Tianfeng Securities·2025-09-07 14:44Investment Rating - The industry rating is "Outperform" (maintained) [10] Core Viewpoints - The report is optimistic about edge AI investment opportunities driven by policy support, leading companies, and upcoming product launches [1][2] - The Chinese government has initiated the "Artificial Intelligence +" era, providing comprehensive policy support and resources to accelerate technology integration and industry development [2][19] - Major companies like Google and Apple are making significant advancements in edge AI, with Google launching the Tensor G5 chip and Apple planning a major product launch on September 10 [3][4][28] - The report highlights a significant increase in demand for smart glasses, with sales on JD.com growing over 10 times year-on-year [5][34] - Meta is restructuring its AI department and pausing hiring, focusing on developing new hardware and software for the metaverse [6][35] Summary by Sections 1. Policy Support and Industry Trends - The Chinese government has launched the "Artificial Intelligence +" initiative, aiming for deep integration of AI across six key sectors by 2027 [2][19] - The initiative outlines a three-step development goal, emphasizing the importance of smart terminals and AI applications [19][24] 2. Major Company Developments - Google has released the Tensor G5 chip, enhancing the Gemini model experience and establishing a hardware ecosystem centered on edge AI [3][25] - Apple is set to unveil the iPhone 17 and other products, with significant upgrades in hardware and AI capabilities, including a partnership with Google to enhance Siri with Gemini AI [4][31][32] 3. Market Demand and Performance - The report notes a remarkable increase in smart glasses sales, with JD.com reporting over 10 times growth in transaction volume [5][34] - Meta's restructuring of its AI team aims to enhance its product offerings and address rising costs while maintaining revenue growth from AI-driven advertising [6][36] 4. Future Outlook - The report anticipates continued growth in the edge AI sector, driven by technological advancements and increasing consumer demand for smart devices [1][2][5]