证券研究报告 | 2025年12月03日 | 晨会纪要 | | --- | | 数据日期:2025-12-02 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3897.71 | 13056.70 | 4554.33 | 14048.36 | 3789.55 | 1320.15 | | 涨跌幅度（%） | -0.41 | -0.68 | -0.48 | -0.71 | -0.86 | -1.24 | | 成交金额（亿元） | 6274.40 | 9659.89 | 3643.66 | 3236.94 | 4472.96 | 470.78 | 【常规内容】 宏观与策略 策略专题:中观高频景气图谱（2025.11）-上游企稳回升，中游分化修复 行业与公司 港股 12 月投资策略：11 月的回调为 2026 年赢得确定空间 电子行业周报：ASIC 有望开拓新市场，夸克眼镜强化 AI 端侧新趋势 机械行业周报:制造成长周报（第 36 期）-智元上线灵心平 ...

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1][9]. Core Viewpoints - The electronic sector is expected to benefit from high growth in overseas AI computing demand, with a focus on innovative products such as AI smartphones, AI glasses, and foldable screens anticipated to drive market activity in early 2026 [2][3]. - The report emphasizes the importance of patience in investment strategy, suggesting that time can create space for better opportunities in the sector [2]. - The report highlights the potential for domestic companies in the ASIC market, particularly with Google's plans to expand its TPU business, which could enhance market size for cloud inference solutions [4]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.40%, while the electronic sector increased by 6.05% over the past week, with components up by 8.10% and electronic chemicals up by 3.93% [2][10]. - The report notes that the electronic sector's recent underperformance was primarily due to the reduction of national subsidies, export rush in Q2, and price increases in memory shortages [2]. Key Company Recommendations - The report recommends several companies for investment, including: - Aojie Technology - Jiangbolong - Demingli - Lens Technology - Luxshare Precision - Lantech Optical - Hengxuan Technology - Lanke Technology - SMIC - Saiwei Electronics - Tianyue Advanced [2]. Product Innovations - Quark's smart glasses S1 were officially launched, featuring a dual-chip architecture and advanced optical solutions, indicating a significant opportunity in the AR glasses market [3]. - Longxin Storage showcased new DDR5 and LPDDR5X products, with expectations for growth driven by domestic production and price recovery in the storage sector [4]. Global Smartphone Market Outlook - The global smartphone shipment is projected to grow by 3.3% in 2025, with Apple expected to capture a 19.4% market share, making it the leading smartphone brand for the first time since 2011 [5][7]. - The report continues to recommend companies within Apple's supply chain, including Luxshare Precision and Industrial Fulian [7]. Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for key companies, with most rated as "Outperform" and showing positive EPS growth projections for 2025 and 2026 [9].