电子行业周报：机构预计下半年NAND市场有望供需反转

Investment Rating - The report does not provide a specific investment rating for the electronic industry, but it indicates that the electronic sector has underperformed the market, ranking fifteenth among the primary sectors [2][5]. Core Insights - Xiaomi is expected to maintain a growth rate of over 30% this year, following a recovery in 2024 with a reported revenue of 92.51 billion RMB, reflecting a year-on-year increase of 30.5% [17][18]. - The NAND flash memory market is anticipated to experience a supply-demand reversal in the second half of the year, with demand expected to shift from a slow recovery to a rapid increase by mid-2025 [20][21]. - The semiconductor industry is facing a decline in demand for consumer electronics, while demand for AI-related semiconductors remains strong, indicating a divergence in market performance [10][11]. Market Trends - The Shanghai Composite Index rose by 0.15% and the CSI 300 Index increased by 0.52% during the week of February 13 to February 19, 2025, while the electronic industry index fell by 0.25%, underperforming both indices [2][5]. - Global smartphone shipments reached 331 million units in Q4 2024, showing a year-on-year growth of 1.72%, while China's smartphone shipments in December 2024 were 32.4 million units, up 20.8% year-on-year [2][10]. - Global semiconductor sales in December 2024 totaled $56.97 billion, marking a 17.1$6.75 billion, impacted by a significant asset impairment charge [21]. - Huanxu Electronics announced a 15.16% decrease in net profit for 2024, with revenues of approximately 60.69 billion RMB, a slight decline of 0.17% [22].