执业证书编号：S1410525110001 证券研究报告·行业点评报告 2025 年 12 月 11 日 江海证券研究发展部 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.82 10.46 30.55 绝对收益 -1.04 13.97 46.32 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-科技金融系列行业点评报告- 电子行业：国产 AI 芯片近期不断推出，重 要性日益凸显 – 2025.11.14 2. 江海证券-行业点评报告-电子行业：多 款智能眼镜推出市场，关注产业链机会 – 2025.10.28 通发布 X2 Elite 与 Elite Extreme 处理器， 持续发力 Windows PC 市场 – 2025.09.30 4. 江海证券-行业点评报告-电子行业： 2025 年 TWS 耳机销量预计同比正增长， 钉钉发布首款 AI 硬件 – 2025.09.01 5. 江海证券-行业点评报告-电子行业： 2025 年 Q2 全球 PC 出货量同比增长 8.4%，端侧 AI 发展推动需求向上 – 2025.08.12 TMT 行业研究组 分析师：刘瑜 各厂 ...

Core Insights - The rapid iteration of AI technology has propelled AI toys from a niche market to a mainstream consumer favorite [1][5] - The stock of Jinfu Technology has seen a significant rise, achieving six consecutive trading limits due to its planned acquisition of Guangdong Lanyuan Technology [1][2] Group 1: Market Performance - On December 1, the A-share market opened positively with the Shanghai Composite Index closing at 3914.01, up 0.65%, while the Shenzhen Component and ChiNext Index rose by 1.25% and 1.31% respectively [1] - Jinfu Technology's stock price reached a historical high of 22.57 yuan per share, marking the highest number of consecutive trading limits in the same period [1] Group 2: AI Toy Industry Developments - Huawei launched its first AI companion robot "Hanhai" on November 28, priced at 399 yuan, which sold out immediately, indicating strong consumer interest [3] - The AI toy market in China is projected to grow from approximately 24.6 billion yuan in 2024 to 29 billion yuan in 2025, driven by technological advancements and consumer demand [4] Group 3: Consumer Trends and Opportunities - AI toys are addressing diverse consumer needs, particularly in education and companionship, evolving from simple interaction to deep emotional connections [5] - The global AI toy market is expected to grow from 18.1 billion USD in 2024 to 60 billion USD by 2033, with a compound annual growth rate of about 14% [5] Group 4: Stock Performance and Investment Interest - Over 20 stocks in the A-share market are involved in the AI toy sector, with nine stocks seeing over 50% increase in value this year [6] - Companies like Heertai and Zhongshi Technology have experienced significant stock price increases, with Heertai leading at a 178.03% rise [6] Group 5: Institutional Research and Engagement - AI concept stocks have been frequently researched by institutions, with over 200 instances of institutional inquiries this year [6] - Zhongke Lanyun has been the most researched company, receiving 27 inquiries, focusing on AI applications in various consumer electronics [7]