/ v [table_subject] 2024 年 9 月 5 日 证券研究报告·电子行业周报 1-7 月我国互联网行业收入同比增长 5% ——中山证券电子行业周报 e_invest] 中山证券研究所 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 市场走势 [table_main] 投资要点： 中山行业研究类模板 ●1-7 月我国软件业收入同比增长 11.2%。工信部公布了今年 1 至 7 月软 件业经济运行情况，我国软件和信息技术服务业运行态势良好，软件业务收入 和利润保持两位数增长。1—7 月，我国软件业务收入 73429 亿元，同比增长 11.2%。 ●1-7 月我国互联网行业收入同比增长 5%。工信部发布 2024 年 1-7 月份 互联网和相关服务业运行情况。1-7 月份，互联网业务收入持续稳定增长，利 润总额出现短期波动，研发经费小幅回落。1-7 月份，我国规模以上联网和相 关服务企业完成互联网业务收入 10125 亿元，同比增长 5%，增速较上半年回落 0.6 个百分点。 ◎回顾本周行情（8 月 29 日-9 月 4 日），本周上证综指下跌 1.8 ...

Investment Rating - The report suggests a weak recovery in demand for the electronics industry, recommending attention to upstream equipment and materials with domestic substitution logic that is relatively independent of the industry cycle [2][9]. Core Insights - The automotive semiconductor market is expected to nearly double by 2030, driven by the increasing complexity and evolution of peripheral systems such as Advanced Driver Assistance Systems (ADAS) and infotainment systems, even in scenarios where the Battery Electric Vehicle (BEV) market declines [18]. - In the first half of 2024, China's semiconductor project investment is estimated to be approximately 517.3 billion RMB, a year-on-year decrease of 37.5%, indicating a decline in the scale of semiconductor industry investment [19]. - The global smartphone shipments in Q2 2024 reached 285 million units, a year-on-year increase of 7.58%, while China's smartphone shipments in July 2024 were 22.17 million units, showing a significant year-on-year growth of 28.3% [8][9]. Market Trends - The Shanghai Composite Index fell by 0.67% and the CSI 300 Index decreased by 1.06% during the week of August 22-28, 2024, with the electronics sector underperforming the broader market [3]. - The semiconductor sales globally reached 49.98 billion USD in June 2024, reflecting a year-on-year growth of 18.3%, although this was a slight decline from the previous month's growth rate of 19.3% [9]. - The semiconductor equipment shipments from Japan in July 2024 increased by 23.61% year-on-year, but this was a decrease from the growth rate of 31.84% in June [9]. Company Dynamics - Bilibili reported a 16% year-on-year increase in total net revenue for Q2 2024, amounting to 6.127 billion RMB, with significant growth in advertising revenue by 30% [20]. - Luxshare Precision's revenue for the first half of 2024 was 103.598 billion RMB, a year-on-year increase of 5.74%, with a net profit growth of 23.89% [21].

