证券研究报告 2026.01.09 CES 2026 | AI 定义端侧硬件，云端硬件革 新重构 SAC 执证编号：S0080521070003 SFC CE Ref：BSJ666 hanjing.wen@cicc.com.cn 温晗静 分析员 李澄宁 分析员 江磊 分析员 SAC 执证编号：S0080522050003 SFC CE Ref：BSM544 chengning.li@cicc.com.cn SAC 执证编号：S0080523070007 SFC CE Ref：BTT278 lei.jiang@cicc.com.cn 纵轴：相对值（%） 80 100 120 140 160 180 2025-01 2025-04 2025-07 2025-10 2026-01 沪深300 中金科技硬件 中金一级行业：科技 资料来源：Wind，彭博资讯，中金公司研究部 更多作者及其他信息请见文末披露页 风险 宏观经济低迷，AI端侧进展缓慢，AI产品销量不及预期。 请仔细阅读在本报告尾部的重要法律声明 行业动态 行业近况 2026 年美国国际消费电子展（CES）举办，展出了众多创新硬 件产品，同时英伟达发布六款全新 ...

Group 1 - The A-share market saw all three major indices rise, with the Shanghai Composite Index increasing by 0.61%, led by gains in the electronics, communications, and power equipment sectors, while the comprehensive and transportation sectors experienced declines [1] - The Consumer Electronics ETF (159732.SZ) rose by 2.02%, with significant increases in component stocks such as Lianxu Electronics (up 5.58%), Zhaoyi Innovation (up 5.37%), and XWANDA (up 5.07%) [1] Group 2 - Google launched its latest AI model, Gemini3 Pro, which features native multimodal capabilities and strong reasoning abilities, achieving an 81% score on the MMMU-Pro benchmark and 87.6% on the Video-MMMU benchmark [3] - Gemini3 achieved a groundbreaking score of 1501 on the LMArena leaderboard and a high score of 91.9% on GPQADiamond, indicating its advanced reasoning capabilities [3] - According to Guosen Securities, the continuous upgrade of AI models and the maturation of AI agents will enhance user experience through improved connectivity of edge hardware with cloud models, suggesting a potential new surge in the AI sector [3]