山西证券：AI带来消费电子新一轮创新周期

Core Viewpoint - The report from Shanxi Securities indicates that AI is driving a new wave of innovation in the consumer electronics sector [1] Group 1: AI Integration in Consumer Electronics - Major smart terminals such as smartphones and PCs are rapidly integrating AI functionalities and adapting to AI workloads [2] - AI is accelerating the innovation of new hardware forms in consumer electronics, with domestic and international hardware manufacturers and internet companies actively launching AI glasses, AI headphones, and other products to explore new AI application scenarios [2] Group 2: Opportunities in the Supply Chain - Component and parts suppliers with technological capabilities in the upstream supply chain are expected to benefit from this round of innovation in consumer electronics terminals [3] - Recent tightening of supply from TSMC and Samsung regarding 7nm and below processes indicates that self-sufficiency in advanced processes and related manufacturing equipment will become a long-term trend, presenting both opportunities and challenges for domestic industry chain companies [3] - There is a recommendation to focus on domestic substitution in equipment, materials, and components, as well as the demand for high-performance chips and advanced packaging driven by AI technology, alongside the upgrade opportunities brought by the AI edge application era and the resulting replacement wave [3]