电子行业：Deepseek日活高增，海外大厂财报显示算力需求强劲，推理侧即将迎来爆发

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Views - The report highlights the strong growth potential of AI applications driven by reduced training and inference costs, with Deepseek achieving significant daily active user growth [4][15] - Meta's forecast indicates that highly intelligent and personalized AI assistants could exceed 1 billion users, with 2025 being a pivotal year for AI glasses, targeting sales of over 5 million units [4][15] - The report emphasizes the substantial potential of edge AI, with headphones and glasses expected to become key carriers of edge AI agents, recommending companies such as GoerTek, Edifier, and others [4][15] - The ongoing AI wave is expected to drive significant demand for computing power, with major companies like Meta and Microsoft projecting substantial capital expenditures for 2025 [16] Summary by Sections Market Review - As of January 27, the overall market saw declines, with the electronic industry index dropping by 2.92%, ranking 30 out of 31 among all primary industries [6][7] Sub-industry News Semiconductor - Japan's semiconductor design market share is only 9%, prompting increased government support [9] - ASML reported record earnings for Q4 2024, with expectations for continued growth in 2025 [11][18] AI, IoT, and Automotive Electronics - Deepseek's AI model is gaining global attention, with a competitive edge over U.S. counterparts [11] - Meta's Q4 2024 revenue reached $48.39 billion, with a projected capital expenditure of $60-65 billion for 2025 [11] Innovative Electronics & Wearables - Meta's CEO emphasized 2025 as a decisive year for smart glasses, with expectations of significant user adoption [12][13] Mobile & 5G - China's smartphone sales are projected to grow by 1.5% in 2024, marking the first increase since 2018 [17] LCD & LED - Demand for large TV panels is increasing, driven by government policies and market trends [14][15] Industry Investment Strategy - The report suggests focusing on companies involved in AI applications, semiconductor manufacturing, and advanced packaging technologies, highlighting the importance of capital expenditures in driving industry growth [15][16][17]