微软公司在2024年持续发力人工智能领域，通过调整业务架构、升级AI应用产品和推出自研大模型等措施，显著提升了其在AI领域的竞争力。微软的AI产品如Copilot和GitHub Copilot等获得了显著的用户增长和市场认可，同时公司也在不断优化其AI模型和工具，以适应不同行业和用户的需求。此外，微软还推出了新的AI模型Phi 3.5系列，并与GitHub合作，将AI技术应用于编程和软件开发领域。

RFID technology uses radio waves to identify devices automatically. Vehicle RFID tags are those that are placed on windshields and license plates for functions such as electronic toll collection, electronic vehicle registration, and vehicle access and payment. RFID tags include memory chips, integrated circuits (ICs), and antennas to receive and send data to the reader. The growing demand for the reduction of traffic congestion and time to pay tolls is scaling the adoption of wireless communication technologies such as RFID in the automotive industry. The use of these technologies reduces the time spent to pay toll amounts, which improves the efficiency and productivity of the toll booths.

Vendor management software is a software application that helps organizations manage their supplier relationships and expedite the procurement process. It makes contract management, order processing, performance tracking, and vendor selection easier. Organizations may improve sourcing and procurement efficiency, reduce costs, assure compliance, and optimize their supply chains with the use of vendor management software. Organizations that are interested in efficiently handling their vendor ecosystem, increasing efficiency, reducing risks, and getting the most out of their supplier relationships must have this software.

A Wi-Fi hotspot refers to a wireless access point that provides Internet connectivity using Wi-Fi technology. It enables users to connect their Wi-Fi-enabled devices, such as smartphones, tablets, or laptops, to access the Internet wirelessly. Wi-Fi hotspots are commonly found in public places such as cafes, airports, hotels, or libraries, allowing users to connect to the Internet and enjoy online activities conveniently without the use of physical cables.

A self-service kiosk is an interactive device that empowers customers to conduct transactions or access services conveniently. For instance, customers can purchase train or bus tickets, check-in at hotels, manage office inventories, or check in for flights without waiting in long lines or seeking assistance. The global self-service kiosk market is expected to grow at a CAGR of 8.71% over the forecast period. North America and Europe, followed by APAC, are expected to witness significant self- service kiosk demand. However, the Middle East and Latin America are likely to develop opportunities with the opening of new business projects of branded retail shops and expansion of established firms in these areas, especially in the retail and food & beverage industries.

Profession AV solutions or pro AV equipment are systems involved in transmitting multiple high-quality live audio and video signals, among other transmissions, uncompressed in nature, to multiple devices. The pro AV systems are broadly used in live events, broadcast facilities, commercial installations, recording, and post- production. Sound reinforcement equipment and solutions form the backbone of any pro AV system, installed or portable.

电子行业：持续关注端侧AI产业趋势及自主可控方向-中泰证券

美股投资主线延续 2023 年趋势，继续围绕科技成长展开，纳指年初至今 (12 月 20 日收盘，下同)累计涨幅 32.55%，估值水平达历史 91%分位的 35.01x。高估值背后是 AI 带来的业绩兑现与乐观预期——这也构成了本篇 报告的出发点。我们详细梳理了美股软件标的的 AI 布局，基于此探讨并展 望海外 AI 的技术发展趋势与应用落地节奏;也从映射视角出发，对 A/H 股 相关标的进行了梳理。

量子科技蓬勃发展，有望突破经典技术的瓶颈 量子是数学概念，用来描述光子、质子、中子、电子、介子等基本粒 子的能量特性，它是能表现出某物质或物理量特性的最小单元。量子 科技包括量子通信、量子计算、量子精密测量三方面应用，在保障信 息传输安全、提高运算速度、提升测量精度等方面，可以突破经典技 术的瓶颈，将成为信息、能源、材料和生命等领域重大技术创新的源 泉，为保障国家安全和支撑国民经济高质量发展提供核心战略力量。

AI+并购重组预期带动板块下半年上涨。2024 年截至 12/15 传媒(中信)指数累 计上涨 21.11%，跑赢上证综指 7.10pct，板块涨幅处于全行业第 8。具体来看， 涨幅榜前 13 个股具有明显的主题投资特色，四季度传媒板块在谷子经济、海外 AI 应用映射、豆包等主题催化下表现突出。截至 2024Q3，主动偏股型基金中传媒板 块持仓占比为 0.83%，相比 2024Q2 的 0.66%提升 0.17pct，超配比例-0.86%， 目前仍处于历史较低分位，传媒板块筹码优势依然显著，明年依然值得重点关注