电子行业：智能手机市场回暖，AI引领行业变局

Investment Rating - The report provides a positive investment rating for the electronic industry, suggesting a "Recommended" stance based on the anticipated performance relative to the benchmark index [5]. Core Insights - The smartphone market in China is showing signs of recovery, with a year-on-year sales increase of 2.3% in Q3 2024, marking the first annual growth in five years [2]. - Huawei's market share has increased, with a 29.7% rise in sales year-on-year, attributed to the success of high-end models like Mate 60 and Pura70 [2]. - Apple experienced a slight decline in sales, with a 2.6% drop in Q3 2024, while Xiaomi's sales grew by 13.4% [2]. - Globally, smartphone sales also saw a year-on-year increase for the first time since Q3 2018, with Samsung leading the market at 19% share [2]. - The report identifies two main drivers for future growth in the smartphone market: foldable screens and AI technology, which are expected to stimulate a wave of device upgrades [3]. - Investment suggestions include companies such as Luxshare Precision, GoerTek, and others involved in the supply chain for foldable and AI smartphones [3]. Summary by Sections Smartphone Market Performance - In Q3 2024, China's smartphone sales increased by 2.3% year-on-year, with Huawei's sales up by 29.7% and Xiaomi's by 13.4% [2][3]. - Samsung leads the global market with a 19% share, followed by Apple at 16% and Xiaomi at 14% [2]. Growth Drivers - The report highlights foldable smartphones as a key growth area, with increasing market acceptance and technological advancements [3]. - AI smartphones are also identified as a significant trend, enhancing user experience through real-time processing and personalized assistance [3]. Investment Recommendations - The report recommends focusing on companies that are well-positioned in the foldable and AI smartphone segments, including Luxshare Precision, GoerTek, and others [3].