半导体行业研究周报：小米拟搭建万卡集群，关注国产算力芯片产业链

Investment Rating - The semiconductor industry maintains an "Outperform" rating [25] Core Insights - The report highlights that major domestic technology companies are increasing their investments in computing power, which is expected to accelerate the development of the domestic computing chip industry [40] - The semiconductor market is projected to recover with a significant increase in sales, driven by the demand for storage products and AI applications [47][37] - The report emphasizes the importance of innovation in AI, satellite communications, and augmented reality as key trends that could present investment opportunities [25][26] Summary by Sections Section 1: Industry Overview - Xiaomi is building a GPU cluster to enhance AI model capabilities, with major companies like Alibaba, Baidu, and Tencent also investing in similar infrastructure [40] - As of June 2024, China is expected to have over 8.3 million standard racks in use, with a computing power scale of 246 EFLOPS, reflecting a year-on-year growth of over 65% in intelligent computing [40] Section 2: Semiconductor Market Trends - The semiconductor sales are expected to grow significantly in 2024, with WSTS forecasting a 13.1% increase, reaching $588.36 billion, while IDC predicts a 20.2% increase to $632.8 billion [47] - The report notes that the storage segment is anticipated to be a key driver for the recovery of the semiconductor market, with sales expected to return to 2022 levels [37] Section 3: Chip Supply and Demand - As of November 2024, chip delivery times are stabilizing, with various segments showing different price trends; for instance, general MCU prices are slightly declining while storage prices are experiencing volatility [3][11] - The report indicates that the demand for semiconductor equipment remains stable, although there are fluctuations in material orders and customer inventory risks [11] Section 4: Investment Opportunities - The report suggests focusing on companies involved in EDA/IP and design services, semiconductor design, semiconductor materials, and equipment components as potential investment opportunities [27] - The upcoming CES 2025 is expected to showcase innovations in AI-related hardware, which could lead to investment opportunities in related supply chains [26][33]