天风证券：端侧AI产业链加速升温 2026年有望迎来端侧AI大年

Core Insights - The end-side AI industry chain is rapidly heating up, with terminal manufacturers increasing investments in smart hardware and interactive innovations, leading to a deep integration of computing power and applications, which is expected to drive rapid ecosystem expansion by 2026 [1] Group 1: Industry Trends - The report from Tianfeng Securities indicates that 2026 is anticipated to be a significant year for end-side AI [1] - There is a strong focus on the breakthroughs in computing power products and the important position of leading consumer electronics companies like Luxshare Precision in the end-side AI supply chain [1] Group 2: Company Performances - Apple has achieved record high performance, with double-digit growth in iPhone sales in the fourth quarter and continued investment in AI research and development [1] - Nvidia's GTC Washington summit exceeded expectations, maintaining a positive outlook on the computing power industry chain [1] - Meta's smart hardware is rapidly scaling up, indicating a competitive acceleration phase in end-side AI [1] - Industrial Fulian reported a 62% year-on-year increase in net profit for the third quarter, continuously validating the profitability of its AI server business [1]