IT之家附报告的品牌排名如下： 在销量方面，2025 年第三季度国内 XR 整体市场达到 16.9 万台，环比增长 17%，同比增长 57%。其中，消费级 AR 设备成为市场增长的主要驱动力，销 量达 13.0 万台，同比增长 109%。 报告称，雷鸟、乐奇（Rokid）等品牌的新品发布成为推动 AR 市场增长的主要动力，且影目、Meta、阿里夸克等品牌也纷纷跟进，相继推出新品；消费 级 VR 设备销量为 4.0 万台，环比增长 8%，Meta 低价策略维持了 VR 市场的小幅增长。 IT之家 11 月 13 日消息，研究机构 CINNO Research 今日发布报告，2025 年第三季度，中国消费级 AR / VR 眼镜市场销量达 16.9 万台，环比增长 17%， 同比增长 57%。市场增长主要得益于 AR 设备新品的持续推出、上游产业链成本优化以及 AI 技术的深度融合。 AR 设备市场，雷鸟创新稳居第一。其持续推陈出新，10 月底推出 AIR 4 和 AIR 4 PRO 新品，首次引入 HDR 显示技术，支持 AI 3D 视频功能。 乐奇（Rokid）凭借 Rokid Glasses 新品上市，销量 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or companies discussed Core Insights - The absence of the iPhone 17 Air in the Chinese market due to regulatory issues significantly impacts its shipment outlook, despite its global popularity [1][28] - Luxshare's increased assembly share for the iPhone 17 Air indicates Apple's trust in its processes, but the lack of sales in China and high tariffs on exports to the U.S. may limit its advantages [6][34] - The semiconductor industry is undergoing a transformation driven by AI, with a shift in value towards advanced packaging and substrates, and a forecasted growth in ASICs outpacing GPUs [12][44] Summary by Sections iPhone 17 Air Market Dynamics - The iPhone 17 Air's eSIM-only design prevents its sale in China, limiting its market potential [3][31] - Luxshare's initial order share for the iPhone 17 Air is higher than before, but the actual benefits may be constrained due to the model's absence in China [2][30] - The U.S. tariffs on exports from China add significant cost pressures, potentially compressing Luxshare's profits [4][32] Semiconductor Industry Trends - AI investments are reshaping the semiconductor supply chain, leading to a convergence of design and manufacturing processes [42][43] - TSMC is expected to remain the primary manufacturer for AI chips, with a projected 80-90% of AI chips being produced there in the next 5-10 years [45] - The importance of packaging and substrates is rising, with companies like Ibiden and Shinko benefiting from increased demand and investment [46][48] Competitive Landscape - NVIDIA's partnership with Intel raises questions about the future of PC chip collaborations, but MediaTek remains confident in its ongoing relationship with NVIDIA [35][38] - The competitive dynamics in the AI chip market are shifting, with fabless companies like Qualcomm and Broadcom expanding their roles [44][46] - The lack of a "killer app" in the smart glasses market indicates that while demand exists, the technology and ecosystem are not yet mature enough for widespread adoption [20][52]