Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the opening of a new innovation cycle for AI terminals, with frequent applications and terminal innovations emerging [1][4] - The semiconductor sales have shown a year-on-year growth rate of 20.62% in August 2024, indicating a return to the expansion zone [4][12] - The report emphasizes the importance of AI computing power and terminal innovation as the main investment themes, alongside opportunities in domestic substitution in semiconductor design, panels, passive components, and PCBs [4][18] Summary by Sections Market Review - The electronic index underperformed compared to the Shanghai Composite Index and Shenzhen Component Index, with a decline of 0.48% during the week of October 21 to October 25, 2024 [4][8] - The semiconductor index fell by 1.22%, and the consumer electronics index dropped by 1.46% during the same period [4][8] Industry Data - Global semiconductor sales reached $53.12 billion in August 2024, with a year-on-year increase of 20.62% [4][12] - The demand for PCs and smartphones maintained a low single-digit year-on-year growth rate in Q3 2024, with a quarter-on-quarter increase [4][12] Key Industry News - OPPO launched the Find X8 series, featuring the Dimensity 9400 flagship chip, which offers up to 40% CPU efficiency improvement and 44% higher GPU efficiency [4][18] - The AI assistant AutoGLM was introduced by Zhizhu AI, marking a significant step towards AI integration in next-generation products like AI smartphones and AI PCs [4][18] Investment Recommendations - The report suggests focusing on AI computing power and terminal industry chain opportunities, as well as monitoring semiconductor equipment, materials, and EDA companies for potential investments [4][18]
电子 /行业投资策略周报 /：AI终端创新周期开启 应用及终端创新频出
CAITONG SECURITIES·2024-10-28 05:38