机构：半导体国产化有望继续加速

Core Viewpoint - The semiconductor industry is expected to continue its positive development driven by AIGC and consumer demand by 2025, with an acceleration in the localization process of China's semiconductor industry [1] Group 1: Industry Trends - The domestic semiconductor industry is experiencing a wave of mergers and acquisitions, with companies across various sectors such as semiconductor materials, equipment, EDA, packaging, and chip design actively pursuing consolidation plans [1] - Horizontal mergers are being utilized to expand scale, while vertical mergers aim to enhance the supply chain, leading to a reshaping of the domestic semiconductor landscape [1] Group 2: Market Demand and Supply - In October, global semiconductor demand showed continued improvement, with slight growth in PCs and tablets, rapid growth in TWS headphones, wearable devices, and smart home products, and high-speed growth in AI servers [1] - Despite a relatively ample short-term supply and high inventory levels, a downward trend in inventory has been observed, and overall price increases are expanding, indicating a favorable supply-demand balance expected to continue into November [1] - Global AI computing power investment is significantly increasing, while structural shortages in storage persist, indicating ongoing demand pressures [1] - Short-term external policies are raising costs for industries reliant on U.S. imports, but long-term prospects for semiconductor localization are expected to accelerate [1]