电子行业：3C补贴叠加Mate70发布，消电有望加速复苏

事件:英伟达在 2024 美国超级计算机大会(SC24)上发布 GB200 NVL4 超级 芯片及 H200 NVL。  GB200 NVL4 超级芯片:英伟达新推出的 GB200 Grace Blackwell NVL4 超级 芯片集成了四个通过 NVLink 连接的 Blackwell GPU，并通过 NVLink-C2C 与两 个 Grace CPU 统一。与上一代产品相比，它为科学计算、训练和推理应用提供 了高达 2 倍的性能。GB200 NVL4 超级芯片将于 2025 年下半年上市。

人形机器人:2025年国际巨头量产、国内龙头入局，进入内外双驱、日新月异的产业扩张期 • 人形机器人产业趋势已成，行业预计从产业形成期过渡到产业扩张期，产业化发展有望显著提速。随着AGI技术持续突破、供应 链格局趋于完善、下游应用需求持续打开，人形机器人行业作为高端制造成长板块的明珠，2025年将迎来板块性投资机会。 • 特斯拉:Optimus已可通过单一神经网络学习多种技能，2025年有望进入有限生产阶段，预计率先应用于特斯拉汽车工厂内。 • 英伟达:成立GEAR(通用智能体研究实验室)并入股Figure AI，从软件平台到硬件本体，全面切入人形机器人赛道。 • 华为:华为(深圳)全球具身智能产业创新中心正式运营，整合华为各部门的具身智能相关能力，共建具身智能大脑、小脑、工具 链等关键根技术，并与16家企业签约合作备忘录。

Wearables technologies refer to electronic technologies that are embedded in wearables, such as smart bands, smartwatches, smart clothing, and smart rings. Wearable electronic devices are equipped with miniaturized electronic devices such as microchips and sensors, enabling them to perform computing tasks. The electronic devices embedded in wearables collect data and track activities, allowing the wearers to access information in real-time. The scope of the report includes smart bands, smartwatches, smart rings, wireless headphones, smart glasses, smart clothing, and head-mounted displays (HMDs).

The global synthetic aperture radar (SAR) Market is a part of the global aerospace and defense market. The global aerospace and defense market was valued at $2,407.83 billion in 2021 and reached $2,907.21 billion in 2023. The global aerospace and defense market witnessed an incremental growth of $499.4 billion and registered a CAGR of 9.9% from 2021 to 2023.

True wireless headphones are wireless audio devices that operate without any physical connection to audio sources. These headphones offer the freedom to enjoy music, podcasts, and other audio content without the constraints of wires, making them a popular choice for consumers seeking convenience and portability. True wireless headphones come in various forms including earbuds and headphones; they are equipped with advanced technologies such as Bluetooth connectivity for seamless pairing with mobile devices and active noise cancellation for immersive listening experiences. The market caters to a wide range of consumer preferences, with options available for different usage scenarios, styles, and budgets. With a focus on innovation and user experience, the true wireless headphones market continues to evolve, driven by the advancements in audio technology and changing consumer lifestyles.

半导体设备板块具备“高景气+强催化”属性，2024Q3 各核心标的营收继续保持高增，贯彻“高景气”属性；特朗普上台，中美科技博弈预计再上台阶，自主可控继续成为板块主旋律。9 月底以来，市场流动性释放，赋予板块 EPS 和 PE 双击。展望后续，复苏和先进工艺突破继续作用为下游资本开支的两大主线，建议持续关注下游先进工艺良率提升和低国产化率卡脖子设备突破。  

10 月 A 股半导体指数跑赢中国台湾半导体指数及费城半导体指数。10 月，半导体（SW）行业指数+19.36%，同期电子（SW）行业指数+14.65%，费城半导体指数/中国台湾半导体指数-1.56%/+4.93%；年初至今，半导体 （SW）行业指数+21.94%，同期电子（SW）行业指数+18.95%，费城半导体指数/中国台湾半导体指数+18.47%/+51.67%。