电子行业周报：华为Mate70系列手机正式发布，看好端侧AI硬件创新浪潮

Investment Rating - The report maintains an "Overweight" rating for the electronic industry, with specific stock recommendations including "Buy" for Lixun Precision and "Hold" for several other companies [4]. Core Insights - The report highlights the significant potential of edge AI hardware, particularly with the recent launch of Huawei's Mate70 series, which features advanced AI capabilities and innovative design [5][29]. - The demand for AI servers is surging, as evidenced by Dell's record orders of $3.6 billion for AI servers in Q3 2025, indicating a robust growth trajectory for AI-related technologies [19][28]. - The semiconductor sector is expected to see a rebound in capital expenditures, with a projected 31% year-over-year increase in Q4 2024, driven by strong demand for memory and advanced packaging technologies [31]. Summary by Sections 1. Market Review - From November 25 to November 29, the electronic industry index rose by 2.38%, outperforming the overall market, with 360 out of 473 listed companies experiencing gains [12][13]. 2. Sub-industry News 2.1 Semiconductor - The global DRAM market revenue increased by 13.6% to $26 billion in Q3 2024, driven by data center demand despite inventory reductions from Chinese smartphone brands [16]. - SEMI forecasts a 31% year-over-year growth in semiconductor capital expenditures in Q4 2024, with significant investments in memory and advanced packaging [31]. 2.2 AI, IoT, and Automotive Electronics - Dell's Q3 2025 revenue reached $24.4 billion, a 10% increase, with AI server orders hitting a record high, reflecting strong market interest [19][28]. 2.3 Innovative Electronics & Wearables - The launch of new AR smart glasses by Inmo Technology showcases the growing market for edge AI applications, emphasizing the importance of portability and user experience [5][27]. 2.4 Mobile & 5G - As of October 2024, China has deployed 4.141 million 5G base stations, representing 32.8% of total mobile base stations, with 90.1% of smartphones shipped in October being 5G capable [22][23]. 2.5 LCD & LED - AUO is set to showcase its MicroLED technology at CES 2025, highlighting advancements in automotive display solutions [24]. 3. Industry Investment Strategy and Weekly Outlook - The report recommends focusing on companies involved in edge AI hardware, such as GoerTek and Edifier, and highlights the potential for significant growth in the AI phone market led by Apple [5][27].