科技2025展望：终端需求复苏延续，端侧AI创新落地提速

Investment Rating - The report maintains a positive outlook for the technology sector, suggesting high growth potential driven by AI computing demand and innovation in edge AI applications [1][15]. Core Insights - The technology sector is expected to sustain high prosperity in 2025, with a focus on two main themes: expansion of AI computing demand and rapid innovation in edge AI applications across various devices [1][15]. - The global economy is anticipated to recover moderately, leading to a rebound in smartphone and PC demand, alongside continued growth in general and AI server markets [1][15]. Summary by Sections AI Servers - The AI server market is projected to see significant growth, with shipments expected to increase by 109% in 2025, reaching 2.07 million units [2][28]. - The introduction of new architectures like GB200 and ASIC AI servers will further drive demand for ODM and related components [2][28]. Smartphones - The global smartphone market is forecasted to grow by 3% in 2025, reaching 1.25 billion units, driven by AI applications enhancing user experience [3][15]. - Innovations in components such as optics, acoustics, and thermal management are expected to continue, improving profitability for domestic supply chains [3][15]. AR/VR - AI glasses are anticipated to become a key platform for AI applications, with a peak in product launches expected in 2025 [3][15]. - Companies deeply involved in the supply chain, such as Sunny Optical and AAC Technologies, are expected to benefit significantly from this trend [3][15]. Automotive Electronics - The rapid development of electric and intelligent vehicles is driving the growth of the automotive electronics market, with a penetration rate of 53% for new energy vehicles in China as of October [4][15]. - The demand for L3 and above autonomous vehicles is expected to rise, leading to growth in the market for onboard cameras and displays [4][15]. General Servers - The general server market is expected to grow by 8% in 2025, with a total shipment of 14.83 million units, driven by strong capital expenditure from cloud service providers [24][15]. - The demand for traditional enterprise servers is anticipated to remain weak due to macroeconomic factors and the ongoing shift from private to public cloud [24][15].