计算机行业重大事项点评：CES 2026：端侧与AI Agent成核心焦点
Huachuang Securities·2026-01-12 06:16

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [19]. Core Insights - The report highlights that the CES 2026 event will focus on edge AI and AI agents, with significant advancements in local computing power and new product launches from companies like Intel and Qualcomm [2]. - The report predicts that by 2026, nearly 50% of terminal devices in the Chinese market will feature AI engine technology, marking a pivotal moment for edge AI applications across various sectors, including smart driving and healthcare [4][7]. - The transition from "Chat" to "Agent" interaction paradigms is expected to drive the proliferation of AI applications, with significant growth in both consumer and enterprise services [7]. Industry Overview - The computer industry comprises 337 listed companies with a total market capitalization of approximately 47,041.14 billion CNY and a circulating market value of about 40,689.18 billion CNY [4]. - The absolute performance of the industry over the past 12 months has been 48.0%, with a relative performance of 22.1% compared to the benchmark index [5]. Key Companies and Predictions - Notable companies in the industry include Cambricon, Haiguang Information, and Moer Thread, with various revenue and profit forecasts for 2024 and 2025 [8]. - For instance, Industrial Fulian is projected to have a revenue of 6,084.7 million CNY in 2024, increasing to 8,989.1 million CNY in 2025, with a PE ratio decreasing from 52.6 to 35.6 [8]. Investment Recommendations - The report suggests investment opportunities in domestic computing power companies such as Cambricon and Haiguang Information, as well as enterprise service providers like Kingsoft Office and Huazhu Network [7]. - Specific application scenarios for investment include finance, education, healthcare, and industrial sectors, with companies like iFlytek and Huidian Technology highlighted for their potential [7].