[table_subject] 2025 年 01 月 02 日 证券研究报告·电子行业周报 2024 年小米高端手机销量同比增长 43% ——中山证券电子行业周报 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 ●三季度全球 VR 出货量同比下降 4%。市场调查机构 12 月 27 日发布博 文，报告 2024 年第 3 季度全球 VR 头显出货量同比下降 4%，环比下降 16%，连 续三个季度下滑。报告认为导致下降的主要原因，是 tetheredVR 头显市场同 比下降 50%，相比之下，独立 VR 耳机市场同比增长 14%。 ●2024 年小米高端手机销量同比增长 43%。在"卢伟冰的年度总结"活动 中，小米集团总裁卢伟冰透露，2024 年小米全球高端手机销量已经突破 1000 万部，大概会在 1200 万左右，同比增长 43%。 ◎回顾本周行情（12 月 26 日-1 月 1 日），本周上证综指下跌 1.23%，沪 深300指数下跌1.27%。电子行业表现弱于大市。申万一级电子指数下跌2.72%， 跑输上 ...

Investment Rating - The report suggests a positive outlook for the electronic industry, indicating a recovery in demand and recommending attention to upstream equipment and materials that are relatively independent of the industry cycle [35][43]. Core Insights - Global smartphone shipments reached 316 million units in Q3 2024, reflecting a year-on-year growth of 4.01%, although this is a decrease from the previous quarter's growth of 7.58% [10][20]. - In October, China's smartphone shipments were 27.88 million units, showing a year-on-year decline of 1.10%, but an improvement from September's decline of 25.70% [11][41]. - Global semiconductor sales in October amounted to $56.88 billion, marking a year-on-year increase of 22.1%, although this is a slight decrease from September's growth of 23.2% [20][24]. - The semiconductor equipment shipments from Japan saw a significant year-on-year increase of 33.46% in October, indicating a positive trend in the semiconductor equipment sector [42]. Market Performance - The report notes that during the week of December 12-18, the Shanghai Composite Index fell by 1.46%, and the electronic industry underperformed the broader market, with the Shenwan electronic index declining by 1.76% [7][12]. - The electronic industry ranked eighth among Shenwan's primary sectors, with a PE valuation dropping to approximately 54.78 times [7][12]. Company Developments - Dongshan Precision announced plans for a targeted issuance of A-shares, aiming to raise up to 1.404 billion yuan to optimize its capital structure and reduce financial risks [5][64]. - Broadcom reported a significant increase in AI business revenue, which grew by 220% year-on-year to reach $12.2 billion, contributing to a strong stock performance [12][26]. Industry Dynamics - The semiconductor market is expected to grow by 15% in 2025, driven by demand from AI and high-performance computing (HPC), with memory segments projected to grow over 24% [55][31]. - The report highlights a recovery in the consumer electronics supply chain, with low inventory levels prompting a strong replenishment drive among domestic brands [20][41].

Group 1 - The report indicates that policy expectations are improving, leading to a rebound in the core stock indices of Shanghai and Shenzhen, despite ongoing trade frictions and technology crackdowns [3][4][44] - The average daily trading volume in the Shanghai and Shenzhen markets is reported at 1.81 trillion, with a slight increase from the previous period's 1.71 trillion, indicating a mild rebound in stock indices [4][38] - The report recommends focusing on the retail trade sector, specifically the stock code 801200.SI, as it has seen increased support from major funds and shows no signs of adjustment [3][4][54] Group 2 - The report highlights that the main stock indices have shown a range of performance over the past five trading days, with the Shanghai Composite Index increasing by 2.02% and the ChiNext Index rising by 2.18% [30][34] - It notes that the net outflow of major funds over the last five trading days was approximately 37.8 billion, indicating a trend of reduced investment in certain indices [43][44] - The report identifies that sectors such as social services and food and beverage have relatively low valuation percentiles, while sectors like construction materials and machinery have higher valuation percentiles [45][49] Group 3 - The report states that the majority of the Shenwan industry sectors are maintaining an upward trend, with the retail trade sector receiving significant capital inflow [54] - It mentions that the recent five trading days saw a concentration of limit-up stocks primarily in the machinery, media, and computer sectors, with the latest trading day showing a focus on retail trade and construction decoration [52][54] - The report emphasizes that the current market sentiment is improving due to anticipated policy adjustments, including significant interest rate cuts and increased fiscal deficits [4][44]

