Strategy - The technology competition under the Kondratiev wave continues to open up valuation ceilings, with a focus on "bottleneck" and future industry high ground [14][15] - The current valuation of China's science and technology innovation is still lower than that during the internet boom in the 1990s, indicating potential for further upward movement [14][18] - The "14th Five-Year Plan" emphasizes seizing the high ground of technological development, focusing on key areas such as integrated circuits and advanced manufacturing [14][19] Electronics - The scaling law remains effective, with the introduction of multi-modal and agent models expected to accelerate AI computing demand [8][15] - The PCB industry is anticipated to maintain high growth due to its heavy asset nature and product structure optimization, which can lead to non-linear performance improvements for companies [8][15] Computer - New models are being launched intensively, marking a shift in AI competition towards "strong reasoning + native multi-modal" capabilities [9][15] - Significant releases include Google's Gemini 3 and DeepSeek V3.2, which enhance multi-modal understanding and practical applications [9][15] Media - Long-term optimism for the acceleration of AI product applications and commercialization, with a focus on AI agents, companionship, multi-modal applications, education, and edge AI [9][15] Humanoid Robots - The industry is transitioning from concept validation to commercialization, with companies that have growth potential in key components or specific solutions likely to benefit [10][15] - Investment opportunities are identified in the incremental component sector, with a focus on aesthetic preferences in the market [10][15] Automotive - The launch of Horizon Robotics' HSD and J6P models marks a significant step in mass production, with companies like WeRide and Pony.ai also making strides in the market [10][15] - Recommendations include focusing on luxury car opportunities with strong product pipelines and valuation elasticity, as well as autonomous driving technologies [10][15] Selected Portfolio - The December selected portfolio includes upstream production tools like Zhuoyi Information, upstream computing infrastructure such as Jingwang Electronics, and downstream applications like Alibaba [11][15]

Market Overview - The Shanghai Composite Index rose by 0.54% on December 8, with 25 out of 28 sectors experiencing gains, led by the communication and comprehensive sectors, which increased by 4.79% and 3.03% respectively [1] - The coal and oil & petrochemical sectors saw declines of 1.43% and 0.84% respectively [1] Capital Flow - The net inflow of capital in the two markets was 2.602 billion yuan, with 15 sectors experiencing net inflows [1] - The electronics sector had the highest net inflow of 8.273 billion yuan, followed by the communication sector with a net inflow of 2.387 billion yuan [1] Communication Sector Performance - The communication sector increased by 4.79%, with a net inflow of 2.387 billion yuan, and 109 out of 124 stocks in this sector rose today [2] - Notable stocks with significant net inflows included Xinyi Technology (6.10 billion yuan), Tianfu Communication (5.10 billion yuan), and Guodun Quantum (4.06 billion yuan) [2] Communication Sector Capital Outflow - The communication sector also had stocks with significant net outflows, with Yongding Co. leading at -348.15 million yuan, followed by ZTE Corporation at -268.04 million yuan, and Nanjing Panda at -238.43 million yuan [3] - Other notable stocks with capital outflows included Putian Technology and China Mobile, with net outflows of -190.26 million yuan and -173.11 million yuan respectively [3]

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The release of the Doubao mobile assistant by ByteDance is expected to drive the development of edge AI in smartphones, enhancing user interaction and automation capabilities [6][11]. - The global smartphone shipment is projected to recover to 1.239 billion units in 2024, driven by AI technology upgrades, after declining to 1.164 billion units in 2023 [7][9]. - ZTE Corporation is recognized as a leading provider of integrated information and communication technology solutions, with a revenue of 121.299 billion yuan in 2024, reflecting a year-on-year decline of 2.38% [17][21]. Summary by Sections 1. Edge AI and Smartphone Development - The evolution of smartphones is closely tied to communication technology advancements, with a new upgrade cycle beginning in 2024 focused on edge AI and lightweight model deployment [7]. - Major smartphone manufacturers are rapidly integrating high-performance AI capabilities into flagship models, such as Apple's iPhone 17 Pro and Huawei's Mate 80 Pro [9][10]. 2. Doubao Mobile Assistant - The Doubao mobile assistant, built on the Doubao app and large model capabilities, enables cross-application automation for tasks like price comparison and booking [11][14]. - The assistant supports various interaction methods, including voice commands and AI key activation, enhancing user experience across multiple platforms [11][14]. 3. ZTE Corporation Overview - ZTE's product range includes wireless, core network, and data center solutions, with a focus on digital transformation and smart home applications [17][21]. - The company is investing in AI-related product development, including self-developed chips and AI servers, to create integrated smart computing solutions [21][22]. 4. Global Industry Dynamics - The report highlights significant developments in the industry, including the listing of Moore Threads on the Shanghai Stock Exchange and the launch of Amazon's Trainium3 AI chip [23][24]. - Micron Technology's decision to exit the consumer storage market to focus on AI and data center demands reflects the shifting landscape towards enterprise-level solutions [29]. 5. Market Performance - The SW electronic industry index increased by 1.09%, ranking 13th out of 31 sectors, while the SW electronic sub-indices showed varied performance, with panels leading at +6.92% [3][30][33].

