电子行业2025年度投资策略：自主可控和AI浪潮

Investment Rating - The report maintains a "Positive" rating for the electronic industry in China [13]. Core Insights - The overall industry is expected to recover, with investment opportunities arising from AI model computing power upgrades and domestic semiconductor production [10][36]. - The semiconductor market is projected to grow significantly, with a forecasted increase of 19% in 2024, reaching $627 billion, and a further 12.5% growth in 2025, reaching $687 billion [10][34]. - The report highlights the importance of building a self-sufficient integrated circuit industry chain, driven by government policies and funding support [10][54]. Summary by Sections 1. Industry Health - Global semiconductor sales continue to grow, with October 2024 sales reaching $56.9 billion, a 22% increase year-over-year [29]. - The IC design industry maintains a balanced inventory, with major companies having an average inventory turnover of less than 120 days [37]. - Smartphone and PC shipments are expected to see stable growth, with global smartphone shipments projected to increase by 6.2% in 2024 [39][47]. 2. Accelerated Self-Sufficiency - The report emphasizes the necessity of creating a self-sufficient integrated circuit supply chain, especially in light of U.S. export restrictions on semiconductor technology [54][58]. - Recent government policies propose a 20% price evaluation preference for domestic products in procurement activities, which is expected to accelerate the self-sufficiency process in the semiconductor sector [58][59]. - The report notes that the deepening of the Sci-Tech Innovation Board reforms will provide opportunities for mergers and acquisitions in the semiconductor industry [60][63]. 3. AI Wave and Market Transformation - The AI wave is driving transformations in both cloud and edge computing sectors, enhancing data center capabilities and user experiences in consumer electronics [10][36]. - AI applications are expected to reshape mobile device functionalities and create new ecosystems and business models [10][36]. - The report identifies key companies in the AI computing chain and suggests investment opportunities in both cloud-side and edge-side AI applications [11].