The AI frenzy is creating a big problem for consumer electronics 本周齐聚拉斯维加斯参加消费电子展的全球电子产品制造商们，对于未来一年的前景难免喜忧参 半。他们对人工智能驱动的智能新设备的期待依然高涨。然而，人工智能对内存芯片的需求量巨 大，而内存芯片对于智能手机、个人电脑、游戏机和汽车等各种电子产品都至关重要，这给电子 产品制造商带来了供应短缺的困境。 戴尔公司首席运营官杰弗里·克拉克称，这种情况是他见过的"前所未有的供需失衡"。中国智能 手机制造商小米也警告称，产品交付将延迟，价格也将上涨。分析师预测，受此影响，个人电脑 价格可能上涨15%至20%。市场调研公司IDC估计，如果这种情况持续下去，今年全球智能手机 出货量可能下降5%，个人电脑销量则可能下降近两倍。 半导体行业是一个周期性行业，容易出现供过于求和供不应求的情况。然而，这次的周期可能有 所不同，因为人工智能的需求正在重塑存储芯片的生产、定价和分配方式。对消费者而言，其影 响可能会持续数年。 此次资源紧张的核心在于DRAM，即智能手机、笔记本电脑和服务器中使用的内存。英伟达等公 司生 ...

Core Insights - Lenovo is developing an enterprise-focused "personal super intelligent agent" named "Tianxi AI Pro" to enhance smart collaboration from individuals to enterprises [1][4][7] - The launch of Lenovo Qira, known as Tianxi AI in China, marks the global implementation of Lenovo's personal AI strategy, which is part of a broader hybrid AI initiative [3][6] - The integration of personal and enterprise AI aims to create a smart network that connects individual creativity with corporate intelligence, evolving from "using AI" to "co-creating AI" [3][6] Group 1 - Lenovo's Tianxi AI represents a personal intelligent agent that aligns with individual interests, while enterprises will deploy enterprise-level intelligent agents to enhance employee efficiency and external communication [3][6] - The intersection of personal and enterprise intelligent agents occurs at AI terminals purchased by enterprises, allowing personal agents to leverage enterprise capabilities alongside individual knowledge [3][6] - Tianxi AI can utilize personal data for AI services and will eventually integrate with Lenovo's enterprise-level intelligent agent, "Lexiang," to assist in decision-making processes [3][6] Group 2 - Lenovo has been developing and testing the Tianxi AI Pro version since last year, enabling enterprises to purchase and assign work versions of personal intelligent agents to employees [4][7] - The company's hybrid AI strategy, significant R&D investment, and open ecosystem are foundational for deep collaboration between personal and enterprise AI [4][7]

Core Insights - The Chinese government has introduced a subsidy for consumers purchasing smart glasses priced under 6000 yuan, offering a 15% discount, with a maximum of 500 yuan [2] - The CES 2026 event has showcased a significant shift towards AI glasses, with various companies presenting innovative products that enhance user experience [3][4] Policy Support - The new policy, effective from 2026, includes smart glasses in the consumer goods trade-in subsidy program, reflecting government support for the AI terminal industry [2] - This policy change indicates a move from conceptual products to mainstream consumer acceptance of smart glasses [2] Exhibition Highlights - CES 2026 featured 4112 companies, with major players like Nvidia, AMD, and Hisense showcasing their latest AI glasses [3] - The event highlighted AI as a core driver in product development, moving beyond being an additional feature [3] Technological Differentiation - Companies are adopting various technological paths, with some focusing on ultra-lightweight designs while others emphasize functional integration [4] - Innovations include modular designs and advanced interaction technologies, such as Meta's EMG handwriting recognition [4] Practical Applications - The maturity of smart glasses is evident, with many products weighing under 30 grams and offering diverse interaction methods [5] - Companies are exploring accessibility features, such as special subsidies for visually impaired users [6] Market Opportunities - The subsidy policy is expected to lower the entry barrier for consumers, making smart glasses more attractive [6] - Different market segments are emerging, with companies like BleeqUp targeting professional sports and others like MemoMind focusing on everyday use [6] Future Trends - The smart glasses market is shifting from general-purpose devices to specialized solutions tailored for specific scenarios [7] - The integration of AI models is expected to transform smart glasses into proactive assistants, enhancing user experience and driving market growth [7]