Core Viewpoint - The article emphasizes the rapid shift of AI applications from cloud to edge devices, highlighting the increasing investment by tech giants in edge AI hardware, which is reshaping the consumer electronics landscape [1][3]. Group 1: Edge AI Market Dynamics - Major tech companies are actively launching edge AI products, such as AI glasses and smartphones, indicating a strong market interest [3]. - According to Frost & Sullivan, the Chinese edge AI market is projected to reach 307.7 billion yuan by 2029, with a compound annual growth rate of 39.9% [4]. - The profitability of edge AI is driven by the demand for AI servers and smart hardware components, benefiting Chinese supply chain companies [4]. Group 2: Edge AI Characteristics - Edge AI operates on local devices, ensuring faster response times and better privacy protection compared to cloud AI, which relies on remote servers [4]. - Edge AI models are generally smaller and designed for lightweight tasks, focusing on hardware compatibility and low power consumption [4][5]. Group 3: Primary Device for Edge AI - Smartphones are currently viewed as the primary device for edge AI due to their mature hardware and extensive user base, making them the most logical application scenario [6][7]. - While smart glasses show potential, they may require a longer adoption period and are likely to complement rather than replace smartphones [7][8]. Group 4: Investment Opportunities - Investment in edge AI should focus on innovative supply chain companies, assembly manufacturers, and key components like cooling, storage, and system interaction technologies [10][11]. - Companies with strong brand capabilities and ecosystems are expected to gain a first-mover advantage in the edge AI market [10][11]. Group 5: Valuation and Market Sentiment - Despite rising valuations in the edge AI sector, concerns about market "bubbles" are seen as a lack of patience regarding industry development [13]. - The ongoing investments by major players like Apple, Samsung, and Google in edge AI products indicate a long-term commitment to building competitive advantages [13][14].

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector and its sub-sectors, including telecommunications equipment manufacturing [9]. Core Insights - The commercial aerospace sector is experiencing significant growth, driven by key events such as the successful launch of the Zhuque-3 rocket and the upcoming launch of the Long March 12 rocket, which aims to achieve reusability [2][3]. - The Shanghai Songjiang Satellite Internet Industry Conference highlighted the development opportunities in satellite internet, with partnerships being formed to enhance aviation satellite internet applications [16]. - The report emphasizes the importance of ground terminals and applications as critical components of the commercial aerospace industry's business ecosystem, suggesting a focus on undervalued segments with broad potential [18]. Summary by Sections Market Performance - The telecommunications index rose by 3.69% last week, outperforming the Shanghai Composite Index, which increased by 0.37%, and the Shenzhen Component Index, which rose by 1.26% [2][12]. Key Events - Significant events in the commercial aerospace sector include: 1. The successful first flight of the Zhuque-3 rocket, achieving orbit but failing to recover the first stage [3][13]. 2. The upcoming first flight of the Long March 12 rocket, which will attempt reusability [3][13]. 3. The Shanghai Songjiang Satellite Internet Industry Conference, where major players discussed advancements in satellite technology [16]. 4. The initiation of a tender for phased array terminals by China StarNet, indicating a focus on ground terminal development [18]. Recommended Companies - The report recommends several companies within the telecommunications sector, including: - ZTE Corporation (Buy, target price: 64.34 CNY) [38]. - Ruijie Networks (Buy, target price: 102.51 CNY) [38]. - China Telecom (Buy, target price: 9.11 CNY) [38]. - NewEase (Buy, target price: 476.71 CNY) [38]. - China Mobile (Buy, target price: 126.20 CNY) [38]. - Zhongji Xuchuang (Buy, target price: 626.68 CNY) [38]. - Haige Communications (Buy, target price: 13.70 CNY) [38]. - Shanghai Hanyun (Buy, target price: 28.28 CNY) [38]. - China Unicom (Hold, target price: 7.56 CNY) [38]. Performance Highlights - The report notes that the top-performing stocks in the past week included: - Aerospace Development (up 52.26%) - Tianfu Communication (up 25.79%) - Shanghai Hanyun (up 24.98%) [10]. Future Outlook - The report suggests that the commercial aerospace sector is poised for further growth, particularly in ground terminal applications and satellite manufacturing, as the industry approaches critical technological milestones [2][3][18].