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating [1][2][3] Core Views - The electronic industry is experiencing a weak recovery at the bottom of demand, with a focus on upstream equipment materials that are relatively independent of the industry's cyclicality due to domestic substitution logic [7] - Android system inventory is expected to gradually return to normal, suggesting attention to domestic brand consumer electronics companies [7] - Semiconductor design companies benefit from downstream inventory replenishment, making them a focus area [7] Market Performance - The Shanghai Composite Index rose by 0.21% and the CSI 300 Index rose by 0.37% during the week of August 15-21, 2024 [1][3] - The electronic sector underperformed the broader market, with the Shenwan Primary Electronic Index falling by 0.64%, underperforming the Shanghai Composite Index by 0.85 percentage points and the CSI 300 Index by 1.02 percentage points [1][3] - The PE valuation of the electronic industry dropped to around 42.70 times [1][3] Industry Data - Global smartphone shipments in Q2 2024 reached 285 million units, a year-on-year increase of 7.58% [1] - China's smartphone shipments in June 2024 were 23.84 million units, up 14.3% year-on-year [1] - Global semiconductor sales in June 2024 were $49.98 billion, up 18.3% year-on-year [1] - Japan's semiconductor equipment shipments in June 2024 increased by 31.84% year-on-year [1] Industry Dynamics - Multiple central and state-owned enterprises have initiated the development of native HarmonyOS applications for internal office use [1][10] - Xiaomi's smartphone shipments in the Middle East (excluding Turkey) in Q2 2024 reached 2.3 million units, a 70% year-on-year increase, capturing a 20% market share [1][11] - Apple Watch shipments in Q2 2024 declined by 1% year-on-year, with a 4% drop in revenue due to a shift towards lower-cost models [12] - China's tablet market shipments in Q2 2024 increased by 7.0% year-on-year, with consumer market shipments up 8.0% and commercial market shipments down 3.1% [13] Company Dynamics - Hikvision's H1 2024 revenue was RMB 41.209 billion, up 9.68% year-on-year, but net profit attributable to shareholders fell by 5.13% to RMB 5.064 billion [14] - ZTE's H1 2024 revenue was RMB 62.487 billion, up 2.94% year-on-year, with net profit attributable to shareholders increasing by 4.76% to RMB 5.732 billion [15] Investment Recommendations - Focus on upstream equipment materials with domestic substitution logic, independent of industry cyclicality [7] - Pay attention to Android system smartphone component manufacturers as inventory normalizes [7] - Semiconductor design companies are recommended due to benefits from downstream inventory replenishment [7]

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating [1][2][3] Core Views - SMIC expects continued growth in demand for high-end chips in Q4, particularly for smartphone-related products like DDIC and CMOS, as domestic chip manufacturers have almost no inventory and face supply shortages [1][10] - TSMC's July revenue increased 44.7% YoY to NT$256.953 billion, with a 23.6% MoM growth [1][12] - Global smartphone shipments in Q2 reached 285 million units, up 7.58% YoY, while China's smartphone shipments in June grew 14.3% YoY to 23.84 million units [1][5][6] - Global semiconductor sales in June reached $49.98 billion, up 18.3% YoY, while Japan's semiconductor equipment shipments grew 31.84% YoY [1][6][14] - The electronics industry is experiencing a weak recovery at the bottom, with opportunities in upstream equipment materials driven by domestic substitution logic and Android component manufacturers benefiting from inventory normalization [2][6] Market Performance - The Shanghai Composite Index fell 0.67% and the CSI 300 Index dropped 0.97% during the week of August 8-14, while the electronics sector outperformed with the Shenwan Electronics Index rising 0.38% [1][3] - The electronics sector ranked fourth among Shenwan's primary industries, with a PE ratio declining to around 42.97x [1][3] Company Dynamics - SMIC reported Q2 2024 revenue of $1.9013 billion, up 21.8% YoY, exceeding expectations and reflecting improved capacity utilization [10] - Sunlord Electronics saw a 43.82% YoY increase in H1 2024 net profit to RMB 368 million, with revenue up 15.43% to RMB 2.691 billion [15] Industry Data - China's TV market saw a 0.9% YoY decline in July shipments to 2.17 million units, with the top 8 brands accounting for 95.6% market share [11] - Global semiconductor sales in Q2 2024 reached $149.9 billion, up 18.3% YoY, with June sales hitting $50 billion, a 1.7% MoM increase [14]

[table_subject] 2024 年 08 月 08 日 证券研究报告·金工策略周报（总第 291 期） 出口逊于预期，冲击核心股指企稳 ——金工策略周报 2024 年第 27 期 e_invest] 中山证券研究所 分析师：阳建辉 相关研究报告 [table_main] 投资要点： 中山行业研究类模板 ●出口逊于预期等因素冲击，影响核心股指企稳调整。国内出口数据逊于 预期、美国经济数据疲软、美联储降息预期、巴菲特减持苹果、纳斯达克等股 指回撤等，弱化市场情绪，导致沪深核心股指延续回撤调整。 ●本期推荐国防军工【801740.SI】、医药生物【801150.SI】等行业。近 5 个交易日，国防军工受北上资金增持，中期均线上行、形态尚处于上升通道; 医药生物受北上资金增持，形态有企稳反弹迹象。 ◎ 市场走势预判：其一，沪深两市日均交易额约 0.71 万亿，最新交易额 约 0.59 万亿，前 1 期约 0.66 万亿；中小盘股指经短期反弹后延续下行，蓝筹 股指维持形态下跌、均线下行。其二，主力资金近 5 个交易日的净额约-340 亿， 前值约 63 亿。根据持仓变化测算的北上资金净额约-143 亿，前值约 ...

