電子行業(yè)投資策略報(bào)告手機(jī)關(guān)注規(guī)格升級(jí)創(chuàng)新點(diǎn)，5g、汽車(chē)電子為未來(lái)大方向

1、目錄1、消費(fèi)電子........................................................51.1、蘋(píng)果新機(jī)需求偏淡，國(guó)內(nèi)供應(yīng)鏈廠商機(jī)會(huì)在光學(xué)和顯示器....................51.2、國(guó)內(nèi)市場(chǎng)銷(xiāo)售遇冷，國(guó)產(chǎn)手機(jī)持續(xù)崛起....................................................91.3、短期關(guān)注光學(xué)3D結(jié)構(gòu)光和屏下指紋商機(jī).........

2、......................................111.4、長(zhǎng)期關(guān)注5G和汽車(chē)電子的機(jī)會(huì)...............................................................141.5、消費(fèi)電子投資建議.....................................................................................

3、212、半導(dǎo)體行業(yè)........................................................................................................322.1、存儲(chǔ)和比特幣降溫，半導(dǎo)體續(xù)看邏輯和模擬..........................................322.2、邏輯電路補(bǔ)庫(kù)存行情未能如期而至，新興應(yīng)用注入新活力！........

4、......332.3、汽車(chē)、工業(yè)和無(wú)線連接市場(chǎng)興起，模擬電路國(guó)產(chǎn)化加速......................402.4、半導(dǎo)體投資建議.........................................................................................433、面板行業(yè)....................................................

5、........................................................463.1、大尺寸供過(guò)于求，價(jià)格趨勢(shì)并未改變.....................................................463.2、智能手機(jī)OLED快速滲透，京東方已出貨品牌商.................................493.3、主要面板企業(yè)盈利下滑，大陸面板廠逆勢(shì)擴(kuò)張..

6、....................................514、投資策略............................................................................................................554.1、投資觀點(diǎn)總結(jié)：.......................................................

7、..................................584.2、投資策略與投資組合：.............................................................................59圖1、18Q3全球智能手機(jī)市場(chǎng)............................................................................

8、...5圖2、17Q318Q3全球智能手機(jī)市場(chǎng).....................................................................5圖3、iPhone季度銷(xiāo)量增速與營(yíng)收增速（財(cái)報(bào)季）.............................................6圖4、iPhone平均銷(xiāo)售單價(jià)持續(xù)提高.....................................

9、................................6圖5、iPhone季度銷(xiāo)量.............................................................................................6圖6、iPhone年度銷(xiāo)量...................................................................

10、..........................6圖7、iPhone新機(jī)BOM表變化（iPhone7Plus~iPhoneXSMax）.....................7圖8、AppleiPhoneX的BOM表和價(jià)值鏈分析....................................................8圖9、iPhoneX硬件成本以半導(dǎo)體和顯示器為主..........................

11、.........................8圖10、iPhoneX毛利分布中蘋(píng)果占據(jù)75%...........................................................8圖11、國(guó)內(nèi)市場(chǎng)智能手機(jī)月度出貨量....................................................................9圖12、國(guó)內(nèi)市場(chǎng)智能手機(jī)季度出貨量........

12、...........................................................9圖13、國(guó)內(nèi)市場(chǎng)智能手機(jī)年度出貨量...................................................................9圖14、大陸智能手機(jī)品牌年度出貨量..........................................................

13、.........9圖15、華為年度出貨量（百萬(wàn)部）.....................................................................10圖16、小米年度出貨量（百萬(wàn)部）.....................................................................10圖17、Oppo年度出貨量（百萬(wàn)部）..................

14、..................................................10圖18、Vivo年度出貨量（百萬(wàn)部）.....................................................................10圖19、全球智能手機(jī)季度出貨量（百萬(wàn)部）......................................................11圖20

15、、全球智能手機(jī)年度出貨量（百萬(wàn)部）......................................................11圖21、iPhoneX結(jié)構(gòu)光示意圖.............................................................................12圖22、OppoFindX結(jié)構(gòu)光示意圖................................

16、.......................................12圖23、小米8透明探索版結(jié)構(gòu)光示意圖.............................................................12圖24、華為Mate20Pro結(jié)構(gòu)光示意圖................................................................12圖25、指紋識(shí)別技術(shù)方

17、案.....................................................................................13圖26、屏下指紋識(shí)別需求量及滲透率預(yù)估.........................................................14表4、大陸地區(qū)晶圓代工現(xiàn)有產(chǎn)能和擴(kuò)產(chǎn)產(chǎn)能分析......................39表5、大陸地區(qū)晶

18、圓擴(kuò)產(chǎn)產(chǎn)能主要來(lái)自大陸廠商................................................40表6、模擬電路細(xì)分產(chǎn)品行業(yè)增速排在前列.......................................................41表7、2018~2019年液晶面板主要新增產(chǎn)能........................................................46

19、表8、國(guó)內(nèi)和韓國(guó)主要OLED廠商.......................................................................51表9、A股電子行業(yè)公司利潤(rùn)表（億元）............................................................55表10、國(guó)內(nèi)廠商在東南亞及印度布局情況................................