Industry Investment Rating - The report does not explicitly mention an overall industry investment rating [1][2][3] Core Views - The electronic industry is experiencing a weak recovery at the bottom, with a focus on upstream equipment materials that are relatively independent of the industry cycle due to domestic substitution logic [6] - Android smartphone component manufacturers are expected to benefit as inventory levels gradually return to normal [6] - Semiconductor design companies are likely to benefit from downstream inventory replenishment [6] Market Performance - The Shanghai Composite Index fell by 0.91% and the CSI 300 Index fell by 1.41% during the week of June 6-12 [3] - The electronic industry outperformed the broader market, with the Shenwan Primary Electronic Index rising by 2.43%, outperforming the Shanghai Composite Index by 3.34 percentage points and the CSI 300 Index by 3.84 percentage points [3] - The PE valuation of the electronic industry rose to around 61.80 times [3] Industry Data - Global smartphone shipments in Q1 2024 reached 289 million units, a year-on-year increase of 7.74% [5] - China's smartphone shipments in April 2024 were 22.66 million units, a year-on-year increase of 25.5% [6] - Global semiconductor sales in April 2024 were $46.43 billion, a year-on-year increase of 15.8% [6] - Japan's semiconductor equipment shipments in April 2024 increased by 15.75% year-on-year [6] Industry Trends - European smartphone shipments returned to positive growth in Q1 2024, increasing by 2% to 33.1 million units, marking the first growth after 12 consecutive quarters of decline [10] - Global mobile app spending in Q1 2024 grew by 9.5% year-on-year to $35.8 billion [11] - MediaTek's May 2024 revenue increased by 33.53% year-on-year to NT$42.15 billion [12] - TSMC's May 2024 revenue increased by 30.1% year-on-year to NT$229.62 billion [13] Company Developments - Rongda Photosensitive announced a private placement to raise up to 245 million yuan for the expansion of high-end photosensitive circuit dry film photoresist production [14] Key Players in European Smartphone Market - Samsung led the European smartphone market in Q1 2024 with a 37% market share, followed by Apple with 22%, Xiaomi with 16%, Motorola with 6%, and Honor with 3% [10]

Investment Rating - The report indicates a positive outlook for the electronic industry, suggesting a weak recovery from the demand bottom, with a focus on upstream equipment materials that are relatively independent of the industry cycle [2][10]. Core Insights - The report anticipates a 20% increase in SSD contract prices in the second quarter, driven by strong demand from AI servers and a significant rise in enterprise SSD revenue, which reached $3.758 billion in Q1 2024, a 62.9% increase quarter-on-quarter [1][17]. - China's internet revenue growth slowed in the first four months of 2024, with a year-on-year increase of 3.7%, down 4.7 percentage points from Q1 [1][18]. - The global smartphone market saw a recovery, with Q1 2024 shipments reaching 289 million units, a 7.74% year-on-year increase, while China's smartphone shipments in April were 22.66 million units, up 25.5% year-on-year [9][10]. - The semiconductor industry is experiencing a decline in overall demand, with global semiconductor sales in March 2024 at $45.91 billion, a 15.2% year-on-year increase, but a decrease from February's growth rate [10][19]. - The report highlights a significant growth in the global foldable smartphone market, with a 49% year-on-year increase in Q1 2024, largely driven by domestic manufacturers, particularly Huawei [20][21]. Summary by Sections Market Trends - The electronic industry outperformed the broader market, with the Shenwan electronic index rising 2.12% during the week of May 30 to June 5, 2024, while the Shanghai Composite Index fell 1.47% [3]. - The PE valuation for the industry decreased to approximately 61.74 times [3]. Industry Dynamics - The report notes that the demand for large-capacity SSDs is expected to continue rising due to AI server requirements, with a forecasted 20% revenue growth in Q2 2024 [1][17]. - The semiconductor equipment market is showing signs of recovery, with Japan's semiconductor equipment shipments increasing by 15.75% year-on-year in April [10][19]. Company Developments - Dinglong Co., Ltd. announced plans for indirect share purchases by its actual controllers, reflecting confidence in the company's future [22].

