Apple(US:AAPL) 智通财经网·2026-01-13 02:26Core Viewpoint - The report from Kaiyuan Securities highlights that by 2026, AI terminals (including Apple, Huawei, AI glasses, and OpenAI hardware) and computing power demand will drive new growth, focusing on opportunities in the upgrade of core components such as optics, batteries, thermal management, and structural processes [1]. Industry Overview - The consumer electronics and components industry is expected to see significant performance improvement in 2025, with the PCB sector leading in growth [2]. - The overall electronic sector is projected to perform strongly, driven by rapid iteration and bulk shipments of AI products, with traditional categories like smartphones and PCs maintaining stable growth while AI glasses and servers exhibit rapid growth [2]. AI Terminals - Investment focus for 2026 includes four main lines: 1. Apple Supply Chain: Apple is set to enter a new upgrade cycle starting in 2025, with plans to launch new products including the iPhone 17E and AI glasses, which will enhance AI functionalities [3]. 2. Huawei HarmonyOS Supply Chain: Huawei continues to innovate in foldable devices and its HarmonyOS 6 will support various AI capabilities, potentially increasing sales as domestic component sourcing improves [3]. 3. AI Glasses Supply Chain: With rising sales of AI glasses led by companies like Meta, this product category is expected to achieve significant sales volumes [3]. 4. OpenAI Hardware Supply Chain: OpenAI's entry into hardware aims to create popular native AI devices [3]. Component Upgrades - Key areas for component upgrades include: 1. Optics: Enhanced visual perception capabilities in AI terminals require stronger optical hardware, with ongoing upgrades in mobile camera performance [4]. 2. Batteries and Fast Charging: New technologies are being applied to meet the higher demands for battery life and charging speed in AI terminals [4]. 3. Thermal Management: Increased thermal management challenges are leading to the adoption of advanced cooling solutions in devices [4]. 4. Structure and Processes: Upgrades in display technology and manufacturing processes are becoming essential for new consumer electronics [4]. Component Market Outlook - The resonance between AI computing power and AI terminals is expected to sustain an upward cycle for PCBs and passive components: 1. AI Terminal Side: The performance upgrades in SoCs and increased integration in smartphones are driving the evolution of PCBs towards higher density and precision [5]. 2. AI Computing Side: Continuous iteration of AI chips is increasing the demand for upgraded PCB specifications and quantities, with a shift in power supply architecture in data centers [5]. - Beneficiaries of this trend include companies such as Industrial Fulian, Luxshare Precision, GoerTek, and others [5].