电子行业周报：苹果天猫旗舰店iPhone全线降价

Investment Rating - The report suggests a positive outlook for the electronic industry, indicating a recovery in demand and recommending attention to upstream equipment materials that are relatively independent of the industry's cyclical trends [5][14]. Core Insights - Apple's Tmall flagship store has announced a price reduction across its iPhone lineup, with discounts of up to 1,000 yuan, which has generated significant public interest [3][23]. - Microsoft plans to invest 80 billion USD in AI computing centers in the fiscal year 2025, with over half of this investment expected to be directed towards the U.S. market [3][25][27]. - The electronic industry has shown resilience, with the Shenzhou Composite Index down 3.63% and the electronic sector outperforming the market, with a decline of only 3.1% [3][8]. Market Trends - Global smartphone shipments reached 316 million units in Q3 2024, reflecting a year-on-year growth of 4.01%, although this is a decrease from the previous quarter's growth of 7.58% [11][13]. - In November 2024, China's smartphone shipments totaled 28.19 million units, marking a year-on-year decline of 5.60% [13]. - Global semiconductor sales in November 2024 amounted to 57.82 billion USD, showing a year-on-year increase of 20.7% [4][13]. - Japan's semiconductor equipment shipments increased by 35.18% year-on-year in November 2024 [4][13]. Company Dynamics - Hikvision has repurchased shares worth 310 million yuan, acquiring 10 million shares, which represents 0.1083% of its total share capital [28]. - Hon Hai (Foxconn) reported a revenue of 6.86 trillion NTD for 2024, a year-on-year increase of 11.37%, with December revenue rising by 42.31% year-on-year [20][22]. Investment Recommendations - The report emphasizes the ongoing recovery in electronic demand and suggests focusing on upstream equipment materials with domestic substitution logic, as well as domestic consumer electronics brands [5][14]. - Semiconductor design companies are expected to benefit from downstream inventory replenishment, indicating a favorable investment opportunity [5][14].