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中泰证券-电子行业苹果MR深度报告：XR iPhone时代将至，把握MR创新成长机遇-230411

VR、AR 和 MR 的集合，VR的应用和技术都较AR更为成熟，未来VR向MR混合现实形态升级亦是确定性趋势。受宏观经济和产品定价等因素影响，2022 年全球 VR 出货小幅下滑，但行业成长大趋势不改，根据 Wellsenn XR 数据，2025 年全球 VR 头显销量预计达 3500 万台，2022-25年 CAGR 达 53%，行业成长驱动力主要来自：1）硬件终端升级：轻薄化、分辨率提升、显示

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