招商证券：把握AI端侧持续创新带来的投资机遇

Core Viewpoint - The report from China Merchants Securities highlights the collaborative investment in AI technology by leading companies across the supply chain, indicating a wave of innovation in various terminal products such as smartphones, PCs, wearables, robots, smart cars, XR, and smart homes, with a focus on the investment opportunities arising from continuous AI innovation at the terminal level [1] Group 1 - The report suggests that Apple is expected to continue leading the innovation in AI at the terminal level, presenting long-term investment opportunities in high-quality companies within Apple's AI supply chain [1] - Other brands are also making significant strides in AI large models and application layouts, indicating a broader industry trend towards AI integration [1] - The report emphasizes the innovation driven by AI in key components, recommending attention to main chips, wafer foundries, storage, optics, PCBs, thermal management, batteries, passive components, and acoustics [1]