电子行业周报：美国关税影响持续，消费电子板块冲击明显

Investment Rating - The report rates the electronics industry as "stronger than the market" [1] Core Viewpoints - The electronics sector is significantly impacted by ongoing U.S. tariff adjustments, particularly affecting the consumer electronics segment, while semiconductor equipment is less affected due to lower export ratios [5][19] - The report highlights the rapid increase in power demand for data centers driven by AI applications, with a notable shift towards controllable nuclear fusion as a potential energy solution [9][11] - Huawei's 2024 annual report indicates a strong performance with a revenue of 862.1 billion RMB, reflecting a 22.4% year-on-year growth, while R&D investment remains substantial at 179.7 billion RMB [19][20] Summary by Sections Industry Investment Rating - The electronics industry is rated as "stronger than the market" [1] Industry Dynamics - The consumer electronics sector is facing significant challenges due to U.S. tariffs, with a 34% tariff on imports from China impacting various components [5] - Semiconductor equipment and certain chip design sectors are expected to show resilience against trade tensions [5] - The global market for small modular reactors (SMR) is projected to reach hundreds of billions by 2030, driven by the need for stable energy supply for AI data centers [11] Company Performance - Huawei reported a total revenue of 862.1 billion RMB for 2024, with a net profit of 62.6 billion RMB, and a significant R&D investment of 179.7 billion RMB [19][20] - SK Hynix completed the acquisition of Intel's NAND Flash business for 9 billion USD, enhancing its market position in the memory sector [22][23] - Major players like OpenAI, Microsoft, Google, and Amazon are increasing investments in nuclear fusion technology to support future energy needs [16][17] Market Performance - The electronics industry experienced a decline of 2.7% in the past week, ranking 27th out of 31 sectors [27] - The semiconductor equipment sector showed positive growth, with a 2.8% increase, while other segments faced declines [30]