不仅是金融，港股千亿半导体龙头也在悄然爆发

Industry Overview - The global semiconductor industry is expected to activate 32 new wafer fabs by 2025, with a projected capacity growth of 7% year-on-year, reaching 33.7 million wafers per month [1] - The capacity in mainland China is anticipated to exceed 10.1 million wafers by 2025, maintaining a double-digit year-on-year growth rate, and increasing its share of global capacity to approximately 30% [1] - The wafer foundry industry is entering a traditional peak season in Q2 and Q3, with increasing market demand expected [1] Cost and Pricing Dynamics - Since April, fluctuations in US-China tariffs have led to increased costs for raw materials and equipment necessary for semiconductor manufacturing, adding pressure on the cost side [1] - There is a widespread expectation of price increases in the wafer foundry industry due to the dual impact of supply-demand tension and rising costs [1] AI and Technological Innovations - The growing scale of AI models and the continuous increase in computational demands are highlighting performance bottlenecks in traditional computing architectures [1] - Innovative solutions such as coarse-grained reconfigurable architectures and wafer-level integrated chips are expected to enhance AI computing efficiency and flexibility [1] - As the number of GPUs increases, interconnectivity between chips may become a major bottleneck, severely limiting the effective scaling of AI training and inference, with wafer-level chips potentially serving as a fundamental solution [1] Company Insights - Crystal Integrated Circuits holds a leading position in the global market share for display driver chip foundry [2] - Guokewai has achieved a full industry chain layout through mergers and acquisitions, integrating "chip design + wafer processing" [3]