数字化浪潮下，虚拟代言人作为新兴的数字化营销创新行为，正成为品牌连接Z世代消费者的关键媒介。针对现有研究对虚拟代言人形象类型差异的影响机制与边界条件探讨不足的问题，本研究整合创新扩散理论、认知适应性理论与信息整合理论，构建以虚拟代言人形象（二次元vs.超写实）为自变量、加工流畅性为中介、产品类型与广告诉求为调节变量的有调节中介模型，通过两项情景实验揭示其广告效果的影响机制。研究创新点在于：一是解构了虚拟代言人“技术-认知”双元驱动的服务创新路径；二是验证了加工流畅性的核心中介作用，完善了数字化营销场景的微观认知机制；三是明确了产品类型与广告诉求的双重调节效应，构建了“形象-产品-诉求”三维适配框架。研究发现：超写实形象因技术可信度优势显著提升广告效果；加工流畅性在形象与效果间起关键中介作用；产品类型与广告诉求调节中介路径：功能品适配超写实形象、享乐品适配二次元形象，感性诉求下超写实形象更具优势。本研究为品牌精准触达Z世代提供了理论依据与策略启示。

   Amid the digital transformation, virtual influencer, as an emerging digital marketing innovation, is becoming a key medium for brands to connect with Generation Z consumers. This study integrates the Diffusion of Innovations Theory, Cognitive Adaptation Theory, and Information Integration Theory constructs a moderated mediation model with the image of virtual influencers (cartoon-like vs. hyper-realistic) as the independent variable, processing fluency as the mediator, and product type and advertising appeal as the moderating variables. Through two scenario experiments, the study reveals the impact mechanism of their advertising effects. The research findings are as follows: (1) hyper-realistic images significantly enhance advertising effects due to their technological credibility advantage; (2) processing fluency plays a key mediating role between the image and the effect; (3) product type and advertising appeal moderate the mediating path: functional products need to match hyper-realistic images to enhance information processing fluency, while hedonic products are more suited to cartoon-like images to evoke emotional resonance, and under emotional appeals, hyper-realistic images have a greater advantage. This study deconstructs the "technology-cognition" dual-driven path of virtual influencers as a service innovation, providing theoretical basis and strategic insights for brand digital marketing practices.