Investment Rating - The electronic industry is experiencing a weak recovery from the demand bottom, with a recommendation to focus on upstream equipment materials that are relatively independent of the industry cycle [2][8]. Core Insights - The report predicts that the share of generative AI smartphones in global shipments will reach 19% in 2024, with an expected shipment volume of 730 million units by 2028, representing a market share of 54% [1][15]. - In the Chinese market, the iPhone 16 has seen a 20% increase in sales compared to the iPhone 15 within the first three weeks of its launch [1][16]. - The electronic industry has shown strong performance, with the Shenwan primary electronic index rising by 10.45%, outperforming the Shanghai Composite Index by 7.34 percentage points [3][4]. Market Trends - Global smartphone shipments reached 316 million units in Q3 2024, reflecting a year-on-year growth of 4.01%, although this is a slight decline from the previous quarter's growth of 7.58% [7][8]. - In August, China's smartphone shipments totaled 21.098 million units, marking a year-on-year increase of 17.7%, but down from 28.3% in July [8]. - Global semiconductor sales in August amounted to $53.12 billion, showing a year-on-year growth of 20.6% [8][14]. Industry Dynamics - The report highlights that the demand for consumer electronics is gradually recovering, driven by a rebound in global economic indicators and a shift towards higher-priced smartphone models [8][15]. - The semiconductor industry is experiencing an upward trend, with improved sales figures, while semiconductor equipment shipments from Japan have shown a slight decrease in growth rate [8][12]. - The report emphasizes the importance of domestic brand consumer electronics companies, which are expected to benefit from inventory normalization in the Android ecosystem [2][8]. Company Updates - Lens Technology reported a net profit growth of 43.74% year-on-year for Q3 2024, with total revenue reaching 46.228 billion yuan, a 36.74% increase [16].

Investment Rating - The electronic industry is rated as "stronger than the market" based on the performance of the industry index relative to the market benchmark index [24] Core Viewpoints - Samsung Electronics' Q3 performance fell short of expectations, with preliminary operating profit at approximately 9.1 trillion KRW, below the expected 11.5 trillion KRW, and revenue at 79 trillion KRW, compared to the anticipated 81.6 trillion KRW [1][18] - Global semiconductor sales in August 2024 increased by 20.6% year-on-year, reaching 53.1 billion USD, compared to 44 billion USD in August 2023 [21] - The electronic industry showed strong performance, with the Shenwan primary electronic index rising by 8.99%, outperforming the Shanghai Composite Index by 11.32 percentage points [3] Market Trends - The Shanghai Composite Index fell by 2.33% and the CSI 300 Index decreased by 1.54% during the week of October 3 to October 9, 2024, while the electronic industry outperformed the broader market [3] - In Q2 2024, global smartphone shipments reached 285 million units, a year-on-year increase of 7.58% [8] - In August 2024, China's smartphone shipments totaled 21.1 million units, reflecting a year-on-year growth of 17.7% [9] Industry Dynamics - The semiconductor sector is experiencing an upward trend, with August global semiconductor sales showing a 20.6% year-on-year increase, up from 18.7% in July [9][21] - The consumer electronics supply chain has undergone significant destocking, leading to a strong motivation for restocking in the industry [9] - Foxconn's revenue in September 2024 increased by 10.94% year-on-year, reaching 733 billion NTD, marking a significant growth [22]

Investment Rating - The electronic industry is experiencing a weak recovery at the demand bottom, with a focus on upstream equipment materials that are relatively independent of the industry cycle [2][10][24] Core Insights - The high-end TV shipment volume is rapidly increasing, with a projected growth to $30 billion by 2028, following a recovery that began in Q1 2024 [21][22] - The AR/VR headset market in China saw a significant decline of 29.1% in shipments in the first half of 2024, with total shipments at 233,000 units [20] - Global smartphone shipments reached 285 million units in Q2 2024, marking a year-on-year increase of 7.58% [9][10] - Semiconductor sales globally reached $51.32 billion in July 2024, reflecting a year-on-year growth of 18.7% [10][19] Market Trends - The electronic industry underperformed compared to the broader market indices, with the electronic index rising by 4.99%, lagging behind the Shanghai Composite Index by 1.6 percentage points [3][10] - The high-end LCD TV segment saw a 53% increase in shipments in Q2 2024, while OLED TV shipments grew by 2% [21][22] - The global smart vacuum cleaner market experienced a 15.7% year-on-year increase in shipments in Q2 2024, with significant growth driven by product upgrades and increased market share for Chinese manufacturers [23] Company Dynamics - Recent announcements from Zhongwei Company regarding changes in senior management highlight ongoing developments within the semiconductor equipment sector [24]

/ v [table_subject] 2024 年 9 月 19 日 证券研究报告·电子行业周报 8 月小米销售量上升至全球第二名 ——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 ●8 月小米销售量上升至全球第二名。市场调查机构 9 月 18 日发布博文， 报告称小米公司今年 8 月手机销量超过苹果，成为仅次于三星的全球第二大智 能手机品牌。小米在 2024 年上半年成为增长最快的品牌之一，销售额同比增 长 22%。随着基数效应逐渐减弱，下半年增长可能放缓，但小米仍有望在 2024 年全年实现强劲的双位数增长。 ●机构预计二季度全球头显销售量同比下降 4%。市场调查机构发布博文， 报告称 2024 年第 2 季度全球头显出货量同比下降 4%。该机构认为导致下降的 原因主要来自两方面：索尼 PlayStationVR2（PSVR2）出货量的急剧下降；消 费者 VR 领域应用创新匮乏、消费者经济疲软整体表现疲弱。 ◎回顾本周行情（9 月 1 ...

/ v [table_subject] 2024 年 9 月 12 日 证券研究报告·电子行业周报 机构预期 iPhone 下半年出货量同比增长 8% ——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 iPhone 下半年出货量同比增长 8%。根据 TrendForce 集邦咨 询调查，苹果即将发布的 iPhone16 系列新机将分别采用全新 A18 和 A18Pro 处 理器，为了支持 AppleIntelligence 功能，将 DRAM（动态随机存取内存）全面 升级。TrendForce 称市场对 AppleIntelligence 的期待在 WWDC24 后升温，加 上 2023 年基期较低，预估苹果四款新机在 2024 年下半年的产出总量将达到 8670 万部，年增近 8%。 ●ChatGPT 企业版用户突破 100 万。据彭博社报道，OpenAI 的 ChatGPT 企 业版（包括 ChatGPTTeam、ChatG ...

/ 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 ...