电子：24Q3AIPC市场保持强劲发展步伐，AI终端持续出新

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1] Core Insights - The AI PC market continues to grow robustly, with shipments reaching 13.3 million units in Q3 2024, marking a 49% year-on-year increase and accounting for 20% of total global PC shipments [2] - Apple is driving innovation in AI terminals and AIoT, with plans to launch a wall-mounted tablet device by March 2025, which will integrate AI capabilities to manage applications and smart home devices [1][2] - The report highlights significant growth in the AI PC segment, particularly with Windows devices capturing a majority share of 53% in AI PC shipments, reflecting a 93% increase in Windows AI PC shipments [2] Summary by Sections 1. Market Performance - The electronic sector index fell by 4.15% during the week of November 11-15, 2024, while the broader market indices also experienced declines [14] - The electronic sector ranked 20th among all industries in terms of performance during this period [14] 2. Industry Dynamics - The semiconductor sector is witnessing substantial government support, with TSMC's U.S. subsidiary receiving $6.6 billion for semiconductor production [36] - The report notes a significant increase in the Chinese chip manufacturing equipment market, projected to exceed $40 billion in 2024 [36][37] - The report also discusses the competitive landscape in the SiC substrate market, highlighting a price drop due to oversupply and intensified competition [44] 3. Company Dynamics - Companies such as Suzhou Kema Technology have emerged as leaders in advanced ceramic materials for semiconductor equipment, reporting a 74.65% increase in revenue year-on-year [38] - The report mentions that AMD's data center revenue has surpassed Intel's for the first time, indicating a shift in market dynamics [52] 4. Investment Recommendations - The report suggests focusing on opportunities within the AI terminal sector, including AI PCs, AI smartphones, AI foldable screens, and AIoT, recommending companies like Huajin Technology and TCL Technology [4]