Investment Rating - The industry investment rating is maintained at "Overweight" [14][15]. Core Insights - The SW Electronics Index decreased by 0.66% over the past week, underperforming the CSI 300 Index by 2.01 percentage points. Among six sub-sectors, the performance varied with components up by 1.32%, while electronic chemicals II fell by 3.69% [14]. - Xiaomi's 2024 "Human-Vehicle-Home Ecosystem" partner conference highlighted significant R&D investments, with an expected 24 billion yuan in 2024 and 30 billion yuan in 2025, totaling over 100 billion yuan from 2022 to 2026. High-end smartphone sales are projected to grow by 43% year-on-year in 2024, aiming for over 12 million units sold [14]. - The semiconductor sector is anticipated to experience a comprehensive recovery in 2025, with an improved competitive landscape and sustained profit recovery for related companies. Specific stocks in semiconductor design, AIOT SoC chips, and military electronics are recommended for attention [15]. Summary by Sections Market Overview - The report indicates a decline in the SW Electronics Index and highlights the performance of various sub-sectors, with specific gains and losses noted [14]. Company Developments - Xiaomi's conference revealed ambitious R&D spending and sales targets for high-end smartphones, alongside significant achievements in automotive deliveries and IoT device connectivity [14]. Future Outlook - The semiconductor industry is expected to recover, with recommendations for specific stocks that are undervalued and have strong fundamentals [15].
电子行业周报：小米“人车家全生态”合作伙伴大会召开，消费者更换AI手机意愿强劲
Shanghai Securities·2024-12-31 02:27