China Galaxy Securities: Leading consumer electronics companies accelerate deployment of AI hardware entrances.

The research report from China Galaxy Securities indicates that large model capabilities are evolving rapidly, accelerating the transition to the "Agentic AI" stage. The software business model is uncertain, while hardware remains the most certain direction for AI application landing, bringing new business growth opportunities to companies in the consumer electronics industry. Domestic consumption data during the Chinese New Year show rapid growth in new types of consumer electronics. Overseas, leading companies are accelerating their layout of AI hardware entrance, focusing on investment opportunities in consumer electronics companies in directions such as AI glasses, AI toys, humanoid robots, and intelligent driving.