Dongguan Securities·2025-09-19 08:32Investment Rating - The report maintains an "Overweight" rating for the electronics industry, expecting the industry index to outperform the market index by more than 10% in the next six months [28]. Core Insights - The semiconductor sector is experiencing significant growth, with Nvidia's recent launch of the Rubin CPX chip designed for large-scale inference, which is expected to enhance AI processing efficiency [16][24]. - Apple's iPhone 17 series has seen strong pre-order demand, with a projected increase in shipments for the iPhone 18 series in 2026 by approximately 11.76% compared to the iPhone 17 series [2][16]. - The SW electronics sector has shown robust performance, with a cumulative increase of 43.63% year-to-date, outperforming the CSI 300 index by 29.32 percentage points [9][10]. Market Review and Valuation - The SW electronics sector rose by 13.53% over the past two weeks (09/05-09/18), outperforming the CSI 300 index by 10.48 percentage points, ranking first among all sectors [9][10]. - As of September 18, the PE TTM for the SW electronics sector is 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 has announced a $5 billion investment in Intel, which will customize x86 CPUs for Nvidia's AI infrastructure platform [16]. - Meta has launched AI smart glasses, Meta Ray-Ban Display, featuring a neural band that translates muscle signals into commands for the glasses [16]. Company Announcements - Notable companies in the electronics sector have reported significant revenue growth in the first half of 2025, driven by strong demand in AI servers and data center infrastructure [25][26]. Industry Data - Global smartphone shipments reached 295 million units in Q2 2025, reflecting a year-on-year growth of 1.03% [18]. - In June 2025, smartphone shipments in China totaled 20.56 million units, marking a year-on-year decline of 13.77% [18].