云厂订单、算力侧连续超预期、iphone预售乐观，看好iphone全年出货量创历史新高

Investment Rating - The industry rating is "Outperform" (maintained) [7] Core Insights - The report is optimistic about the iPhone's annual shipment volume reaching a historical high, driven by strong pre-sales and product innovations from Apple and META [2][11] - The report highlights the significant advancements in AI technology, particularly in edge AI and cloud AI, which are expected to drive growth in the consumer electronics sector [3][4][28] Summary by Sections Section 1: Edge AI and Consumer Electronics - Apple's recent product launch showcased multiple upgraded devices, including the iPhone 17 series, which is expected to achieve record sales due to its enhanced features [2][11] - The iPhone 17 series introduces a new product matrix and significant upgrades in screen technology, performance, and imaging capabilities, including the first support for 120Hz ProMotion adaptive refresh rate in the standard model [18][19] - META is set to unveil new high-end smart glasses and AI innovations at the upcoming Meta Connect 2025, indicating a strong focus on the AR ecosystem [25][26] Section 2: Cloud AI and Semiconductor Opportunities - NVIDIA's introduction of the Rubin CPX inference chip marks a significant leap in AI computing, with performance improvements of 6.5 times, which is expected to boost demand in the PCB sector [4][28][29] - Broadcom has secured a major $10 billion order from OpenAI, reflecting the growing demand for AI chips and the restructuring of the AI chip ecosystem [5][37] - Oracle's stock surged following a $300 billion power procurement agreement with OpenAI, highlighting the escalating competition for AI computing power [40][41] Section 3: Key Companies and Investment Opportunities - The report suggests focusing on leading companies in the consumer electronics supply chain, including Luxshare Precision, Lens Technology, and others, which are expected to benefit from advancements in AI and communication technologies [5][42] - The report emphasizes the importance of companies like Alibaba, which is investing significantly in cloud infrastructure to enhance its competitive position in the AI market [42]