CMB International: Seizing High-End Growth Amid the Differentiation of AI-Driven Computing Power and Terminal Innovation

The Zhitong Finance App learned that CMB International released a research report saying that looking ahead to 2026, the global technology industry is showing a pattern of fragmentation in terminal demand and accelerated AI innovation. Demand for AI computing power continues to be high. The high-end market is showing resilience driven by folding and AI functions, while low-end consumer electronics are under short-term pressure under macroeconomic and cost pressure. It is recommended to focus on segmented circuit opportunities under the resonance of electrification and intelligence.

CMB International's main views are as follows:

Looking ahead to 2026, the global technology industry will present a pattern where the fragmentation of terminal demand and the acceleration of AI innovation coexist

Driven by rapid iteration of the AI model, the computing power industry chain continues to be booming, and new end-side AI products (AI phones/AIPC/AI glasses) are being launched at an accelerated pace. However, demand for low-end consumer electronics is expected to be pressured in the short term due to global macroeconomic uncertainty, declining Chinese subsidy dividends, and storage costs. The bank believes that the expansion of computing power demand and the endside AI innovation cycle will be the core growth drivers. It is recommended to focus on two main lines: 1) AI computing power infrastructure: VR/ASIC architecture upgrades drive the volume and price of ODM and components (interconnection/cooling/power); 2) End-side AI: folding iPhones and AI phones/glasses/PC product innovations are expected to accelerate penetration. It is optimistic about Lixun Precision (002475.SZ), Hongteng Precision (06088), BYD Electronics (00285), Shunyu Optics (02382), Ruisheng Optics (02382) Tech (02018) and Xiaomi Group (01810) and other companies.

Server: General-purpose server recovery continues, VR/ASICAI server iterations accelerate

In 2026, the global server market will be dominated by AI infrastructure investment. AI server shipments are expected to increase 50% year-on-year to 2.32 million units. The market presents a “GPU/ASIC two-wheel drive” pattern: GB/VR iteration drives specification upgrades, and ASIC self-development accelerates value increase: 1) Interconnection: VR/ASIC architecture remodeling drives value multiplication, connectors/cables/CPO ushered in breakthroughs; 2) Cooling: single-chip TDP kilowatts drive full penetration of liquid cooling, and microchannel covers are expected to be mass-produced in 27 years; 3) Power: HVDC/ BBU will It has become standard, and the volume and price of power supply components has risen sharply. Leading ODM suppliers with “electromechanical heating” capabilities and core component suppliers such as liquid cooling interconnects are expected to benefit, benefiting Lixun Precision, Hongteng Precision, and BYD Electronics.

Smartphones: Storage price increases are under pressure in the short term, focusing on catalytic folding iPhones/AI phones

Affected by macroeconomic uncertainty, rising storage prices, and subsidy dividends, global smartphone shipments are expected to drop 5% year-on-year to 1.18 billion units in 2026, with low-end models bearing the brunt. However, the high-end market is still resilient, driven by AI innovation. The bank expects Apple to usher in a big year of innovation. The iPhone 18 specification upgrade, the first folding screen iPhone, new smart home products, and the iteration of Apple Intelligence will further consolidate its high-end dominance. The Android camp is speeding up the transformation to AI phones and enhancing the interactive experience through large models on the end side. It is recommended to focus on opportunities in the context of price increases in optics (periscopic/glass plastic hybrid), structural parts (titanium alloy/hinges), heat dissipation (VC) and storage, and focus on Lixun Precision, Ruisheng Technology, and Xiaomi Group.

AR/VR: Empowering AI to open the 2.0 era of smart glasses

The bank expects global AI glasses shipments to exceed 10 million units in 2026, becoming the core wearable category after TWS headsets. Tech giants are speeding up their deployment, Meta is deepening the social ecosystem through software and hardware integration, while Google is building an ecosystem by opening the Android XR platform. In the long run, AR glasses, as the ultimate form of fusion of fiction and reality, will gradually unleash their potential as optical waveguide and micro-LED/LCoS display technology mature. Shipments are expected to reach 32 million units in 2030. Manufacturers with core optical technology (optical waveguide/camera module) and complete machine assembly capabilities will benefit deeply from the industry explosion, benefiting Shunyu Optics, Ruisheng Technology, and Qiutai Technology.

PC/automotive electronics: AIPC penetration is expected to break through, and the development of L4+ intelligent driving accelerates

The global PC market will be under heavy pressure due to the end of Win11 switching and soaring storage costs. The bank expects global PC shipments to drop slightly by 2% year over year to 275 million units. The highlight of the industry is AIPC's accelerated penetration. It is expected that AIPC will account for more than 50% of shipments in 2026, becoming the mainstream standard. With the improvement of policies and regulations and the reduction in technical costs, the commercialization process of L4 intelligent driving has accelerated markedly. The bank is optimistic about racetrack segmentation opportunities under the resonance of electrification and intelligence, including core industry chain leaders such as high-voltage/high-speed connectors, in-vehicle optics, smart cockpit displays, and domain controllers, and is optimistic about Lixun Precision, Hongteng Precision, BYD Electronics, Shunyu Optics, Ruisheng Technology, and BOE (00710).