Jin Rong Jie·2025-12-24 09:45Core Viewpoint - SMIC has implemented a price increase of approximately 10% on certain production capacities due to rising demand from mobile applications and AI, alongside raw material cost increases [1] Semiconductor Industry Analysis - The semiconductor industry is experiencing growth driven by the AI wave, domestic substitution, and technological innovation, supporting the long-term development logic of the semiconductor sector [1] - The global semiconductor equipment market is entering a new expansion cycle, with equipment demand and domestic production rates expected to rise simultaneously [2] Market Segment Analysis - Semiconductor Equipment and Materials: This sector is a core area for domestic substitution, benefiting from the anticipated investments from the National Integrated Circuit Industry Investment Fund [2] - Memory Chip Sector: The industry is seeing an upward trend due to the reversal of the global memory cycle and massive demand from AI applications [3] - Advanced Packaging and Chiplet Sector: As chip manufacturing approaches physical limits, advanced packaging becomes crucial for enhancing system performance, presenting growth opportunities for industry chain companies [3] - Automotive Electronics and Power Semiconductor Sector: The demand for automotive-grade chips is experiencing rigid growth due to the long-term trends of electrification and intelligence in new energy vehicles [3] Company Overview - SMIC (688981.SH): The largest and most advanced integrated circuit foundry in mainland China, benefiting significantly from the increase in domestic foundry demand [4] - North Huachuang (002371.SZ): A leading domestic semiconductor equipment manufacturer with a strong platform advantage, playing a key role in domestic equipment substitution [4] - Changdian Technology (600584.SH): The third-largest chip packaging and testing company globally, with a strong competitive edge in advanced packaging technologies [4] - Haiguang Information (688041.SH): A key provider of high-end CPUs and DCUs in China, with products widely used in servers and workstations [4] - Lanke Technology (688008.SH): An international leader in data processing and interconnect chip design, maintaining a leading position in DDR5 memory interface chips and actively developing AI chips [4]