KAIYUAN SECURITIES·2025-12-01 15:00Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the continuous growth and innovation in AI applications, particularly through products like Doubao mobile assistant and Quark AI glasses, which are expected to reshape end-side AI interaction models and drive demand for AI applications [8] - The report emphasizes the importance of collaboration between Doubao and mobile manufacturers to enhance interaction capabilities and automate complex tasks [6] - The launch of AI products by major players like Alibaba and Huawei indicates a growing trend in the AI hardware market, which is anticipated to boost AI computing demand and upgrade the end-side hardware supply chain [7] Summary by Sections - Doubao Mobile Assistant: Launched a technical preview version with hardware support from ZTE, priced at 3499 yuan, featuring advanced specifications [5] - AI Glasses and Toys: Alibaba's Quark AI glasses and Huawei's AI toy "Smart Hanhai" represent significant advancements in AI hardware, integrating with existing ecosystems to enhance user interaction [7] - Investment Recommendations: The report recommends focusing on companies like ZTE and Guanghetong, while also identifying beneficiaries such as Yiyuan Communication and Megmeet Technology, which are expected to gain from the rising demand for AI applications [8]