电子行业周报：华为领跑折叠手机市场，存储需求推动闪迪NAND闪存涨价超10%-20250908

Investment Rating - The report suggests a cautious investment approach in the electronics sector, indicating a moderate recovery in demand and price stabilization, with a recommendation to gradually accumulate positions [4][5]. Core Insights - Huawei's new MateXTs foldable phone achieved a shipment of 3.74 million units in the first half of 2025, capturing 75% of the market share, showcasing significant performance improvements [4][10]. - The NAND flash memory market is experiencing a price increase of over 10% due to strong demand driven by AI applications and data centers, with expectations for prices to remain high [4][10]. - The overall electronics industry is in a phase of moderate recovery, with a focus on sectors such as AI server supply chains, AIOT, equipment materials, and automotive electronics [4][5]. Summary by Sections Industry Overview - In the first half of 2025, Huawei's foldable phone shipments reached 3.74 million units, representing a 12.6% year-on-year growth in the Chinese foldable phone market [4][11]. - The global foldable phone market is projected to grow at a CAGR of 7.8% from 2025 to 2029, with an expected shipment of approximately 19.83 million units in 2025 [4]. Market Trends - NAND flash memory prices are set to increase by over 10% due to strong demand from AI applications and data centers, with ongoing price evaluations expected in the coming quarters [4][10]. - The electronics sector has shown a decline, with the Shenwan Electronics Index dropping 4.57% recently, underperforming the broader market [4][17]. Investment Recommendations - The report recommends focusing on companies benefiting from strong domestic and international demand in the AIOT sector, such as Lexin Technology and Huazhong Technology [5]. - It also highlights opportunities in AI-driven sectors, including computing chips and optical devices, suggesting companies like Cambricon and Source Photonics [5]. Performance Metrics - As of September 5, 2025, the Shenwan Electronics Index had a PE ratio of 64.23, indicating high valuation levels compared to historical averages [21]. - The semiconductor sub-sector has seen significant declines, with the semiconductor design segment dropping by 9.13% recently [23].