如今人工智能生成内容（AIGC）以及混合现实（MR）相关技术的积累已经达到了一定程度，成熟的商业化应用即将出世。2017年谷歌推出了一种用于语言理解任务的新型神经网络架构（Transformer模型），该模型的表现超过了同时期的循环神经网络和卷积神经网络模型。苹果也推出了自己的AR开发工具包，该工具包可通过整合各种iOS设备上的摄像头与运动特征来创造移动应用程序以及游戏中的增强现实体验。2023年，Chat GPT火爆全球，同时苹果的初代MR设备也临近预售。总的来说，我们相信AIGC以及MR的技术突破将带来消费电子领域中成功的商业应用。
　　AIGC提供随机性，以内容生态为基础拉动硬件扩容。AIGC提供了客制化的用户体验。AIGC主要以较为成熟的语言模型支撑，并逐步延伸至图片、视频等其他垂直的应用场景。随着内容生态不断完善，对高算力芯片以及云端服务器的需求也将快速增长。
　　MR以硬件平台为基础推动生态建设。苹果MR的内容生态将继承iOS系统的开放性架构，同时完善的底层硬件基础将提供强有力的支持。MR供应链中的关键参与者将迎来利好，包括立讯精密（002475 SZ）、华兴源创（688001 SH）、兆威机电（003021 SZ）、杰普特（688025 SH）。
　　催化剂：苹果混合现实产品发布以及预售开启。
　　风险：苹果混合现实产品发布延期；混合现实产品竞争力以及销售表现不及预期。
　　

研究报告全文：股票Research研究EquitySectorTableBasicInfoReportElectronicsSectorJackLiu柳晨行业报告电子行业85225092149chenliugtjascomhk14March2023BiTableMainInfo-WeeklyWrapAIGCIntegratingMRintoSoftwareand行HardwareMatureTechnologyDevelopmentWillPromote业RevolutionaryInnovation报双周报人工智能生成内容与混合现实软硬结合成熟的技术发展将推进颠覆性创新告SectorReportCurrenttechnologydevelopmentinartificialintelligentgeneratedcontentAIGCandmixedrealityMRhassurpassedacriticalthresholdleadingRatingTableInvestInfoOutperformtomaturecommercialapplicationonthehorizonIn2017GoogleMaintainedintroducedanovelneuralnetworkarchitectureusedforlanguageunderstandingtasksTransformermodelwhichoutperformedtherecurrent评级跑赢大市维持neuralnetworkRNNandconvolutionalneuralnetworkCNNmodelsatthe2timeApplealsolauncheditsARkitwhichintegratediOSdevicecamerasandmotionfeaturestoproduceaugmentedrealityexperiencesinmobileappsandHangSengTECHIndexvsHangSenggamesIn2023ChatGPThasbecomepopulararoundtheworldwhiletheIndexpre-saleofApplesfirst-generationMRdeviceisapproachingInaggregatewe恒生科技指数vs恒生指数believethattechnologybreakthroughsinAIGCandMRwillresultinsuccessful100ofreturncommercialapplicationsintheconsumerelectronicssector80证AIGCoffersrandomnessstimulatinghardwareexpansiononthebasisof60告asoundcontentecosystemAIGCofferscustomizeduserexperienceAIGC40券ismainlysupportedbyrelativelymaturelanguagemodelsandisgradually20研报extendingtowardsimageandvideoapplicationsaswellasothervertical0究究applicationsAscontentecosystemcontinuestoimprovedemandforhigh-20computationalpowerchipsandcloudserverswillgrowatafasterpaceResearchReport-40报研MRpromotesecosystemdevelopmentonmaturehardwareplatforms-60告Mar-18Mar-19Mar-20Mar-21Mar-22Mar-23券ApplesMRcontentecosystemwillinherittheopenarchitectureoftheiOSEquitysystemwhileawell-developedhardwarefoundationwillprovidepowerfulHangSengIndexHangSengTECHIndex证supportKeyplayersintheMRsupplychainwillbenefitincludingLuxshareSourceHangSengIndexesPrecision002475SZHYCTech688001SHZhaoweiMachinery003021SZandJPTOpto-electronics688025SHPhiladelphiaSemiconductorsIndexvsSP500IndexCatalystsApplesMRproductreleaseandpre-salelaunch费城半导体指数vs标普500指数RisksApplesMRproductlaunchmaybedelayedworse-than-expected200ofreturnTcompetitivenessandsalesperformanceofMRproducts如今人工智能生成内容AIGC以及混合现实MR相关技术的积累已经达到了一定程度150a成熟的商业化应用即将出世2017年谷歌推出了一种用于语言理解任务的新型神经网络架100b构Transformer模型该模型的表现超过了同时期的循环神经网络和卷积神经网络模型苹果也推出了自己的AR开发工具包该工具包可通过整合各种iOS设备上的摄像头与运动电l50特征来创造移动应用程序以及游戏中的增强现实体验2023年ChatGPT火爆全球同时子e苹果的初代MR设备也临近预售总的来说我们相信AIGC以及MR的技术突破将带来消0行费电子领域中成功的商业应用业-50AIGC提供随机性以内容生态为基础拉动硬件扩容AIGC提供了客制化的用户体验AIGCMar-18Mar-19Mar-20Mar-21Mar-22Mar-23L主要以较为成熟的语言模型支撑并逐步延伸至图片视频等其他垂直的应用场景随着内SP500IndexPhiladelphiaSemiconductorIndexeElectronicsSector容生态不断完善对高算