Investment Rating - The report maintains an "Overweight" rating for the electronics industry [6] Core Views - The electronics sector is currently at the bottom of its cycle, with a weak recovery expected to begin in the first half of 2024, followed by a potential full recovery in the second half of the year [6] - The report highlights the emergence of new products in the foldable smartphone market, particularly Huawei's upcoming tri-fold device and Apple's anticipated entry into the market in 2026 [4][24] - External factors, such as increased export restrictions from the U.S. and Japan on semiconductor technology, are driving the domestic production of semiconductor equipment and materials [5][23] Market Review - In the week of July 22-26, the SW Electronics Index fell by 5.29%, underperforming the CSI 300 Index by 1.62 percentage points [9] - Among the six sub-sectors, the semiconductor sector experienced the largest decline at 6.36%, while the smallest decline was in the Other Electronics II sector at 1.47% [11][9] Industry News - The report notes a significant drop in TV panel prices, with 65-inch panels decreasing by 1.1% and 55-inch panels by 0.8% compared to the previous month [19] - The global AMOLED smartphone panel shipments saw a year-on-year increase of 50.1% in the first half of 2024, driven by a recovery in the smartphone market and increased domestic production capacity [26] Investment Suggestions - The report suggests focusing on semiconductor design companies with low PE/PEG ratios and real performance, as well as companies in the AIOT SoC chip sector, such as Zhongke Lanyun and Juchip Technology [6] - It also recommends monitoring companies involved in the foldable smartphone supply chain, such as Tonglian Precision and Jindian Solar [6]
电子行业周报：折叠屏迎来高端机型与实力选手，内外因素持续推动半导体设备&材料国产化
Shanghai Securities·2024-07-30 02:00