电子行业周报：百度AI布局持续深化，“双十一”中国智能手机销量同比反弹26%

Investment Rating - The report suggests a cautious outlook on the electronic sector, indicating a moderate recovery in demand and recommending focus on specific investment themes such as AIOT and consumer electronics [3][7]. Core Insights - The electronic sector is experiencing a mild recovery, with significant advancements in AI technology and a rebound in smartphone sales during the "Double Eleven" shopping festival, which saw a 26% year-on-year increase in sales volume [4][5]. - The report highlights the importance of AI in driving future growth, with Baidu's AI model usage increasing approximately 30 times year-on-year, indicating strong demand for AI applications [4][19]. - Despite the positive sales volume, the average selling price (ASP) of smartphones has declined, reflecting ongoing pressures in the consumer electronics market [5][23]. Summary by Sections Industry Overview - The electronic sector's demand is in a phase of moderate recovery, with key investment themes identified as AIOT, AI-driven innovations, and consumer electronics [3][7]. - The report notes that the semiconductor and electronic components sectors have faced declines, with the semiconductor index down 4.34% and electronic components down 4.17% [6][28]. Key Developments - Baidu has launched new AI technologies, including the iRAG and a no-code tool, enhancing its AI capabilities and demonstrating significant growth in AI model usage [4][19]. - The "Double Eleven" shopping festival resulted in smartphone sales reaching 9.5 million units, a 26% increase compared to the previous year, although ASP has decreased due to market polarization [5][23]. Market Performance - The report indicates that the electronic sector underperformed the broader market, with the Shanghai and Shenzhen 300 index down 3.29% and the Shenwan electronic index down 4.15% [6][28]. - Various sub-sectors within electronics, such as optical electronics and consumer electronics, experienced notable declines, with the optical electronics sector down 5.54% [6][28].