电子行业周报：中国芯片出口金额创历史新高，24Q4华为智能手机销量重回中国市场首位

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Views - The report highlights that China's integrated circuit exports reached a historical high in 2024, with an export value of approximately $159.5 billion, reflecting a year-on-year growth of 17.4% [5] - The recovery in demand for smartphones and PCs, along with the rapid development of generative AI and smart vehicles, has positively impacted integrated circuit exports [5] - The report anticipates a comprehensive recovery in the semiconductor sector in 2025, with an emphasis on the potential for profit recovery among related companies [7] Market Overview - The SW Electronics Index increased by 2.82% from January 20 to January 24, outperforming the CSI 300 Index by 2.29 percentage points [4] - Among the six sub-sectors, components, consumer electronics, and other electronics II showed significant gains, with increases of 6.96%, 6.06%, and 5.79% respectively [4] Smartphone Market Insights - In 2024, China's smartphone sales are projected to grow by 1.5%, marking the first increase since 2018, although the fourth quarter saw a decline of 3.2% year-on-year [6] - Huawei regained its position as the market leader in Q4 2024, with a 15.5% increase in sales, driven by the launch of the Nova 13 and Mate 70 series [6] Investment Recommendations - The report suggests focusing on undervalued semiconductor design stocks with real performance and low PE/PEG ratios, as well as companies in various segments such as AIOT SoC chips, analog chips, and semiconductor equipment materials [7]