Zhao Yin Guo Ji·2025-12-11 05:30Investment Rating - The report suggests a positive outlook for the technology sector, particularly focusing on AI computing infrastructure and end-side AI innovations [1][24]. Core Insights - The global technology industry is expected to experience a dual trend of differentiated terminal demand and accelerated AI innovation by 2026, driven by rapid iterations of AI large models [1][24]. - The report highlights two main investment themes: 1) AI computing infrastructure, where VR/ASIC architecture upgrades will drive growth in ODM and component suppliers; 2) End-side AI innovations, particularly in AI smartphones, PCs, and glasses, with companies like Luxshare Precision, Hontai Precision, BYD Electronics, Sunny Optical, AAC Technologies, and Xiaomi Group being key players [1][24]. Summary by Sections Server Market - The global server market is projected to be dominated by AI infrastructure investments, with AI server shipments expected to grow by 50% year-on-year to 2.32 million units in 2026 [2][25]. - The market will see a "GPU/ASIC dual-drive" pattern, with VR/ASIC architecture reshaping value and driving demand for connectors, cables, and power supply components [2][25]. Smartphone Market - Global smartphone shipments are anticipated to decline by 5% year-on-year to 1.18 billion units in 2026, primarily affecting low-end models due to macro uncertainties and rising storage costs [2][25]. - However, the high-end market remains resilient, with Apple expected to launch innovative products, including the first foldable iPhone and AI-driven devices [2][25]. AR/VR Market - The report forecasts that global AI glasses shipments will exceed 10 million units by 2026, marking a significant growth in the wearable technology sector [2][25]. - Major tech companies are accelerating their investments in AR/VR, with advancements in optical technologies expected to unlock further potential in the coming years [2][25]. PC and Automotive Electronics - The global PC market is expected to face challenges, with a projected 2% decline in shipments to 275 million units in 2026, influenced by the end of the Windows 11 upgrade cycle and rising storage costs [2][25]. - AI PCs are expected to penetrate the market significantly, with projections indicating that they will account for over 50% of shipments by 2026 [2][25]. Memory Price Impact - The report discusses the impact of rising memory prices on the technology supply chain, predicting that short-term pressures will affect mid-to-low-end consumer markets while high-end products may buffer the cost increases [27][30].