电子行业2025年度策略报告：“AI+”引领创新周期，推进半导体产业复苏

Investment Rating - The report maintains an "Accumulate" rating for the electronics industry [7] Core Viewpoints - The "AI+" trend is expected to lead a new wave of innovation in consumer electronics, with AI glasses anticipated to surpass TWS headphones as the next popular terminal, potentially exceeding a market size of 100 billion [1][32] - The semiconductor industry is focusing on "AI + self-control," with GPGPU and ASIC technologies driving rapid development in computing chips and related supply chains [2][45] - The "AI + storage/test" segment is projected to facilitate the recovery of the semiconductor industry, with significant growth expected in the advanced packaging market [3][5] Summary by Sections 1. 2024 Electronic Sector Review - The electronic sector has shown strong performance, with a year-to-date increase of 18.52%, outperforming the CSI 300 index by 3.84 percentage points [18][21] 2. "AI + Terminal" Leading Consumer Electronics Innovation - AI glasses are expected to become a major product, integrating multiple functions and potentially reaching a market size of 106.78 billion by 2029, with a CAGR of 18.56% from 2023 to 2029 [1][32] - AI headphones are projected to accelerate replacement cycles, with the market size expected to grow from 7.32 billion to 164.68 billion from 2024 to 2028, reflecting a CAGR of 117.80% [1][38] 3. "AI + Self-Control" in Semiconductor Development - The AI chip market in China is expected to reach 144.7 billion by 2024, with a CAGR of 79.90% from 2018 to 2023 [2][48] - The domestic production ratio of semiconductor equipment has increased from 21% in 2021 to 35% in 2023, indicating a trend towards self-sufficiency [2] 4. "AI + Storage/Test" Driving Semiconductor Recovery - The global semiconductor storage market is projected to grow from approximately 84.28 billion USD in 2023 to 204.68 billion USD by 2030, with a CAGR of 10.10% [3] - The advanced packaging market in mainland China is expected to reach approximately 113.7 billion by 2025, with a CAGR of 29.9% from 2021 to 2025 [3] 5. Investment Recommendations - Focus on the "AI + terminal" supply chain, particularly in AI glasses and headphones, with recommended companies including Yutong Optical, Gree Electric, and GoerTek [4][5] - For the "AI + self-control" segment, companies like Cambricon, Hygon, and Loongson Technology are highlighted [4] - In the "AI + storage/test" area, recommended companies include Dongxin Semiconductor and Neoway Technology [5]