在算力爆炸与隐私觉醒的双重背景下，人工智能正经历一场深刻的"下沉革命"——从云端走向终端，推 动行业新一轮浪潮全面展开。 10月13日，天风证券发布研报表示，政策加持、巨头引领，看好端侧AI新品创新大周期，2026年有望 迎来端侧AI大年。中信证券表示，以OpenAI为代表的AI大厂近期开始在C端发力，端侧AI可能成为继 移动互联网App后的另一大用户流量入口，并复制中国在移动互联时代后来居上的成功案例，重塑全球 科技市场格局。目前对端侧的估值仍然偏低，上述在端侧率先构建起领先优势的AI产业链企业，或迎 来新一轮估值上升周期。 端侧AI进入新品创新大周期 随着生成式AI大模型在各行各业的深入部署与应用，用户在智能化、数据隐私、个性化定制等方面的 需求愈发强烈。 端侧AI的实时性正好满足了这一需求。通过在本地设备上进行部署，从而大幅降低复杂推理和决策对 云端计算资源的依赖，端侧AI可以减少延迟并带来更顺畅的用户体验，同时实现隐私保护的需求。云 端公有大模型与端侧私有大模型混合部署已成为政策与行业的普遍共识。 根据《意见》，在数字产品消费领域，政策鼓励企业加速研发创新，增加人工智能终端产品供给，重点 释放人工智能 ...

Investment Rating - The report maintains a strong positive outlook on the AI application-driven demand for computing power, indicating a sustained high growth trajectory [2]. Core Insights - The report emphasizes that the domestic computing power capacity bottleneck has been broken, with expectations for a significant increase in domestic chip production by 2026. The acceleration of commercialization by overseas AI giants like OpenAI is also highlighted, maintaining high demand for computing hardware [2][3]. - The ongoing US-China tensions are not expected to alter the development trends in the AI industry, with domestic computing power making significant strides in capacity and key components [3]. Summary by Sections Domestic Computing Power Industry - The report notes a persistent tight balance in domestic computing power, with critical bottlenecks in advanced process capacity, advanced packaging, large model adaptation, and HBM supply gradually being overcome. Positive news from the industry is expected to catalyze market interest, particularly in the latter half of this year and into next year [3]. - Major Chinese internet companies like ByteDance and Alibaba are experiencing genuine demand for computing power to support their operations, particularly in recommendation and search algorithms, alongside the new demand generated by generative AI applications [3]. Investment Recommendations - Key companies in the domestic computing power hardware supply chain are recommended for attention, including Cambrian (688256), SMIC (0981.HK), and Huahong Semiconductor (1347.HK) [4]. - The report suggests focusing on leading companies in the optical module sector, such as Zhongji Xuchuang (300308) and NewEase (300502), due to the increasing demand for optical modules driven by the needs of companies like Google, Meta, and AWS [5]. AI Edge Hardware Opportunities - The report highlights the launch of AI smart glasses by Meta and the anticipated entry of OpenAI into AI hardware, with Apple also shifting focus towards smart glasses development [6][7]. - Companies involved in edge AI hardware, such as Zhaoyi Innovation (603986) and BYD Electronics (002475), are noted for their potential in the evolving market [7].

Core Insights - Apple is shifting its focus from the Apple Vision Pro to the smart glasses market, planning to release its first product, Apple Glass, in 2026 and officially launch it in 2027 [2][26] - Xiaomi's AI glasses have seen strong initial sales, with over 80,000 units sold within the first 15 days, positioning them as a significant player in the AI glasses market [8][10] - The global smart glasses market is projected to ship 12.05 million units in 2025, with a year-on-year growth of 18.3% [10] Group 1: Apple’s Strategy - Apple is reportedly pausing the development of a lightweight headset to concentrate on smart glasses, reallocating resources from the Apple Vision Pro project [2][3] - The Vision Pro, priced at $3,500, has received mixed reviews and is not seen as a mass-market product, leading Apple to consider targeting enterprise customers instead [13][18] - Apple’s current capabilities in AI and voice interaction are perceived as insufficient for entering the AI glasses market effectively [18][29] Group 2: Xiaomi’s Market Position - Xiaomi's AI glasses were launched at a major event and are considered a key entry point into the future AI ecosystem [5][4] - The initial sales surge for Xiaomi's AI glasses has since declined significantly, indicating potential challenges in sustaining momentum [16][17] - Xiaomi's ecosystem strategy focuses on hardware supply chain integration, which has contributed to its competitive edge in the AI glasses market [28] Group 3: Market Dynamics - The smart glasses market is experiencing rapid growth, but challenges such as cost, battery life, and ecosystem development remain significant hurdles [17][28] - Meta's smart glasses have outsold Apple's Vision Pro by a significant margin, highlighting the competitive landscape [13][14] - Analysts suggest that the lack of a robust application ecosystem is a critical barrier to the widespread adoption of AR glasses [27][28]

