电子行业行业深度报告：央国企引领专题报告-科技创新筑成长，举国体制划新篇

Investment Rating - The report maintains a "Recommended" rating for the electronic industry [8]. Core Insights - Innovation drives industry growth, and the national system promotes innovation trends: The electronic manufacturing industry has been a key pillar of global industry, continuously innovating to integrate cost-effective electronic products into daily life. The "new type of national system" defined by the Central Committee emphasizes the unique political and institutional advantages of concentrating efforts on major tasks, optimizing resource allocation, and focusing on supporting technological innovation and self-control [4][5]. - The semiconductor industry benefits significantly from the national system, with urgent breakthroughs needed in high-end equipment and materials: The semiconductor sector is a battleground for technological revolution, supported by various national policies over the past two decades. The manufacturing segment is crucial for achieving self-control across the entire industry chain, receiving comprehensive support from fiscal policies and major projects [4][58]. - Key state-owned enterprises lead in specific segments: In the display panel sector, state capital leads the development of China's LCD industry and promotes OLED market share growth. In the PCB sector, state-owned enterprises are expected to play a larger role as the domestic market share exceeds 50%. In passive components, China's market share is steadily increasing, with state-owned enterprises like Fenghua Advanced Technology gaining influence [5][99][133]. Summary by Sections Section 1: Innovation and National System - The electronic industry is characterized by continuous innovation and a strong correlation with macroeconomic growth, indicating significant growth potential [16][18]. - The "new type of national system" aims to integrate government, market, and society to enhance strategic planning and resource allocation for key technologies [42][43]. Section 2: Semiconductor Industry - The semiconductor industry has seen substantial policy support, with initiatives aimed at achieving self-control in manufacturing and significant funding through national investment funds [58][59]. - Major players like SMIC and Hua Hong Semiconductor have made notable advancements, ranking among the top global foundries [67]. Section 3: Key State-Owned Enterprises - In the display panel sector, state-owned enterprises dominate, with significant revenue contributions and asset holdings [105][111]. - The PCB industry is witnessing a recovery, with a projected global market growth of approximately 5% in 2024, driven by demand from various sectors [116][118]. Section 4: Investment Recommendations - The report suggests focusing on companies such as Shenzhen South Circuit (002916.SZ), Northern Huachuang (002371.SZ), BOE Technology Group (000725.SZ), and Huazhong Microelectronics (688396.SH) as potential beneficiaries of the national system and innovation trends [5][145].