Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1]. Core Insights - The release of the Doubao mobile assistant by ByteDance is expected to drive the development of edge AI in smartphones, enhancing user interaction and automation capabilities [6][11]. - The global smartphone shipment is projected to recover to 1.239 billion units in 2024, driven by AI technology upgrades, after declining to 1.164 billion units in 2023 [7][9]. - ZTE Corporation is recognized as a leading provider of integrated information and communication technology solutions, with a revenue of 121.299 billion yuan in 2024, reflecting a year-on-year decline of 2.38% [17][21]. Summary by Sections 1. Edge AI and Smartphone Development - The evolution of smartphones is closely tied to communication technology advancements, with a new upgrade cycle beginning in 2024 focused on edge AI and lightweight model deployment [7]. - Major smartphone manufacturers are rapidly integrating high-performance AI capabilities into flagship models, such as Apple's iPhone 17 Pro and Huawei's Mate 80 Pro [9][10]. 2. Doubao Mobile Assistant - The Doubao mobile assistant, built on the Doubao app and large model capabilities, enables cross-application automation for tasks like price comparison and booking [11][14]. - The assistant supports various interaction methods, including voice commands and AI key activation, enhancing user experience across multiple platforms [11][14]. 3. ZTE Corporation Overview - ZTE's product range includes wireless, core network, and data center solutions, with a focus on digital transformation and smart home applications [17][21]. - The company is investing in AI-related product development, including self-developed chips and AI servers, to create integrated smart computing solutions [21][22]. 4. Global Industry Dynamics - The report highlights significant developments in the industry, including the listing of Moore Threads on the Shanghai Stock Exchange and the launch of Amazon's Trainium3 AI chip [23][24]. - Micron Technology's decision to exit the consumer storage market to focus on AI and data center demands reflects the shifting landscape towards enterprise-level solutions [29]. 5. Market Performance - The SW electronic industry index increased by 1.09%, ranking 13th out of 31 sectors, while the SW electronic sub-indices showed varied performance, with panels leading at +6.92% [3][30][33].