兴业证券：紧抓AI创新和国产化 把握电子板块战略高地

Group 1 - The electronic sector has shown a significant upward trend in returns since 2024, driven by improvements in performance due to demand recovery in computing power, autonomy, mobile, consumer, and industrial sectors, alongside AI narratives providing a basis for valuation expansion [1][2] - The maturity of models is expected to accelerate edge AI innovation, leading to substantial upgrades in processors, memory, cooling, hardware-software integration, and batteries to meet the computing power demands of devices like smartphones and PCs [1][3] - The introduction of new products, such as Apple's foldable devices, is anticipated to create opportunities in 3D printing and UTG glass, with the 3D printing market potentially exceeding 100 billion in the 3C sector due to advantages in weight reduction, thinness, and heat dissipation [1][2] Group 2 - Domestic computing power construction is in its early stages, with significant growth expected in the domestic computing power supply chain, including demand surges for domestic GPUs, ASICs, advanced processes, storage, servers, and PCBs [2][3] - The ongoing US-China technology competition emphasizes the importance of self-sufficiency, with domestic wafer fabs expected to see capital expenditures increase for both advanced and mature processes by 2025 [3] - The semiconductor industry is focusing on domestic replacements in wafer manufacturing, equipment, materials, and components, driven by the need for advanced process capacity amid US export controls [3][4] Group 3 - Investment recommendations include focusing on edge AI innovations in mobile/PC sectors, particularly in 3D printing, UTG glass, and customized storage, with specific companies highlighted for potential growth [4] - The report suggests monitoring companies involved in the domestic computing power explosion, including those in GPU and semiconductor manufacturing, as well as related technologies [4] - Emphasis is placed on the potential for increased domestic production rates in semiconductor equipment, materials, and passive components, with several companies identified as key players in this space [4]