电子行业周报：外部环境变动，看好国产供应链-20250412

Investment Rating - The industry investment rating is maintained as "Increase" [6] Core Viewpoints - Domestic substitution is a key focus due to external environmental changes and industrial upgrades. The semiconductor equipment and related domestic substitution industry chain are expected to benefit continuously [1][13] - The global sales of AI smart glasses are projected to reach 90 million units by 2030, indicating a significant growth point in the consumer electronics sector [1][14] - The domestic smartphone market saw a shipment of 19.662 million units in February 2025, a year-on-year increase of 37.9%, with 5G smartphones accounting for 91.5% of the total shipments [2][15] - The domestic computing power market is expected to expand due to AI demand, with companies in the industry chain continuing to benefit from this growth [2][16][17] Summary by Sections 1. Core Viewpoints and Investment Recommendations - Domestic substitution is emphasized as a major trend, with the semiconductor equipment industry expected to benefit from this acceleration [1][4] - The AI smart glasses market is anticipated to grow significantly, with various manufacturers launching products in 2024 and 2025 [1][14] - The recovery of the domestic smartphone market is noted, with significant growth in 5G smartphone shipments [2][15] - The computing power industry is set to benefit from increased investments by operators [2][4] 2. Market Review - The A-share Shenwan Electronics Index fell by 2.71%, underperforming the CSI 300 Index by 1.34 percentage points [3][19] - Among the sub-sectors, the semiconductor sector declined by 0.59%, while the consumer electronics sector saw a drop of 7.77% [3][22] 3. Industry News - The U.S. has imposed a 34% tariff on Chinese imports in response to trade tensions, prompting China to implement countermeasures [32][34] - The launch of the Longxin 3C6000/D dual-server is highlighted, showcasing advancements in domestic computing power [32][16] - Qualcomm's announcement of the fourth-generation Snapdragon 8s mobile platform is expected to drive innovation in the smartphone market [33] 4. Company Dynamics - Jiangfeng Electronics is recommended for investment due to its position in the domestic substitution trend [4][40] - Companies such as Guoguang Electric and Edifier are noted for their innovations in AI glasses and audio products, respectively [37][38] - The expansion of production capacity by Ajinomoto in semiconductor materials is expected to enhance its market position [34][35]