【导读】"物理AI"成热词，科技型消费企业有望迎来估值重估 中国基金报记者 莫琳 2026年1月6日至9日，2026年国际消费电子展（CES）在美国举办。 作为国际消费电子领域的"风向标"，CES历来是观察前沿技术走向的重要窗口。本次展会在 科技领域、消费领域将带来哪些新的投资机会？中国基金报记者邀请了华泰证券研究所全球 科技战略首席黄乐平来分享他在现场的所见所闻。 然而，训练这样的AI面临一个根本性挑战，即如何让AI能理解物理世界运作的常识，比如物体 恒存性、因果关系。这些内容对于人类来说虽然都是常识，但对AI来说完全是未知的。 英伟达的解法是，全新一代计算架构Rubin、发布Alpamayo开源模型，涵盖AlpaSim端到端 仿真框架、Alpamayo-1模型等，加速自动驾驶与物理AI布局。 黄乐平认为，在2025年成为"物理AI"元年之后，2026年或将为Agentic AI落地元年。Meta 对Manus的收购以及英伟达对Groq的部署，分别从软件与硬件层面印证此趋势。在持续巩固 AI训练与大规模推理的同时，英伟达吸收Groq在低时延、确定性推理方面的能力，与自身高 吞吐GPU架构形成互补，前瞻布局A ...

【导读】"物理AI"成热词，科技型消费企业有望迎来估值重估 中国基金报记者 莫琳 2026年1月6日至9日，2026年国际消费电子展（CES）在美国举办。 作为国际消费电子领域的"风向标"，CES历来是观察前沿技术走向的重要窗口。本次展会在科技领域、 消费领域将带来哪些新的投资机会？中国基金报记者邀请了华泰证券研究所全球科技战略首席黄乐平来 分享他在现场的所见所闻。 谈及本次CES最大的亮点，黄乐平表示，今年最大亮点是"物理AI"，尤其是以机器人为载体的应用。在 他看来，今年的"物理AI"有点像10年前的自动驾驶。"产品还处于非常早期阶段，有很多泡沫，但全球 产业发展机器人的共识已经形成。" 今年，英伟达首席执行官黄仁勋在CES的主旨演讲中17次提及这一概念。支撑这一概念的是英伟达的目 标也从"AI的iPhone时刻"全面转向构建全球AI的基础设施，帮助智能体无缝融入现实世界，这些智能体 包括机器人、汽车以及智能硬件等，它们都将具备对物理世界的理解能力。 比如在自动驾驶领域，车辆真正需要的并非在云端生成一段完美的驾驶描述，而是在毫秒之间做出安全 的并线决策。在制造业中，机器人需要适应从未见过的零件形状或突如其 ...

1月6日至9日，被誉为"全球科技风向标"的2026年国际消费电子展（CES 2026）在美国拉斯维加斯举 办。 《每日经济新闻》记者注意到，本届CES展会上，AI（人工智能）眼镜是重要看点之一，50余家AI眼镜 厂商参展。据记者不完全统计，AI智能眼镜、VR（虚拟现实）、AR（增强现实）类的中国企业超20 家，占据明显优势。 AI眼镜被视为AI端侧的重要入口之一，在CES 2026上，Rokid乐奇（Rokid）、雷鸟创新、XREAL（深 圳太若科技）、夸克等知名AI眼镜厂商推出了最新产品。中国AI眼镜玩家在CES 2026上"秀肌肉"，则 呈现了不同的发展路径。 IDC数据显示，2025年第三季度，全球智能眼镜市场出货量达到429.6万台，同比增长高达74.1%。而在 中国，这一全球最具活力的单一智能眼镜市场，2025年第三季度出货量为62.3万台，同比增长62.3%。 中国AI眼镜商扎堆参展 2026年1月9日，IDC中国分析师叶青清在接受《每日经济新闻》记者采访时表示，在CES2026上，中国 AI眼镜厂商的新品，普遍在轻量化、显示技术和AI能力上做了重点升级。整体来看，AI眼镜厂商更关 注佩戴的舒适性 ...

