岳 阳 近期，华创证券电子组联席首席分析师岳阳主讲上海证券报主办的第二十六期"上证首席讲坛"。岳阳 以"AI浪潮下如何把握电子赛道投资机会"为主题，深度拆解电子行业创新周期的演进逻辑，并剖析产业 链价值重塑背后潜藏的投资机遇。 岳阳表示，AI终端的发展潜力巨大，AI/AR眼镜是少数开始起量的赛道，具有成为下一代超级智能终端 的潜力。同时，AI正在推动电子产业链价值重塑，以AI算力需求爆发为代表的趋势使电子产业链迎来 新的增长空间。此外，电子行业目前仍处于创新阶段，未来需经历终端创新突破、业绩释放、利润爆发 等阶段，实现快速发展。 AI终端潜力巨大 "目前AI仍处于早期，但端侧投资热情非常高涨。"岳阳结合近期调研产业公司的见闻表示，AI终端产品 潜力巨大，行业布局正在加速。 在岳阳看来，AI与电子行业的结合正从云侧向端侧延伸。近年来，AI手机、AI PC、AI眼镜等新兴硬件 形态不断涌现。其中，AI/AR眼镜是少数开始起量的赛道，具有成为下一代超级智能终端的潜力。当 前，全球眼镜客群规模庞大， Wellsenn XR数据显示，仅视力矫正与时装类眼镜客群就在15亿左右，行 业空间广阔。 岳阳表示，AI/AR眼镜目 ...

Core Insights - The electronic industry is experiencing a transformative phase driven by AI, with significant investment opportunities emerging from the reshaping of the industry value chain [2][5][6] - AI/AR glasses are identified as a potential next-generation smart terminal, with a large global customer base and significant market potential [3][4] - The demand for AI computing power is expected to grow rapidly, with projections indicating the Chinese AI computing market could reach $25.9 billion by 2025, a 36.2% increase from 2024 [5][6] Group 1: AI Terminal Development - AI terminals are in the early stages but show high investment enthusiasm, with products like AI smartphones, PCs, and AR glasses gaining traction [3][4] - The content ecosystem for AI terminals is crucial for their success, as demonstrated by Apple's Vision Pro, which struggled due to a lack of content [3][4] - The emergence of "killer applications" in entertainment is anticipated to drive significant demand for AI terminals in the next three years [4] Group 2: Industry Value Restructuring - AI is driving a reallocation of value within the electronic industry, with companies like Industrial Fulian seeing their valuations rise alongside AI-related business growth [5][6] - The rapid iteration of large models since the advent of ChatGPT is expected to open new application scenarios, further increasing demand for AI computing power [5][6] - The PCB sector is undergoing upgrades, with trends towards high-density and high-performance products, reflecting the broader industry evolution [7] Group 3: Seeking New Growth Avenues - The electronic industry is in an innovation exploration phase, with traditional markets becoming saturated, prompting companies to seek new growth areas such as robotics and automotive electronics [8] - Companies are advised to embrace AI trends, carefully select quality clients, and maintain innovation to avoid low-level competition [8] - AI is also seen as a means to enhance production efficiency, with applications like AI inspection and automation expected to improve quality control and reduce costs [9]