国君2025年度策略|电子:AI Agent百花齐放,先进制程突破在即

Investment Rating - The report maintains a positive outlook on the semiconductor industry, particularly focusing on AI-driven growth and domestic substitution opportunities [1][2] Core Views - Semiconductor autonomy and controllability remain a key theme in the tech sector, with a focus on advanced process platforms and CoWoS advanced packaging [1] - AI is driving an upward trend in the semiconductor industry, with advancements in PC, mobile, and server upgrades, leading to increased utilization rates in advanced processes [1] - AI Agents are accelerating the empowerment of hardware terminals, enhancing user experience across various devices [1] - Cloud providers continue to increase Capex, with domestic GPUs facing development opportunities and breakthroughs in advanced processes [2] Industry Analysis Semiconductor Industry - AI is leading the semiconductor industry's upward trend, with domestic manufacturers making progress in mature processes and mid-to-low-end products, gradually moving towards high-end segments [1] - The industry is benefiting from AI-driven upgrades in PCs, mobile devices, and servers, with growth in areas like HBM and 3D NAND [1] - Domestic substitution is expected to be a main theme in future tech upgrades, with a focus on advanced processes, advanced packaging, HBM, and equipment [2] AI and Hardware Integration - AI Agents are being commercialized, enhancing hardware terminals such as mobile phones, PCs, and wearable devices, leading to a significant improvement in user experience [1] - The integration of AI with hardware is driving a qualitative change in user experience, with the industry chain expected to benefit significantly [1] Cloud and GPU Development - Cloud providers like Microsoft and Google are maintaining or increasing their Capex, with strong demand for Nvidia GPUs [2] - Domestic GPUs, represented by Ascend, are facing development opportunities due to potential export restrictions on GPUs [2] - The domestic semiconductor industry is focusing on breakthroughs in advanced processes and packaging, with companies like SMIC leading the charge [2] Key Companies and Products - The report highlights companies involved in advanced process platforms, CoWoS advanced packaging, and AI-driven hardware integration [1] - New products like Phase 8L and the integration of AI with hardware terminals are mentioned as key areas of focus [1] - The report also notes the entry of new major clients such as Unisoc, Samsung, and Xiaomi [1]