电子行业周报：多地开启3C数码补贴，科技巨头布局AI眼镜

Industry Investment Rating - The report maintains a "Recommend" rating for the electronics industry [4] Core Views - Multiple regions in China have launched subsidies for 3C digital products, which is expected to boost consumer electronics demand [6] - Tech giants are actively entering the AI glasses market, with Meta and Ray-Ban's AI glasses selling over 1 million units in six months [7] - The smartphone market in China has grown for four consecutive quarters, signaling a new replacement cycle [6] - AI glasses are emerging as a key hardware platform for large AI models, attracting major players like Huawei, OPPO, and Xiaomi [7] Market Performance - The electronics sector rose 2.38% during the week of November 25-29, ranking 16th among Shenwan's primary industries [4] - The sector's P/E ratio stood at 54.06, with the top three industries by valuation being computers, defense, and diversified industries [4] - Within the electronics sector, digital chip design, LED, and PCB showed the highest weekly gains [5] - The most valued sub-sectors were analog chip design, semiconductor materials, and LED [5] Key Companies and Earnings Forecast - Recommended companies in the consumer electronics supply chain include Luxshare Precision, Goertek, and OFILM [6] - Companies to watch in the AI glasses ecosystem include Sunny Optical, Crystal Optech, and Will Semiconductor [7] - The report provides detailed EPS and P/E forecasts for over 50 electronics companies, with most receiving "Buy" or "Overweight" ratings [10][23] Global Semiconductor Industry - The Philadelphia Semiconductor Index showed a volatile trend, with a recent uptrend since October 2023 [27] - Global semiconductor sales reached $55.32 billion in September 2024, up 23.2% YoY, with China accounting for 29% of sales [68] - Memory chip prices showed mixed trends, with NAND prices declining since March 2024 and DRAM prices fluctuating [66] Taiwan Electronics Industry - Taiwan's semiconductor index declined in late November 2024, while computer peripherals and optoelectronics indices showed mixed performance [52] - IC sector output in Taiwan has been recovering since Q2 2023, driven by AI, 5G, and automotive applications [61] Consumer Electronics Trends - China's smartphone market showed four consecutive quarters of growth, driven by replacement demand [6] - Global smartphone shipments grew 4% YoY in Q3 2024, supported by new product launches and replacement cycles [74] - Wireless headphone exports from China showed strong recovery, with monthly export growth positive since February 2023 [79] - Smartwatch production in China rebounded in 2024, with Q1-Q3 growth rates of 24.7%, 10.9%, and 9.8% respectively [81] PC Market - Global PC shipments declined 1.33% YoY in the first three quarters of 2024 [86] - The PC market is expected to recover by 2025, driven by AI integration and replacement cycles [86]