CES 2026 智能眼镜新品解读及产业趋势展望 20260107 摘要 Meta 在智能眼镜领域保持领先地位，Redmi Meta 系列 AI 眼镜 2025 年销量达 800 万，AR 眼镜 Meta Raven Display 发布后销量超预期， 显示其产品受欢迎程度较高。 Meta 计划在 2026 年推出与雷朋和 Oakley 联名的音频眼镜，具备助听 器功能，并应用于儿童注意力提升和翻译领域，预计 2026 年小批量迭 代版 AR 眼镜发货 20 万台。 极米发布了重量仅 28.9 克的新型带显示 AI 眼镜，是目前最轻的一款， 相比主流产品具有明显优势，定价 599 美元，预计 2026 年第二季度发 售。 雷鸟发布 X3 Pro Project eSIM，摆脱对手机的依赖；Excel 与华硕联 名推出 ROG X1，面向游戏玩家；Rokid Glasses 月出货量超 3 万台， 计划 2026 年达 100 万副。 小米计划在 2026 年推出 AI 眼镜和单色光波导 AR 眼镜，预计 AR 眼镜 出货量仅次于 Rokid，达到 20 万至 30 万副，AI 眼镜出货量可能超过 30 万副。 ...

浙江"经济第一区" ，瞄准"5000亿" 中新网杭州1月7日电(记者 王逸飞)以"群狼模式"著称的浙江县域经济，何时跑出首个"5000亿"GDP区 (县、市)？答案或就在"十五五"时期。 作为浙江"经济第一区"的杭州市余杭区，日前官宣其"十五五"发展目标，其中"地区生产总值突破5000 亿元大关"作为首要一条指标被提出。 其一，是以人工智能为代表的科技创新优势。 此番划出"5000亿"目标线，意味着余杭要在不确定、难预料因素增多的"十五五"时期实现两个"千亿"台 阶的跨越，并保持不低于过去五年的经济增速。若上述目标在2030年顺利实现，该区将达成9年GDP翻 倍(2021年GDP2502.2亿元)的成就。 在浙江省社科院院长查志强看来，余杭在做大经济总量、推进高质量发展方面，承担着为浙江县域经济 注入更多信心的重任。结合这层意义看，该区如何将愿景化为实景更加值得关注。 近日举行的余杭区委十五届十三次全体会议、余杭区委经济工作会议，对外释放出诸多打法信息。整体 来看，持续放大三重优势将成为余杭的重点方向。 杭州市余杭区。谭琴 供图 中国(杭州)人工智能小镇。谭琴 供图 这些年，"5000亿"的GDP量级一直是划 ...

New consumer bundle combines Mudra Link wristband with Rokid Glasses for touchless interaction- live demos coming to CES 2026, with launch planned for Q2 2026 Yokneam Illit, Israel, Jan. 07, 2026 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (Nasdaq: WLDS, WLDSW) (“Wearable Devices” or the “Company”), a technology growth company specializing in artificial intelligence (“AI”)-powered touchless sensing wearables, recently announced a collaboration with Rokid – a global pioneer in human-computer interaction and au ...

Investment Rating - The report maintains a "Buy" rating for several companies, including Stone Technology, Eufy, Anker Innovation, Ecovacs, Ugreen Technology, and XGIMI, with target prices set for each [9][13]. Core Insights - The report highlights the rapid advancement of AI and robotics technologies in consumer electronics, particularly in smart home devices, cleaning appliances, and wearable technology, indicating a significant investment opportunity in the tech consumer sector for 2026 [1][6]. - The CES 2026 event is identified as a crucial observation point for AI applications in consumer products, with expectations for innovative product launches across various categories [1][6]. Summary by Sections Smart Cleaning Appliances - The robotic vacuum cleaner industry is transitioning into a phase of micro-innovation, with notable product launches such as the G-Rover by Stone Technology, which features dual mechanical legs for enhanced cleaning capabilities [2]. - Other companies like Ecovacs and Chase are also introducing advanced models with improved obstacle avoidance technology and multifunctional capabilities [2]. Garden Robots - The CES showcased numerous new products aimed at garden maintenance, including robotic lawn mowers and pool cleaning robots, with companies like Ninebot and MOVA presenting models that cover various residential and commercial applications [3]. Smart Hardware - The traditional 3C accessories market is experiencing competition, but companies like Ugreen and Anker are carving out niches by innovating and enhancing product offerings, such as the new AI NAS products and security devices [4]. AI Glasses - AI glasses are emerging as a significant wearable technology, with Chinese manufacturers leading the lightweight trend. Notable products include Alibaba's Quark AI Glasses S1 and Rokid's offerings, which feature functionalities like translation and scene guidance [5]. Investment Opportunities - The report emphasizes that AI-driven product innovation will be a key growth driver for tech consumer companies in 2026, with recommendations for investment in companies that are well-positioned to capitalize on these trends [6].