/ v [table_subject] 2024 年 5月 30日 证券研究报告·电子行业周报 一季度 OWS 耳机销量同比增长 148% ——中山证券电子行业周报 ee__iinnvvee中sstt]]山 证券研究所 [投tab资le_要m点ain：] 中山行业研究类模板 ●一季度 OWS 耳机销量同比增长 148%。根据洛图科技报告显示，2024 年 分析师：葛淼 第一季度，中国蓝牙耳机线上监测市场的销量为1757万副，同比增长15.0%； 销额为39.1亿元，同比增长16.0%。其中，OWS开放式耳机在线上耳机市场的 分析师编号：S0290521120001 份额达到14.4%，较去年同期增长了7.7个百分点，销量同比大幅增长148%， 邮箱：gemiao@zszq.com 是整体耳机市场的主要增量。 ●英伟达中国定制芯片价格下调。据路透社消息，英伟达为中国市场开发 市场走势 的 AI 芯片开局疲软，供应充足，在华为的竞争下开始下调价格，部分情况下 定价已低于华为芯片。 ◎回顾本周行情（5月23日-5月29日），本周上证综指下跌1.5%，沪深 300指数下跌1.93%。电子行业表现弱于大市。申万一级电子 ...

/ v [table_subject] 2024 年 5月 23日 证券研究报告·电子行业周报 一季度全球电视出货量同比减少 4% ——中山证券电子行业周报 ee__iinnvvee中sstt]]山 证券研究所 [投tab资le_要m点ain：] 中山行业研究类模板 ●2023年我国卫星服务市场同比增长7.09%。中国卫星导航定位协会发布 分析师：葛淼 《2024 中国卫星导航与位置服务产业发展白皮书》白皮书显示，2023 年我国 卫星导航与位置服务产业总体产值达到5362亿元人民币，同比增长7.09％。 分析师编号：S0290521120001 邮箱：gemiao@zszq.com ●一季度全球电视出货量同比减少4%。市场调研机构发布的数据显示，今 年第一季度全球电视市场持续低迷，但三星电子出货量和销售额市占率均居全 球第一。具体来看，第一季度全球电视市场出货量同比减少4%。 市场走势 ◎回顾本周行情（5月16日-5月22日），本周上证综指上涨1.24%，沪 深300指数上涨1.61%。电子行业表现强于大市。申万一级电子指数上涨2.66%， 跑赢上证综指 1.42个百分点，跑赢沪深 300指数 1.05 个 ...

/ v [table_subject] 2024 年 5月 16日 证券研究报告·电子行业周报 台积电 4 月营收同比增长 59.6% ——中山证券电子行业周报 ee__iinnvvee中sstt]]山 证券研究所 [投tab资le_要m点ain：] 中山行业研究类模板 ●台积电4月营收同比增长59.6%。台积电公布最新业绩，2024年4月营 分析师：葛淼 收2360.2亿元新台币，环比增长20.9%，同比增长59.6%。2024年1-4月，台 积电营收8286.65亿元新台币，同比增长26.2%。 分析师编号：S0290521120001 邮箱：gemiao@zszq.com ●联发科4月营收同比增长48.25%。联发科发布2024年4月合并营收报 告，母子公司合并营业收入为420.28亿元新台币，同比增长48.25%，环比减 少 16.74%。联发科 1 至 4 月份合并营收为 1754.86 亿元新台币，同比增长 市场走势 41.52%。 ◎回顾本周行情（5月9日-5月15日），本周上证综指下跌0.27%，沪深 300指数下跌0.11%。电子行业表现弱于大市。申万一级电子指数下跌2.04%， 跑输上证综 ...

