电子行业周观点：美国或实施新出口禁令，高尖端科技自主可控迫在眉睫

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [5]. Core Insights - The report highlights that the U.S. may intensify export controls against China, particularly targeting advanced processes, which could lead to a significant impact on around 200 Chinese chip companies [34][17]. - The first domestic computing Power of Choice (PoC) platform has been launched, which is expected to accelerate the development of domestic AI computing capabilities [34]. - In the medium to long term, the intensification of technological friction is anticipated to drive upgrades in Chinese chip manufacturers' technologies and enhance their market share in the semiconductor supply chain [34]. Industry Dynamics - Foldable Smartphones: In Q3 2024, China's foldable smartphone sales reached 3.54 million units, marking a 79% year-on-year increase and a 35% quarter-on-quarter increase, with a market penetration rate of 4.1% [38]. - Consumer Electronics: The global personal smart audio device market saw a strong rebound in Q3 2024, with total shipments nearing 126 million units, reflecting a 15% year-on-year growth [39]. - Panels: As of late November 2024, prices for TV and laptop panels remained stable, while display panel prices continued to decline, albeit at a slower rate [39]. - Domestic Substitution: New U.S. export control measures are expected to be announced, potentially affecting 200 Chinese chip companies and restricting their access to U.S. products [39]. - AI Chips: The launch of the first domestic computing PoC platform is expected to facilitate the commercial application of domestic computing capabilities [39]. Market Performance - The report notes that the SW electronic sector's current PE (TTM) is 67.66 times, which is above the historical average of 49.73 times since 2019, indicating a high valuation relative to historical levels [48]. - The average daily trading volume for the electronic sector was 231.77 billion yuan, down 34.11% from the previous week [52]. - Among 471 stocks in the SW electronic sector, 104 stocks rose while 362 fell, resulting in a rise ratio of 22.08% [54].