电子行业周观点：半导体自主可控升温，关注国产替代领域投资机遇

Investment Rating - The semiconductor industry is rated as "Outperform" [4] Core Insights - The semiconductor industry is experiencing a shift towards self-sufficiency in China, driven by increasing technology trade restrictions from the U.S. This trend is expected to enhance the competitiveness of domestic semiconductor manufacturers and accelerate advancements in semiconductor technology [1][12] - The SW electronic sector's PE (TTM) is currently at 73.07, which is above the historical average of 49.58 since 2019, indicating a higher valuation compared to historical levels [3][24] Summary by Sections Industry Dynamics - Smartphones: Global smartphone shipments grew by 2% year-on-year in Q3 2024, with revenues increasing by 10% and average selling prices (ASP) rising by 7%, marking a historical high for Q3 [2][15] - Display Panels: As of early November 2024, TV panel prices remained stable, while prices for monitor panels continued to decline [2][15] - Storage: The DRAM industry is projected to see a 25% year-on-year increase in output in 2025, driven by new capacity planning from suppliers [2][17] - Semiconductors: Global semiconductor sales reached $166 billion in Q3 2024, a 23.2% increase from Q3 2023 [2][17] - Semiconductor Equipment: The U.S. House of Representatives has initiated an investigation into semiconductor equipment companies regarding their sales in China, highlighting concerns over technology transfer [2][18] Market Performance - The SW electronic index rose by 9.36% from November 4 to November 10, 2024, outperforming the CSI 300 index by 3.86 percentage points [1][20] - The electronic sector saw a significant increase in trading activity, with an average daily trading volume of 3417.52 billion yuan, up 3.33% from the previous week [3][26] - Most stocks in the SW electronic sector performed well, with 453 out of 471 stocks rising, resulting in a 96.18% increase rate [3][28] Valuation - The current valuation of the SW electronic sector is higher than the historical average, suggesting potential for further increases in valuation driven by trends in AI, electric vehicles, and IoT [3][24]