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电子行业投资策略周报：自主可控持续发力，国产替代仍在路上
CAITONG SECURITIES·2024-11-11 08:23

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The electronic index outperformed the Shanghai Composite Index and the Shenzhen Component Index, with a weekly increase of 9.01% from November 4 to November 8, 2024. The semiconductor sector showed strong performance, rising by 11.94% [10][12] - Global semiconductor sales reached 55.32billioninSeptember2024,withayear−on−yeargrowthof23.2355.32 billion in September 2024, with a year-on-year growth of 23.23%. The demand for PCs and smartphones maintained low single-digit growth year-on-year, with a quarter-on-quarter increase [2][15] - The report emphasizes the importance of AI in driving industry development and suggests focusing on AI computing power and terminal industry chain opportunities. The trend towards self-sufficiency is expected to gain momentum, particularly in semiconductor manufacturing, equipment, materials, and EDA companies [30][28] Summary by Sections Market Review - The semiconductor index rose by 11.94%, while the consumer electronics index increased by 3.95% during the week [10] - Notable individual stock performances included Galaxy Magnetics (+48.22%), Visionox (+42.91%), and Zhongke Feimeng (+42.13%) [10] Industry Data - Semiconductor sales continue to grow, with a year-on-year increase of 23.23% in September 2024. DRAM spot prices have slightly declined, while NAND prices have also decreased [2][15] - Key company updates include SMIC reporting a record quarterly revenue of 2.17 billion in Q3 2024 and XPeng unveiling its Turing AI chip, which features a 40-core processor and two neural processing units [2][28] Key News Updates - The report highlights the launch of XPeng's Turing AI chip, designed for AI applications, which significantly enhances data processing efficiency and intelligence levels [28][29] Investment Recommendations - The report advises continued focus on AI and self-sufficiency trends, particularly in semiconductor design, panels, passive components, and PCB companies that show signs of marginal improvement [30]