A股半导体板块估值回升，机构超配静待中报业绩“验真”

Core Viewpoint - The semiconductor sector is experiencing a recovery driven by strong AI demand and a cyclical rebound, with the market showing confidence in long-term prospects as reflected in valuation recovery and institutional allocation [1][2][4]. Group 1: Market Performance - The China Semiconductor Chip Index has rebounded 8.89% since June, outperforming major indices like the SSE 50 and CSI 300 [1][2]. - As of August 7, the semiconductor sector saw a strong performance, with stocks like Dongxin Co. and Fuman Micro reaching their daily limit [1]. - The semiconductor sector's valuation has expanded due to multiple factors, including a continuous market uptrend since June and the upcoming traditional peak season for the electronics industry [2]. Group 2: Demand and Supply Dynamics - The global semiconductor demand is showing structural differentiation, with strong AI-related demand, particularly in the switch and server supply chains, while non-AI demand is recovering moderately [1][4]. - The shipment volume of silicon wafers is a leading indicator of industry health, with a reported 9.6% year-on-year increase in Q2 2025 [3]. - The semiconductor industry is expected to see significant performance differentiation among companies based on their specific market segments [4]. Group 3: Company Performance and Expectations - As of now, 51 semiconductor companies have released mid-year performance forecasts, with 66% indicating positive growth expectations [4]. - Chip companies like Chipone Integrated Circuits and Rockchip Microelectronics are optimistic about AI-driven demand, with some reporting record-high orders [5][6]. - Companies are focusing on AI-related projects, with expectations of significant revenue growth in the coming years, particularly in sectors like power modules and AI IoT [7][8].