证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2026 年 01 月 12 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 2026CES 展亮相多款 AI 产品展示 AI 应用多元化，关注北交所 AI+产业链标的 ——北交所科技成长产业跟踪第五十九期（20260111） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 源引金融活水 润泽中华大地 内容目录 | 1. | 政策推动 AI | 发展提速，2025 智能体大规模应用的"拐点时刻" 5 | 年被视为 AI | | | --- | --- | --- | --- | --- | | 1.1. | 新闻：多款 AI 产品于 | 2026CES 展发布，包含人形机器人、智能驾驶、智能家居等5 | | | | 1.2. | 行业：AI 从模型转向 | Agent 年中国 AI 应用市场规模或将达 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Insights - The company is accelerating the commercialization of AR waveguide technology through the acquisition of Dispelix, which is expected to be completed in the first half of 2026. This acquisition aims to enhance synergies between Dispelix's expertise in waveguide design and the company's strengths in optics and precision manufacturing [3] - The company is collaborating with ByteDance to launch the "Doubao AI Phone," which represents a shift from a "tool" to an "intelligent agent" through advanced AI capabilities [4] - The company is also involved in the development of the Quark AI Glasses S1, which features a high-precision audio pickup system to enhance AI voice interaction experiences [5] Financial Projections - The company is projected to achieve revenues of 32.2 billion, 36 billion, and 40 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits of 2.5 billion, 3 billion, and 3.3 billion yuan for the same years [9][11] - The expected growth rates for revenue are 34% for 2025, 18% for 2026, and 12% for 2027, while net profit growth rates are projected at 143% for 2025, 41% for 2026, and 19% for 2027 [11][12]

Investment Rating - The report does not explicitly state an investment rating for the AI industry Core Insights - The AI industry is witnessing significant advancements, with China emerging as the largest provider of open-source AI models globally, as highlighted by a statement from an academic expert [16] - Major companies like Alibaba and BMW are making strides in AI technology, with Alibaba launching the Qwen App and BMW introducing its self-developed AI platform "GAIA" in China [7][15] - The AI sector is experiencing a surge in applications, including AI-powered educational tools and digital assistants, indicating a trend towards commercialization of AI technologies [10][14] Summary by Sections AI Industry Dynamics - Zhejiang Commercial Bank has formed a strategic partnership with Alibaba to enhance financial services through AI and cloud technology [6] - BMW has launched its self-developed AI platform "GAIA" in China, aiming to democratize AI capabilities across its organization [7] - The Kimi K2 Thinking model has been integrated into the Perplexity AI search application, marking a significant achievement for domestic AI models [8] - The "2025 AI+" conference was held in Beijing, leading to the establishment of the Beijing AI Association to foster collaboration and innovation in the AI sector [9] AI Application Insights - Shanghai Steel Union has developed the "Xiao Gang" digital assistant using AIGC technology, marking a step towards the commercialization of AI models [10] - Youdao has upgraded its audio and video translation capabilities with a new AI workflow system [11] - The "HKChat" app has been launched in Hong Kong, providing comprehensive AI-driven life services [13] - Zebra has introduced its first AI foreign teacher product, enhancing English learning for children [14] AI Large Model Insights - Alibaba's Qwen App has been launched, achieving over 600 million downloads and showcasing competitive performance against top global AI models [15] - China is recognized as the largest provider of open-source AI models, with notable models like Qwen and DeepSeek ranking highly in evaluations [16] - Gartner's report indicates that Huya Engine leads the global challengers quadrant in AI application development platforms, with Alibaba Cloud and Tencent Cloud also recognized [17] Technology Frontiers - Alibaba's first AI glasses, the Quark AI Glasses S1, have been pre-sold over 6,000 units, featuring advanced optical technologies [20] - Ant Group has open-sourced the Awex framework for high-performance reinforcement learning, addressing key challenges in parameter synchronization [22] - The launch of the "Hongjun" humanoid robot by Yifei Technology showcases advancements in robotics with multi-modal capabilities [23] - The CHASING L1 Ultra, a smart pool cleaning robot, represents a significant technological leap in the cleaning industry by integrating AI vision and laser radar [24]