接口更迭、无孔化趋势下，TWS 耳机应运而生。苹果于2016 年发布Airpods，本质原因是取消手机3.5mm 接口。安卓阵营走向USB-C，3.5mm 接口同样面临取消。存量竞争下，智能手机创新持续，无孔化已成大势所趋。TWS 耳机亦是实现无孔化的重要一环。

1.可穿戴的新宠儿——TWS 耳机 ......................................... 6

1.1 接口更迭、无孔化趋势下，TWS 耳机应运而生 ..................................... 6

1.2 Airpods 引领TWS 潮流 .............................................................................. 7

2.蓝牙与芯片方案的成熟是TWS 爆发关键 ........................... 8

1.1 蓝牙5.0 是TWS 爆发的必要条件 ............................................................ 8

2.2 芯片与解决方案不断成熟，安卓系TWS 将迎爆发 ............................. 10

2.3 高清音频编码普及，带来TWS 音质提升 ............................................. 14

2.4 多功能整合与智能化是未来趋势 ............................................................. 16

2.4.1 主动降噪 .................................................................................... 16

2.4.2 骨声纹识别 ................................................................................. 17

2.4.3 智能交互 .................................................................................... 17

2.5 安卓TWS 市场不容忽视，空间广阔且拐点来临 ................................. 18

3.产业链多环节受益显著..................................................... 20

3.1 芯片为TWS 耳机核心 ............................................................................... 20

3.2 产业链多环节迎可观增量空间，核心厂商显著受益............................ 24

4.重点标的推荐 ................................................................... 27

4.1 立讯精密....................................................................................................... 27

4.2 圣邦股份....................................................................................................... 28

4.3 兆易创新....................................................................................................... 29

4.3 其他重点推荐 .............................................................................................. 29