电子行业周度点评：3C数码国补正式落地，AI眼镜成为CES新亮点

Investment Rating - The electronic industry is rated as "outperforming the market" [9][52]. Core Views - The report highlights a moderate recovery in terminal demand, particularly in the smartphone market, with a notable increase in 5G smartphone shipments [9][31]. - The expansion of national subsidies for consumer electronics is expected to stimulate downstream demand, benefiting domestic flagship brands [9][52]. - AI-related products, especially AI glasses, are emerging as new highlights in the CES 2025, indicating a trend towards increased integration of AI in consumer electronics [9][52]. Summary by Sections Market Overview - The Shenyin Wanguo electronic index decreased by 4.4% from December 24, 2024, to January 9, 2025, ranking 7th among major industries [9][14]. - The semiconductor sales in November reached $57.82 billion globally, a year-on-year increase of 20.70% [21][22]. - China's semiconductor sales for November were $16.18 billion, with a year-on-year growth of 12.10% [21][22]. Semiconductor Sales - Global semiconductor sales for the first eleven months totaled $560.49 billion, reflecting an 18.99% year-on-year increase [21][22]. - The report notes a continued growth trend in semiconductor sales driven by structural demands from AI and new energy vehicles [22]. Storage Chip Prices - Prices for storage chips have stabilized after a rebound, with DDR3, 4, and 5 average prices showing slight fluctuations [25][29]. - The report indicates that the market for storage chips is experiencing a recovery, but future price increases will depend on sustained demand [29]. Smartphone Market - In November 2024, domestic smartphone shipments were 29.61 million units, a year-on-year decline of 5.10%, while 5G smartphone shipments increased by 0.80% [31][36]. - The report anticipates growth in the smartphone market due to national subsidy policies and a trend towards high-end products [36]. Investment Recommendations - The report suggests focusing on AI glasses and related supply chains, such as optical waveguide companies and storage-related firms [52][53]. - It also highlights opportunities in the electronic components industry, particularly in capacitors and inductors, due to the ongoing penetration of AI terminals [53]. - Companies involved in the AI hardware supply chain, such as PCB manufacturers and power supply firms, are recommended for investment [53].