Investment Rating - The electronic industry is rated as showing signs of weak recovery from the demand bottom, with a focus on upstream equipment materials that are relatively independent of the industry cycle [2][10]. Core Views - The global cloud services market grew by 21% year-on-year in Q1 2024, reaching $76.5 billion, indicating a strong reliance on cloud services by enterprises [21]. - The semiconductor industry is experiencing a decline in overall demand, but there are signs of recovery in semiconductor equipment, with Japan's semiconductor equipment shipments increasing by 8.5% year-on-year in March [10][19]. - The smartphone market is showing signs of recovery, with global smartphone shipments reaching 289 million units in Q1 2024, a year-on-year increase of 7.74% [9][10]. Market Trends - In the week from May 2 to May 8, the Shanghai Composite Index rose by 0.76%, while the electronic industry underperformed, with the Shenwan electronic index falling by 0.51% [3][10]. - The PE valuation for the electronic industry increased to approximately 53.04 times [3]. Industry Data - Global PC client CPU shipments reached 62 million units in Q1 2024, a year-on-year increase of 33%, while server CPU shipments declined by 17% year-on-year [20]. - In March, global semiconductor sales amounted to $45.91 billion, reflecting a year-on-year growth of 15.2% [10][19]. Company Dynamics - Weir Shares reported a net profit of 566 million yuan in Q1 2024, a year-on-year increase of 2476.81% [22].

/ v [table_subject] 2024年 4月 25日 证券研究报告·电子行业周报 2024 年台积电 AI 服务器相关营收有望翻倍 ——中山证券电子行业周报 ee__iinnvvee中sstt]]山 证券研究所 [投tab资le_要m点ain：] 中山行业研究类模板 ●2023年人工智能私人投资同比下降20%。斯坦福大学以人为本人工智能 分析师：葛淼 研究所(StanfordInstituteforHuman-CenteredAI，HAI)援引市场情报公司 Quid的数据，指出2023年人工智能行业的私人投资（即风险投资对初创企业 分析师编号：S0290521120001 的投资）和企业投资（并购和收购）均较前一年呈下滑趋势。2023年人工智能 邮箱：gemiao@zszq.com 总投资下降到1892亿美元，与2022年相比下降了20%。 ●2024年台积电AI服务器相关营收有望翻倍。台积电在季度财报电话会 市场走势 议上表示，AI服务器处理器需求强劲，并将持续快速增长，到2028年相关业 务可贡献总收入的20%。台积电CEO魏哲家表示，今年台积电在AI服务器处理 器方面的营收预计将相对去年翻倍 ...

/ v [table_subject] 2024年 4月 18日 证券研究报告·电子行业周报 一季度中国电视整机出货量同比下降 0.9% ——中山证券电子行业周报 ee__iinnvvee中sstt]]山 证券研究所 [投tab资le_要m点ain：] 中山行业研究类模板 ●一季度中国电视整机出货量同比下降0.9%。根据洛图科技（RUNTO）发 分析师：葛淼 布的《中国电视市场品牌出货月度追踪》数据显示，2024年第一季度，中国电 视市场品牌整机出货量达到844万台，较2023年同期下降0.9%。线上和线下 分析师编号：S0290521120001 零售市场的平均尺寸进一步上升到 66.3 和 66.9 英寸，同比 2023 年分别增长 邮箱：gemiao@zszq.com 3.0和2.4英寸。 ●美光预计地震将会导致二季度内存供应下降个位数百分比。美光于4月 市场走势 10 日向美国证券交易委员会 SEC 递交 8-K 重大事项公告，预计 4 月初的台湾 地区地震对其二季度DRAM内存供应造成“中等个位数百分比”的影响。 ◎回顾本周行情（4月11日-4月17日），本周上证综指上涨1.45%，沪 深300指数 ...