Group 1 - The core viewpoint of the report is that the CSI Technology Advantage Growth 50 Strategy Index (referred to as Technology 50 Strategy) utilizes multiple factors such as growth, innovation, value, low volatility, and quality to select and weight stocks from the technology sector, aiming to provide investors with a multi-factor strategy investment target based on the technology industry [1][7][11] - As of December 31, 2025, the top ten constituent stocks of the Technology 50 Strategy Index are primarily leading companies across various technology sub-sectors, with the top five stocks accounting for 17.63% and the top ten stocks accounting for 30.93% of the index's total weight [1][10][11] - The index is biased towards large-cap stocks, with 31 constituents having a market capitalization exceeding 100 billion yuan, while only 2 constituents have a market capitalization below 10 billion yuan [1][11] Group 2 - The report compares the Technology 50 Strategy Index with other representative technology and innovation indices, noting that the Technology 50 Strategy Index achieved an annualized return of 11.96% from January 1, 2020, to December 31, 2025, ranking third among six technology and innovation indices [1][57][60] - The Technology 50 Strategy Index shows lower volatility in revenue growth compared to other indices, with a projected revenue growth rate of 33.65% for 2026, which is higher than that of the other five technology and innovation indices [1][61][62] - The selection of constituent stocks for the Technology 50 Strategy Index incorporates 11 factors, providing a more comprehensive evaluation compared to other indices that focus on fewer factors [1][67][68]

21世纪经济报道记者吴佳楠孔海丽林典驰雷若馨拉斯维加斯、深圳报道 一年一度的拉斯维加斯CES（国际消费电子展），被视作企业科技创新最重磅的秀场，也是窥见技术浪 潮、洞察产业未来的重要窗口。 今年开展不久，影石Insta360标志性的明黄色手提袋就快速占领各大展馆，这款被海外博主称为"显眼 包"的配件成为展会独特风景，甚至有海外观众感叹"CES刮起了一场'黄色风暴'"。 已连续第十年参展的速腾聚创今年带来了全球首秀的机器人"配送小哥"。这位"小哥"可以全流程自主完 成从礼品打包、运送、拆包到箱子回收的长程任务，流畅实现了近20个复杂操作步骤，成为全场焦点。 "实现这一演示的核心，是速腾聚创自研的VTLA-3D操作大模型，使机器人能更全面地感知环境状态， 显著提升了高灵巧操作的成功率。"速腾聚创北美市场总裁赵培培向记者表示，目前公司的具身智能方 案形成了端到端技术闭环，可广泛应用于物流、工业、服务等多个场景。 在展会的另一侧，众擎机器人带来轻量级、高动态、全开放通用具身智能体PM01，以及首次全球范围 内亮相的全尺寸极致高效能通用人形机器人众擎T800，两大创新性产品在格斗、奔跑等高动态场景的 表现，吸引了众多观 ...

Core Viewpoint - Lenovo is developing an enterprise-focused "personal super intelligent agent" named "Tianxi AI Pro" to enhance smart collaboration from individuals to enterprises [1][4]. Group 1: Product Development - Lenovo officially launched its global personal super intelligent agent, Lenovo Qira, also known as Tianxi AI in China, during its Innovation Technology Conference [3]. - The personal AI is part of Lenovo's hybrid AI strategy, which aims to create a smart network connecting personal creativity with enterprise intelligence [3]. - The Tianxi AI can utilize personal data to provide AI services and will eventually integrate with Lenovo's enterprise-level intelligent agents to assist in work decisions [3]. Group 2: Strategic Goals - Lenovo aims to enable enterprises to purchase the Tianxi AI Pro version for employee deployment, enhancing work efficiency and external communication [4]. - The company emphasizes its three main advantages: hybrid AI strategy, substantial R&D investment, and an open ecosystem, which are foundational for deep collaboration between personal and enterprise AI [4].

| | 主要市场股指表现 | | | | --- | --- | --- | --- | | 10.00 | | | | | 8.00 | （%） | 近一交易日% | 近20交易日% | | 6.00 | | | | | 4.00 | | | | | 2.00 | | | | | 0.00 | | | | | -2.00 | | | | | -4.00 | | | | 金元晨报 国际股市概况 国际新闻 重要公司情况 请务必仔细阅读本报告最后部分的免责声明 曙光在前 金元在先 2026 年 01 月 09 日 每日晨报 -1- 每 日 晨 报 欧洲市场：德国DAX30指数涨0.02%报25127.46点；法国CAC40指 数涨0.12%报8243.47点；英国富时100指数跌0.04%，报10044.69点 美股市场：道琼斯指数涨0.55%，报49266.11点；标普500指数涨0.0 1%，报6921.46点；纳指跌0.44%，报23480.02点 亚太市场：恒生指数收跌1.17%，报26149.31点；恒生科技指数跌1. 05%，报5678.34点；日经225指数跌1.63%，报51117.26点；韩国综 ...

