开源证券：消费电子及元器件 AI终端开启产业链升级新周期

智通财经01-13

开源证券发布研报称，展望2026年，AI终端（苹果、华为、ai眼镜、OpenAI硬件）与算力需求将共同引领新增长，重点关注光学、电池、散热及结构工艺等核心零部件的升级机遇。AI算力与AI终端共振，重点关注高景气方向和增量环节。开源证券主要观点如下：板块回顾：2025年消费电子及元器件行业业绩改善明显，PCB涨幅领先2025年电子板块整体走势较强，消费电子和元器件行业中：PCB行业涨幅和业绩表现均...

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upgrading","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AAPL":1.91,"MACW.SI":0.6},"content_text":"开源证券发布研报称，展望2026年，AI终端（苹果、华为、ai眼镜、OpenAI硬件）与算力需求将共同引领新增长，重点关注光学、电池、散热及结构工艺等核心零部件的升级机遇。AI算力与AI终端共振，重点关注高景气方向和增量环节。开源证券主要观点如下：板块回顾：2025年消费电子及元器件行业业绩改善明显，PCB涨幅领先2025年电子板块整体走势较强，消费电子和元器件行业中：PCB行业涨幅和业绩表现均大幅领先，主要受益于AI产品的快速迭代及批量出货；消费电子行业表现较好，新品出货和国补政策拉动需求；被动元件和光学光电行业涨幅落后电子行业。从行业数据上看，手机/PC/平板等传统品类增长保持平稳，而ai眼镜/AI服务器等品类呈现高速增长趋势。AI终端：2026年把握苹果、华为鸿蒙、ai眼镜、OpenAI硬件4条投资主线（1）苹果产业链：苹果在全球消费电子产业链占据龙头地位，2025年开始，iPhone系列进入新的升级周期，苹果计划2026年推出iPhone 17E、折叠屏iPhone和ai眼镜等新品，且会对AI功能持续升级，果链有望进入3年创新周期。（2）华为鸿蒙产业链：华为是具备全栈式研发创新能力的终端品牌厂商，2025年持续在折叠屏设备领域推出新品，鸿蒙OS 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