Investment Rating - The report maintains a positive investment rating for the industry, indicating a "bullish" outlook [1]. Core Insights - The report emphasizes that AI is leading the electronic cycle, with a focus on innovative terminal applications [1]. - The semiconductor sales have shown a year-on-year growth of 20.62% in August 2024, indicating a return to an expansion phase [5][14]. - The report highlights the performance of major companies in the sector, with specific attention to Apple's recent product launches and their impact on market dynamics [31][32][34]. Summary by Sections Market Review - The electronic index underperformed compared to the Shanghai Composite Index and Shenzhen Component Index, with a decline of 2.11% during the week of October 28 to November 1, 2024 [10]. - The consumer electronics sector showed resilience, with a 1.48% increase, while the semiconductor index fell by 4.00% [10]. Industry Data - Global semiconductor sales reached 94.9 billion for Q4, with iPhone sales showing strong performance, particularly in the Chinese market [31]. - Honor and Xiaomi have introduced new AI features in their products, enhancing user experience and functionality [32][34]. Investment Recommendations - The report suggests focusing on AI computing and terminal applications, particularly within the supply chain represented by Apple [37]. - It also highlights opportunities in semiconductor design, passive components, and PCB companies that may see marginal improvements in performance [37].
电子 /行业投资策略周报 /：AI引领电子周期，关注终端应用创新频出
CAITONG SECURITIES·2024-11-04 12:33