AI产业系列深度报告（二）：AIPC赛道风起，产业链创新云涌

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the industry [4] Core Views - AIPC (AI-powered PCs) are expected to rapidly penetrate the PC market, driven by features such as natural language interaction, personal large models, hybrid computing power, open application ecosystems, and privacy security [1] - The industry has transitioned from the "AI Ready" phase to the user experience exploration phase, with AIPC products accelerating the replacement cycle and driving industry chain upgrades [1] - By 2028, AIPC penetration is expected to reach 79.7% [2] Technological Innovation and Market Penetration - AIPC represents a new wave of innovation in the PC industry, leveraging AI to enhance cost efficiency, latency, security, and personalization [2] - The integration of AI models with PCs' computing and storage capabilities, along with diverse interaction methods, positions AIPC as a key driver of market growth [2] - AIPC's adoption is expected to grow significantly, with a projected penetration rate of 79.7% by 2028 [2] Hardware and Software Ecosystem - AIPC demands higher hardware and software capabilities, leading to innovations in chips, memory, and storage solutions [3] - Key chip manufacturers like Intel, AMD, Qualcomm, and MediaTek are developing CPUs with integrated NPUs (Neural Processing Units) to support heterogeneous computing for AIPC [3] - Storage technologies are also evolving, with SSDs and LPDDR5/X/DDR5 becoming mainstream solutions for AIPC due to their high performance and low power consumption [3] - Software ecosystems are expanding, with companies like OpenAI, Microsoft, and Lenovo introducing AI-driven applications and tools to enhance user experience [3] Market Competition and Product Launches - Leading PC manufacturers such as Lenovo, HP, Dell, and Apple are actively launching AIPC products, with Lenovo leading in market share and innovation [4][58] - AIPC products are expected to command a 10-15% premium over traditional PCs, with significant growth in the $800+ PC market segment [4] - By 2025, AIPC is projected to account for over 50% of the $800+ PC market, and by 2028, this figure is expected to exceed 80% [4] Investment Recommendations - The report recommends focusing on companies involved in AIPC hardware, including chip and storage manufacturers, as well as software and application developers [4][69] - Key areas of interest include heterogeneous computing (CPU+GPU+NPU), storage upgrades (SSD, LPDDR5/X, DDR5), and AI-driven applications [69] - The report also highlights the potential for AIPC to drive the replacement cycle and boost the overall PC market, with global PC shipment value expected to grow from $225 billion in 2024 to over $270 billion by 2028 [66][68]