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

字节发布全新升级豆包大模型家族 火山引擎 FORCE 原动力大会全新升级豆包大模型家族，发布视觉理 解模型和豆包 3D 生成模型，并对多个已发布模型进行升级。其中， 全新视觉理解模型能对文本和图像输入进行综合理解并给出准确回 答，且每千 tokens 3 厘钱，比行业平均价格低 85%;全新豆包 3D 生 成模型与物理世界模拟 veOmniverse 结合，打造支持 AIGC 创作的物 理世界仿真模拟器，支持实时、快速、批量生成 3D 场景和模型，并 可实现云端高效协同工作。模型升级方面，豆包通用模型 pro 能力 全面对齐 GPT-4o，且使用价格仅为 GPT4o 的 1/8。并且，图像生成 模型和音乐大模型均实现模型功能或能力更新。我们认为，得益于字 节在模型层、应用层的全面布局与持续迭代，豆包产业链相关公司及 应用场景，如情感陪伴、广告营销、影视内容制作等有望迎来发展。

The global GIS market in the utility industry refers to the market for geographical information system (GIS) technologies, systems, and solutions that are specifically designed and used by utility companies. These utilities include sectors such as electricity, gas, water, and sewage. GIS is a system that allows for the collection, storage, analysis, and visualization of geospatial data. In the utility industry, GIS is used to manage assets, infrastructure, and operations efficiently. It provides utilities with the ability to map and analyze their network of assets, such as power lines, pipelines, water distribution systems, and other infrastructure elements. This helps utilities in planning, designing, maintaining, and optimizing their infrastructure.

Fiber optics, refers to the technology that transmits information as light pulses along a glass or plastic fiber. A fiber optic cable can contain a varying number of these glass fibers -- from a few up to a couple hundred. Another glass layer, called cladding, surrounds the glass fiber core. The buffer tube layer protects the cladding, and a jacket layer acts as the final protective layer for the individual strand.

An Earth Observation satellite (EO satellite) is a type of satellite designed to gather information about the Earth from space. These satellites are equipped with sensors that capture images and other data of the Earth's surface, atmosphere, and oceans.

Content protection is a generic term that is used to enclose technologies specially designed to protect content by regulating its usage. This content protection tool helps the content providers control accessing and redistributing the protected material. Content protection solutions restrict copying of authorized content, and the content creators implement these technologies to produce and distribute increasingly compelling and valuable content for their customers.

A clinical decision support system (CDSS) is a type of health information technology that offers knowledge and person-specific data to physicians, employees, patients, and other individuals to support health and medical care. A wide range of tools are included in CDSS to improve clinical workflow decision-making. These tools include, among others, focused patient data reports and summaries, documentation templates, diagnostic support, and contextually relevant reference data.