[Citic Securities: extended reality (XR) is expected to become the next Generation Computing platform Carrier]. According to CITIC Securities Research News, reviewing the development logic and trend of global computing platform carriers, the strategic layout of technology giants, and the investment in the capital market, we believe that advances in display and interactive technology make extended reality (XR) possible to become the next generation computing platform carrier. According to our calculations, The space of XR industry is far more than one trillion yuan. At the same time, Apple is expected to launch a new hybrid reality (MR) product in 2023, which is expected to greatly promote the development of XR and promote investment opportunities in the industrial chain. At present, virtual reality (VR) / MR has entered a mature iterative stage. We expect augmented reality (AR) to be commercialized initially in 2025, but it will be fully popularized about 5 years after commercialization (around 2030). MR acts as the transitional product between VR and AR. It is recommended to focus on the incremental, high barrier and high value links in the industrial chain. We suggest that we focus on the following three main lines of investment: 1) Stability of the main industry. The technology can be migrated and replicated to the XR field, and there are related strategic reserve products. 2) large market space, high barriers, strong profitability, and no risk of technical iteration; 3) the leader of the whole machine leading the development of the industry.