AI消费电子行业专题：地方政策加速，看好端侧AI产业链生态

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Views - The report emphasizes the long-term growth potential of the global AI smart terminal market and the opportunities within the Chinese supply chain, driven by increasing innovation in edge AI products [4][14] - The Shanghai Municipal Economic and Information Commission has issued a plan to enhance the layout of edge AI chips, which is expected to accelerate the development of the industry [13][14] - The global edge AI market is projected to grow significantly, with a forecasted increase from 321.9 billion to 1.22 trillion yuan from 2025 to 2029, representing a compound annual growth rate of 40% [5][15] Summary by Sections 1. Policy Support for Edge AI - The Shanghai Municipal Economic and Information Commission has released a plan to strengthen the layout of edge AI chips, focusing on various terminal products such as smartphones and computers [13] - The plan aims to accelerate the development of core chips like SoC and CPU, covering major technology routes including X86, ARM, and RISC-V [13][14] - The report highlights the supportive national policies for AI development, including the goal for new generation smart terminals to achieve over 70% penetration by 2027 [14] 2. Market Potential of Edge AI - The edge AI market is expected to experience explosive growth, with a projected market size increase from 321.9 billion yuan to 1.22 trillion yuan between 2025 and 2029 [5][15] - AI glasses are identified as a key product in the edge AI sector, with global sales expected to rise significantly, reaching 600 million units by 2029 [6][16] - The report notes that domestic sales of smart glasses in China are anticipated to approach 1.4 million units in 2025, marking a 216% year-on-year increase [6][16] 3. Redefining Smart Terminals with AI - The report discusses the transformation of smart terminals through AI, moving from graphical user interfaces (GUI) to language user interfaces (LUI), enhancing user interaction [9][17] - It highlights a paradigm shift from "tool execution" to "autonomous execution" with the emergence of AI agents capable of independent decision-making [18] - The ecological transformation is noted, where companies are creating interconnected ecosystems that span multiple devices and applications [19] 4. Investment Recommendations - The report suggests focusing on companies such as Luxshare Precision, Lens Technology, and Goertek, among others, as potential investment opportunities in the AI smart terminal sector [8]