Tianfeng Securities·2025-09-29 12:35Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [12] Core Insights - The report highlights that 2026 is expected to be a significant year for edge AI, driven by policy support and major tech companies leading innovation in AI terminal products [16][18] - The report emphasizes the potential of AI terminal devices, with a focus on new product innovations and the release of various AI applications across different sectors [20][21] Summary by Sections Edge AI - The report notes that Meta has raised its sales expectations for AI glasses due to strong demand, increasing orders to suppliers by 20% [18] - A joint policy document from multiple government departments aims to stimulate digital consumption and innovation in AI terminal products, including smartphones and wearables [20][21] - JD.com has launched an AI ecosystem, introducing three major AI products aimed at enhancing user experience and operational efficiency [23][24] AI Cloud - OpenAI is developing a series of new edge AI devices expected to launch by the end of 2026 or early 2027, including a screenless smart speaker [29] - The report mentions that Alibaba is enhancing its cloud infrastructure with significant investments to support AI development [8][9] - The report highlights the IPO of Moore Threads, which aims to accelerate the commercialization of domestic GPUs for AI applications [7][8] Consumer Electronics - Apple has launched the iPhone 17 series, which features significant upgrades in performance and display technology, with strong pre-sale demand [40][45] - The report indicates that Apple's new products, including AirPods Pro 3 and Apple Watch Series 11, have introduced advanced features and improvements [41][42][44] - The report suggests that companies like Luxshare Precision are leading innovations in AR technology and AI solutions, showcasing multiple new products at industry events [30][36] Recommendations - The report recommends focusing on key players in the consumer electronics supply chain, including Luxshare Precision, BYD Electronics, and others, as they are expected to benefit from the growth in AI and digital consumption [10]