Core Viewpoint - The 2026 Consumer Electronics Show (CES) is anticipated to showcase significant advancements in technology, particularly in AI, robotics, and consumer electronics, with a focus on cost reduction and efficiency improvements [7][10]. Group 1: Chip Industry Strategies - NVIDIA is shifting its focus away from traditional consumer graphics cards, emphasizing "Physical AI" to extend AI computing capabilities into robotics and industrial applications, with potential delays in the RTX 50 Super series due to high GDDR7 memory prices [8][14]. - AMD is adopting a steady upgrade strategy, planning to launch the Ryzen 9000 series for desktops and Ryzen AI 400 series for mobile devices, targeting workstation users with advanced features [14]. - Intel is set to release the Core Ultra Series 3, which includes approximately 14 SKUs, with the flagship model featuring 16 cores and a maximum frequency of 5.1GHz, aiming to regain market confidence in its advanced manufacturing capabilities [14]. Group 2: Robotics and AI Developments - 2026 is seen as a pivotal year for humanoid robots, with a focus on practical applications and real-world testing [10]. - The competition among countries in robotics is intensifying, with China focusing on cost control and mass production, while the U.S. showcases technological benchmarks through companies like Boston Dynamics [15]. - South Korea is forming alliances to enhance its robotics capabilities, exemplified by the "K-Humanoid" alliance led by Rainbow Robotics, showcasing industrial-grade humanoid robots [15]. Group 3: XR and Consumer Electronics - The XR market is currently in a digestion phase following the release of Apple Vision Pro, with CES 2026 expected to mark the beginning of a counterattack from the Android camp [12]. - Samsung is debuting the Galaxy XR glasses, which integrate advanced AI features and aim to compete with Apple's ecosystem [16]. - Chinese companies are leading the trend of lightweight AI glasses, with products like the Quark AI Glasses S1 and Rokid Glasses focusing on practical applications such as real-time translation and AR navigation [16]. Group 4: Automotive Industry Innovations - The automotive sector is transitioning from "software-defined" to "AI-defined," with a competitive arms race in chip technology [13][21]. - Companies like Geely and Great Wall are showcasing innovations in vehicle architecture, while BMW is presenting its iX3 based on the Neue Klasse architecture, integrating advanced technologies [21]. Group 5: Display and Hardware Innovations - Lenovo is introducing innovative hardware solutions, including AI-driven automatic rotating screens and rollable laptops, addressing the balance between large displays and portability [22]. - Display technology advancements are highlighted by TCL and Hisense, focusing on Mini-LED technology and AI image processing capabilities to enhance picture quality [22].

