“十五五”锚定科技自立，半导体板块活跃

Core Viewpoint - The semiconductor sector continues to show steady growth driven by AI computing demand and expectations from the "14th Five-Year Plan" [2] Group 1: Market Overview - The Shanghai Composite Index (CSI 300) experienced a fluctuation of 2.04% this week, while the electronic sector rose by 3.6% and the semiconductor industry increased by 2.71% [2][3] - Within the semiconductor sector, semiconductor equipment saw a rise of 1.31%, while semiconductor materials and electronic chemicals experienced declines of -0.76% and increases of 1.9%, respectively [2][3] - The integrated circuit packaging and testing industry had a slight increase of 0.08%, with analog chip design and digital chip design rising by 1.27% and 3.97%, respectively [2][3] Group 2: Semiconductor Equipment - The semiconductor equipment sector maintained strong performance, with capital focusing on the "14th Five-Year Plan" for technological independence, leading to increased visibility of orders for leading equipment companies [2][3] - Short-term demand for etching and thin-film deposition equipment is robust due to AI computing needs, while long-term domestic substitution logic is reinforced under the "14th Five-Year Plan" [2][3] Group 3: Semiconductor Materials & Electronic Chemicals - The electronic chemicals sector showed active performance, particularly in sub-sectors like photoresists, driven by the "14th Five-Year Plan" emphasizing supply chain security and self-sufficiency [3] - High-end products such as KrF/ArF photoresists and CMP polishing liquids are key focus areas, with demand for advanced semiconductor precursors and specialty gases increasing due to capacity expansions in HBM and advanced logic chips [3] Group 4: Integrated Circuit Packaging and Testing - The packaging and testing sector is steadily rising, with advanced packaging being a core market focus [3] - The "14th Five-Year Plan" elevates technological independence to a strategic support level for national development, providing clear direction for transitioning to advanced packaging technologies like 2.5D/3D and Chiplet [3] Group 5: Analog Chip Design - The analog chip sector is showing stable performance and is in a mild recovery phase, aided by anti-dumping investigations that create a more favorable competitive environment for domestic companies [3] - Long-term deployments in energy internet, industrial digitalization, and automotive intelligence provide continuous and stable market demand for analog chips [3] Group 6: Digital Chip Design - The digital chip design sector, particularly AI computing chip stocks, is performing strongly, with the "14th Five-Year Plan" placing digital economy and AI development at its core [4] - The demand for high-performance computing chips is driven by cloud model training and edge AI applications, with domestic companies like Huawei and others enhancing market confidence in self-sufficient computing [4] Group 7: Investment Recommendations - The semiconductor sector is experiencing structural trends under the resonance of the "14th Five-Year Plan" and AI industry trends, with equipment and materials benefiting from domestic substitution strategies [4] - Key companies to monitor include Cambrian, Haiguang Information, Zhongwei Company, Northern Huachuang, Tuojing Technology, Anji Technology, Dinglong Co., and Changdian Technology [4]