A research report from Huatai Securities reveals that the recent surge in technology-driven consumption is primarily attributed to significant advancements in foundational technologies—such as on-device artificial intelligence (AI), embodied intelligence, and digital manufacturing—that have now crossed the threshold of practical application. These innovations are seamlessly blending with consumers' evolving demands for enhanced efficiency, emotional companionship, and self-expression, marking a pivotal shift in the industry from mere 'category expansion' to more sophisticated 'scenario and entry point' upgrades.

Huatai Securities anticipates that devices like AI-powered glasses, intelligent wearables, service robots, and 3D printers are poised to emerge as the new frontiers of consumer engagement and versatile scenario carriers. Should the trends of device penetration, service subscriptions, and ecosystem maturation continue to gain traction, the future profit models for these products are expected to pivot from one-time hardware sales to a more sustainable model centered around recurring service revenues.

Investment Recommendations: Huatai Securities advises investors to focus on three key categories of leading tech consumption enterprises that demonstrate strong product innovation capabilities and competitive advantages:

1. Entry-Point Opportunities: Prioritize interactive terminals such as AI glasses and wearable devices, emphasizing their ecosystem entry value.
2. Home Entry and Scenario-Based Opportunities: Concentrate on home service robots and AI companion robots, which are well-positioned to capitalize on the growing demand for intelligent home solutions.
3. Emotional and Creative Opportunities: Target consumer-grade 3D printing and laser engraving technologies, which cater to the rising trend of personalized and creative expression.