力芯片以及云端服务器的需求也将快速增长SourceBloombergfMR以硬件平台为基础推动生态建设苹果MR的内容生态将继承iOS系统的开放性架构同时完善的底层硬件基础将提供强有力的支持MR供应链中的关键参与者将迎来利好包t括立讯精密002475SZ华兴源创688001SH兆威机电003021SZ杰普特M688025SHa催化剂苹果混合现实产品发布以及预售开启r风险苹果混合现实产品发布延期混合现实产品竞争力以及销售表现不及预期ginSeethelastpagefordisclaimerPage1of5SeSourceSourceFiguretranslationGermantoEnglishnewstest2014WMTbenchmarkstandardtheonmodelsNoteSourceCNNEnglishtoGermantranslationqualityFigureethBiLingualEvaluationUnderstudyEvaluationBiLingualmodelseOpenAIGooglelas31tOpenAIusesOpenAIusesGooglespagefordisclaimerTransformermodelTransformerreinforcementBLEUscoreshigherisbetterofsinglesingleofbetterishigherscoreslcomparedcomparedtoearningfromearningfromachievedPhigherRNNhumanandfeedbackRLHFsinglemodelsonthestandardWMTnewstest2014EnglishtoFrenchFrenchtoEnglishnewstest2014WMTstandardthebenchmarktranslationonmodelssingleNoteSourcemodelstoFrenchtranslatioEnglishFigureiigaEvaluaBiLingualGoogle2GooglesmodelachieveTransformerTablePageHeadertotraintoitsCinUnderstudytionhatGPTmodelhatGPTnqualitynBLEUscoreshigherisbetterofofbetterishigherscoresthanRNNlcrncSectorElectronicsdandandhigPagePageCNNherher2ofof52nigraMelbaT1nigraMelbaTSectorReportElectronicsSector电子行业14March2023SeTableSourceSourceAverageWeightedAverageSimpleManuSemiconductorPowerchipVanguardSemiInternationalCorpRealtekSemiconductorCoLtdLarganPrecisionAseTechnologyCoHoldingCorpMicroelectronicsUnitedIncMediatekIndustryHaiHonPrecisionTSMCCompaniesListedTaiwanProvinceAverageWeightedAverageSimpleQTechnologyCoLtdGroupIncHoldingsCowellEFitHonTengLtdAacTechnologiesInHoldingsAsmptLtdLtdHoldingsKingboardLtdHongSemiconductorHuaFudanMicroelectShanghaiSunnyOpticalTechSMICListeHKSARAverageWeightedAverageSimpleInShenzhenOptoJptShenzhenMachineryZhaoweiShenzhenCCoreTechnologyLtdCoElectronicJiemeiZhejiangBatteryTecDesayShenzhenHycSuzhouTechnologyLCoPrecisionEverwinShenzhenCapacitorNantongJianghaiElectroniSunlordShenzhenElectronicHebeiSinopackShanghaiInfotechAnlogicCoLRockchipElectronicsCoLtdFaratronicXiamenIndusScientificUniversalCoLtdSiccLoongsonTechnologyLCorpPrecisionDongshanSuzhouLtStarpowerSemiconductorCorpSgMicroAdvancedMicroCoAvaryShenzhenHoldingSemiconductoGigadeviceNauraTechnologyCoGroupBoeTechnologyCoLtGroupIndustrLuxsharePrecisionDigitalHikvisionHangzhouCompaniesListedChinaMainlandCompanyethe1Bloomberglas-A-CubeCubeAutomatioPeersPeersdCompaniesdt-Apag-Fabrication-Electronefovaluationtable-r-A---A-----ClAAAA-AAAAdisclaimer---HLt----A-AA---AAAA--A-AAAAAA-A301312301312CH688025CH003021CH688262CH002859CH000049CH688001CH002484CH002138CH003031CH688107CH603893CH600563CH601231CH688234CH688047CH002384CH603290CH300661CH688012CH002938CH603986CH0023000725CH002475CH002415CH300115CH00000000000000000000001478HK1478HK1415HK6088HK2018HK1347HK1385HK238267706770TT5347TT2379TT3008TT2303TT2454TT2317TT2330TT3711TT522HK522HK148HK981Ticker7171CH-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电子行业14March2023SeTableNoteSourceAverageWeightedAverageSimpleTowerLtdSemiconductorWolfspeedIncCorpLatticeSemiconductorWesternCorpDigitalOnSemiconductorIncGlobalfoundriesNvStmicroelectronicsMicrochipTechnologyIncInfineonTechnologiesNvNxpSemiconductorsCorpResearchLamMicronTechnologyIncIncDevicesAnalogIncAppliedMaterialsDevicesAdvancedMicroIntelCorpIncQualcommIncBroadcomTexasIncInstrumentsNvHoldingAsmlCorpNvidiaTaiwCompaniesUSListedAverageWeightedAverageSimpleCoLtdSeoulSemiconductorCoLtdLxSemiconIncIndustrialLeenoHynixSkIncLtdCoSamsungElectronicsSouthKoreaAverageWeightedAverageSimpleTokyoCoLtdSeimitsuKkPhotonicsHamamatsuCorpNecCorpRenesasElectronicsCorpKyoceraCorpDensoTokyoLtdElectronJapanCompanyeananSemiconductorthListedCompaniesListedeAmericanDepositaryReceiptDepositaryAmerican2BloomberglasPeersPeersListedCompaniesListedtpag-NyRegNyShse--AdrN-foSpSpAdryyShsvaluationtablerdisclaimer046890046890KS108320KS058470KS000660KS005930KSQCOMUSQCOMIFNNYUSMCHPUSWOLFUSWOLFAVGOUSTSEMUSTSEMNVDAUSAMATUSASMLUSLSCCUSLRCXUS0000000WDCUSWDCNXPIUSINTCUSAMDAMDUSSTMUSSTMUSTSMGFSGFSUS69026902JP8035JP77297729JP6965JP6701JP6723JP6971JPTXNUSADIUSADIMUUSONUSONADRTicker-JaCurrencypanKRWKRWKRWKRWKRWUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDUSDJPYJPYJPYJPYJPYJPYJPYKoreaUSandthe14350001435000106509400008560006010004864001798304902801835606225201734406047402343601170401172205150051500687005120018765696507631041250678903037060814106640048540832603731055600840302644088880Price430P0358783931358783931MarketCapMarket62317002623170026012808601280876467391528844152884421872801134003139699132630113675039675039135405109382130700259543157172243578869460976620953215757m12231122313516736193441994560948724466696615760669928549891311834il45368389lion7945991391011622532571791652581361692231733302721706851852471233571911691493471569891361022271824012nana6575989977712F13321622541681882551641592421531781721784612781864351842871201391591441471711642775691261522273072nanananana639497PER3F12565301321411301341951321671562411201681302332522521593732851592101341511291763481681691941481031422102491151132na58874FTablePageHeader2212511071082561141152na47101108150910302316380922091456782434105738377835631226812511732FPB2612191161192nana411110071311112721143409200813506422421144302768285185132569241161993FR2331001752nanana3311100711101124191431081708124657371135282360254771325642311519488433FROE8844839814114832515019415917416010019134293391513981313531723622291823997481855349255116245972na32855464744281692FlcrncSectorElectronicsDY2012525282950201726182038121900262122161300000000000007121421130820110055243528122FPagePageEVEBITDA233020623739716110914118313423949512710112014911411na675593537296359577827029521935288448574279922247Fofof52nigraMelbaT1nigraMelbaTSectorReportElectronicsSector电子行业14March2023SeTel852250927FLowBlockGrandGuotaiJunananditsgroupcompaniesanytoregistrationorlicensingrequirementwithinsuchjurisdictionregulationorlawapplicabletocontrarybewoulduseoravailabilitypublicationdistributionsuchwherejurisdictionanydirenotisResearchReportThiswherandrisksrelateditsandconsulttheirownfinancialadviserspriorobjectivesanytoinvestmentdecisioninvestmentthecomprehendandunderstandshouldInvestorscontainmayuncertaintyandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandguaranteetheacefforthasbestThoughensurebeentoaccuracytheinformationmadeoftheanddatacontainedResearchthisinReportGuotaicontrarytoopinionsorreportthisinexpressedopinionsAnycompaniesofgroupJunanGuotaiofexecutivesprofessionalotheranddealerspersonscbeordiffermayreportthisinexpressedopinionsAnyservicesproprietarilyinvestmentbankinginvestmentincludingaJunanGuotaiJunanGuotaiLimitedKongResearchReportdThisDISCLAIMER654321DISCLOSUREOFINTERESTSRatingHorizonTimeto618monthsTheBenchmarkTableSectorRatingDefinitionSectorCompanyTableCompanyRatingDefinitionRatHorizonTimeto618monthsTheBenchmarkCompanyTableCompanyRatingDefinitionTabledisclosure2023ReduceNeutralAccumulateBuyUnderperformNeutralOutperformSelleingtheReportThereisnoofficeroftheissuermentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompanGuo02382HKmentionedinthisResearchReportGuotaianditsJunangroupcompaniesareaorwillmakingrespectmarketsecuritiesthemakeofinSUNNYinOPTICALTECHNOLOwithinprecedingthe12monthsGuotaiJunananditsgroupcompanieshavenothadinvestmentbankingrelationshipswiththe02191REITHKSFReport01983BANKHKLUZHOU00512Junananditsgroupcompaniesdoholdnotequalortothan1moreofthemarketcapitalizationtheofissuermentionedinthHEALTHCAREANDBANKCOMMERCIALRURALHKDONGGUAN06196HKBANKOFZHENGZHOUPHARMACEUTICAL02558BANKHKJINSHANGGRANDCHINAforExceptTheAnalystsandtheirassociatesdohavenotanyfinancialinteTGuotailasRatingDefinitionheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReporttRatingDefinitiontaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficeranasservingindividualanemployednothavecompaniesgroupitsandJunantaiRatingDefinitionpagJunanSecuritiesHongKongLimitedAllRightsReservede-18Fax85225099118curacyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforwardfoHongKongHangSengIndexHongKongHangSengIndexr卖出减持中性收集买入跑输大市中性跑赢大市disclaimerinvestmentdecisionsbymadeassetthemanagementandinvestmentbankinggroupsofGuotaiJunanacquiresubscribepurchasenottobsecuritiesofferorforanconstituteinvitationoroesMillenniumctedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinlocatedorresidentoforcitizenaiswhoentityorpersonanybyuseortodistributionforintendedoratctedorRelativePerformanceorRelativePerformanceorRelativePerformance5ortRelativePerformanceortRelativePerformanceortRelativePerortRelativePerformanceortRelativePerformance15DefinitionDefiPlaza181QueensRoadCentralHongKongtheththeheheheheheenitionfundamentalfundamentalfundamentalfundamentfundamentalfundamentalfundamentalfundamental-7793formancenditsgroupcompaniesmaydobusidomaygroupcompaniesitsndaloutlooutlookoutlookoutlookoutlookoutlookoutlookoutlooktfrxmlhpaiggnedaaepnonewieoinvestorunderwritersponsormanagerleadagentplacingtheexampleforetcWebsitewwwgtjacomhkisisisisPontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalesbyformwritteninororallyexpressedstrategiesinvestmentoropinionstoontrary--ok515---5555ofthecompanyorsectorofthesectorofthesectorofthesectorofthecompanyorsectorofthecompanyorsectorofthecompanyorsectorofthecompanyorsectortotototo155-515restsrelationintotheissuermentionedinthisResearchReportisisisfavorableunneutralfavorablenessthatrthatnessisisisisfavorableisfavorableununneutralfavorablefavorableTablePageHeaderelatestocompaniescoveredinresearchreportsincoveredcompaniestoelatesissuersmentionedinthisResearchReportoftheissuermentionedinthisResearchthisinmentionedissuertheofyGuotaiSecuritiesHongyJunanorwhichwouwhichormutable09889HKGuotai09889-lookingestimateslcrncSectorElectronicsmaydifferorbeordiffermayJunandoesnotenecessaryesituationsoisResearchisieldsubjectldsPagePage5GYofof52nigraMelbaT1nigraMelbaTSectorReportElectronicsSector电子行业14March2023