投资建议：行业需求在缓慢复苏，价格有所回暖；海外压力下自主可控力度依然在不断 加大，可逢低缓慢布局。建议关注：（1）受益海内外需求强劲AIOT领域的乐鑫科技、恒玄 科技、瑞芯微、中科蓝讯、炬芯科技、全志科技。（2）AI创新驱动板块，算力芯片关注寒 武纪、海光信息、龙芯中科、澜起科技，光器件关注源杰科技、中际旭创、新易盛、光迅科 技、天孚通信。（3）上游供应链国产替代预期的半导体设备、零组件、材料产业，关注北 方华创、中微公司、拓荆科技、华海清科、盛美上海、富创精密、新莱应材、中船特气、华 特气体、安集科技、鼎龙股份、晶瑞电材。（4）汽车电子受益于新能源车高增长与国产化 机遇的板块。关注功率板块的新洁能、扬杰科技、斯达半导、宏微科技；MCU市场的国芯 科技、兆易创新等；CIS的韦尔股份、思特威、格科微；存储的北京君正、江波龙、佰维存 储；模拟芯片的圣邦股份、思瑞浦、纳芯微等。 8月电子板块涨跌幅为24.79%，半导体板块涨跌幅为27.22%；8月底半导体估值处于历史 5年分位数来看，PE为96.53%，PB为67.95%。申万31个行业中，申万电子行业涨跌幅为 24.79%，其中半导体涨跌幅为27.22%，同期 ...

Core Viewpoint - The release of DeepSeek-V3.1 has heightened market interest in AI chips, contrasting with NVIDIA's announcement of the discontinuation of the H20 chip, indicating a growing domestic chip development capability and accelerated localization in China [1][2]. Industry Summary - The electronic sector is experiencing a mild recovery in demand, with a recommendation to focus on the AI server supply chain, AIoT, equipment materials, and automotive electronics localization [1][6]. - The global AI chip sales revenue is expected to reach $92 billion by 2025, representing a year-on-year growth of 29.58%, while China's AI chip market is projected to reach 141.2 billion yuan in 2024, accounting for approximately 28% of the global market [2]. - The share of foreign chips in China's AI server market is predicted to decline from 63% in 2024 to 42% in 2025, as domestic suppliers like Huawei and Cambricon are expected to increase their market share to 40% by 2025 [2]. Company Summary - Xiaomi Group reported a total revenue of 116 billion yuan for Q2 2025, a year-on-year increase of 30.5%, with adjusted net profit reaching 10.8 billion yuan [3][4]. - The smartphone and AIoT business contributed 94.7 billion yuan in revenue, growing by 14.8% and accounting for 92.8% of total revenue [3]. - Xiaomi's high-end smartphone sales have increased, with a market share of 27.6% in the high-end segment, up by 5.5 percentage points year-on-year [4]. - The smart electric vehicle and AI innovation business generated 21.3 billion yuan in revenue, with a significant reduction in operating losses, expected to achieve profitability in the second half of the year [4]. Market Performance - The electronic industry outperformed the broader market, with the Shenzhen and Shanghai 300 Index rising by 4.18% and the Shenwan Electronics Index increasing by 8.95%, outperforming the former by 4.77 percentage points [5]. - The semiconductor sector saw a notable increase of 12.26%, while other electronic sub-sectors also experienced positive growth [5].