电子行业投资策略周报：电子板块表现亮眼，重视AI技术创新主线

Market Performance - The electronic sector outperformed the market, with the CITIC Electronics Index rising by 4.53% from October 14 to October 18, 2024, while the Shanghai Composite Index fell by 0.69%[4] - The CITIC Semiconductor Index increased by 7.20%, indicating strong performance in the semiconductor segment[4] Industry Insights - Global semiconductor sales reached $53.12 billion in August 2024, showing a year-on-year growth of 20.62%[4] - DRAM spot prices have generally declined, while NAND prices have seen some increases, reflecting mixed market conditions[15] Key Company Updates - ASML reported Q3 2024 revenue of €7.47 billion, a year-on-year increase of 11.9%, but new orders fell significantly to €2.6 billion, below market expectations[23] - TSMC's Q3 2024 revenue was $23.5 billion, exceeding guidance, with a year-on-year growth of 36.0% and a gross margin of 57.8%[23] Investment Recommendations - Continued focus on AI computing power and terminal industry opportunities is advised, as AI remains a core development theme in the industry[24] - Companies in semiconductor design, passive components, and PCB sectors are highlighted for potential marginal improvements[24] Risks - Demand may fall short of expectations due to macroeconomic factors, which could impact overall industry growth[25] - Increased competition may lead to a decline in industry profitability, posing risks to market players[25]