金吾财讯 | 交银国际表示，2025年CES全球消费电子展于1月6日-10日在美国拉斯维加斯举行，吸引了4500多家企业参展，其中包含1400多家中国企业。该行将本次CES的重点总结如下：1)人工智能仍是绝对主题，更多消费电子厂家试图将产品结合人工智能；2)重要芯片厂商均选择PC作为端侧人工智能的主要载体；3)机器人和AR/VR/XR等新型消费电子产品关注度提高。该行发现，基于PC的边缘侧/端侧AI产品在本次CES上比智能手机侧的AI产品活跃，这或许预示着边缘测/端侧人工智能或在PC端较早落地。国产消费电子公司在此次CES上表现活跃，虽然该行对不同终端产品的盈利能力和市场前景仍有差异，该行看好国产替代趋势和产业链重要玩家中芯国际(00981/买入)和华虹半导体(01347/买入)的国产替代机会。
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