电子行业2024年度中期投资策略：AI端侧创新加速，大基金三期助力半导体成长

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the electronic industry [5]. Core Insights - The acceleration of AI edge innovation is expected to drive a new replacement cycle in the consumer electronics sector, particularly with the introduction of AI PCs and smart assistants [2][20]. - The demand for computing power is entering a new phase, with AI server growth projected to maintain a compound annual growth rate (CAGR) of approximately 30% [3]. - The establishment of the National Big Fund Phase III is anticipated to support the growth of the semiconductor industry, with a focus on domestic fab construction and related equipment [4]. Summary by Sections 1. Electronic Industry Overview - The electronic industry experienced a decline of 11.88% in the first half of 2024, ranking 25th among major industries [13]. - The semiconductor equipment sector is projected to maintain a significant market share, with sales expected to reach $37.2 billion by 2025 [4]. 2. AI Edge Driving Industry Recovery - The global smartphone shipment in Q1 2024 was approximately 289 million units, showing a year-on-year growth of 7.74% [20]. - Lenovo and Microsoft have launched AI PCs, which are expected to stimulate demand for new devices [34][49]. 3. New Era of AI and Computing Power Demand - The rapid growth in the number of large AI models is creating a significant demand for computing power, particularly in AI servers and high-speed network systems [3]. - The report highlights the increasing requirements for high-quality PCB due to the high-load working environments of AI applications [3]. 4. National Big Fund Phase III Supporting Semiconductor Growth - The National Big Fund Phase III was established with a registered capital of 334 billion yuan, significantly higher than previous phases, to accelerate domestic semiconductor development [4]. - Companies such as North Huachuang and Zhongwei are recommended for investment due to their expected benefits from the expansion of semiconductor manufacturing [4]. 5. Investment Recommendations - The report suggests focusing on opportunities in the AI consumer electronics supply chain and semiconductor recovery, with specific companies highlighted for their potential growth [5].