电子行业周度点评：半导体产业链“国产替代”提速，终端需求温和复苏

Investment Rating - The report maintains a "Buy" rating for the semiconductor industry, indicating a positive outlook for the sector [2][5]. Core Insights - The semiconductor industry is experiencing accelerated domestic substitution, with terminal demand showing a mild recovery. The report highlights the importance of domestic brands and technologies in the semiconductor supply chain [5]. - The high-end smartphone market is witnessing strong demand, supported by government policies promoting the replacement of old devices, which is expected to further boost consumer electronics demand [5]. - The global PCB market is anticipated to recover in 2024, with high-layer boards and HDI boards expected to maintain high growth rates in the medium to long term [5]. - The passive components industry is set to grow rapidly due to downstream demand recovery and accelerated domestic substitution, with specific recommendations for companies in the capacitor and inductor sectors [5]. Summary by Sections 1. Market Review and Valuation - The report notes that the Shenyin Wanguo Electronics Index increased by 2.9% during the review period, ranking 25th among major industries [16]. 2. Industry Data 2.1 Semiconductor Sales - Global semiconductor sales reached $56.88 billion in October, a year-on-year increase of 22.1%, while China's sales were $16.2 billion, up 17% year-on-year [28][30]. 2.2 Memory Chip Prices - Memory chip prices have stabilized after a rebound, with DRAM prices showing mixed trends across different generations [37]. 2.3 Mobile Phone Market - In October 2024, China's mobile phone shipments reached 29.67 million units, a year-on-year increase of 1.8%, with 5G phones accounting for over 90% of shipments [43][56]. 2.4 Wireless Bluetooth Earphone Market - The global TWS market grew by 15% in Q3 2024, with Apple maintaining a leading market share of 21% [58]. 3. Industry News - The report discusses new export restrictions imposed by the U.S. on China's semiconductor industry, affecting 140 companies, which may impact the supply chain [5].