Huaxin Securities·2025-12-11 06:07Investment Rating - The report maintains a "Buy" rating for specific companies in the electronic industry, including Zhongji Xuchuang, Tianfu Communication, Shenghong Technology, and others [9][16]. Core Insights - Nvidia's lobbying efforts have led to a potential easing of chip export restrictions to China, which could significantly impact its business prospects in the region [5][14]. - Amazon has launched its third-generation custom AI chip, Trainium3, which boasts a fourfold performance increase over its predecessor and reduces AI model training and operational costs by 40% [6][15]. - The electronic industry has shown strong performance, with a 70.8% increase over the past 12 months, outperforming the broader market [3][19]. Summary by Sections Industry Performance - The electronic sector has seen a 1.09% increase in the week from December 1 to December 5, ranking 13th among various sectors [19][22]. - The sector's price-to-earnings (P/E) ratio stands at 63.26, indicating a relatively high valuation compared to other industries [19][21]. Key Company Announcements - Nvidia is in preliminary discussions with the U.S. government regarding the export of its H200 chip to China, which could enhance its market presence [5][14]. - Amazon's Trainium3 chip features 144 GB of HBM3E memory and offers a memory bandwidth of 4.9 TB/s, with plans for the next-generation Trainium4 chip already underway [6][15]. Market Trends - The report highlights a significant outflow of funds from the electronic sector, with a net outflow of 107.21 billion yuan last week, indicating a cautious market sentiment [27][28]. - The AI computing-related sub-sectors have shown varied performance, with communication network devices leading with a 5.67% increase [23][25]. Company Focus and Earnings Forecast - Companies such as Tianfu Communication, Zhongji Xuchuang, and Shenghong Technology are recommended for investment, with projected earnings per share (EPS) growth in the coming years [9][16]. - The report provides detailed earnings forecasts for various companies, indicating a positive outlook for several key players in the electronic industry [9][16].