Guosheng Securities: Looking at Edge Innovation from a Forward-looking Perspective Before CES 2025

Guosheng Securities released a research report stating that the 2025 CES (International Consumer Electronics Show) will be held in Las Vegas, USA from January 7th to January 10th, showcasing various areas including artificial intelligence, digital health, automotive technology, and lifestyle technology. According to pre-release news from major manufacturers, AI will be the core theme, with many new products and technologies set to debut. It is expected that 2025 will usher in the first year of innovation in edge AI, further boosting demand for consumer electronics products and driving the upgrade and expansion of hardware such as SoC, storage, PCB, and acoustics. Guosheng Securities' main points are as follows: Chips: Continuous technological upgrades, overseas giants poised to release new products 1) NVIDIA CEO Huang Renxun will deliver a keynote speech, expected to launch the GeForce RTX 50 series GPU, introducing a new neural rendering technology combined with improvements in the third generation DLSS, further involving AI in the generation and optimization of gaming visuals; 2) AMD will release its latest flagship processor Ryzen 9 9950X3D based on the Zen5 architecture, as well as the B850 and B840 motherboards designed for the latest Ryzen processors to further meet high-performance computing needs; 3) Intel: will deliver the keynote speech "AI Inside for a New Era" to promote next-generation AI PC technology, focusing on the launch of the second-generation Core Ultra mobile processor. PC: Leading giants enhance performance 1) Lenovo will showcase the ThinkBook Plus Gen 6 Rollable laptop with a flexible OLED screen that can expand from 14 inches to 16.7 inches; 2) ASUS will release the "lightest Copilot+ PC in the world" Zenbook series, as well as the ROG PhantomX 2025 convertible laptop; 3) Thunderobot's ZERO series new hardcore gaming laptops feature new RGB cooling technology; 4) Mechrevo introduces inner-blowing cooling design for a quieter user experience. Smart Wearables: AI glasses new products surge, initiating the "Battle of a Hundred Glasses" 1) Leibo Innovation will bring AI+AR waveguide glasses and AI shooting glasses; 2) Sony releases a pre-release video with the theme "Create Infinite Realities" and will showcase MR glasses and technology at the conference; 3) Yimo Technology will unveil the new INMO GO2, offering functions such as simultaneous voice translation; 4) Li Weike will introduce new AI glasses with a camera module; 5) Dapeng VR announces the exhibition of XR innovation achievements and new Dapeng AI glasses to the public. Intelligent Driving: Empowering cars with intelligence 1) Mobileye: will share the latest developments in the development of a safe and scalable autonomous driving solution by Mobileye; 2) BMW: will unveil the new generation SuperSense intelligent cockpit BMW with integrated Horizon Display, 3D Head-Up Display system, SuperSense Intelligent Control Steering Wheel, and central control design; 3) Honda: two Zero series prototype cars will be unveiled to demonstrate a new proprietary operating system; 4) Continental Group: will introduce an intelligent experience vehicle that can be unlocked by reaching out; 5) BOE: plans to showcase an OLED display with multi-form display layout and long sliding distance, enabling switching between various lengths and display ratios for in-vehicle controls and entertainment for co-pilots; 6) LG: collaborates with Qualcomm to launch a cross-domain controller platform for cars; 7) Xiaopeng: Xiaopeng Huitian "Landy Aircraft Carrier" split-type flying car will be unveiled. Mobile phones officially included in the subsidy program, expected to significantly boost replacement demand The State Council Information Office held a series of press conferences on "The Effects of China's High-Quality Economic Development" on the morning of January 3. In 2025, subsidies for the purchase of digital products such as mobile phones will be implemented. Subsidies will be given to individual consumers buying mobile phones, tablets, smart watches, and wristbands, with many regions following suit to stimulate consumption. The implementation of the related policies will reduce the cost of purchasing mobile phones for consumers, coupled with the launch of many new AI products, significantly increasing the enthusiasm for upgrades and replacements. Sales of new high-end brand phones are expected to benefit greatly, and the demand for the Chinese smartphone market is expected to grow significantly, with optimism about the performance of the smartphone industry chain. Risk Warning: Downstream demand falls below expectations, research and development progress falls below expectations, geopolitical risks.