在技术创新与需求修复的共振下，消费电子板块正显现新的活跃信号。近日，谷歌与国内企业共同推出 全球首款Android XR平台的AI智能眼镜，或再次催化该板块。国内哪些产业链企业有望从中受益？请 看机构最新研判。 全年来看，消费电子板块在1-2月上涨，4月受美国加征关税影响有较大幅度回调，6-7月逐步进入上涨 趋势，8-9月加速上涨，10月以来高位震荡。估值方面，目前消费电子板块PE-TTM约38倍，相对电子行 业其他板块仍处于偏低状态，为后续行情演绎留出空间。 从基本面看，2025年以来消费电子复苏趋势持续巩固，技术创新成为板块景气度抬升的重要驱动力。一 方面，折叠屏手机新品密集发布，带动相关零部件需求回暖；另一方面，人工智能技术快速迭代，AI 基础设施需求维持高景气，同时，AI在终端侧的加速落地推动端侧硬件升级，端侧SoC、散热材料等零 部件赛道景气度高企。 与此同时，近期百度、阿里夸克相继发布眼镜产品后，理想汽车也正式发布其第一代AI眼镜理想 Livis。机构认为，此前的AI眼镜多为支付、导航、影音等手机生态的延伸，而此次Livis的发布为AI眼 镜的发展开辟了和手机厂商、互联网公司等不同的新路径，车机联 ...

Semiconductor Industry - The semiconductor design sector is expected to maintain high global computing power investment levels through 2026, driven by strong demand for AI new terminals and related chips [2][5] - Domestic wafer manufacturing capacity is anticipated to expand rapidly, maintaining high utilization rates due to strong demand from AI, automotive electronics, and AIoT device upgrades [2][7] - Key investment themes in the manufacturing sector include advancements in process technology and domestic production of storage chips [2][7] ICT Equipment and Supply Chain - The domestic AI computing network is viewed positively, with recommendations to focus on servers, switches, PCBs, liquid cooling, and optical modules [2][10] - The telecommunications industry is expected to benefit from the commercialization of 6G, particularly in wireless communication base stations [2][10] Consumer Electronics - The global smartphone market is projected to experience a mild recovery, with 2026 potentially marking a significant year for AI consumer terminals [3][12] - AI-enabled products such as toys and learning machines are expected to see new developments, driven by decreasing costs of large model AI applications [3][12] Intelligent Driving and Robotics - The automotive electronics sector is expected to benefit from the acceleration of intelligent driving technologies, particularly in sensors and domain controllers [3][16] - The year 2026 is anticipated to be pivotal for the large-scale implementation of AI and robotics, with significant advancements in sensor technology and processing capabilities [3][17] Other Consumer Electronics - Despite short-term disruptions from tariffs, China's core position in the global consumer electronics supply chain remains strong [3][14]

Group 1 - A-shares experienced a rebound on May 14, with major indices turning positive, driven by sectors such as electric equipment, national defense, social services, and beauty care [1] - The recent rise in the theme of self-controllable technology has positively impacted the performance of the Sci-Tech Semiconductor ETF (588170) and the Xinchuang ETF (562570) [1] Group 2 - The electronic industry showed strong growth in Q1, particularly in hardware related to AI infrastructure, such as AI computing power, edge SoC, and PCB [2] - The consumer electronics sector remained resilient due to government subsidy policies, with stable growth in the Apple supply chain and easing of tariff pressures on valuations [2] - The components sector experienced strong demand driven by downstream policy subsidies, maintaining stability in Q2 with balanced supply and demand across panels, LEDs, and passive components [2] - Recommended companies include Cambrian, Haiguang Information, SMIC, Northern Huachuang, Tuojing Technology, Changdian Technology, Shenghong Technology, Huhua Electronics, Shengyi Technology, and others [2] Group 3 - The Sci-Tech Semiconductor ETF (588170) tracks the Shanghai Stock Exchange Sci-Tech Board Semiconductor Materials and Equipment Theme Index, encompassing hard-tech companies in the semiconductor equipment and materials sectors [3] - The semiconductor equipment and materials industry is a key area for domestic substitution, benefiting from low domestic substitution rates and high ceilings for domestic replacement under the expanding demand driven by the AI revolution [3]

Key Insights - The report highlights the positive impact of the recent US-China trade agreement, which includes the cancellation of 91% of additional tariffs and a 90-day suspension of 24% tariffs, creating a more stable environment for negotiations and potentially benefiting various sectors in the A-share market [2][3] - The electronic industry is experiencing a structural recovery, with high growth in segments driven by AI infrastructure, while consumer electronics are supported by government subsidies, leading to stable performance in the Apple supply chain [19][22] - The military industry is poised for growth due to increased domestic demand and military trade opportunities, particularly following the recent India-Pakistan conflict, which has enhanced the visibility of Chinese military equipment [22][24] - The construction materials sector is seeing a recovery in profitability, with expectations of improved demand driven by real estate policies and infrastructure investments, particularly in cement and fiberglass [27][30] - The banking sector is benefiting from a series of financial policies aimed at optimizing credit structures, with a positive outlook for long-term value realization in bank stocks [32][37] Electronic Industry - The semiconductor sector is witnessing a recovery with accelerated domestic substitution, while the consumer electronics segment shows a mixed performance, with some companies benefiting from AI and global expansion [16][17] - The PCB and LED markets are experiencing growth due to increased demand from AI applications and government support, respectively [18][19] Military Industry - The recent India-Pakistan conflict has highlighted the effectiveness of Chinese military equipment, potentially leading to increased military trade opportunities with countries in the Middle East and along the Belt and Road [22][23] Construction Materials - The construction materials sector is expected to recover, with improved profitability driven by stabilizing demand in the real estate market and infrastructure investments, particularly in cement and fiberglass [27][30] Banking Sector - The banking sector is expected to benefit from a comprehensive set of financial policies, including interest rate cuts and structural tools aimed at enhancing credit quality and supporting economic growth [32][37]

Core Viewpoint - The report from China Galaxy Securities highlights the strong performance of the electronic industry in the first quarter, driven by AI infrastructure construction and related hardware, indicating a positive outlook for the integration of AI into the electronic ecosystem and the ongoing hardware updates and iterations [1] Group 1: AI Infrastructure and Hardware - The AI infrastructure construction has led to high growth in related hardware sectors such as AI computing power, edge-side SoC, and PCB [1] - The integration of AI is expected to reshape the electronic industry ecosystem, promoting continuous updates and iterations of related hardware [1] Group 2: Consumer Electronics - The consumer electronics sector has shown resilience during the off-season, supported by national subsidy policies, with the Apple supply chain demonstrating stable growth [1] - Future innovations in the industry, including liquid metal, AI glasses, and optical innovations, are anticipated to further enhance the performance of the related supply chain [1] Group 3: Components Sector - The components sector experienced strong demand in the first quarter due to downstream policy subsidies, maintaining stability into the second quarter [1] - The overall supply-demand balance remains stable for components such as panels, LEDs, and passive components, with leading companies demonstrating robust operations [1]