【电子*陈海进】深度：端侧AI重构终端生态：硬件升级驱动换机潮，多设备协同催生商业模式跃迁

东吴研究所2025-06-30

电子端侧AI重构终端生态硬件升级驱动换机潮多设备协同催生商业模式跃迁投资要点智能体构建全新交互中枢，终端流量入口重塑：AI智能体通过“决策（LLM）+记忆+规划+工具”构建智能闭环，正逐步重塑终端交互中枢，成为新一代超级入口核心。其发展沿着“数字助理型”与“具身/社会型”两条技术路径演化，并加速落地于PC、手机与可穿戴设备等多元终端。各大厂商围绕端侧部署与云端协同展开技术布局，推动智能体从功能演示...

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