消费电子系列跟踪：AI硬件催化密集，重视消费电子加仓窗口

Investment Rating - The industry rating for consumer electronics is "stronger than the market" [4] Core Views - The consumer electronics sector is experiencing a short-term stabilization and recovery, driven by AI innovation cycles and continuous product launches from major companies [3] - AI is expected to first impact mature consumer electronics products like smartphones, leading to increased demand for upgrades and higher average selling prices (ASP) [3] - The domestic manufacturers have a significant advantage in the global consumer electronics manufacturing landscape, with established production capacities in regions like Vietnam and Thailand, which mitigates potential tariff risks [3] Summary by Sections Market Performance - The consumer electronics index decreased by 2.01% from November 11 to November 15, while the Shanghai and Shenzhen 300 index fell by 3.29% and the electronic index by 3.77%, indicating better performance than the broader market [1] - AI and hardware-related stocks showed significant activity, with notable increases in companies like Doctor Glass (+32%) and Mingyue Lens (+26%) [1] Industry Developments - Major companies are actively entering the AI space, with Baidu launching AI glasses and Xiaomi planning to release AI glasses in collaboration with Goer [2] - The exploration of new hardware forms, such as AR/VR and AIOT products, is expected to accelerate due to AI integration [3] Investment Recommendations - Suggested companies to focus on include those in the Apple supply chain, smart speakers, AIPC industry chain, XR industry chain, and foldable screen industry chain [4]