电子行业：大模型日趋成熟，耳机和眼镜有望成为端侧AI重要载体

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry [2]. Core Insights - The rapid development of large models has opened the era of edge AI agents, with significant attention from global enterprises following the launch of ChatGPT [8][11]. - Edge AI offers advantages such as reduced latency, localized data processing, and personalized user experiences, leading to a new development phase for large model vendors [8]. - Headphones and glasses are expected to become important carriers for future edge AI agents due to their interaction capabilities, portability, and cost advantages [3][13]. Summary by Sections 1. Rapid Development of Large Models and the Dawn of Edge AI Agents - The launch of ChatGPT in late 2022 sparked global interest in large models, leading to a surge in development from major companies like Google, Meta, and Alibaba [8]. - Edge AI is gaining traction as it allows for lower latency and enhanced user experience compared to cloud-based solutions [8][9]. 2. Headphones and Glasses as Key Carriers for Edge AI - The report highlights the potential of headphones and glasses as significant carriers for edge AI, emphasizing their interaction capabilities and lightweight design [3][13]. - The global TWS (True Wireless Stereo) headphone market has shown stable growth, with expectations for increased penetration of AI headphones as large models evolve [15]. 3. Industry Chain Analysis - The AI headphone industry chain is relatively mature, with key players in SoC chip manufacturing and assembly, including Qualcomm and various OEMs [20][21]. - The AI glasses market is still in its early stages, with significant potential for growth as companies like Meta and Ray-Ban introduce innovative products [22][23].