电子行业2025年度投资策略：算力辰岁腾飞，自主可控巳年奋搏

Investment Rating - The report maintains a "Recommended" investment rating for the electronic industry in 2025 [1] Core Insights - The electronic industry continues to be driven by technological innovation, with a focus on AI capabilities in both cloud and edge computing sectors. The report emphasizes the importance of self-sufficiency in semiconductor production as a strategic priority for national development [4][5] - Major technology companies such as Google, Amazon, Microsoft, and Meta are significantly increasing their investments in AI infrastructure, indicating a robust growth trajectory for AI-related sectors [5][21] - The report identifies key investment opportunities in the cloud computing sector, consumer electronics, automotive electronics, and semiconductor industries, highlighting the ongoing trends of electrification and intelligence in vehicles [5][6] Summary by Sections 1. Cloud Computing Sector - AI computing demand is rapidly increasing, with a focus on PCB, CCL, and passive components as core beneficiaries. The Scaling law remains effective, indicating continued growth in AI computing needs [18][19] - Major North American tech giants are ramping up capital expenditures for AI infrastructure, with significant investments expected to drive growth in AI servers and high-speed switches, benefiting the PCB and passive components industries [5][21] - AI self-research is in its early penetration phase, with expectations for accelerated development as companies seek cost-effective solutions [18][28] 2. Edge Computing Sector - Consumer electronics, particularly Apple, is expected to lead in integrating AI capabilities across devices, with a clear trend towards continuous iteration of AI-enabled terminals [5][45] - The automotive electronics sector is witnessing ongoing electrification and intelligence penetration, with a focus on the Tesla supply chain and the growth of new energy vehicles in China [5][6] 3. Semiconductor Industry - The semiconductor sector is experiencing a resurgence driven by domestic production capabilities, with a focus on semiconductor equipment and materials as critical components for achieving self-sufficiency [5][6] - The report highlights the importance of inventory destocking and demand recovery, with a positive outlook for semiconductor design and materials, particularly in the context of high-end packaging materials and storage innovations [5][6][41]