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating [1][2][3] Core Views - The electronics industry is experiencing a weak recovery at the bottom of demand, with a focus on upstream equipment and materials that are relatively independent of the industry's cyclicality due to domestic substitution logic [7] - Android-related inventory is expected to gradually normalize, suggesting attention to Android smartphone component manufacturers [7] - Semiconductor design companies are benefiting from downstream inventory replenishment, making them worth monitoring [7] Index Performance - The Shanghai Composite Index fell by 2.35% and the CSI 300 Index fell by 2.92% during the week of August 1-7, 2024 [3] - The electronics sector underperformed the broader market, with the Shenwan Electronics Index dropping by 6.98%, underperforming the Shanghai Composite by 4.63 percentage points and the CSI 300 by 4.06 percentage points [3] - The PE valuation of the electronics industry decreased to around 42.90x [3] Industry Data - Global smartphone shipments in Q2 2024 reached 285 million units, a year-on-year increase of 7.58% [6] - China's smartphone shipments in June 2024 were 23.84 million units, up 14.3% year-on-year [7] - Global semiconductor sales in June 2024 were $49.98 billion, up 18.3% year-on-year [7] - Japan's semiconductor equipment shipments in June 2024 increased by 31.84% year-on-year [7] Industry Dynamics - Google significantly reduced the price of its AI model, Gemini1.5Flash, with input costs at $0.075 per million tokens and output costs at $0.3 per million tokens, effective August 12, 2024 [11] - Intel's Q2 2024 revenue was $12.8 billion, down 1% year-on-year, with a net loss of $1.6 billion compared to a net profit of $1.5 billion in the same period last year [12] - Amazon's Q2 2024 net sales were $148 billion, up 10% year-on-year, with net income doubling to $13.5 billion [13] - Apple's Q2 2024 revenue and profit exceeded Wall Street expectations, with iPhone revenue at $39.3 billion, accounting for 45.8% of total revenue [14][15] Company Dynamics - Universal Scientific Industrial (USI) reported a 2.23% year-on-year increase in half-year profit, with revenue reaching approximately 27.386 billion yuan and net profit of 784 million yuan [16]

[table_subject] 2024 年 8 月 8 日 证券研究报告·电子行业周报 英特尔二季度业绩大幅下降 ——中山证券电子行业周报 e_invest] 中山证券研究所 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 市场走势 [table_main] 投资要点： 中山行业研究类模板 ●英特尔二季度业绩大幅下降。英特尔公布了 2024 财年第二财季财报： 营收为 128 亿美元，同比下降 1%；应占净亏损为 16 亿美元，而上年同期的应 占净利润为 15 亿美元，同比转盈为亏。 ●谷歌 AI 模型大幅下调使用价格。谷歌公司 8 月 2 日更新价格页面，宣 布将于 2024 年 8 月 12 日开始，Gemini1.5Flash 模型每百万输入 tokens 成本 为 0.075 美元、每百万输出 tokens 成本为 0.3 美元。 ◎回顾本周行情（8 月 1 日-8 月 7 日），本周上证综指下跌 2.35%，沪深 300 指数下跌 2.92%。电子行业表现弱于大市。申万一级电子指数下跌 6.98%， 跑输上证综指 4.63 个百分点，跑输沪深 300 指 ...

