电子行业周报：晶圆代工产能利用率逐季攀升，AMD获得玻璃基板技术专利

Investment Rating - The report maintains an "Overweight" rating for the electronic industry, indicating a positive outlook for the semiconductor sector in the second half of 2024 [3]. Core Insights - The SW electronic index increased by 2.38% in the past week (November 25-29), outperforming the CSI 300 index by 1.06 percentage points. The semiconductor and electronic chemical sectors showed the highest gains, with increases of 3.25% and 2.75%, respectively [3]. - The average capacity utilization rate of major global foundries is approximately 81% in Q4 2024, reflecting an 8 percentage point year-on-year increase. This recovery is driven by rising demand in smartphones, communications, automotive, and IoT applications [3]. - The report highlights a shift in the foundry market dynamics, with a significant recovery in mature process capacity utilization due to increased demand from major clients like Apple and Qualcomm for 3nm processes, alongside sustained demand for AI chips and high-performance storage [3]. - AMD has recently obtained a patent for glass substrate technology, which is expected to enhance its plans for high-performance system-in-package (SiP) designs by 2026. This technology offers advantages in thermal management, mechanical strength, and signal transmission [3]. - The report anticipates a stable decline in wafer prices for 28/40nm HV processes due to competition between foundries in mainland China and Taiwan, while prices for 55HV processes are expected to continue decreasing as new capacities are released [3]. Summary by Sections Market Review - The electronic sector's performance in the past week was characterized by a 2.38% increase in the SW electronic index, with semiconductor and electronic chemical sectors leading the gains [3]. Capacity Utilization - The average capacity utilization rate for major foundries reached 81% in Q4 2024, an increase of 8 percentage points year-on-year, driven by demand recovery in various applications [3]. Technology Developments - AMD's recent patent acquisition for glass substrate technology is a significant advancement, supporting its future high-performance packaging plans and reducing patent risks [3]. Investment Recommendations - The report suggests focusing on semiconductor design stocks with low PE/PEG ratios and real performance, as well as companies in various segments such as AIOT SoC chips, analog chips, and semiconductor equipment materials [3].