从端侧形态的演绎来看，多名基金经理认为，手机作为较成熟的应用，未来或仍是"第一载体"，当然AI 眼镜也是具有潜力的品类之一。因此，辐射到投资端，端侧硬件品牌以及上游供应链或率先受益，此外 系统交互、语音识别等关键环节亦有放量机遇。 科技巨头纷纷加码端侧硬件，标志着AI应用正从云端向终端设备快速延伸。而受益于算力爆发，端侧 AI正凭借更快的响应速度以及更好的隐私保护重塑消费电子的业态。 经济观察网据证券时报网消息，近期，海内外各大科技巨头动作频频。11月27日，阿里巴巴集团首款自 研夸克AI眼镜正式发布，该产品深度整合千问大模型与阿里生态服务，具备导航、支付、AI问答等功 能；12月1日，字节跳动联合中兴通讯推出搭载豆包手机助手技术预览版的努比亚M153工程样机并少量 发售。国外方面，无论是OpenAI，还是谷歌等科技巨头，均有多款智能终端产品发布。 ...

Market Sentiment - The current market sentiment score is 74, indicating a "relatively hot" market condition, with a tendency for the market to enter a consolidation phase as sentiment becomes cautious [4][6]. Hot Themes Tracking - **Non-ferrous Metals**: Demand expectations are boosted by potential US interest rate cuts, with copper prices rising due to financial attributes and supply constraints. Key stocks include Zijin Mining (601899) and China Aluminum (601600) [4]. - **Banking Sector**: Bank stocks offer high dividend yields, with the China Securities Bank Index yielding 6.02%, significantly above the 10-year government bond yield. This makes bank stocks attractive for long-term investors during economic slowdowns. Relevant stocks include Agricultural Bank of China (601288) and Ningbo Bank (002142) [4]. - **AI Mobile Phones**: ZTE has released a limited version of the Nubia M153 smartphone featuring the "Doubao Phone Assistant," aimed at developers and tech enthusiasts. This assistant operates at a system level, allowing for complex command execution. Related stocks include ZTE Corporation (000063) and Guanghetong (300638) [4]. Capital Flow Analysis - **Net Inflow**: The top stocks by net inflow include C-More-U (688795.SH) with 171,088.72 million, followed by BOE Technology Group (000725.SZ) with 91,808.23 million [7]. - **Net Outflow**: The stocks with the highest net outflow include Heertai (002402.SZ) with -192,121.31 million and Sanhua Intelligent Control (002050.SZ) with -100,152.71 million [9]. - **Industry Net Inflow**: The non-ferrous metals industry leads with a net inflow of 105,095 million, followed by the computer sector with 94,326 million [13]. Investment Strategy Recommendations - In a "relatively hot" market, it is advisable to moderately increase investments while being cautious of potential overheating risks [16].

