电子行业：多个PC级芯片发布，看好后续PC换代需求

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - The report highlights a significant growth in the shipment volume of VRMR devices, with multiple manufacturers beginning to invest in ARAI glasses [3] - The National Development and Reform Commission has announced subsidies for digital products such as mobile phones, while the penetration rate of AI smartphones continues to rise [3] - Domestic manufacturers have made technological breakthroughs in the storage sector, presenting potential investment opportunities [3] - The release of multiple PC-level chips is expected to drive demand for PC upgrades [3] Performance Overview - Over the past 12 months, the industry has shown a relative return of 15.97% compared to the CSI 300 index, with an absolute return of 32.3% [2] - In the last month, the industry experienced a relative return of 1.5% and an absolute return of -1.36% [2] - Over the past three months, the relative return was 13.3% and the absolute return was 9.75% [2] Investment Recommendations - The report suggests focusing on the increasing demand for PC upgrades driven by recent advancements in CPU and GPU technologies, including the launch of NVIDIA's GeForce RTX 50 series and AMD's new PC processors [5][6]