Core Insights - Apple is shifting its strategy towards wearable devices, focusing on the development of smart glasses, with plans to release the first model, "Apple Glass," by the end of 2026 [1][2] - The smart glasses will compete directly with Meta's Ray-Ban smart glasses, which have already gained traction in the market since their launch in 2023 [2] Product Development - Apple is developing a dedicated low-power chip for the smart glasses, optimized based on the Apple Watch technology architecture, to support independent AI tasks [2] - The second-generation product is expected to launch after 2028, featuring a single-sided AR display and capabilities for spatial video recording and holographic information overlay [2] Market Context - Meta's Ray-Ban smart glasses have quickly captured the fashion-tech market with features like a 12MP camera, five-microphone array, directional audio, and real-time translation since their introduction [2] - The second-generation Ray-Ban glasses have improved battery life to six hours and introduced a sports version, starting at a price of $299 [2] Strategic Shift - This strategic adjustment is seen as a key decision during CEO Tim Cook's tenure, especially after the Vision Pro headset faced challenges due to its high price and bulky design [2] - Cook has emphasized in high-level meetings that smart glasses are central to Apple's ecosystem for the next decade [2]

据证券时报援引彭博社消息称，苹果公司Apple Glass的发布时间可能提前至2026年底。从目前消息来 看，Apple Glass并非具备AR功能的完整形态产品，而是一个功能相对弱化的版本。Apple Glass设计理 念与Ray-Ban Meta智能眼镜相似，苹果眼镜大概率也会围绕拍摄、音频播放以及连接数字助理等基础功 能展开。在性能方面，苹果为满足智能眼镜对处理性能的高要求，正在研发定制芯片。此外，Apple Glass预计将搭载Apple Intelligence功能。有消息称，推动Apple Glass落地已成为苹果首席执行官蒂姆·库 克的重要任务之一。 目前，AI眼镜已成为消费电子领域的焦点，越来越多的厂商开始布局AI眼镜领域，包括雷鸟创新、 Rokid等在内的众多企业纷纷推出相关产品。同时，小米、华为、苹果等科技巨头也在积极布局AI眼镜 项目。此前有媒体预测，今年第二季度或有近十款AI眼镜产品扎堆发布。 证券时报援引机构观点称，AI眼镜已迈入规模化商用临界点，2025年将成为AI眼镜"爆发元年"。随着苹 果等科技巨头的加入，AI眼镜相关技术望加速迭代，并推动成本进一步下探，市场空间望加速爆发。 ...

Group 1: Investment Opportunities - Current market conditions present significant opportunities for long-term investors, particularly in stocks that have declined by 20% or more [2] - Three notable growth stocks identified for investment include Amazon, Alphabet, and Apple [2] Group 2: Amazon - Amazon's share price has decreased approximately 30% from its peak earlier this year, raising concerns about the impact of tariffs on its e-commerce sales [3][12] - Despite tariff concerns, Amazon's e-commerce business is expected to perform well due to its price competitiveness, with an average price advantage of 14% over competitors [4] - The company's focus on profitability and improved delivery times is enhancing customer engagement, while Amazon Web Services (AWS) continues to dominate the cloud market, benefiting from advancements in artificial intelligence [5][6] Group 3: Alphabet - Alphabet's shares have also seen a significant decline, influenced by legal challenges regarding monopolistic practices in digital advertising and search engines [7][8] - The company is expected to leverage artificial intelligence for growth, with Google Cloud being the fastest-growing major cloud services provider [9] - Alphabet's Waymo self-driving car unit is positioned for substantial growth, particularly if autonomous ride-hailing services gain traction [10] Group 4: Apple - Apple's stock has fallen around 27% from its late 2024 high, with ongoing tariff concerns impacting its business [12][13] - The company is anticipated to navigate tariff challenges effectively, potentially through innovative strategies such as relocating production [13] - Apple's strong customer loyalty and the stickiness of its ecosystem are expected to support long-term growth, with developments in smart glasses anticipated to position the company as a leader in the market by the time 6G technology launches [14][15]