金吾财讯 | 招银国际发布中国科技行业2025展望，回顾2023-24年，AI算力产业链蓬勃发展，端侧模型场景和AI终端新品落地提速，AI手机和AIPC渗透加快，创新延伸至AI眼镜和智能家居等领域。展望2025年，考虑到全球经济温和复苏、手机/PC需求持续回暖、通用/AI服务器增长延续和端侧AI创新周期，该行认为科技产业链有望迎来新一轮发展机遇，持续推动硬件创新和加快换机周期。另外，在板块估值上，随着市场流动性进一步改善，该行认为具备全球竞争力和创新能力的行业龙头公司有望迎来价值重估机遇。该行建议关注两大投资主线：1）AI算力需求扩张和服务器/网络新架构升级，建议关注服务器ODM和零部件公司；2）端侧AI创新落地提速，建议关注AI手机/PC/AI眼镜/智能家居/汽车电子等产业链。该行推荐关注的公司标的包括小米集团(01810)、舜宇光学科技(02382)、瑞声科技(02018)、比亚迪电子(00285)、鸿腾精密(06088)、立讯精密、京东方精电(00710)和英恒科技。
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