Investment Rating - The report suggests a positive outlook for the electronic industry, indicating a recovery in demand and recommending attention to upstream equipment materials that are relatively independent of the industry's cyclical trends [3][16]. Core Insights - Global semiconductor equipment shipments reached $30.38 billion in Q3 2024, marking a 19% year-on-year increase and a 13% quarter-on-quarter increase [29]. - The global semiconductor sales in October 2024 amounted to $56.88 billion, reflecting a year-on-year growth of 22.1% [30]. - The expected growth for foldable smartphone shipments in 2024 is projected at 13% year-on-year, with potential market decline anticipated in 2025 [32]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 2.02% and the CSI 300 Index increased by 1.48% during the week of December 5 to December 11, 2024, with the electronic industry outperforming the market [2][7]. - The electronic sector's PE valuation increased to approximately 55.74 times [7]. Industry Data - Global smartphone shipments reached 316 million units in Q3 2024, showing a year-on-year growth of 4.01% [2][12]. - In October, China's smartphone shipments were 27.88 million units, reflecting a year-on-year decline of 1.10%, although this was an improvement from a previous decline of 25.70% [15]. Industry Dynamics - TSMC plans to begin mass production of 2nm chips next year, with a current trial yield of over 60% [28]. - The semiconductor equipment market is experiencing growth, with Japan's semiconductor equipment shipments increasing by 33.46% year-on-year in October [30]. Company Developments - Hengxuan Technology announced a cash dividend of 0.76 yuan per share for the first three quarters of 2024 [33].

Industry Investment Rating - The report does not explicitly provide an overall investment rating for the electronics industry [2][3][4] Core Views - The electronics industry is experiencing a recovery in demand, with a focus on upstream equipment and materials that benefit from domestic substitution logic, independent of the industry's cyclical fluctuations [4][19] - Android inventory is expected to gradually normalize, suggesting attention to domestic consumer electronics brands [4][19] - Semiconductor design companies are benefiting from downstream inventory replenishment, making them a key area of focus [4][19] Market Performance - The electronics sector underperformed the broader market, with the Shenwan Electronics Index falling 6.09%, underperforming the Shanghai Composite Index by 4.02 percentage points and the CSI 300 Index by 3.05 percentage points [8] - The sector's PE valuation dropped to approximately 54.93x [8] Industry Data - Global smartphone shipments in Q3 2024 reached 316 million units, up 4.01% YoY [3][15] - China's smartphone shipments in September 2024 were 23.717 million units, down 25.71% YoY [3][18] - Global semiconductor sales in September 2024 were $55.32 billion, up 23.2% YoY [3][18] - Japan's semiconductor equipment shipments in September 2024 increased by 23.40% YoY [3][18] Industry Dynamics - China's consumer-grade XR device sales in Q3 2024 fell 9.2% YoY, with total retail sales of 103,000 units, down 17.9% YoY [2][31] - Middle East smartphone shipments in Q3 2024 grew 2% YoY, reaching 12.2 million units [32] - Latin America smartphone shipments in Q3 2024 increased 10% YoY, reaching 35.1 million units [38] - During the "Double 11" shopping festival, smartphone shipments in China rebounded 26% YoY to 9.5 million units [2][41] Company Dynamics - SMIC reported a 56.4% YoY increase in Q3 2024 net profit, with revenue reaching RMB 15.609 billion, up 32.5% YoY [42] - SMIC's capacity utilization rate improved to 90.4%, with gross margin rising to 20.5% [42] Investment Recommendations - Focus on upstream equipment and materials with domestic substitution potential [4][19] - Pay attention to domestic consumer electronics brands as Android inventory normalizes [4][19] - Semiconductor design companies are recommended due to downstream inventory replenishment [4][19]

Investment Rating - The electronic industry is rated as "stronger than the market" based on the performance of the electronic index relative to the market benchmark index [45]. Core Insights - The global average selling price (ASP) of smartphones is projected to increase by 3% year-on-year in 2024, reaching $365 [35][36]. - The demand for high-end smartphones, priced over $1000, has surged, with sales increasing by 18% year-on-year in the first half of 2024 [36]. - The semiconductor industry is experiencing a recovery, with global sales reaching $55.32 billion in September, marking a 23.2% year-on-year increase [19][28]. Market Trends - The Shanghai Composite Index rose by 1.64% and the CSI 300 Index increased by 2.15% during the week of November 7 to November 13, 2024, with the electronic industry outperforming the market [2][7]. - The electronic index increased by 5.7%, outperforming the Shanghai Composite Index by 4.06 percentage points [2][7]. - In Q3 2024, global smartphone shipments reached 316 million units, reflecting a 4.01% year-on-year growth, although this is a decline from the previous quarter's growth rate of 7.58% [17][19]. Industry Dynamics - Moore Threads has completed its transformation into a joint-stock company and is preparing for an IPO, with a capital increase to 330 million yuan [31][33]. - The retail sales of smart devices in China's living room declined by 3.8% year-on-year in Q3 2024, with total sales amounting to 23.72 billion yuan [34]. - MediaTek reported a 19.4% year-on-year increase in revenue for October 2024, amounting to 51.117 billion New Taiwan dollars [37][38]. Investment Recommendations - The electronic industry is witnessing a sustained recovery in demand, with a recommendation to focus on upstream equipment and materials that are relatively independent of the industry's cyclical trends [20]. - There is an expectation for the inventory of Android devices to gradually normalize, suggesting a focus on domestic consumer electronics brands [20]. - Semiconductor design companies are expected to benefit from downstream inventory replenishment, indicating a potential investment opportunity [20].