Investment Rating - The report suggests a weak recovery in demand for the electronics industry, recommending attention to upstream equipment materials that are relatively independent of the industry cycle, as well as Android component manufacturers and semiconductor design companies benefiting from downstream inventory replenishment [2][9][20]. Core Insights - TSMC expects a 10% year-on-year growth in the wafer foundry market for 2024, driven by strong demand for 3nm and 5nm processes, particularly from AI and smartphones [1][16]. - In Q2, TSMC's revenue from high-performance computing (HPC) exceeded half of its total revenue for the first time, largely due to the explosive growth of the AI industry [1][17]. - Global smartphone shipments in Q1 reached 289 million units, a year-on-year increase of 7.74%, while China's smartphone shipments in May were 28.6 million units, up 13.5% year-on-year [1][9]. - Global semiconductor sales in May amounted to $49.15 billion, reflecting a year-on-year growth of 19.3% [9][19]. - The semiconductor equipment market is also seeing growth, with Japan's semiconductor equipment shipments increasing by 26.99% year-on-year in May [9][19]. Summary by Sections Market Trends - The Shanghai Composite Index fell by 2.06% and the CSI 300 Index dropped by 2.38% during the week of July 18-24, with the electronics sector underperforming the market [1][3]. - The electronic industry index decreased by 4.49%, trailing the Shanghai Composite by 2.43 percentage points [3]. Industry Data - The report highlights a decline in the growth rate of smartphone shipments in China, which decreased from 25.5% in April to 13.5% in May [9]. - The report notes that the consumer electronics sector has been sluggish due to a slowdown in innovation and global economic downturn, but signs of recovery are emerging as inventory levels are low and demand is expected to rebound [9][19]. Company Dynamics - Sanan Optoelectronics reported a profit growth of 30% to 50% for the first half of 2024, driven by improved demand in consumer electronics and optical communication sectors [20].

Investment Rating - The electronic industry is experiencing a weak recovery at the demand bottom, with a recommendation to focus on upstream equipment materials that are relatively independent of the industry cycle and have domestic substitution logic [2][9]. Core Insights - Global smartphone shipments increased by 6% year-on-year in Q2 2024, marking the highest growth rate in three years and the third consecutive quarter of growth [1][17]. - Apple has increased the inventory of the iPhone 16 series to 95 million units, indicating strong confidence in new product sales [1][18]. - The semiconductor industry is seeing an upward trend, with global semiconductor sales reaching $49.15 billion in May, a year-on-year increase of 19.3% [9][19]. - The demand for automotive network access devices (NAD) is expected to grow at a compound annual growth rate of 13% from 2020 to 2030 [19]. Market Performance - From July 11 to July 17, the Shanghai Composite Index rose by 0.8%, while the electronic industry underperformed the market, with the Shenwan electronic index increasing by 1.01% [3][4]. - The PE valuation for the electronic industry rose to approximately 46.77 times [3][4]. Industry Dynamics - The smartphone market is consolidating, with the top five brands' cumulative market share declining, indicating intense competition [17]. - The semiconductor equipment sector is also experiencing growth, with Japan's semiconductor equipment shipments increasing by 26.99% year-on-year in May [9][19]. - The Android inventory is expected to gradually normalize, suggesting potential opportunities for Android component manufacturers [2][9]. Company Updates - Northern Huachuang reported a profit growth of 42.84% to 64.51% in the first half of 2024, driven by enhanced core competitiveness and a diversified product matrix [22][23].

[table_subject] 2024 年 7 月 11 日 证券研究报告·电子行业周报 HBM 需求增速有望达到 70%,远超第三方机构预期 ——中山证券电子行业周报 [table_main] 投资要点: 中山行业研究类模板 ●上半年中国大陆电视整机出货量下降 4.2%。根据洛图科技(RUNTO)发 布的《中国电视市场品牌出货月度追踪》数据显示,2024 年上半年,中国大陆 电视市场的品牌整机出货总量为 1639 万台,同比 2023 年下降 4.2%。 ●HBM 需求增速有望达到 70%,远超第三方机构预期。据韩媒 ETNews 报 道,SK 海力士副总裁兼封装技术开发负责人 MoonKi-ill 于首尔举办的活动上 表示,预计 HBM 内存的复合年增长率(CAGR)将达到 70%。市场研究机构 TrendForce 集邦咨询曾认为 2021~2027 年 HBM 内存市场的 CAGR 将为 26.4%, 但下游客户的需求远远超过了第三方机构的预期。 ◎回顾本周行情(7 月 4 日-7 月 10 日),本周上证综指下跌 1.44%,沪深 300 指数下跌 0.99%。电子行业表现强于大市。申万一级电子指 ...