三大因素共振，万亿级市场板块新周期启动？丨每日研选

Core Insights - The global semiconductor market is approaching the $1 trillion mark, driven by explosive demand for AI computing power and accelerated domestic supply chain autonomy, indicating a new growth cycle for the semiconductor industry [1] Group 1: Market Growth and Trends - The global semiconductor market is projected to grow over 25% year-on-year by 2026, reaching $975 billion, marking a strong recovery from previous inventory reductions [1] - AI is identified as the core engine of the current semiconductor cycle, with Huawei predicting a 100,000-fold increase in total computing power by 2035, leading to massive demand for chips and high-end storage [1] Group 2: Storage Industry Dynamics - The AI revolution is fundamentally altering the traditional cycle logic of the storage industry, with exponential growth in data throughput due to advancements in large models and complex reasoning [2] - There is a significant supply-demand gap in the conventional storage market as major manufacturers like Samsung and SK Hynix prioritize capacity for high-bandwidth memory (HBM), with DRAM prices expected to rise by 13-18% by Q4 2025 [2] - The global HBM market is forecasted to have a compound annual growth rate of 33% from 2024 to 2030 [2] Group 3: Domestic Semiconductor Development - China's semiconductor industry is advancing towards core areas of autonomy, particularly in semiconductor equipment and storage chips, with significant breakthroughs in funding and technology [2] - The year 2025 is anticipated to be critical for the growth of domestic equipment orders and performance realization, particularly for leading companies in etching and thin-film deposition [3] Group 4: Investment Opportunities - Investment opportunities in the semiconductor sector can be categorized into two main lines: AI-driven innovation and deepening domestic processes [3] - Key companies benefiting from AI demand include domestic design firms like Cambricon and Haiguang Information, as well as storage companies such as GigaDevice and Jiangbo Long [3][4] - In the semiconductor equipment sector, companies like North Huachuang and Zhongwei Company are highlighted for their breakthroughs in critical processes [3][4] - A comprehensive focus on the entire semiconductor supply chain is recommended, with key players including SMIC and Hua Hong Semiconductor [3][4]