消费电子系列跟踪研究：消费电子：更多补贴政策或将出台，重视手机链投资机会

Investment Rating - The report maintains an "Outperform" rating for the consumer electronics industry [2] Core Insights - The report highlights that multiple regions have introduced subsidy policies for consumer electronics since September, which are expected to stimulate demand and potentially lead to national-level subsidies [3][4] - The consumer electronics sector, particularly smartphones, is anticipated to benefit significantly from these subsidy policies, with projections of increased sales volumes and market growth [6] Summary by Sections Subsidy Policies - Various local governments have launched subsidy programs for consumer electronics, including smartphones, tablets, and smart wearables, with subsidies ranging from 10% to 20% of the purchase price, depending on the product category [3][10] - The central government is also expected to introduce national-level subsidies for consumer electronics, following the success of local initiatives [4][6] Market Performance - The report cites IDC data indicating that the smartphone market in mainland China had an estimated shipment of approximately 271 million units in 2023, with a market size of about 127.8 billion USD [6] - Major brands such as Apple, Samsung, Xiaomi, Huawei, and others hold significant market shares, with Apple leading in sales revenue [6][13] Investment Recommendations - The report suggests focusing on key players in the consumer electronics supply chain, including brands like Xiaomi and companies involved in smartphone components such as Lens Technology and Luxshare Precision [7][14]