电子行业周报：春季躁动在即，关注1月业绩催化集中的AI算力+存力链-20251215

Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][5][10]. Core Views - The upcoming spring market is expected to be driven by performance catalysts in January, particularly in AI computing and storage chains. The electronics sector has shown a weak performance recently due to factors such as reduced government subsidies and supply shortages in storage [1][5]. - The report emphasizes a positive outlook for the electronics industry, recommending patience in allocation and focusing on companies involved in self-controlled manufacturing and overseas AI computing and storage industries [1][5]. - The report highlights the rapid approval of several hard technology-themed funds, which may accelerate the sector's rebound [1]. Summary by Sections Market Trends - The Shanghai Composite Index fell by 0.34%, while the electronics sector rose by 2.63%, with electronic chemicals increasing by 6.99%. The Hang Seng Tech Index and Philadelphia Semiconductor Index saw declines of 0.43% and 3.58%, respectively [1][11]. Key Recommendations - The report recommends focusing on companies such as Aojie Technology, Jiangbolong, Shengyi Technology, Demingli, Lens Technology, Luxshare Precision, Lante Optics, Hengxuan Technology, Lanke Technology, and SMIC [1][5]. Company Performance - Broadcom reported a revenue of $18.02 billion for Q4 FY2025, with semiconductor solutions contributing $11.07 billion. The company expects Q1 revenue to be around $19.1 billion, with AI chip revenue projected to double to $8.2 billion [2]. - Horizon is accelerating the arrival of smart cars and general robotics, with high-level autonomous driving entering a price range of 130,000 to 150,000 [3]. Industry Developments - The Trump administration has approved the export of NVIDIA H200 chips to China, imposing a 25% national security fee, which may temporarily alleviate computing power shortages for domestic cloud vendors [4]. - The report notes that the data center power supply is evolving towards an 800V DC architecture, with silicon carbide and gallium nitride expected to replace silicon-based devices [8].