电子行业周报：AI行情再度点燃 HBM为存储新驱动

Industry Investment Rating - The industry is rated as "Neutral" [20][29] Core Insights - The AI market is reigniting interest in HBM (High Bandwidth Memory), which is expected to drive new growth in the storage sector. The global shipment of AI glasses is projected to increase significantly, with only 1% penetration in 2023 compared to smartphones, indicating substantial growth potential [17][51][52]. - The storage industry is currently facing challenges due to weak demand from consumer electronics, leading to a forecasted revenue decline for major players like Micron. However, HBM demand is expected to grow significantly in the medium to long term due to AI trends [25][26][54]. - The semiconductor sector is highlighted as a key battleground for technological competition, with significant government support for innovation and domestic substitution efforts. This is expected to enhance the industry's growth prospects through mergers and acquisitions [27][68]. Summary by Sections Market Overview - The A-share electronic sector saw a weekly increase of 3.55%, outperforming the CSI 300 index by 3.69 percentage points, ranking second among 31 primary industries [4][39]. - The semiconductor and component sub-sectors led the weekly gains with increases of 5.40% and 4.62%, respectively [54]. Valuation Insights - As of December 20, 2024, the electronic sector's PE (TTM) stands at 57 times, which is at the 78th percentile of the past decade, indicating a significant valuation premium of 204% relative to the entire A-share market [6][58]. Company Performance - Among 476 stocks in the electronic sector, 288 stocks recorded positive returns, with notable performers including Shengke Communication-U (+29.22%) and Canxin Co. (+28.82%). Conversely, Guanghua Technology (-15.51%) and ST Meixun (-12.72%) faced significant declines [15][16].