电子行业周报：地方消费电子补贴催化行业持续复苏

Investment Rating - The industry is rated as "Neutral" [2][30] Core Insights - Global terminal demand is showing a mild recovery, with the Chinese market experiencing continuous recovery over the past three quarters. According to Counterpoint data, global smartphone sales in Q3 2024 increased by 2% year-on-year, marking the first growth in Q3 since 2018, with sales revenue and average selling price rising by 10% and 7% respectively [2][26] - The high-end market is significantly growing, with Apple's market share leading. In Q3, the shipment volume of smartphones priced over $600 increased by 15% year-on-year, outpacing the overall industry growth. The top three brands by shipment volume were Apple, Samsung, and Huawei, with market shares of 63%, 21%, and 8% respectively [2][27] - Local 3C subsidy policies are being implemented, which are expected to stimulate continuous recovery in consumption. Recent policies from Jiangsu and Guizhou have introduced subsidies for 3C digital products, and the Central Political Bureau has emphasized the need to boost consumption and expand domestic demand [2][26][27] - AI-driven smartphones are gradually recovering, with the industry expected to see growth. Since 2017, the smartphone market has been in a stagnant phase, but with AI integration and a mild global economic recovery, the industry is anticipated to warm up in 2024 [2][28] Summary by Sections Market Review - From December 2 to 6, 2024, the A-share electronic sector (Shenwan) saw a weekly increase of 1.61%, outperforming the CSI 300 index by 0.16 percentage points. All secondary industries within the sector rose, with consumer electronics, components, optical optoelectronics, and electronic chemicals showing notable performance [9][19] Subsidy Policies - The introduction of local 3C subsidy policies is expected to catalyze the recovery of the consumer electronics sector. The Central Political Bureau's recent call to boost consumption and expand domestic demand is likely to further support this trend [2][26][27] AI Integration - The integration of AI in smartphones is anticipated to drive a new wave of upgrades, with major manufacturers like Apple and Samsung making significant advancements in AI capabilities. This trend is expected to increase demand for components such as memory and processing power [2][28]