Investment Rating - The report maintains an "Outperform" rating for the electronics industry, indicating expectations for performance exceeding the market index by more than 10% [1][11]. Core Views - The report emphasizes the ongoing innovation year for Apple's supply chain and the profit improvement cycle for IC design, driven by the global recognition and application of AI technologies [1]. - The report highlights the positive macroeconomic trends, including the easing of geopolitical tensions and increased focus on Chinese assets, which are expected to support the electronics sector's performance [1]. - The report suggests that the AI application landscape is entering a phase of rapid development, with significant opportunities for related chip companies [2]. - The upcoming Nvidia GTC conference is noted for its potential to showcase hardware innovations, particularly in power supply and PCB materials [3]. - The report identifies a strong trend in the adoption of lidar technology in autonomous driving, with companies like Hesai securing significant orders [4]. - The promotion of RISC-V standards is expected to enhance the autonomy of the domestic semiconductor supply chain [5]. - The report anticipates a surge in demand for silicon carbide (SiC) components, particularly in high-voltage electric vehicles, following the launch of BYD's new platform [8]. - The report notes a year-on-year increase of 8.8% in the shipment of large-size LCD TV panels, indicating a recovery in the LCD market [9]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 1.39%, while the electronics sector saw a decline of 0.62%, with components up by 6.68% and semiconductors down by 2.11% [12]. - The report indicates that the electronics sector is experiencing a valuation expansion phase, supported by macroeconomic policies and industry cycles [1][12]. Key Companies and Predictions - The report lists several companies with "Outperform" ratings, including: - Semiconductor Manufacturing International Corporation (SMIC) with an EPS forecast of 0.45 for 2024 and 0.59 for 2025 [11]. - Aojie Technology with a forecasted EPS of -1.61 for 2024 and -0.79 for 2025 [11]. - Lens Technology with an EPS of 0.79 for 2024 and 1.03 for 2025 [11]. - Other notable companies include Xiaomi, Weir Semiconductor, and Sunyu Optical Technology, all rated "Outperform" [11]. Industry Dynamics - The report discusses the recent developments in the electronics industry, including the rise of AI applications and the increasing importance of semiconductor technologies [2][5]. - It also highlights the competitive landscape, with companies adapting to new technologies and market demands [4][5].

证券研究报告 | 2025年03月16日 电子行业周报 优于大市 继续推荐创新大年的苹果产业链以及盈利改善周期的 IC 设计 业绩期临近，继续推荐创新大年的苹果产业链以及盈利改善周期的 IC 设计。 过去一周上证上涨 1.39%，电子下跌 0.62%，子行业中元件上涨 6.68%，半导 体下跌 2.11%。同期恒生科技、费城半导体、台湾资讯科技下跌 2.59%、0.67%、 3.85%。我们认为，受益于全球对 Deepseek 模型的认可与应用，AI 赋能应用 的进程仍在加速，而中国科技企业在世界 AI 创新进程的参与度、贡献度则 再度受到广泛关注与认知，我们维持对于电子行业 2025 年"行业迈入估值 扩张大年"的投资策略判断；叠加俄乌战争局势的缓和、美国对多地商品提 升关税，市场对于中国资产的关注度升温。在基本面上行趋势中，看好"宏 观政策周期、产业库存周期、AI 创新周期"共振下的板块行情持续性。考虑 到英伟达、华为新品发布会临近，苹果中文版 Apple intelligence 即将上 线，业绩期内继续推荐创新大年的苹果产业链以及盈利改善周期的 IC 设计。 联发科发布新一代高性能边缘 AI 物联网芯 ...