半导体产业系列报告（一）集成电路：半导体产业方兴未艾，安徽集成电路大有可为

Industry Overview - Integrated circuits (ICs) are the core product of the semiconductor industry, accounting for 81.3% of the global semiconductor market in 2023 [2] - The global semiconductor market is expected to grow by 16% in 2024, reaching $611.2 billion, driven by a 75% growth in the memory market and a 10.7% growth in logic chips [12] - AI technology and the restructuring of global supply chains are driving the semiconductor industry into a new upward cycle, with China's semiconductor industry growing strongly and leading the world [3][4] Investment Opportunities in IC Industry - AI-driven demand for computing power and data storage is creating opportunities in GPU, DPU, HBM, and new memory products [3][4] - The domestic substitution trend in China is creating opportunities in semiconductor equipment and materials, particularly in high-value equipment like lithography machines and etching equipment [4][67] - Anhui province in China is actively developing its IC industry, with a focus on memory, display drivers, and smart home chips, and has formed a "one core, one belt" industrial layout [5][84] IC Product Categories - Logic chips are the largest category of IC products, accounting for 38% of the IC market in 2024, with products including CPUs, GPUs, FPGAs, and ASICs [15][17] - Microprocessors, such as MCUs, are widely used in embedded systems like automotive electronics and industrial control [20][21] - Analog chips are divided into signal chain chips and power management chips, with a focus on high signal-to-noise ratio, stability, and low power consumption [22][24] - Memory chips are divided into volatile (DRAM, SRAM) and non-volatile (NOR Flash, NAND Flash) categories, with DRAM being the mainstream due to its cost-effectiveness [26][27] AI-Driven Semiconductor Trends - AI is driving demand for high-performance computing and storage, with AI servers requiring 8 times more DRAM and 3 times more NAND Flash than conventional servers [55][56] - HBM (High Bandwidth Memory) technology is becoming a key trend in memory chips, addressing the "memory wall" issue in AI applications [58][59] - New memory technologies like PCM, MRAM, ReRAM, and FeRAM are emerging, with ReRAM showing potential in industrial applications [65][66] Semiconductor Equipment and Materials - The semiconductor equipment market is expected to recover to $105.3 billion in 2024, driven by AI and 5G technologies, with China's domestic equipment market share increasing from 21% to 35% [72][73] - Key semiconductor equipment includes lithography machines, etching equipment, and thin film deposition equipment, with domestic manufacturers making progress in these areas [70][71] - Semiconductor materials, particularly those used in advanced processes like photoresists and electronic special gases, have significant growth potential due to AI-driven demand [77][80] Anhui IC Industry Development - Anhui's IC industry grew by 116.3% in 2023, with over 400 companies in the industry chain, focusing on memory, display drivers, and smart home chips [83][84] - Leading companies like ChangXin Memory and Jinghe Integration are driving the industry, with ChangXin being the largest DRAM manufacturer in mainland China and Jinghe leading in display driver chip foundry [85][86] - Anhui has a strong research base, with multiple high-end research institutions collaborating with leading companies to drive innovation in the IC industry [87]