主要观点:
　　苹果于2023年6月正式发布Apple Vision Pro引发市场关注
　　目前AR/VR产品市场连续两个季度同比下滑，市场对苹果Vision Pro产品衰示期待，苹果产品的体验或将给ARVR市场重新注入信心。短期看:苹果产品虽有亮点，但市场售价远高于同类产品，销量或不及其他同类产品。长期看:苹果入局或将带给市场更多启发，以及供应链和技术能力的进一步完善。通过苹果的入局，将推动产品实现进一步大规模量产，在现有供应链基础上实现复用。同时国产虚拟现实设备或将通过苹果的现有供应链和产品具备的形态实现复刻，从而进一步下沉虚拟现实设备进入中低端领域。
　　AR市场想象空间大，元字宙相关设计应用的丰富将推动硬件发展。
　　根据YOLE预测，全球AR设备出货量将从2021年的103万台提升至2026年的4123万台,CAGR109%。中国是AR设备单一最大市场, IDC预测到2025年，中国AR设备出货量将达到近400万台，可能是全球单一最大市场。随着AR价格门槛的降低，消费级AR出货量将超过行业级产品。目前作业辅助、产品质检、远程协作为行业级主要应用，消费级应用正迓渐丰富。
　　苹果持续积累专利技术，眼动追踪和手动追踪将融合为未来多感知融合交互做准备
　　在眼动跟踪算法方面，苹果已有多年技术储备。近年来苹果陆续有眼动追踪相关专利申请流出，为Vision Pro的交互奠定良好的技术基础。
　　在手动追踪方面，苹果早在2017年，苹果通过收购总部位于蒙特利尔的混合现实公司Vrvana，进一步强化手部追踪技术领域的布局。
　　依托多传感器的融合感知，苹果Vision Pro打多模态交互
　　苹果Vision Pro整体硬件配置较高，包含12个不同类型的摄像头，5个传感器（其中1*LiDAR、2*结构光深度传感、2*IR红外传感)，分别用来处理Slam空间环境感知、手势识别、三维建模和眼动追踪等功能。
　　苹果Vision Pro核心成本来自Micro OLED
　　根据Wellsenn XR的数据，Vision Pro的总物料成本约为1500美金以上。其中成本占比最高的部分为2块Micro OLED，成本约为700美金，供应商为索尼，占比成本的48%。单眼分辨率达到4K，是目前市场首次出现的使用Micro OLED实现双目8K效果的产品。目前MicroOLED被广泛采用, Micro LED采用占比显著提升,同时全彩Micro LED仍需解决多个技术问题，距离实际量产时间仍需3-5年。
　　投资建议
　　建议关注华兴源创(Micro OLED检测设备)、兆威机电（瞳距调节)、智立方（配套检测设备)、杰普特（检测设备)
　　风险提示
　　苹果MR发布不及预期，消费电子需求不及预期，技术开发不及预期

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