AI终端行业专题：AI进化加速端侧落地，新一轮换机潮蓄势待发

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The AI PC and smartphones are crucial carriers for the implementation of large models, revolutionizing traditional application modes, with an accelerated evolution of AI leading to a new wave of device upgrades [2][17] - The introduction of AI smartphones and AI PCs is expected to revitalize the consumer electronics market, which has faced declining demand in recent years, with projections indicating significant growth in shipments starting in 2024 [2][17] - The report highlights the importance of hardware advancements, particularly in processor architecture and memory value, as key drivers for the AI PC and smartphone markets [2][17] Summary by Sections 1. AI PC & Smartphones as Key Carriers - AI PCs are a new hybrid of computing platforms that integrate AI technology, enhancing traditional PC functionalities and user experiences [4][5] - The emergence of generative AI smartphones is set to transform user interactions and content generation, marking a significant shift in the smartphone ecosystem [11][12] 2. Hardware Changes: Processor Architecture and Memory Value - ARM architecture is expected to gain market share due to its low power consumption, with predictions indicating that by 2027, ARM-based laptops will capture 25% of the market [2][23] - The introduction of NPU (Neural Processing Unit) in AI PCs is crucial for efficient low-power AI inference, enhancing computational efficiency and reducing costs [2][17] 3. Large Model Developments: Lightweight Models and Multimodal Interaction - The report discusses the launch of lightweight models and multimodal large models that enhance human-computer interaction, with a focus on the necessity of AI-enabled endpoints [2][17] 4. Investment Logic: Accelerated AI Implementation and Upcoming Device Upgrades - The report suggests focusing on companies like BYD Electronics, Apple, Qualcomm, Microsoft, and Lenovo, as they are well-positioned to benefit from the AI-driven recovery in the consumer electronics sector [2][17] 5. Industry Chain Distribution - The AI PC and smartphone industry chain includes upstream hardware and software suppliers, midstream OEMs and brand manufacturers, and downstream application scenarios across various sectors [20]