2025年电子行业投资策略报告：砥砺创新，守正出奇

Investment Rating - The report maintains a positive outlook on the electronic industry, suggesting a strong performance in 2024 and beyond, with a focus on AI edge applications and chip self-sufficiency as key investment themes [2][4]. Core Insights - The electronic industry has outperformed the CSI 300 index since the beginning of 2024, with a year-to-date increase of 19.30% compared to the CSI 300's 14.89% [20]. - The report emphasizes the dual opportunities in AI edge applications and chip self-sufficiency, highlighting the potential for significant market growth driven by advancements in AI technology and the need for domestic chip production capabilities [50]. Summary by Sections 1. Industry Performance - The electronic industry has shown strong performance in 2024, with a revenue increase of 17.37% year-on-year, reaching 2,380.06 billion yuan [28]. - The industry's gross margin improved slightly to 15.78%, while net profit increased by 37.94% to 100.83 billion yuan [28][33]. 2. AI Edge Applications - AI edge applications are rapidly penetrating the market, with significant innovations expected in the AIPC (AI Personal Computing) sector, which is projected to drive new demand for PCs [2]. - The smartphone market is also seeing a shift towards AI-enabled devices, which are anticipated to enhance user experience and drive growth across the supply chain [2]. - The wearable technology segment is expected to benefit from AI integration, particularly in AI glasses and headphones, which will increase demand for SOC (System on Chip) solutions [2]. 3. Chip Self-Sufficiency - The report highlights the urgency for breakthroughs in domestic HBM (High Bandwidth Memory) production due to increased export controls from the U.S. [5]. - The CoWoS (Chip on Wafer on Substrate) capacity is expected to grow, improving the performance of domestic packaging and testing companies [5]. - The semiconductor equipment sector is seeing accelerated domestic substitution, with a focus on improving the localization rate of critical equipment such as lithography and measurement tools [5][50]. 4. Investment Recommendations - The report suggests focusing on companies that are leading in AIPC, AI smartphones, and wearable technology, as well as those involved in the domestic semiconductor supply chain [50]. - Specific recommendations include monitoring companies that are well-positioned in the HBM market and those engaged in advanced packaging technologies [50].