截至午间收盘，国证机器人产业指数上涨1.2%，中证智能电动汽车指数上涨0.6%，中证消费电子主题指数上涨 0.4%，中证物联网主题指数下跌0.1%，机器人ETF易方达（159530）半日净申购超5000万份，该产品近一个月 合计净流入超20亿元。 （文章来源：每日经济新闻） | 务涉及兀器任生产、整机品 牌设计及生产等消费电子相 | | | | | --- | --- | --- | --- | | 关公司股票组成。 | 0.4% | 59.3倍 | 96.1% | | 物联网ETF易方达 | | | 159895 | | 跟踪中证物联网主题指数 | | | | | | | | ·· /////////// | | 该指数聚焦的物联网是智能 | 截至午间收盘 | 该指数 | 该指数自2015年 | | 终端实现万物互联的重要基 | 该指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 础,由业务涉及信息采集、 | | | | | 信息传输、物联网应用领域 | -0.1% | 33.9倍 | 55.1% | | 的公司股票组成。 | | | | ...

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index up by 0.3%, the Shenzhen Component Index up by 0.57%, and the ChiNext Index up by 0.1% [3] - The market experienced significant trading volume, with a turnover of 20,614 billion yuan, an increase of 2,963 billion yuan compared to the previous day [3] Sector Performance - Various sectors showed positive performance, including non-ferrous metals, AI applications, commercial aerospace, computing power, consumer electronics, and diversified finance [5] - The commercial aerospace sector experienced a strong rally, leading to a surge in related stocks and positively impacting military stocks and other sectors such as diversified finance, wind power, photovoltaic, carbon fiber, and engineering machinery [7] Notable Stocks - Leading consumer electronics stock Lens Technology rose over 12%, reaching a historical high with a market capitalization of 200.9 billion yuan [5] - Multiple stocks in the commercial aerospace sector hit their historical highs, including Xinyuan Technology and Guokai Biological Engineering, with significant percentage increases [8][10] Investment Insights - The commercial aerospace sector is gaining attention, with companies like Luxin Venture Capital and Yuexiu Capital seeing stock price increases due to their investments in the sector [10] - The wind power sector also saw gains, with companies like Taisheng Wind Energy and Goldwind Technology experiencing significant stock price increases [10] - The carbon fiber sector is benefiting from its applications in commercial aerospace, with companies like Huayin Technology and Guangqi Technology seeing substantial stock price increases [10] Consumer Sector Recovery - The consumer sector rebounded, with increases in stocks related to duty-free shops, retail, and film and television [13] - The film industry is showing signs of recovery, with the box office for 2025 projected to reach 531 billion yuan, driven by strong demand during key holiday periods and the release of quality content [15]

Core Viewpoint - The article discusses the recent controversies surrounding Xiaomi, particularly the backlash from its fanbase (Mi Fans) due to a KOL (Key Opinion Leader) incident, highlighting the challenges Xiaomi faces in managing its brand image and public relations [2][4][10]. Group 1: Incident Overview - On January 5, a KOL named "万能的大熊" revealed in a group chat that Xiaomi had paid him, leading to a significant backlash from the Mi Fan community [2]. - Xiaomi's PR manager, Xu Jieyun, publicly apologized and confirmed the termination of all collaborations with the involved KOL, acknowledging the incident as a serious violation of company principles [4]. - Xiaomi's CEO, Lei Jun, emphasized the importance of protecting users and stated that the issue was not just about criticism but involved attacks on the Mi Fan community [4][10]. Group 2: Fan Dynamics - The article explores the evolution of Xiaomi's fanbase, noting that Mi Fans have transitioned from mere supporters to active participants in the company's operations, often influencing brand decisions through protests and social media [10][19]. - Xiaomi's initial success was largely attributed to its dedicated fanbase, which provided marketing support and product feedback during its early days [11]. - The extreme reactions from some fans have created a challenging environment for Xiaomi's PR, where any criticism is met with hostility from loyal supporters [13][17]. Group 3: Brand Perception and Marketing - The perception that Xiaomi relies solely on marketing has been a point of contention, with Lei Jun arguing that this view undermines the company's technological capabilities [25][27]. - The article highlights the negative impact of emotional and polarized public discourse on Xiaomi's brand image, suggesting that rational voices are often drowned out by more extreme opinions [17][30]. - Xiaomi's brand Net Promoter Score (NPS) has declined to 65.4, down approximately 8.5 points, indicating a growing concern over user sentiment and external perceptions [19][20]. Group 4: Future Directions - Lei Jun has indicated a strategic shift towards investing in core technologies to transition Xiaomi from an internet company to a technology-driven enterprise, acknowledging past missteps in market positioning [30][33]. - The article suggests that Xiaomi's ability to innovate and compete across various sectors, such as home appliances and automotive, is rooted in its strong engineering capabilities and systematic approach [33]. - The need for a balanced approach in addressing both fan concerns and broader market perceptions is emphasized, advocating for a focus on the majority of users rather than being overly reactive to vocal minorities [24].