电子周跟踪：国产算力需求超预期，存储即将迎来新涨价周期

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expected growth exceeding the benchmark index by over 10% [1][46]. Core Insights - The electronic industry has shown strong market performance recently, with significant increases in various indices, including a 6.96% rise in the Shenwan Electronics Index and a 7.03% increase in the Wind Semiconductor Index [3][11]. - There is an anticipated increase in demand for domestic computing power, with expectations of a new price increase cycle in the storage sector, particularly for DRAM and NAND Flash products [4][7]. - The report highlights the launch of Apple's iPhone 16E, which is expected to enhance AI smartphone penetration and stimulate related supply chains [4][7]. Market Overview - The overall market saw a rise during the week of February 17-21, 2025, with the Shanghai Composite Index increasing by 0.97% and the Shenzhen Component Index rising by 2.25% [3][11]. - The semiconductor sector experienced notable growth, with digital chip design leading with a 10.82% increase, followed by semiconductor equipment at 10.26% and semiconductors at 8.36% [3][11]. Company Performance - Notable stock performances included Hanwei Technology (+55.69%), Longyang Electronics (+51.78%), and Nanya New Materials (+46.42%) [3][20]. - Conversely, companies like Yunzhu Technology (-8.95%) and Fala Electronics (-5.54%) faced declines [3][20]. Industry Developments - Major storage manufacturers anticipate a price increase for DRAM in the second half of 2025, driven by improving market conditions [4][7]. - Alibaba plans to increase investments in AI and cloud computing infrastructure over the next three years, focusing on AI model platforms and applications [4][41]. - The report emphasizes the importance of domestic substitution in equipment, materials, and components, driven by AI technology and hardware upgrades [7].