Core Insights - The CES 2026 highlights a strategic divergence among chip giants, with NVIDIA shifting focus towards industrial AI and robotics, while AMD and Intel continue to enhance their traditional PC markets [2][4]. Group 1: Chip Giants' Strategies - NVIDIA is expected to delay the launch of the RTX 50 Super series due to high GDDR7 memory prices and supply shortages, with CEO Jensen Huang emphasizing "Physical AI" to extend AI computing power into robotics and industrial applications [4]. - AMD is adopting a steady upgrade strategy, planning to launch the Ryzen 9000 series for desktops, with the flagship Ryzen 9 9950X3D2 featuring dual-chip 3D V-Cache and 192MB L3 cache aimed at workstation users [4]. - Intel is set to release the Intel Core Ultra Series 3 (Panther Lake), which includes approximately 14 SKUs, with the flagship Core Ultra X9 388H featuring 16 cores and a maximum frequency of 5.1GHz, potentially alleviating market concerns about its advanced process execution [5]. Group 2: Robotics and AI Developments - 2026 is seen as a pivotal year for humanoid robots transitioning from demonstration to practical application, focusing on cost reduction and efficiency improvements [7]. - The competition among Chinese, American, and Korean manufacturers is intensifying, with companies like Yushu and Zhiyuan leading cost control efforts, while Boston Dynamics showcases its Atlas robot, and South Korea presents the "K-Humanoid" alliance [10][11]. Group 3: Automotive Industry Transformation - The automotive sector is undergoing a significant technological transformation, with a clearer competitive landscape for intelligent driving chips [13][14]. - NVIDIA leads the high-end L4 market with its Thor chip, while Qualcomm, despite lower AI computing power, successfully penetrates the supply chains of companies like Ideal and Mercedes with its Snapdragon Ride Elite platform [15]. - Chinese automakers like Geely and Great Wall are demonstrating advancements in architecture innovation, while BMW showcases its iX3 based on the Neue Klasse architecture [16]. Group 4: Hardware Innovations - Companies are exploring radical hardware innovations to overcome traditional limitations, with Lenovo presenting prototypes of AI-driven automatic rotating screens and rollable laptops [21]. - TCL and Hisense continue to focus on Mini-LED technology, emphasizing the role of AI image processors in enhancing display quality [21].

Group 1: CES 2026 Overview - The 2026 Consumer Electronics Show (CES) will take place from January 4 to 9 in Las Vegas, serving as a significant platform for tech companies to unveil new products, including those in concept stages [1] - The strategies of chip giants will show notable divergence at CES 2026, with NVIDIA shifting focus away from traditional consumer graphics cards [1] Group 2: Robotics and AI Developments - 2026 is seen as a pivotal year for humanoid robots transitioning from demonstration to practical applications, emphasizing cost reduction and real-world validation [2] - The XR market is undergoing a "digestive period" following the release of Apple Vision Pro, with CES 2026 marking the beginning of a counterattack from the Android camp [3] Group 3: Automotive Industry Innovations - The automotive sector is experiencing a deep transformation in its technological architecture, with a clearer competitive landscape for smart driving chips [4] - Key players like NVIDIA, Qualcomm, and Mobileye are competing in the chip arms race, with NVIDIA leading the high-end L4 market with its Thor chip [8] Group 4: Company-Specific Strategies - NVIDIA's anticipated RTX 50 Super series graphics cards may be delayed due to high GDDR7 memory prices and supply shortages, with CEO Jensen Huang focusing on "Physical AI" to extend AI computing power into robotics and industrial applications [5] - AMD is adopting a steady upgrade strategy, planning to launch the Ryzen 9000 series for desktops and Ryzen AI 400 series for mobile devices [5] - Intel is set to release the Intel Core Ultra Series 3, which includes approximately 14 SKUs, aiming to alleviate market concerns regarding its advanced process execution capabilities [5] Group 5: Chinese and Korean Market Dynamics - Chinese companies like Yushu and Zhiyuan are leading in cost control, with Yushu expected to showcase its G1 mass production version [5] - South Korea is presenting the "K-Humanoid" alliance, led by Rainbow Robotics, showcasing industrial-grade humanoid robots and demonstrating ambitions for full supply chain integration [5] Group 6: Consumer Electronics Trends - Smart home devices, particularly robotic vacuum cleaners, are entering a phase of "micro-innovation," focusing on enhancing autonomous service capabilities rather than just technical specifications [5] - Lenovo is exploring radical form factor innovations with products like the ThinkBook Plus Gen 7 Auto Twist and ThinkPad Rollable XD, addressing the balance between large screens and portability [6]