中泰证券【中泰研究丨晨会聚焦】科技孙行臻：AI终端落地加速，关注AI+OS投资机会

Core Insights - The report emphasizes the acceleration of AI terminal deployment and the expansion of the smart hardware market, highlighting the advantages of lightweight models in low-latency scenarios and extreme environments, as well as privacy protection and personalized customization [12] - The upcoming WWDC event from June 10 to 14, 2024, is expected to showcase Apple's AI phone, which will integrate ChatGPT technology into the iOS operating system, enhancing Siri and related applications [12] - The report suggests that by 2027, the penetration rate of AI phones could approach 50%, with major brands like Apple, Samsung, OPPO, VIVO, and Huawei launching AI phones equipped with on-device large models [12] Market Trends - The report notes that the AI PC market is gradually approaching commercialization, with multiple manufacturers announcing AI PC plans, including Microsoft's Copilot+ PC and Qualcomm's Snapdragon development kit for Windows [12] - The report anticipates a turning point in the PC industry cycle, driven by technological innovation and system upgrades, which may stimulate demand and lead to a rapid increase in AI PC shipments [12] - The hardware capabilities of AI PCs are being enhanced with integrated NPU chips from companies like Apple, Qualcomm, Intel, and AMD, which are expected to improve user experience significantly [12] Investment Opportunities - The report recommends focusing on AI+OS investment opportunities, as the trend of deploying large models on devices becomes more evident, with AI models increasingly becoming standard components of operating systems [12] - The anticipated system upgrades are expected to stimulate consumer demand for new devices, thereby boosting sales of consumer electronics [12]