消费电子系列跟踪：Apple AI上线，消费电子Q3逆势成长

Investment Rating - The industry rating is "Strongly Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [12]. Core Views - The consumer electronics sector has shown resilience with a Q3 performance that exceeded expectations despite external pressures, driven by AI innovations and new product launches from major players like Apple [3][4]. - Apple's Q4 FY2024 earnings report revealed that iPhone revenue reached $46.22 billion, accounting for 48.7% of total revenue, with strong sales of the iPhone 16 series anticipated due to the introduction of Apple Intelligence [2][3]. - The report highlights a threefold turning point for the consumer electronics industry: short-term stabilization, an innovation cycle driven by AI, and continuous product launches from industry giants [3]. Summary by Sections Market Performance - The consumer electronics index declined by 0.37% from October 28 to November 1, outperforming the Shanghai Composite Index which fell by 1.68% and the electronic index which dropped by 2.11% [1]. - Notable stock performances included East Mountain Precision (+24.7%), Changying Precision (+20.1%), and Crystal Optoelectronics (+17.5%) during the earnings reporting period [1]. Apple Product Launches - Apple released its quarterly earnings and multiple new products, including the iOS 18.1 update, which has seen a user adoption rate twice as fast as the previous version [2]. - The iOS 18.2 update is expected to introduce new AI-driven features, further encouraging user upgrades [2]. Q3 Earnings Overview - Major companies in the consumer electronics sector reported significant year-over-year revenue growth, with Lixun Precision and GoerTek both achieving 27% growth, and Anker Innovation reporting a remarkable 44% increase [3]. - The report emphasizes that AI will enhance hardware specifications, leading to increased average selling prices (ASP) and potentially shortening the replacement cycle for smartphones [3]. Investment Recommendations - The report suggests focusing on Apple’s supply chain companies such as Lixun Precision, East Mountain Precision, and others, as well as companies involved in smart speakers, AI-PC, XR, and foldable screen industries [4].