策略对话行业：电子：端侧AI引领电子创新周期

Group 1 - The electronic industry is currently driven by both industry cycles and trends, with emerging sectors like electronics showing significant demand growth, particularly in the context of the transition from old to new economic drivers [26][27][29] - The establishment of the third phase of the National Integrated Circuit Industry Investment Fund, with a registered capital of 344 billion yuan, is expected to primarily target semiconductor equipment, materials, and advanced packaging, which are critical for domestic demand [34][51] - The semiconductor cycle is on an upward trend in 2024, with strong performance in integrated circuit exports, which saw a year-on-year increase of 28.47% in May and 23.39% in June [52][34] Group 2 - The end-side AI applications are anticipated to lead an innovation cycle, with AI smartphones and AI PCs expected to drive hardware upgrades in SoC, storage, sensors, cooling, and PCB [42][60] - The global AI PC shipment is projected to reach 51 million units in 2024, with a compound annual growth rate of 42% from 2024 to 2028 [46][59] - The introduction of AI features in high-end smartphones is expected to increase DRAM demand, with Samsung's upcoming S24 smartphone anticipated to utilize around 2GB of DRAM for AI functionalities [47]