/ v [table_subject] 2024 年 11 月 7 日 证券研究报告·电子行业周报 前三季度我国规模以上互联网企业收入同比增长 2.7% ——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 ●三季度全球平板电脑出货量同比增长 20.4%。市场调查机构 IDC 发布报 告，2024 年第 3 季度全球平板电脑出货量达到 3960 万台，同比增长了 20.4%。 该机构表示，之所以增幅如此明显，其中一个重要原因是 2023 年第 3 季度平 板市场低迷，基期数据较低；而另一个原因是行业供应端的乐观情绪正在增强， 预示着平板市场的强劲反弹。 ●前三季度我国规模以上互联网企业收入同比增长 2.7%。工业和信息化 部运行监测协调局发布了 2024 年前三季度互联网和相关服务业运行情况。我 国规模以上互联网和相关服务企业完成互联网业务收入 12703 亿元，同比增长 2.7%，增速较 1－8 月回落 1.7 个百分点。 ◎回顾本周行情（1 ...

Investment Rating - The electronic industry is rated as "stronger than the market" based on the expected performance of the industry index relative to the market benchmark index [23]. Core Insights - The electronic equipment industry in China experienced a revenue growth of 7.5% year-on-year from January to September 2024, with total revenue reaching 1,148.64 billion yuan [1][18]. - In the third quarter, smartphone shipments in mainland China increased by 4% year-on-year, totaling 69.1 million units, driven by seasonal demand [2][19]. - Global smartphone shipments reached 316 million units in the third quarter, reflecting a year-on-year growth of 4.01%, although this was a slight decline from the previous quarter's growth rate [9][10]. Market Performance - The Shanghai Composite Index fell by 1.11% and the CSI 300 Index dropped by 2.11% during the week of October 24 to October 30, 2024, while the electronic industry outperformed the broader market with a 1.3% increase in the Shenwan electronic index [2][4]. - The PE ratio for the electronic industry rose to approximately 55.70 times [4]. Industry Dynamics - The global AMOLED smartphone panel shipments grew by 25.3% year-on-year in the third quarter of 2024, indicating strong demand in the market [18]. - The semiconductor industry is showing signs of recovery, with global semiconductor sales reaching 53.12 billion USD in August, marking a 20.6% year-on-year increase [10][18]. - The semiconductor equipment sector also saw growth, with Japan's semiconductor equipment shipments increasing by 23.4% year-on-year in September [10][18]. Company Updates - Wentech Technology reported a turnaround in profits for the third quarter, achieving a net profit of 0.415 billion yuan, compared to a loss in the previous quarter [20]. - Luxshare Precision's net profit grew by 21.88% year-on-year in the third quarter, reaching 3.679 billion yuan [21].

/ v [table_subject] 2024 年 10 月 24 日 证券研究报告·电子行业周报 机构预计生成式 AI 智能手机的出货份额将达到 19% ——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 ●机构预计生成式 AI 智能手机的出货份额将达到 19%。市场调查机构 CounterpointResearch 发布博文，报告预估 2024 年全球生成式 AI 智能手机 的出货份额将达到 19%。该机构还预估到 2028 年，全球生成式 AI 智能手机的 出货量将达到 7.3 亿台，出货份额占比将达到 54%，超过 2024 年预期水平的三 倍以上。 ●中国市场 iPhone16 相比 15 销量同比增长 20%。彭博社发布博文，报道 称苹果 iPhone16 系列在中国市场前 3 周销量表现，相比较 2023 年推出的 iPhone15 系列增加了 20%。 ◎回顾本周行情（10 月 17 日-10 月 23 日），本周上证综指上 ...

/ v [table_subject] 2024 年 10 月 17 日 证券研究报告·电子行业周报 二季度全球服务器市场同比增长 35% ——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 ●机构预期四季度存储器涨幅将大幅缩减。根据 TrendForce 调查报告， 2024 年第三季度之前，消费型产品终端需求依然疲软，主要需求靠 AI 服务器 支撑。TrendForce 预估第四季存储器均价涨幅将大幅缩减，但由于 HBM 比重逐 渐提高，DRAM 整体平均价估计上涨 8~13%。 ●二季度全球服务器市场同比增长 35%。市场调查机构发布博文，报告称 2024 年第 2 季度全球服务器市场中，AI 服务器占据所有服务器的 29%。报告指 出由于 AI 服务器的强劲需求，第 2 季度全球服务器市场产值达到 454.22 亿美 元，同比增长了 35%。 ◎回顾本周行情（10 月 10 日-10 月 16 日），本周上证综指下跌 1.72%， 沪 ...