行业周报：AI端侧产品密集出新，国产算力初创公司资本化加速-20251207

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The electronic sector has stabilized and rebounded, with the industry index rising by 1.17% due to catalysts from AI glasses and improved supply-demand dynamics in the panel industry [3] - AI terminal products are being launched intensively, with significant market attention on new AI glasses and system-level AI functionalities [4] - The successful listing of Moore Threads on the STAR Market and the high subscription enthusiasm for Muxi shares indicate accelerated capitalization in computing power [5] Market Review - The electronic industry index increased by 1.17% during the week of December 1-5, 2025, driven by AI glasses and improved supply-demand in the panel sector, with optical and optoelectronic leading the gains at 4.28% [3] - North American tech indices rose due to warming interest rate expectations and a recovery in global risk appetite, with notable increases in semiconductor stocks [3] Industry Updates - AI glasses are seeing a surge in new releases, with notable products from companies like Alibaba and Ideal, and Google collaborating with XREAL for new products [4] - The U.S. Secretary of Commerce's meetings with robotics industry leaders suggest potential administrative orders may be released in 2026 [4] Computing Power - Moore Threads successfully listed on the STAR Market with a market cap exceeding 280 billion, while Muxi's share subscription is highly sought after [5] - The release of the DeepSeek-V3.2 model enhances inference capabilities, potentially boosting the open-source model ecosystem [5] Storage Market - HBM4 supply competition is intensifying, with Samsung completing production readiness and Micron focusing on AI storage chips [6] - TrendForce predicts a 20-25% increase in NAND prices in Q4 2025, indicating a bullish outlook for the storage market [6] Investment Recommendations - Focus on investment opportunities catalyzed by AI terminals and self-controlled technologies, with specific attention to companies like SMIC, Hua Hong Semiconductor, and others [7]