开源证券：AI革命进入新阶段 重点关注AI硬件产业链相关

Core Viewpoint - AI remains the main theme of CES 2026, with a significant shift from software to physical world integration, empowering various AI terminals. The new wave of innovation driven by generative AI is just beginning, with traditional consumer electronics like AI smartphones and AI PCs expected to benefit from a consumer upgrade cycle, while AI glasses and embodied intelligent robots have transitioned from the "0 to 1" stage to the "1 to N" stage, indicating a potential for rapid growth in product shipments. The focus should be on the AI hardware supply chain [1] Group 1: AI Chips - Continuous iteration in chip architecture and manufacturing processes is enhancing AI inference efficiency and reducing costs. Major tech companies like NVIDIA, AMD, Intel, and Qualcomm showcased advancements at CES 2026, with NVIDIA announcing the full production of the Vera Rubin platform, which integrates six key chips and reduces AI inference costs by 90%. AMD's Helios platform, based on MI455X, boasts a tenfold performance increase and has gained recognition from leading clients like OpenAI. Intel introduced the Core Ultra3 series processors with over 70% superior integrated graphics performance compared to competitors, while Qualcomm launched the Snapdragon X2Plus platform to redefine Windows AI PC standards [2] Group 2: Traditional Consumer Electronics - AI smartphones and AI PCs are undergoing continuous innovation, with an emphasis on software AI interaction experiences. Lenovo introduced a rollable screen and foldable PC, enhancing AI PC capabilities through its "hybrid AI" strategy. Dell and HP upgraded their flagship AI PC products, significantly improving edge AI performance. YPlasma launched the world's first plasma cooling laptop, revolutionizing thermal management in consumer electronics. Samsung showcased a foldable OLED display solution for the next generation of foldable smartphones, while Honor presented the world's first robot phone, enhancing AI interaction through a gimbal camera [3] Group 3: New AI Terminals - New AI terminals are accelerating from general interaction to deep scene penetration. Chinese brands are leading innovation in AI glasses, with Thunderbird showcasing the world's first eSIM smart AR glasses, marking a shift to independent communication for AR devices. Rokid released the ultra-lightweight, screenless AI glasses "Rokid Style," focusing on voice-first interaction. XREAL and ROG jointly launched the R1 gaming glasses, supporting 240Hz refresh rates. AI large models are moving beyond software to empower emotional companionship, sports health, and pet care, indicating a personalized evolution in the AI terminal industry [4] Group 4: Automotive & Robotics - Physical AI models are accelerating the realization of intelligent driving, with companies like NVIDIA lowering the R&D threshold for L4 autonomous driving through the open-source Alpamayo system. Chinese automakers such as Geely and Great Wall are rapidly advancing full-stack intelligent driving solutions towards mass production. Innovations in mobility are diversifying, from Strutt's smart wheelchair enabling "human-machine co-driving" to Verge's solid-state battery electric motorcycle showcasing extreme performance. In the realm of embodied intelligence, NVIDIA is building an open ecosystem with the Jetson Thor chip and Isaac platform, while Boston Dynamics released the mass-produced Atlas humanoid robot, collaborating with Hyundai and DeepMind for large-scale industrial applications. LG introduced home robots CLOiD and the AXIUM actuator brand, covering the entire supply chain from core components to scene ecosystems. Chinese companies like Yuzhu and Zhiyuan are demonstrating rapid commercialization capabilities in industrial automation and home services, marking a new phase of large-scale application in the global robotics industry [5]