电子行业深度报告：2025年度策略：聚焦AI终端及自主可控！

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Insights - The report highlights a positive long-term trend for AI terminals, particularly in the fruit chain and smart glasses, with subsidies expected to stimulate a comprehensive recovery in smartphone demand [1][2][3] - The semiconductor industry is urged to pursue self-sufficiency, focusing on four key domestic directions: computing power and supporting facilities, wafer fabrication, semiconductor equipment, and EDA tools [2][3] - The report anticipates a rapid increase in the sales of intelligent driving vehicles, driven by policies, technology, and leading companies, with significant opportunities for upstream hardware manufacturers [3] Summary by Sections 1. Overall Performance Improvement - The electronic industry has shown continuous improvement in overall performance, with Q3 2024 revenue reaching 936.7 billion, a year-on-year increase of 19.1%, and net profit of 41.8 billion, up 22.0% [121][124] 2. AI Empowerment and Smartphone Demand Recovery - AI innovations in the fruit chain are expected to drive a new replacement cycle for smartphones, with Canalys predicting that AI smartphones will capture 16% of the global market share in 2024, growing at a CAGR of 63% from 2023 to 2028 [1][163] - Smart glasses are identified as a viable application for AI terminals, with optical solutions and display components accounting for about 50% of AR device costs, indicating a core area for cost reduction and efficiency improvement [1][2] 3. Semiconductor Self-Sufficiency - The report emphasizes the necessity for self-sufficiency in the semiconductor sector, highlighting the increasing demand for domestic computing power chips and the role of domestic wafer fabs like SMIC in supporting production [2][3] 4. Intelligent Driving Vehicle Market - Traditional automakers, represented by BYD, are accelerating the penetration of intelligent driving models, with expectations for significant growth in sales volumes by 2025 [3][4] 5. Investment Recommendations - The report identifies key investment targets across various segments, including consumer electronics, semiconductors, automotive electronics, and emerging industries, suggesting a focus on companies with strong performance and valuation potential [4]