Apple(US:AAPL) Xin Lang Cai Jing·2026-01-13 06:28Core Viewpoint - The report from Kaiyuan Securities highlights that the AI terminal market is set to enter a new cycle in 2026, with a focus on key players like Apple and Huawei, as well as advancements in optical PCB technology [1][5]. Group 1: Industry Performance - The consumer electronics and components industry is expected to see significant performance improvements in 2025, with the PCB sector leading in growth [1][5]. - The overall electronic sector is projected to perform strongly, driven by rapid iterations and bulk shipments of AI products, alongside new product launches and government subsidies boosting demand in the consumer electronics sector [1][5]. - Traditional categories such as smartphones, PCs, and tablets are maintaining stable growth, while AI glasses and AI servers are experiencing rapid growth trends [1][5]. Group 2: AI Terminal Focus - Key investment lines for 2026 include Apple's ecosystem, Huawei's HarmonyOS, AI glasses, and OpenAI's hardware [2][6]. - Apple is positioned as a leader in the global consumer electronics supply chain, with plans to launch new products including the iPhone 17E, foldable iPhone, and AI glasses in 2026, entering a three-year innovation cycle [2][6]. - Huawei is expected to continue releasing new foldable devices in 2025, with its HarmonyOS 6 significantly enhancing user experience through AI capabilities, and increasing domestic component sourcing likely to boost sales [2][6]. - The AI glasses market is anticipated to grow significantly, with companies like Meta driving sales, positioning AI glasses as potential high-volume products [2][6]. - OpenAI's entry into terminal hardware is expected to create popular native AI hardware products from the perspective of AI model manufacturers [2][6]. Group 3: Component Upgrades - Focus areas for component upgrades include optical systems, batteries and fast charging, thermal management, and structural components [3][7]. - Enhanced optical hardware modules are crucial for AI terminals, with ongoing upgrades in mobile optical performance from both Apple and Android manufacturers [3][7]. - The demand for battery life is increasing due to enhanced AI terminal performance, leading to the adoption of new battery technologies such as steel shell batteries and solid-state batteries [3][7]. - Thermal management challenges are intensifying, with Apple expected to implement VC heat spreaders in more models, while Android manufacturers are exploring liquid cooling and micro-fan solutions [3][7]. - Upgrades in display technology are focusing on durability and lightweight designs, with advanced manufacturing techniques like 3D printing and liquid metal processes expected to penetrate more consumer electronics components [3][7]. Group 4: Resonance of AI Computing and Components - The synergy between AI computing and AI terminals is expected to drive an upward cycle for PCBs and passive components [4][8]. - As SoC performance improves and internal integration in smartphones increases, PCBs are evolving towards higher density and precision, with a greater use of flexible printed circuits in foldable devices [4][8]. - The iteration of AI chips is continuously raising the specifications and demand for PCBs, with corresponding upgrades in upstream materials [4][8]. - The increase in power consumption of AI servers is prompting a shift in data center power supply architectures towards high voltage direct current (HVDC) and solid-state transformer (SST) systems, leading to a rise in the use and specifications of various passive components [4][8].