According to the Zhitong Finance APP, Soochow Securities released a research report stating that with the continuous evolution of edge large model capabilities, AI is gradually transforming from an auxiliary interactive tool to an &#34;embodied intelligent agent,&#34; with application scenarios extending from voice assistants to high-value tasks such as multimodal understanding, content generation, and personalized productivity. Multi-device collaboration is reshaping the terminal ecosystem, with wearable devices becoming a key differentiated entry point, driving mobile phone manufacturers to transition to AI terminal platforms. Major manufacturers are accelerating the layout of multi-device intelligent ecosystems, strengthening cross-platform collaboration, and the value of wearable devices as key data entry points and intelligent agent nodes is significantly increasing. The ability for localized adaptation has shifted from a &#34;bonus item&#34; to a core barrier, with AI capabilities deeply integrating local contexts and behavioral characteristics, which is expected to enhance regional market penetration and user stickiness.
<h2>The main points of Soochow Securities are as follows:</h2>
Intelligent agents build a new interactive hub, reshaping terminal traffic entry
AI intelligent agents construct an intelligent closed loop through &#34;decision-making (LLM) + memory + planning + tools,&#34; gradually reshaping the terminal interactive hub and becoming the core of the new generation of super entry points. Its development evolves along two technical paths: &#34;digital assistant type&#34; and &#34;embodied/social type,&#34; and is accelerating its implementation across diverse terminals such as PCs, mobile phones, and wearable devices. Major manufacturers are deploying technology around edge deployment and cloud collaboration, promoting intelligent agents from functional demonstrations to system integration. Terminals such as mobile phones and PCs are adopting an &#34;edge-first&#34; strategy to strengthen local inference capabilities, while wearable devices are addressing computing power bottlenecks through an &#34;edge-near-cloud&#34; architecture, constructing a multimodal data-driven personalized experience closed loop.
Mobile edge AI development drives hardware upgrades, likely to become the core driving force of a new wave of replacement
With the continuous evolution of edge large model capabilities, AI is gradually transforming from an auxiliary interactive tool to an &#34;embodied intelligent agent,&#34; with application scenarios extending from voice assistants to high-value tasks such as multimodal understanding, content generation, and personalized productivity. This evolutionary path has driven the demand for models with higher parameter scales, which in turn raises higher configuration requirements for core components such as mobile phone SoCs, memory, heat dissipation, and batteries, and also drives upgrades in acoustic sensing components and structural parts, forming an important force to promote the upgrade of mobile phone hardware systems.
AI terminals reshape the value chain
Multi-device collaboration is reshaping the terminal ecosystem, with wearable devices becoming a key differentiated entry point, driving mobile phone manufacturers to transition to AI terminal platforms. The rise of subscription monetization models is shifting terminal manufacturers from one-time sales to a dual focus on &#34;hardware + services,&#34; driving growth in demand for industry chain segments such as cloud inference and model deployment. Manufacturers with high subscription contributions and retention rates are expected to gain internet valuation premiums. Focusing on the reshaping path of competitive advantages for consumer electronics terminal manufacturers, with the introduction of edge AI, the &#34;hardware + subscription&#34; model will become mainstream, with the proportion of subscription revenue continuously rising, driving the terminal profit structure to evolve towards SaaS logic.
Major manufacturers are accelerating the layout of multi-device intelligent ecosystems, strengthening cross-platform collaboration, and the value of wearable devices as key data entry points and intelligent agent nodes is significantly increasing. The ability for localized adaptation has shifted from a &#34;bonus item&#34; to a core barrier, with AI capabilities deeply integrating local contexts and behavioral characteristics, which is expected to enhance regional market penetration and user stickiness. AI is driving the channel model to transform from hardware sales to scenario experiences, with emerging participants such as operators expanding new paradigms for terminal distribution
The collaboration across the entire industry chain helps products iterate quickly and optimize cost structures.
Target Aspects
Complete Machine Assembly: Luxshare Precision (002475.SZ), Huaqin (603115.SH), GoerTek (002241.SZ), Guokong Electric (002045.SZ), Longqi Technology (603728.SH), Tianjian Co., Ltd. (301383.SZ), etc.
Edge Computing Power: Rockchip (603893.SH), Hengxuan Technology (688608.SH), Espressif Technology (688018.SH), Actions (688041.SH), Tailin Microelectronics (688591.SH), etc.
Storage: Zhaoyi Innovation (603986.SH), Jiangbolong (301308.SZ), Demingli (001309.SZ), Purun Co., Ltd. (688766.SH), Baiwei Storage (688525.SH), Shannon Semiconductor (300475.SZ), etc.
Appearance/Functional Parts: Lens Technology (300433.SZ), Unimicron Technology (002938.SZ), Dongshan Precision (002384.SZ), Lingyi iTech (002600.SZ), BYD Electronics (00285).
Charging/Battery/Heat Dissipation: AOHAI TECHNOLOGY (002993.SZ), Desay Battery (000049.SZ), ZHUHAI COSMX (688772.SH), Zhongshi Technology (300684.SZ), Siquan New Materials (301489.SZ), etc.
Risk Warning
Underlying innovation may fall short of expectations, technological development may not meet expectations, and risks of intensified competition

002993

000049

688772

603296

688049

Soochow Securities Co., Ltd. released a research report pointing out that the development of AI on mobile devices will drive hardware upgrades, becoming the core driving force of a new wave of device replacement. With the evolution of AI technology, application scenarios are expanding from voice assistants to multimodal understanding and personalized productivity. Multi-device collaboration is reshaping the terminal ecosystem, pushing mobile manufacturers to transform into AI terminal platforms, enhancing user stickiness and market penetration. Major manufacturers are accelerating their layout of intelligent ecosystems, strengthening cross-platform collaboration, and promoting the system integration of intelligent agents

Zhitong

AOHAI TECHNOLOGY

Desay Battery

ZHUHAI COSMX

Huaqin

Actions

Jones Tech

Espressif Systems

LUXSHARE-ICT

GGEC

Goertek

Puya semiconductor

Lens

BYD ELECTRONIC

Shannon Semi

Avary Holding

DSBJ

GIGADEVICE

LY iTECH

Rockchip

Soochow Securities Co., Ltd.: AI development on mobile devices drives hardware upgrades, and multi-device collaboration fosters a leap in business model transformation