电子行业周报：AI驱动终端复苏 政策支持促进行业并购

Investment Rating - The industry is rated as "Neutral" [41][76]. Core Insights - The traditional terminal market is slowly recovering, with AI expected to drive industry growth. According to Canalys data, in Q3 2024, U.S. PC shipments (excluding tablets) increased by 7% year-on-year, reaching 17.9 million units, and total shipments are expected to grow by 6% in 2024 [57]. - The global semiconductor industry is facing intense competition, with governments worldwide increasing support for their domestic semiconductor industries through subsidies and tax incentives [58][75]. - The report highlights the ongoing trend of mergers and acquisitions in the semiconductor sector, with companies like Huahai Qingke planning significant acquisitions to enhance their competitive edge [59]. Summary by Sections Market Review - The A-share electronic sector (Shenwan) experienced a weekly decline of 0.66%, underperforming the CSI 300 index by 2.01 percentage points [68]. - Among the secondary industries, semiconductors, consumer electronics, optical optoelectronics, and electronic chemicals saw weekly declines of 0.39%, 0.86%, 2.16%, and 3.69%, respectively [4][5]. Valuation Insights - As of December 27, 2024, the electronic (Shenwan) sector's PE (TTM) was 57 times, indicating a 201% premium relative to the overall A-share market [24][71]. - The semiconductor and electronic chemical sectors have relatively high PEs of approximately 93 and 57 times, respectively, while components and consumer electronics have lower PEs of 40 and 31 times [36]. Investment Opportunities - The report suggests focusing on sectors with high earnings certainty, such as equipment and advanced packaging, as potential investment opportunities [59].