以下文章来源于Counterpoint 咨询 ，作者Counterpoint Counterpoint 咨询 . Counterpoint Research 是一家专注于科技行业的全球性研究公司，在全球主要的市场有着强大的影响 力。我们致力于为合作伙伴提供准确、及时的市场数据，帮助他们做出明智的决策。 全球 AI 消费支出 来源：Counterpoint Research 根据 Counterpoint Research 最新发布的《全球 AI 消费支出预测（2024–2030）》报告 ，消费者在 生成式 AI 领域的支出正加速重塑全球科技产业格局。该报告于 2025 年 11 月 23 日发布，指出无论 是面向消费者的 AI 软件，还是其运行所需的硬件设备，未来几年内都将迎来快速增长。 从结构来看，AI 硬件仍将占据整体消费支出的最大比重。推动这一增长的核心动力在于 AI 功能在 个人终端设备中的集成。报告预测，2023 至 2030 年间，全球生成式 AI 智能手机出货量将以 26% 的复合年增长率增长，相应收入的复合年增长率为 16%。 研究总监 Marc Einstein 表示："未来几年AI 硬件支 ...

Abstract 摘要 2025年宏观经济回顾：增长展现韧性，利率保持稳定 2026年宏观经济展望：多元增长的新蓝图 展望未来，马来西亚将在2026年启动第13个马来西亚计划，即2026年至2030年的国家五年发展蓝图，我们预计其经济仍将保持韧性。该计划设定了4.5% 至5.5%的国内生产总值（GDP）年均增长目标。多个高潜力板块的战略性进展有望推动马来西亚实现这一增长目标。关键驱动力或包括人工智能（AI） 及高增长高价值行业（HGHV），如半导体和电子行业的持续扩张，以及旅游、科技和清真等行业的发展。这些产业将为马来西亚持续和多元化的增长奠 定基础。 资本市场：林吉特走强或推动股市迎来转折 根据彭博一致预测，2025年马来西亚经济增速预计为4.7%，受强劲的劳动力市场（失业率降至十年新低）和持续的居民消费支出支撑。得益于全球人工 智能相关投资增长带动的电子产品需求，出口亦为马来西亚的经济增长提供重要动力。尽管此前针对马来西亚关键半导体和电子产品出口的"对等关税"等 地缘因素带来外部压力，这一积极势头仍得以延续。考虑到宏观经济的增长韧性加强，以及2025年7月销售与服务税（SST）改革措施实施后的通胀率上 涨 ...

Group 1 - The A-share market saw a collective rise on August 18, with the Shanghai Composite Index increasing by 0.66%, driven by strong performances in the communication, comprehensive, and computer sectors, while real estate and banking sectors lagged [1] - The Consumer Electronics ETF (159732.SZ) rose by 2.19%, with notable gains from its constituent stocks such as GoerTek (up 8.84%), Lianyi Intelligent Manufacturing (up 8.10%), and Hengxuan Technology (up 6.47%) [1] - According to Counterpoint Research's "AI 360 Service Forecast Report," it is projected that by 2025, one-third of global smartphone shipments will support Generative AI (GenAI), with total shipments expected to exceed 400 million units, up from one-fifth in 2024 [1] Group 2 - Dongwu Securities reports that the emergence of Generative AI smartphones is driving a new generation of smart terminal upgrades, with numerous companies set to launch flagship AI smartphones starting in 2024 [2] - The demand for edge AI capabilities is increasing, with AI features initially being integrated into high-end products, indicating a strategic shift among major manufacturers towards high-end market positioning [2] - The Consumer Electronics ETF (159732) tracks the Guozheng Consumer Electronics Index, primarily investing in 50 A-share listed companies involved in the consumer electronics industry, with significant focus on electronic manufacturing and optical optoelectronics sectors [2]

Group 1: AI Industry Overview - The AI industry has transitioned from exploration and growth phases to a rapid development stage, with China's generative AI user base reaching 249 million, accounting for 17.7% of the total population [1] - The global AI market size increased from $1,917 billion in 2019 to $4,732.7 billion in 2023, with expectations to exceed $11.6 trillion by 2027 [1] - China's AI market is projected to surpass 400 billion yuan by 2025, driven by large models, embodied intelligence, and smart driving [1] Group 2: AIPC and AI Applications - AIPC represents an intelligent revolution in productivity tools, with PCs naturally aligning with AI large models due to their computing power, storage capacity, and diverse application scenarios [2] - AIPC applications are expanding from traditional sectors like office and entertainment to education, healthcare, and finance [2] Group 3: Wearable Devices - Wearable devices are not just hardware but also integrate software and cloud interactions to enhance functionality, including smart glasses, smartwatches, and smart bands [4] - These devices enable users to monitor their health and environment seamlessly, covering areas such as health management, social interaction, and mobile payments [4] Group 4: AI Smartphones - Starting in 2024, numerous companies will launch flagship AI smartphones, with a growing demand for edge AI capabilities in high-end products [6] - The AI capabilities are becoming a key factor for smartphone manufacturers to move towards high-end market positioning [6] Group 5: AI in Home Appliances - In 2024, major e-commerce platforms will see significant sales in AI home appliances, with large appliances leading at 6.05 billion yuan [8] - The integration of IoT technology in smart homes is intensifying competition and collaboration between the home appliance and technology industries [8]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies Core Insights - The AI industry is currently in a rapid development phase, with global market size expected to grow from $191.7 billion in 2019 to $473.27 billion in 2023, and projected to exceed $11.6 trillion by 2027 [5][19] - China's AI market is anticipated to surpass 400 billion yuan by 2025, driven by large models, embodied intelligence, and intelligent driving [5][19] - The AI industry chain is categorized into three layers: foundational, technical, and application [5][26] Summary by Sections 1. AI Industry Development - The AI industry has evolved through exploration and growth phases over the past two decades, now entering a rapid development stage [5][14] - China's AI development has been recognized as a national strategic project since 2016, with significant government support [5][14] 2. AIPC: Intelligent Revolution of Productivity Tools - AIPC (AI Personal Computer) is seen as a natural match for AI large models due to its strong computing and storage capabilities [5][28] - The application scenarios for AIPC are expanding into education, healthcare, and finance [5][36] 3. AI Wearable Devices - Wearable devices are not just hardware but integrate software and data interaction to enhance user experience [5][52] - The market for wearable devices in China is expected to grow significantly, with a projected CAGR of 13.8% from 2024 to 2029 [5][54] 4. Generative AI Smartphones - The market for generative AI smartphones is rapidly expanding, with major brands launching flagship models [5][77] - By 2025, it is expected that one-third of global smartphone shipments will support generative AI capabilities [5][82] 5. AI-Driven Home Appliances - The sales of AI-enabled home appliances are increasing, with major appliances leading in e-commerce sales [5][7] - Smart home technology is fostering collaboration and competition between the home appliance and technology industries [5][7] 6. Key Companies to Watch - Companies such as 雷神科技 (Thunderobot) and 泓禧科技 (Hongxi Technology) are highlighted for their roles in the AI and consumer electronics sectors [5][42][47] - 卓兆点胶 (Zhuozhao Technology) and 豪声电子 (Haosheng Electronics) are noted for their contributions to precision manufacturing and audio components, respectively [5][61][70]