科技行业调研：新能源车渗透率持续上扬，智能手机需求稳定

Investment Rating - The report maintains a positive outlook on the technology sector, particularly in the areas of new energy vehicles and smartphones, suggesting a focus on growth opportunities in these segments [1][2]. Core Insights - The report highlights that the penetration rate of new energy vehicles in China continues to rise, with sales expected to reach new highs in the fourth quarter. The report anticipates that the overall sales volume for new energy passenger vehicles will exceed previous forecasts [1][2]. - In the smartphone sector, despite a high base from last year, the report predicts that global smartphone shipments will remain stable, with a focus on high-end models and AI-driven hardware improvements driving demand [2]. - The power semiconductor market is showing signs of price stabilization, with potential upward momentum in certain product categories, particularly in mid-to-low voltage MOS products [2]. Summary by Sections New Energy Vehicles - The report indicates that new energy vehicle sales in China are expected to continue their upward trend, with a penetration rate surpassing 50% in July and August. The report projects that the sales volume for the year will exceed mid-year forecasts, with significant growth anticipated in the fourth quarter [1][2]. - The competitive pricing landscape has improved, providing manufacturers with better gross margin opportunities. The report notes that plug-in hybrid models have outperformed pure electric models, with a 75% year-on-year increase in sales for plug-in hybrids compared to a 16% increase for pure electric vehicles [1][2]. Smartphones - The report observes that the smartphone industry is facing challenges due to last year's high shipment base, leading to expected stagnation in year-on-year growth for the second half of the year. However, the report notes two positive trends: an increase in the share of high-end smartphones and enhancements in hardware driven by AI [2]. - The report predicts that global smartphone shipments will remain stable, supported by ongoing improvements in AI functionalities and experiences from brands like Apple, as well as demand from emerging markets [2]. Power Semiconductors - The report highlights that prices in the power semiconductor sector are stabilizing, with some products showing upward price momentum. The report notes that while demand for certain products, such as IGBT used in photovoltaics, remains weak, the potential for price increases is becoming more likely [2]. - The report also mentions that overseas power semiconductor inventories are expected to reach healthier levels in the latter half of the year or early next year, which could positively impact the domestic power semiconductor industry cycle [2].