [1] - The recent developments in the stablecoin market, driven by regulatory frameworks, suggest a focus on cross-border payment and digital currency businesses, highlighting investment opportunities in companies with blockchain technology [1] Group 2: Water Conservancy Investment - The Chinese government has issued opinions to enhance flood control infrastructure, including the construction of flood control reservoirs and the improvement of existing ones [2] - Water conservancy investment is expected to maintain a high growth trend, with projected national investment reaching 1,352.9 billion yuan in 2024, a 12.8% increase year-on-year [2] - The "14th Five-Year" water transport development plan aims to add 2,500 kilometers of high-grade inland waterways, indicating a strong policy and funding support for major engineering projects [2] Group 3: Xiaomi's YU7 Vehicle Launch - Xiaomi's YU7 vehicle received over 289,000 pre-orders within the first hour of its launch, exceeding market expectations [3][4] - The YU7 is expected to attract tech-savvy consumers due to its advanced technology configurations, particularly in smart driving and battery performance [4] - The launch of YU7 is anticipated to drive collaborative development across the supply chain, benefiting key sectors such as lidar suppliers, smart driving system developers, and high-performance battery manufacturers [4] Group 4: IPO of Vision Technology - Vision Technology's IPO application has been accepted by the Shanghai Stock Exchange, aiming to raise 2.015 billion yuan [5] - The company has completed seven rounds of financing, with its latest round in February 2023, and is recognized as a unicorn with a valuation exceeding 10 billion yuan [5] - The core product, silicon-based OLED microdisplay technology, is positioned as a critical hardware component for XR devices, aligning with the explosive growth of the AI industry and the demand for advanced human-computer interaction [5]