"分享的题材方向和题材的研报，旨在为您梳理选股方向，您可以加自选关注，但是不构成投资建议， 不作为买卖依据，您应当基于审慎原则自行参考，如据此操作，风险自担！" 参考文献：东方证券 李晋杰 蒯剑 李晋杰2026-01-06 CES2026前瞻：关注AI端侧的升级与创新突破 本文由投资顾问 ： 何威 ——A1290622100002 撰写 AI创新硬件有望实现突破。部分投资者认为AI创新硬件可能在用户接受度上仍然有限。我们认为，AI 眼镜、AI耳机等创新品类功能日益完善，有望带来人机交互体验的突破。在AI眼镜方面，CES 2026上 雷鸟创新、影目科技、微光科技等AI眼镜厂商将展示光波导AI眼镜、AI+AR眼镜等产品。除AI眼镜 外，出门问问、光帆科技等厂商将会推出AI录音耳机、AI全感穿戴设备等创新人机交互体验的AI原生 产品，其中光帆推出的Lightwear AI全感穿戴设备由全球首款具备视觉感知能力的主动式AI耳机与智能 手表协同构成；日企D.O.N将发布全球首款腰带式传感可穿戴设备VITAL BELT。此外，影石也有望带 来Antigravity A1无人机等新品的展示。 投资观点： 建议关注端侧AI的 ...

部分投资者认为当前端侧AI进展较为有限，场景落地仍有瓶颈。该行认为，AI在端侧的落地在2026年 有望加速，深度融入各类硬件产品和产业场景。其中，在电脑、显示、家电等传统消费电子终端上， AI有望加速赋能。在端侧AI芯片方面，AMD、英特尔、高通均有望在CES 2026上展示AI性能突出的处 理器新品，其中英特尔将推出首款基于18A制程工艺打造的新品。在AI整体解决方案方面，联想将举办 创新科技大会，展示其在个性化智能体、企业混合式人工智能解决方案等方面的布局。在显示领域，海 信、TCL等企业将展示其AI画质、Mini LED等方面的技术进展。在家电领域，追觅、MOVA、石头科 技等企业也有望展出具备智能路径规划技术、AI避障系统等AI能力的扫地机、割草机器人等产品；绿 联等企业将展示安防、家居等领域的智能产品。 智通财经APP获悉，东方证券发布研报称，2026年国际消费电子展（CES）将聚焦端侧AI在传统消费电 子（如电脑、家电、显示）与创新硬件（如AI眼镜、耳机、穿戴设备）中的加速赋能与突破，同时展 示AI在工业、机器人及智能驾驶等场景的持续落地。产业链上相关芯片、终端制造及零部件企业有望 受益。 东方证 ...

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report emphasizes the importance of advancements and innovations in edge AI, predicting accelerated integration into various hardware products and industrial applications by 2026 [9][10] - Key players in the edge AI sector include chip manufacturers, terminal product manufacturers, and core component manufacturers, with specific companies highlighted for investment opportunities [3][10] Summary by Sections Investment Recommendations and Targets - Focus on the upgrade and innovation breakthroughs in edge AI, with recommended stocks including: - Edge AI main control chip manufacturers: Amlogic, Aojie Technology, Hengxuan Technology, Espressif Technology, Starshine Technology, Rockchip [3][10] - Terminal product manufacturers: Lenovo Group, Xiaomi Group, Luxshare Precision, Linying Intelligent Manufacturing, BYD Electronics, Lens Technology, Ezviz, Innosilicon [3][10] - Core component manufacturers: Huanxu Electronics, Sunny Optical Technology, Orbbec, SUTENG, STMicroelectronics, OmniVision, and Pegatron [3][10]

Core Insights - CES 2026, scheduled from January 6 to 9, 2026, in Las Vegas, will focus heavily on AI as the central theme, marking a significant evolution in the integration of AI with hardware products [1][3] - The event will feature a new exhibition area called "CES Foundry," dedicated to showcasing how AI technology can be integrated into various hardware products and industry scenarios, emphasizing user experience transformation [3][4] - Major companies like NVIDIA, AMD, and Siemens will present their latest AI innovations and strategies, highlighting the growing importance of AI in industrial applications and consumer electronics [11][14][17] Group 1: AI as the Central Theme - AI will be the absolute focus of CES 2026, moving beyond mere parameter comparisons of large models to practical applications in hardware [3][4] - The CES Foundry will host immersive discussions and demonstrations on the future of AI in various sectors, including manufacturing and infrastructure [3][6] - The event will showcase AI's integration across multiple domains, including smart glasses, PCs, mobile devices, and healthcare [6][7] Group 2: Key Industry Players and Innovations - Siemens will present its advancements in AI and digital twin technology, aiming to drive the large-scale implementation of industrial AI applications [11][13] - AMD will showcase its AI solutions and new products, including the Ryzen AI 400, which is expected to enhance AI computing capabilities in consumer devices [14][16] - Lenovo will host its innovation conference during CES 2026, highlighting AI's impact on various sectors, including sports and personalized consumer experiences [17][19] Group 3: Emerging Trends and Products - The event is expected to feature new AI hardware products, with companies like Insta360 and HOLLYLAND introducing innovative technologies [20][22] - AI applications in education, healthcare, and smart home technologies will be prominently displayed, reflecting the growing trend of AI integration in everyday products [32][39] - The CES 2026 will likely see a competitive landscape among major tech firms as they unveil their AI-driven hardware solutions, marking a pivotal moment in the AI hardware market [31][34]

Investment Ratings - The report assigns an "Outperform" rating to multiple companies including Pop Mart, Anta Sports, Haidilao, and others, while Budweiser Asia is rated "Neutral" [1]. Core Insights - The report highlights strong performance in the F&B sector, particularly noting Nayuki's tea with a weekly increase of 12.8% and Dun'an Environment in the home appliance sector with an 8.9% increase [3][6]. - The report discusses the impact of recent labor dispute judicial interpretations on the F&B sector, indicating potential regulatory changes that could affect operations [2]. Summary by Sections F&B Sector - Nayuki's tea saw a significant weekly increase of 12.8%, while Guming experienced a decline of 9.1% [3][5]. - Xiaocaiyuan reported a revenue of 2.71 billion yuan for 1H25, a year-on-year growth of 6.5%, with a gross margin of 70.5% [2]. Designer Toys Sector - Pop Mart and Miniso are highlighted as key players, with Pop Mart experiencing a slight decline of 2.4% in stock price [5]. Home Appliances Sector - Retail sales in the home appliance and audio-visual equipment category grew by 30.7% year-on-year in 1H25, driven by a consumption upgrade policy [2]. - Dun'an Environment and other companies in this sector showed positive stock performance, with Dun'an Environment increasing by 8.9% [3][5].