电子行业周报：华为Mate 70或将发布，HBM5 20hi后产品或采用混合键合技术

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [4]. Core Insights - Huawei's Mate 70 series is expected to launch in November, potentially featuring the native Harmony operating system, which may benefit the related supply chain [12]. - The semiconductor industry is likely to benefit from the acceleration of domestic substitution due to export restrictions on TSMC's advanced chips [14]. - Passive components from leading manufacturers like Murata and TDK are expected to see price increases of approximately 10% to 20% due to rising demand from the smartphone and PC markets [15]. - Advanced packaging technologies, such as Hybrid Bonding, are gaining importance in the computing era, with the HBM5 20hi generation expected to adopt this technology [15]. Summary by Sections 1. Core Insights and Investment Recommendations - Huawei's Mate 70 series is anticipated to solidify Huawei's position in the high-end smartphone market and accelerate the commercial use of Harmony OS, benefiting the supply chain [12]. - The semiconductor industry is expected to see growth due to domestic substitution driven by export restrictions on advanced chips [14]. - The passive components sector is likely to benefit from price increases driven by demand recovery in smartphones and PCs [15]. - Advanced packaging technologies are becoming increasingly significant, with the HBM5 generation expected to utilize Hybrid Bonding [15]. 2. Market Review - During the week of November 11-15, the A-share Shenwan Electronics Index fell by 4.15%, underperforming the CSI 300 Index by 0.85 percentage points [23]. - The performance of various electronic sub-sectors included: Consumer Electronics (-2.01%), Components (-4.17%), and Semiconductors (-4.34%) [25]. 3. Industry News - Leading passive component manufacturers are expected to raise prices by 10% to 20% due to increased demand [34]. - TSMC faces export restrictions on 7nm AI chips, which may accelerate the domestic semiconductor industry's growth [35]. - Guangdong Province is increasing investment in organic semiconductor materials and core semiconductor equipment [35]. 4. Company Dynamics - Fenghua Advanced Technology is focusing on low-altitude economy sectors, including drones and smart bases, to enhance its competitive edge [40]. - Jiemai Technology is exploring opportunities in the electronic information industry supply chain, particularly in packaging materials and semiconductor materials [40]. - Maijie Technology's acquisition plans are pending approval from the Shenzhen Stock Exchange [41].