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating expected performance above the market benchmark by over 10% [6][46]. Core Insights - The communication industry is experiencing significant growth driven by advancements in AI infrastructure and cloud computing technologies, particularly with the introduction of new AI chips and optical interconnect technologies [5][11][18]. - Companies like Marvell and Credo are leading the charge with substantial revenue growth and strategic acquisitions aimed at enhancing their capabilities in AI and data center technologies [2][3][21]. - The successful launch of the "Zhuque-3" rocket marks a pivotal moment in China's commercial space endeavors, further stimulating interest and investment in the aerospace sector [4][31]. Summary by Sections Industry News Tracking - AWS successfully hosted its annual re:Invent cloud computing conference, unveiling the next-generation AI chip Trainium 4, which supports NVLink Fusion technology for high-speed chip interconnects [11][12]. - Marvell reported a 37% year-over-year revenue increase for FY2026 Q3, driven by data center demand and operational efficiency, and announced a $3.25 billion acquisition of Celestial AI to enhance its optical interconnect technology [2][18]. - Credo's FY2026 Q2 revenue reached $268 million, reflecting a 20.2% quarter-over-quarter growth, with expectations for continued growth driven by AI training and inference infrastructure [3][21]. Market Performance Review - The communication sector index increased by 3.69% this week, outperforming the CSI 300 index by 2.41%, ranking second among primary industries [4][36]. - Notable performers in the sector included satellite internet, optical devices/chips, and IoT controllers, with respective increases of 9.85%, 5.93%, and 4.35% [36]. Investment Recommendations - The report emphasizes the importance of AI computing infrastructure development, recommending investments in optical devices, communication equipment, and liquid cooling technologies [5][43]. - It suggests long-term investment in the three major telecom operators due to their stable operations and increasing dividend payouts, highlighting companies such as China Mobile and ZTE [5][43].

12月8日，三大指数集体高开，科创板人工智能ETF（588930）高开，成分股中，复旦微电涨超4%，中 科星图、星环科技-U、道通科技等跟涨。 中信证券表示，当前仍处于人工智能应用的早期。即便没有最终实现AGI，AI仍将释放互联网30年积累 的数据红利，低成本提升知识和智能获取的便利性，从而提高效率和生产力。我们预计，2030年的全球 AI Capex有望在2025年的基础上增至5-7倍，中国AI Capex有望增至7-9倍。AI投资远没有见顶。但如美 国AI投资出现季度波动，仍可能导致高估值的美股科技股出现大幅波动。外资对中国科技股持股比例 持续偏低，未来如中国AI投资超预期，或技术进步超预期，中国AI公司的投资吸引力将进一步提升。 科技巨头加码端侧AI。据证券时报，近期，海内外各大科技巨头动作频频。11月27日，阿里巴巴集团 首款自研夸克AI眼镜正式发布，该产品深度整合千问大模型与阿里生态服务，具备导航、支付、AI问 答等功能；12月1日，字节跳动联合中兴通讯推出搭载豆包手机助手技术预览版的努比亚M153工程样机 并少量发售。国外方面，无论是OpenAI，还是谷歌等科技巨头，均有多款智能终端产品发布。 科 ...

该产品在市场上引起热烈反响。据报道，这款原型机在中国一经发布便迅速售罄。虽然厂商并未透露总 销量，但其转售价格已在市场飙升约43%。美国科技媒体Wccftech报道称，该产品让人联想到2025年初 DeepSeek引发的轰动，当时全球集体震惊于中国以极低的计算成本提供的顶级推理模型，如今中国科 技公司再次推出全球首款真正具备智能代理功能的AI手机。 《印度快报》报道称，目前全球尚没有其他手机能够达到豆包手机如此高的自主性，虽然商业化进程还 有待观察，但是已清晰地展示了智能手机未来将如何改变我们的生活。同时，这款手机的问世也表明， 首款真正意义上的智能体手机或许并非来自硅谷，而是来自中国融合人工智能和移动技术的生态系统。 尽管这款产品目前只是豆包方面发布的"技术预览版"，不过，将语言大模型植入到操作系统层面，也引 发业界关于数据授权、隐私、系统安全等问题的激烈争议。中关村信息消费联盟理事长项立刚告诉《环 球时报》记者，"将大模型与操作系统进行深入融合确实存在很大的争议，其商业推广也阻力重重。但 是如果要让AI Agent更加强大，必须深入到手机硬件和操作系统的底层，才能充分释放AI的能力。"项 立刚认为，"这肯 ...