电子行业周报：半导体并购潮持续，华为PC或将全面转向鸿蒙系统-2025-03-18

Investment Rating - The report maintains an "Overweight" rating for the electronics industry, indicating a positive outlook for semiconductor recovery in 2025 and an expected improvement in the competitive landscape and profitability of related companies [6][8]. Core Insights - The domestic semiconductor merger wave continues into 2025, with notable acquisitions such as North Huachuang's control over Chip Source Micro and Huahai Chengke's acquisition of Hengsu Huawei, which is expected to enhance market share and resource integration [4][6]. - Huawei is transitioning its PC products to the Harmony OS due to the expiration of Windows system licenses, with expectations for a rapid increase in Harmony terminal numbers in 2025 [5][6]. Summary by Sections Market Review - In the past week (03.10-03.14), the SW Electronics Index fell by 0.62%, underperforming the CSI 300 Index by 2.20 percentage points, with sub-sectors showing varied performance [4]. Semiconductor Sector - North Huachuang's acquisition of Chip Source Micro aims to strengthen its position in the semiconductor equipment market, particularly in lithography equipment [4]. - Huahai Chengke's investment in Hengsu Huawei is expected to enhance its competitive edge in semiconductor packaging materials [4]. Investment Recommendations - The report suggests focusing on undervalued semiconductor design stocks with real earnings and low PE/PEG ratios, as well as companies in the semiconductor equipment and materials sectors [6].