Group 1 - Doubao phone has generated significant market interest, with initial stock of approximately 30,000 units already sold out, indicating limited supply and high demand [1] - ByteDance is collaborating with ZTE on the second-generation product, which is expected to be shipped by the end of 2026, assuming no unforeseen variables arise [1] - The introduction of the AI phone assistant preview version by Doubao is seen as a step towards integrating AI large models into mobile technology, potentially leading to the emergence of a new hardware ecosystem [1] Group 2 - ZTE is recognized as a global provider of comprehensive communication information solutions, recently launching innovative terminals such as the flagship nubia Z70 Ultra and the Red Magic 10 Pro series [2] - Desay Battery is identified as a leading enterprise in the lithium battery industry chain, with products primarily used in consumer electronics, including smartphones [2]

Group 1 - The core viewpoint is that Doubao has released a preview version of its AI mobile assistant, which acts as a system-level agent capable of executing complex commands, creating a complete loop from information search to processing and cross-application communication [1] - The Doubao mobile assistant achieves deep integration with the operating system, allowing for higher system permissions than a single app, enabling it to access underlying hardware capabilities and system services [1] - Users can activate the Doubao assistant through a sidebar, physical keys, or voice commands, allowing it to overlay on any interface without interrupting ongoing app processes [1] Group 2 - Doubao's assistant can understand the content on the user's current screen and engage in dialogue or perform actions based on that, such as generating replies or assisting with requests from WeChat friends [1] - The assistant can recognize UI elements on the screen and simulate human actions like clicking, swiping, and inputting, enabling complex cross-application tasks, such as price comparisons across shopping platforms or organizing travel plans [1] - The era of fully AI-enabled smartphones is approaching, providing brand manufacturers with opportunities for AI equity and competitive advantages [2] Group 3 - Doubao does not manufacture hardware but collaborates with mobile brand manufacturers at the operating system level, forming a business model where "model companies provide AI brains + mobile manufacturers provide hardware carriers" [2] - For mid to low-end smartphones, especially those unable to invest heavily in developing large models, integrating the Doubao assistant can enhance user AI experience and strengthen brand competitiveness in the AI era [2] - A richer edge hardware ecosystem is rapidly emerging, with Doubao's strong real-time voice, multimodal, and agent capabilities providing usability for devices like AI glasses, TWS earbuds, and AI pins [3]

Core Viewpoint - Doubao has launched a preview version of its AI mobile assistant, exploring the empowerment of mobile phones by AI large models and promoting the formation of Agent forms, indicating that the era of AI mobile phones is approaching, alongside a rapidly emerging rich edge hardware ecosystem [1] Group 1: AI Mobile Assistant Features - The Doubao AI mobile assistant functions as a system-level Agent capable of executing complex commands, creating a complete loop from information search to processing and cross-application communication [2] - It achieves deep integration with the operating system, allowing higher system permissions than a single app, enabling it to call upon underlying hardware capabilities and system services [2] - Users can activate the assistant through a sidebar, physical keys, or voice commands without needing to click on icons, allowing it to overlay any interface without interrupting ongoing app processes [2] Group 2: User Interaction and Capabilities - The Doubao assistant can "understand" the content on the user's current screen and engage in dialogue or perform operations based on that content, such as generating replies or assisting with requests from WeChat friends [2] - It can recognize UI elements on the screen and simulate human actions like clicking, swiping, and inputting, enabling complex cross-application tasks, such as comparing prices across shopping platforms or organizing travel plans [2] Group 3: Market Positioning and Ecosystem Development - The era of comprehensive AI mobile phones is imminent, with Doubao providing opportunities for brand manufacturers to achieve AI equity and leapfrog competitors [3] - Doubao does not manufacture mobile hardware but collaborates with phone manufacturers at the operating system level, creating a business model where "model companies provide AI brains + phone manufacturers provide hardware carriers" [3] - This model allows mid to low-end phone manufacturers, who may struggle to invest heavily in self-developed large models, to enhance user AI experiences and strengthen their competitiveness in the AI era [3] - The rich edge hardware ecosystem is accelerating, with Doubao's capabilities offering real usability for edge devices like AI glasses, TWS earbuds, and AI Pins, enabling complex task execution through deep integration with mobile operating systems [3]

Investment Rating - The report assigns an "Accumulate" rating for the industry [6] Core Insights - The launch of the AI mobile assistant by Doubao marks a significant step towards the era of AI smartphones, enhancing the hardware ecosystem [2][6] - Doubao's AI assistant integrates deeply with the operating system, allowing for complex command execution and seamless user interaction across applications [6] - The report highlights the potential for Doubao to provide AI capabilities to mid-range smartphone manufacturers, enhancing their competitiveness in the AI era [6] Summary by Sections Industry Overview - The report discusses the rapid emergence of AI smartphones and the growing ecosystem of edge hardware, driven by innovations from major manufacturers [2][6] Investment Recommendations - Recommended stocks include Luxshare Precision, GoerTek, and Pengding Holdings, with related stocks being Transsion Holdings, Lens Technology, and Haopeng Technology [6][7] Technology Insights - Doubao's AI assistant can understand and interact with the content displayed on the user's screen, facilitating complex tasks such as price comparisons and travel planning [6] - The assistant operates without interrupting ongoing app processes, enhancing user experience [6] Market Potential - The report emphasizes the opportunity for Doubao to collaborate with smartphone manufacturers, creating a business model that combines AI capabilities with hardware [6] - The edge hardware ecosystem is expected to grow rapidly, with Doubao's technology enabling usability in devices like AI glasses and TWS earbuds [6]