电子行业2025Q2基金持仓分析：AI作帆，行业配置、超配比例再创新高

Investment Rating - The report maintains a positive outlook on the electronic industry, rating it as "Look Favorably" [10]. Core Insights - The electronic sector is experiencing increased allocation and overweight ratios due to the release of AI infrastructure demand and the impact of the US-China tariff situation. The overall allocation ratio for the electronic sector reached 19.3% in Q2 2025, an increase of 0.06 percentage points from Q1 2025. The overweight ratio for the electronic sector is now at 7.5%, up by 0.12 percentage points from the previous quarter, making it the most favored sector among public funds [2][5][17]. Summary by Sections Overall Industry - The electronic sector's allocation and overweight ratios have both increased in Q2 2025, driven by AI hardware demand and the US-China tariff environment. The semiconductor sector remains a focal point, despite a slight decrease in allocation [5][20]. Semiconductor Sector - The semiconductor industry shows strong growth momentum, with Q2 2025 witnessing a high allocation ratio of 10.66%. Key players benefiting from improved competition and innovation include companies like Zhaoyi Innovation and Silead. However, some companies like Cambricon and Huagong Information have seen significant reductions in allocation [6][40][41]. Electronic Products & Components - The electronic products and components sector is benefiting from AI-driven growth, with a notable increase in allocation. The sector is entering a new innovation cycle, driven by emerging AI terminals and traditional product AI integration. The PCB segment is experiencing robust demand, contributing to stable mid-term demand [7][45]. Display Devices - The display device sector has seen a slight decline in demand in Q2 2025, but long-term demand remains strong. The sector is expected to improve as it enters a traditional stocking season, with mid to long-term growth anticipated due to ongoing replacement cycles [8][48].