电子行业2025年度投资策略：把脉科技硬实力，冲浪AI新时代

Investment Rating - The report maintains an "Overweight" rating for the electronic industry [1] Core Insights - The semiconductor industry is expected to reach a historical high in global sales in 2024, with a projected increase in advanced packaging technology driven by AI, HPC, 5G, and autonomous driving [3][13] - Domestic companies are increasing investments in advanced packaging to enhance competitiveness amid declining market share of international equipment firms in mainland China [3][17] - The automotive sector remains the largest application area for semiconductor discrete devices, with stable growth driven by the electric vehicle market [3][24] - AI applications are expected to significantly boost demand for high-performance storage products, particularly HBM and QLC SSDs, in the coming years [3][39] Summary by Sections Section 1: Advanced Packaging - The advanced packaging market is projected to grow significantly, with a CAGR of 10.7% from 2023 to 2029, driven by emerging technologies [3][16] - Major domestic OSAT companies are ramping up investments in advanced packaging solutions to maintain international competitiveness [3][17] Section 2: AI-Driven Storage Development - The storage market is anticipated to recover steadily in 2024, with AI driving demand for high-performance storage products [3][39] - The market for silicon carbide (SiC) devices is expected to grow significantly, with a projected CAGR of 27% from 2023 to 2028 [3][38] Section 3: AI Integration in Terminal Hardware - The introduction of AI technology into hardware is expected to lead to a new wave of product iterations and upgrades [3][66] - The smartphone market is projected to grow, particularly with the introduction of AI-enabled devices [3][51] Section 4: Display Innovation - The OLED market is expected to benefit from increased penetration rates and recovering terminal demand, particularly in mobile devices [3][3] Section 5: Investment Recommendations - The report suggests focusing on companies involved in advanced packaging and those leveraging AI technologies for growth opportunities [3][3]