Dongguan Securities·2025-09-19 07:06Investment Rating - The report maintains an "Overweight" rating for the electronics industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [27]. Core Insights - The semiconductor sector, particularly companies involved in AI infrastructure, is experiencing significant growth, driven by strong demand for AI servers and related technologies [24]. - The iPhone 17 series has been launched with strong pre-order demand, and Apple is targeting a shipment of approximately 95 million units for the iPhone 18 series in 2026, representing an 11.76% increase from the previous year [16][18]. - Nvidia has introduced the Rubin CPX chip, designed for large-scale inference tasks, which is expected to enhance AI processing capabilities significantly [16][23]. Market Review and Valuation - The SW electronics sector has seen a cumulative increase of 13.53% over the past two weeks (09/05-09/18), outperforming the CSI 300 index by 10.48 percentage points, ranking first among the Shenwan industries [9][10]. - As of September 18, the PE TTM (excluding negative values) for the SW electronics sector stands at 63.86 times, placing it at the 100th percentile for the past five years and the 97.25th percentile for the past ten years [14][15]. Industry News - Nvidia's partnership with Intel involves a $5 billion investment, where Intel will customize x86 CPUs for Nvidia's AI infrastructure [16]. - Meta has launched AI smart glasses, Meta Ray-Ban Display, which come with a neural wristband that translates muscle signals into commands for the glasses [16]. Company Announcements - Companies like Huadian Technology and Luxshare Precision have reported significant revenue growth, driven by strong demand in AI and consumer electronics sectors [24][25]. Industry Data - Global smartphone shipments reached 295 million units in Q2 2025, marking a year-on-year growth of 1.03%. However, China's smartphone shipments saw a decline of 13.77% year-on-year in June 2025, totaling 20.56 million units [18][21].