电子行业研究周报：AI大模型升级迭代，关注硬件端侧落地机会

Investment Rating - The report maintains a rating of "Increase" for the industry [5] Core Insights - The semiconductor industry is experiencing a significant increase in demand driven by advancements in AI applications and hardware integration, particularly in edge devices [33][59] - The report highlights the strong performance of the semiconductor sector, with the Shenwan Electronics Industry Index rising 3.55% in the last week, outperforming the CSI 300 Index by 3.69% [20][26] - The report emphasizes the importance of domestic substitution and AI-driven demand in shaping investment opportunities within semiconductor equipment and materials companies [33] Market Review - The Shenwan Electronics Industry Index increased by 5.45% from December 1 to December 20, ranking second among 31 industries [20] - Year-to-date, the index has risen by 24.38%, outperforming the CSI 300 Index by 9.91% [20] - Key sub-sectors such as digital chip design, printed circuit boards, and integrated circuit packaging have shown strong performance, with respective outperformance against the CSI 300 Index of 9.26%, 6.27%, and 4.41% [26] AI Model Developments - ByteDance's release of the Doubao visual understanding model has significantly increased the usage of AI in smart terminals, with a daily token usage exceeding 4 trillion, a 33-fold increase since May [30] - OpenAI's o3 model has demonstrated enhanced reasoning capabilities, achieving scores of 87.5% and 75.7% in high and low computational settings, respectively [32] - The report notes that the integration of AI models with various smart devices is expected to drive the popularity of AI applications in consumer electronics [33] Investment Strategy - The report suggests focusing on semiconductor equipment and materials companies that benefit from domestic substitution and AI demand, including North China Huachuang, Zhongwei Company, and Huahai Qingke [33] - It also highlights investment opportunities in consumer electronics and AI-related supply chains, such as Luxshare Precision and Lens Technology [33]