银河证券：料内地半导体板块迎结构性行情 受涨价潮及国产替代逻辑强化驱动

Core Viewpoint - The semiconductor manufacturing equipment market is projected to reach a record high of $133 billion in 2025, driven by AI and HBM demand, with further growth expected to $145 billion in 2026 [1] Group 1: Market Growth and Trends - The global semiconductor manufacturing equipment market is expected to grow by 13.7% year-on-year in 2025 [1] - The demand for AI server power chips and advanced driving chips is surging, indicating a potential cyclical reversal in the industry [1] - The domestic storage manufacturers are accelerating expansion, creating opportunities for domestic equipment in core process segments [1] Group 2: Domestic Market Dynamics - The domestic analog chip design sector is gradually recovering, with several overseas leaders signaling price increases [2] - The price increases in overseas markets are expected to create more opportunities for domestic chips and help restore profit margins [1] - The digital chip design sector showed relative stability last December, with AI computing chips remaining a core growth engine [1] Group 3: Strategic Importance of AI - The strategic value of AI computing chips and the urgency for domestic substitution are becoming increasingly prominent [1] - The penetration of AI into end products like AI PCs and AI smartphones is providing incremental opportunities for certain design companies [1]