AI 硬件:誰能成爲多模態大模型的眼睛,下一代換機潮如何開展?

（以下内容从天风国际证券《AI 硬件:誰能成爲多模態大模型的眼睛,下一代換機潮如何開展?》研报附件原文摘录）
　　Global AI Hardware 谁能成爲多模态大模型的眼睛，下一代换机潮如何开展？ Which multimodal LLM innovators will be the first to market and how will next-gen replacement tech trends play out? 投资要点/Investment Thesis 投资要点/Investment Thesis 从PC到手机到下一代硬件，我们认爲每一代，操作系统+计算架构+交互方式+信息输入+应用生态的每一层均有革命性变化。我们相信多模态大模型爲新一代操作系统变革的强音。 From PCs and mobile phones to next-generation devices, the hardware industry has carved out revolutionary changes with each new tier of advances: operating systems, computing architecture, interactivity, data input and application ecosystems.We believe multimodal large language models (LLM) will be the catalyst for the next generation of operating systems. 1）爲了支持新一代计算架构，海外大厂在芯片端持续变革。高通混合AI，Intel NPU架构，英伟达显卡中Tensor Core更好应用，AMD GPU变革等等变化的发生均可管中窥豹，Intel NPU基於其内核有望更多分担低延迟低耗能要求的诸多AI应用计算负载，如视频会议，语音降噪。 1.Major foreign manufacturers are upgrading chips to drive next-gen computing architecture. Examples are Qualcomm‘s hybrid AI and Intel‘s NPU architecture, Nvidia‘s tensor core graphics cards empowering applications and AMD‘s GPU upgrades. Based on cores, we expect Intel‘s NPUs will bear more computing load in multiple AI applications that require low latency and low energy consumption, such as video conferencing and voice noise reduction. 2）个人硬件端的信息输入无疑爲支持多模态能力应用百花齐放的核心。从PS的键盘鼠标到移动端的触摸定位摄像头，新的输入开啓了整个LBS（位置爲基础的外卖到店）和短视频等多个移动互联网应用，我们认爲在直播，个人助手等场景下，手机需要手持的特点并非一成不变。Meta本周发布的雷朋联名眼镜即爲首次探索，或与AI能力结合成爲智能助理，通过语音交互即可执行命令或查询信息。 2.We believe data input for personal hardware are at the heart of multimodal applications industry growth. From PlayStation keyboards and mice to touch focus cameras in mobile terminals, new input forms have driven multiple location-based service (positioning of meal delivery stores) and short video mobile online applications. For user scenarios such as livestreams and personal digital assistants, mobile phones no longer need to be held in the hand. The recent release of Ray-Ban glasses co-branded with Meta are among the first to market and with the integration of AI could become smart digital assistants using voice activation to execute commands or query information. 3）交互方式：Apple的空间计算设备无疑爲眼动手动自然交互值得期待的重点。同时我们认爲OpenAI也值得重点关注。它投资的Humane推出智能可穿戴产品Humane Ai Pin，通过多种传感器识别语音提示和手势控制实现计算交互。此外，OpenAI也有意向通过合作共同研发深度布局AI硬件设备。 3.Interactivity leaders: Apple’s spatial computing headset pinpoints market prospects for interactivity presented through natural eye and hand movements. We think OpenAI is also worth watching: its investment led to the launch of Humane‘s smart wearable product AI Pin, which uses a variety of sensors to recognize voice prompts and gesture control to achieve computing interaction. OpenAI also plans to conduct R&D to build out AI devices via collaborations. 4）下一代换机潮能否开啓，先在AI PC ，空间计算设备，还是AI 手机上兑现？我们认爲微软Surface新一代产品，蘋果MR&手机均值得期待，此外，亚马逊也宣布Echo全面革新，周期反转加应用创新或将拉动需求。 4.Will the next wave of phone replacement tech begin and would implementation start with AI PCs, spatial computing devices or AI mobile phones? We would monitor Microsoft Surface new-generation releases as well as Apple‘s MR devices and mobile phones. Amazon too has announced a complete revamp of the Echo. In this light, cyclical reversals and application innovations could well drive market demand. 风险提示：生成式AI发展不及预期；算力成本及硬件发展不及预期；相关应用产品上线後效果不及预期。 Risks include: worse-than-expected generative AI developments; worse-than-expected computing power costs and hardware development; and related application product launches perform worse than expected in the market. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、连结、转贴或以其他方式复制发表本档及任何内容。已获授权者，在使用本档或任何内容时必须注明稿件来源於天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本档，违者将依法追究相关法律责任。本档所引用之资料或资料可能得自协力厂商，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对协力厂商所提供资料或资料之准确性负责。且天风国际集团不会就本档所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本档中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本档并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。

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