机构：Q1淡季效应减轻 晶圆代工营收季减至5.4%

Core Insights - The global wafer foundry industry is experiencing a preemptive inventory buildup due to changes in international circumstances, with some companies receiving urgent orders from clients [1] - China's continuation of the old-for-new subsidy policy introduced in 2024 is helping to mitigate some of the seasonal downturn impacts [1] - Overall industry revenue is projected to decrease by approximately 5.4% quarter-over-quarter, reaching $36.4 billion in the first quarter of 2025 [1]