电子行业周报：国产芯片新机遇，小米业绩亮眼迎新高-20250825

Investment Rating - The report suggests a positive outlook for the electronic industry, indicating a gradual recovery in demand and price stabilization, with a recommendation to gradually accumulate positions in the market [4][5]. Core Insights - The electronic sector is experiencing a mild recovery, with significant growth in AI chip demand and domestic chip development, particularly highlighted by the launch of DeepSeek-V3.1 and the discontinuation of NVIDIA's H20 chip [4][10]. - Xiaomi's Q2 2025 performance is noteworthy, achieving record highs in total revenue and net profit, driven by the synergy between its smartphone and AIoT businesses, as well as its electric vehicle segment [4][11]. - The report emphasizes the importance of focusing on the AI server supply chain, AIOT, equipment materials, and the localization of automotive electronics as key areas for investment [4][5]. Summary by Sections Industry Overview - The electronic industry is in a phase of moderate recovery, with a focus on AI chip advancements and domestic production capabilities. The report highlights the expected growth in the AI chip market, projecting global sales to reach $92 billion in 2025, a 29.58% increase year-on-year [4][10]. Company Performance - Xiaomi Group reported a total revenue of RMB 116 billion in Q2 2025, a 30.5% year-on-year increase, with adjusted net profit reaching RMB 10.8 billion, marking a 75.4% increase [4][11]. - The company's smartphone and AIoT business contributed RMB 94.7 billion, accounting for 92.8% of total revenue, while its electric vehicle segment generated RMB 21.3 billion [4][11]. Market Trends - The report notes that the semiconductor sector has seen a significant increase, with the semiconductor sub-sector rising by 12.26% recently, outperforming the broader market indices [20][22]. - The report also indicates that the A-share market capitalization of the electronic industry has surpassed that of the banking sector, reaching RMB 11.54 trillion [14]. Investment Recommendations - The report recommends focusing on companies benefiting from strong domestic and international demand in the AIOT sector, as well as those involved in AI innovation and the localization of supply chains [5]. - Specific companies highlighted for potential investment include 乐鑫科技, 恒玄科技, 瑞芯微, and others in the semiconductor and automotive electronics sectors [5].