2024年12月电子行业月报：终端复苏动能集聚 国产化进程有望提速

Investment Rating - The industry is rated as "Neutral" [5][31][32] Core Insights - The recovery momentum in the industry is gathering strength, driven by the rapid iteration of AI large models and consumer stimulus policies. In 2024, the daily usage of Baidu's Wenxin large model exceeded 1.5 billion, a 30-fold increase from the previous quarter. The cost of AI models is also decreasing significantly, with some models priced as low as 0.0015 yuan per thousand tokens, making them highly competitive [6][23][24]. - The domestic semiconductor industry is expected to accelerate its localization process, supported by increased government initiatives in the U.S., Japan, and South Korea. The Chinese government is also focusing on strengthening basic research and key core technology breakthroughs, indicating a growing urgency for domestic substitution in critical areas like chips [6][28][29]. - The electronic information manufacturing industry saw a year-on-year increase of 12.2% in added value from January to November 2024, with integrated circuit production leading the growth at 23.1% [25][26]. Summary by Sections 1. Market Review for December 2024 - The A-share electronic sector (Shenwan) had a monthly increase of 0.49%, ranking 8th among 31 primary industries. The sub-sectors of other electronics, components, and consumer electronics performed relatively well, with monthly increases of 7.01%, 3.99%, and 1.69%, respectively [13][14]. 2. Recovery Momentum and Localization Acceleration - The AI-driven innovation cycle is expected to boost the consumer electronics supply chain, leading to simultaneous increases in volume and price. The semiconductor sector, as a cornerstone of the electronic information industry, is likely to benefit from policy support aimed at supply chain autonomy and localization [6][29]. - The global market for smart glasses is still in its infancy, with only 1.5 million units shipped as of Q3 2024, indicating significant growth potential [24]. 3. Financial Performance - From January to November 2024, the electronic information manufacturing sector achieved a revenue of 14.45 trillion yuan, a year-on-year increase of 7.2%, with total profits reaching 565.3 billion yuan, up 2.9% [26][27].