电子行业周观点：AI端侧渗透率持续提升，消费电子换机有望加速

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [4]. Core Insights - The AI penetration rate at the edge is continuously increasing, and the replacement cycle for consumer electronics is expected to accelerate, driven by advancements in hardware and software ecosystems [1][20]. - The report highlights significant growth in the AIPC (AI Personal Computer) segment, with a third-quarter shipment volume of 13.3 million units, accounting for 20% of total PC shipments [12][24]. - Huawei's HiSilicon is noted as the fastest-growing smartphone processor manufacturer, with a year-on-year growth of 211%, primarily due to the successful integration of Kirin SoC in Huawei's mid-range smartphones [10][19]. Summary by Sections 1. Core Views & Investment Recommendations - AI applications are beginning to materialize, particularly in smartphones and AIPC, with flagship AI smartphone SoCs dominating the market [19]. - Investment opportunities are suggested in areas such as AI chips, PCB, HBM, and advanced packaging, as global AI giants continue to increase capital expenditures [21]. - The report recommends focusing on core suppliers within the Huawei and Apple supply chains, as new product launches are expected to stimulate demand [21]. 2. Industry Dynamics - Tablets: The Chinese tablet market saw a shipment volume of 7.68 million units in Q3 2024, reflecting a 9.3% year-on-year growth [24]. - Smartphone SoC: Apple remains the leading processor manufacturer, while HiSilicon's rapid growth is highlighted [24]. - Panels: The smartphone panel market is projected to see a slight decline of 1.7% in 2025, with domestic manufacturers gaining market share [25]. - AIPC: AIPC shipments reached 13.3 million units in Q3 2024, indicating a 49% increase [24]. - HBM: SK Hynix is developing HBM3e 16hi products, expected to enhance memory capacity limits [26]. 3. Electronic Sector Weekly Review - The Shanghai Composite Index fell by 3.29%, while the Shenwan Electronics Index dropped by 4.15%, underperforming the Shanghai Composite by 0.85 percentage points [29]. - The current PE (TTM) for the SW electronics sector is 69.98, above the historical average of 49.66 since 2019, indicating potential for further valuation increases [35]. - The trading volume in the electronics sector increased, with an average daily turnover of 351.76 billion yuan, up 2.93% from the previous week [38].