电子行业周报：全球及国内2024Q4智能手机出货量同比增长，行业弱复苏格局持续

Investment Rating - The report suggests a cautious optimism for the electronics sector, indicating a moderate recovery in demand and recommending focus on four main investment themes: AIOT, AI-driven innovations, equipment materials, and the consumer electronics cycle [5][7]. Core Insights - The global and domestic smartphone shipments showed year-on-year growth in Q4 2024, with global shipments increasing by 2.4% to 331.7 million units, marking the sixth consecutive quarter of growth. The total for 2024 reached 1.24 billion units, a 6.4% increase year-on-year [5][10]. - Domestic smartphone shipments in China for Q4 2024 rose by 3.9%, totaling approximately 76.43 million units, with a full-year growth of 5.6% to about 286 million units. This marks a rebound after two years of decline [5][10]. - The report highlights the shift in consumer interest away from foldable smartphones, with manufacturers reallocating R&D resources towards AI functionalities [5][10]. Summary by Sections Industry Overview - The electronics sector is experiencing a mild recovery, with demand gradually improving despite macroeconomic challenges. The report emphasizes the importance of focusing on AIOT and AI-driven sectors as key investment opportunities [5][7]. Smartphone Market Analysis - Global smartphone shipments in Q4 2024 reached 331.7 million units, a 2.4% increase year-on-year, while the total for the year was 1.24 billion units, reflecting a 6.4% growth. Apple and Samsung remain the top players, although their market shares have slightly declined [5][10]. - In China, Q4 2024 smartphone shipments were approximately 76.43 million units, up 3.9% year-on-year, with a total of 286 million units for the year, marking a 5.6% increase. Vivo led the market with a 17% share, followed by Huawei and Apple [5][10]. Investment Recommendations - The report recommends focusing on specific sectors within the electronics industry, including AIOT, AI innovation-driven companies, and upstream supply chain opportunities related to semiconductor equipment and materials [5][7].