消费电子行业周报（2024/12/16-12/20）

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests focusing on parts and components companies in the cellphone and PC supply chain due to favorable market conditions [13][28]. Core Insights - Under government consumption incentives, the continental PC market is expected to grow by 6% in 2025 [6][34]. - Multiple regions have issued consumer electronics subsidy policies, likely boosting domestic shipments. For instance, Jiangsu has expanded household appliance subsidies to include 3C products, and Zhuhai is offering subsidies up to RMB 2000 for certain electronics [7][35]. - The report indicates that the consumer electronics sector has shown resilience, with a 4% year-on-year growth in consumer market shipments due to pre-holiday stocking and government incentives [12][27]. Summary by Sections Market Performance - The SW Consumer Electronics index rose by 1.22%, while the SW Electronics index increased by 3.55% during the week of December 16-20, 2024. In contrast, the CSI 300 index fell by 0.14% [1][33]. Government Policies - Various regions, including Jiangsu, Guizhou, and Zhuhai, have introduced consumer electronics subsidy policies, which are expected to enhance domestic shipments of PCs and mobile devices [7][35][28]. Shipment Trends - In Q3 2024, China's PC shipments slightly declined by 1% year-on-year, totaling 11.10 million units. However, consumer market shipments grew by 4% year-on-year, and tablet shipments increased by 5% to 7.70 million units [12][27].