/ v [table_subject] 2024 年 10 月 10 日 证券研究报告·电子行业周报 三星电子三季度业绩不及预期 ——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 ●三星电子三季度业绩不及预期。三星电子公布了其 2024 年第三季度的 收益指引，利润和营收均未达到市场预期，引发了对其关键芯片部门前景的不 确定性担忧。三星电子第三季度的初步营业利润约为 9.1 万亿韩元，而预计为 11.5 万亿韩元。收入达到 79 万亿韩元，而预期为 81.6 万亿韩元。 ●8 月全球半导体销售同比增长 20.6%。美国半导体行业协会（SEMI）10 月 4 日公布数据显示，2024 年 8 月全球半导体销售额达到 531 亿美元，与 2023 年 8 月的 440 亿美元相比增长 20.6%，比 2024 年 7 月的 513 亿美元增长 3.5%。 ◎回顾本周行情（10 月 3 日-10 月 9 日），本周上证综指下跌 2.33%，沪 深 ...

/ v [table_subject] 2024 年 9 月 26 日 证券研究报告·电子行业周报 高端电视出货量快速增长 ——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 ●上半年中国头显市场同比下滑 29.1%。IDC 发布的《AR/VR 头显市场季度 追踪报告》显示，2024 年上半年，中国 AR/VR 头显出货 23.3 万台（sales-in 口径），同比下滑 29.1%。 ●2024 年上半年高端电视出货量快速增长。市场调研机构 Counterpoint 和 DSCC 发布报告称，2023 年高端电视出货量和收入均有所下降，但自 2024 年 第一季度起开始复苏，第二季度加速增长，并将持续强劲至 2024 年全年，预 计增长势头将延续至 2028 年，届时将增长至 300 亿美元。 ◎回顾本周行情（9 月 19 日-9 月 25 日），本周上证综指上涨 6.59%，沪 深300指数上涨7.27%。电子行业表现弱于大市。申万一级电 ...

/ 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 ...

[table_subject] 2024 年 8 月 29 日 证券研究报告·电子行业周报 机构预计到 2030 年汽车半导体市场有望翻倍 ——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 ●机构预计到 2030 年汽车半导体市场有望翻倍。市场调研机构 TechInsights 发布题为《可持续 xEV 网络：半导体行业的机遇》的报告。报告 指出，关于电池电动汽车（BEV）的基线增长预测显示，到 2030 年，汽车半导 体市场将实现近乎翻倍的增长。即使在 BEV 市场下滑的假设情景下，半导体需 求仍将显著增加，这得益于外围系统（如自动驾驶辅助技术 ADAS 和信息娱乐 系统）的日益复杂和演进。 ●机构预计今年上半年中国半导体项目投资额下降。CINNOResearch 统计 数据显示，2024 年 1-6 月中国半导体项目投资金额约为 5,173 亿元人民币（含 中国台湾地区），同比下降 37.5%，半导体产业投资规模出现下滑。 ◎回顾本周行 ...

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]