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating for the electronics sector [1][2][3] Core Views - The electronics industry is experiencing a weak recovery at the bottom, with a focus on upstream equipment and materials that are relatively independent of the industry cycle due to domestic substitution logic [7] - Android smartphone component manufacturers are expected to benefit as inventory levels gradually return to normal [7] - Semiconductor design companies are poised to benefit from downstream inventory replenishment [7] Market Performance - The Shanghai Composite Index fell 2.81% and the CSI 300 Index fell 2.3% during the week of March 21-27 [1][3] - The electronics sector underperformed the broader market, with the Shenwan Electronics Index dropping 8.22%, underperforming the Shanghai Composite by 5.41 percentage points and the CSI 300 by 5.91 percentage points [1][3] - The sector's PE valuation declined to around 41.51x [1][3] Industry Data - Global smartphone shipments in Q4 2023 reached 326 million units, up 8.59% YoY [1][6] - China's smartphone shipments in January 2024 were 29.51 million units, up 61.4% YoY [1][7] - Global semiconductor sales in January 2024 were $47.63 billion, up 15.2% YoY [1][7] - Japan's semiconductor equipment shipments in February 2024 increased 7.77% YoY [1][7] Company Highlights - Micron reported $7.93 billion in profit for its fiscal Q2 2024, with revenue of $5.82 billion, up 23% QoQ and 58% YoY, and a gross margin of 20% [1][15] - Micron's HBM memory orders are fully booked, with next year's capacity already largely reserved [1][14] - AMEC (Advanced Micro-Fabrication Equipment Inc) reported a 52.67% YoY increase in 2023 net profit to RMB 1.786 billion [16][17] Sector Trends - Global PC monitor shipments in Q4 2023 were 31.9 million units, up 3.8% YoY [11] - Global cellular IoT module shipments declined 2% in 2023, marking the first annual decline since tracking began [12] - The semiconductor industry is seeing a gradual recovery, with low inventory levels driving strong restocking demand [7] - The AI boom has created strong demand for HBM memory, with Micron's 8Hi HBM3E memory already in mass production and 12-layer 36GB HBM3E sampling completed [13][14]

Industry Investment Rating - The report does not explicitly provide an overall investment rating for the electronics industry [1][2][3] Core Views - The electronics industry is experiencing a weak recovery at the bottom, with a focus on upstream equipment and materials that are relatively independent of the industry cycle due to domestic substitution logic [6] - Android smartphone component manufacturers are expected to benefit as inventory levels normalize [6] - Semiconductor design companies are likely to benefit from downstream restocking [6] - Global smartphone shipments rebounded in Q4 2023, with 326 million units shipped, an 8.59% YoY increase [5] - China's smartphone shipments in January 2024 reached 29.51 million units, a 61.4% YoY increase [6] - Global semiconductor sales in January 2024 were $47.63 billion, a 15.2% YoY increase [6] - Japan's semiconductor equipment shipments in January 2024 increased by 5.25% YoY [6] Market Performance - The Shanghai Composite Index rose 1.18% and the CSI 300 Index rose 0.36% during the week of March 14-20, 2024 [3] - The electronics sector outperformed the broader market, with the Shenwan Electronics Index rising 1.99%, outperforming the Shanghai Composite by 0.81 percentage points and the CSI 300 by 1.62 percentage points [3] - The PE valuation of the electronics industry rose to around 45.16x [3] Industry Dynamics - Global XR headset shipments grew 20% in Q4 2023, but full-year 2023 shipments declined 19% due to a lack of compelling products and use cases [9] - Foxconn's revenue for January-February 2024 fell 17.67% YoY, but the company expects AI server business to grow over 40% in 2024 [10] - Samsung plans to raise NAND flash memory prices by 15-20% in negotiations with major clients [11] - Global wafer fab revenue is expected to grow 12% in 2024, reaching $125.24 billion, driven by AI-related demand [13] Company Updates - Industrial Fulian's 2023 net profit grew 4.82% YoY to RMB 21.04 billion, with AI servers accounting for about 30% of cloud computing revenue [14] - Jingjia Micro successfully developed high-performance computing modules and systems for AI training, inference, and scientific computing [15]