半导体行业2月份月报：海外科技股2024Q4业绩持续回暖，DeepSeek大模型引燃AI云与端热情

Investment Rating - The report maintains a positive outlook on the semiconductor industry, suggesting to "buy on dips" and focus on leading companies in specific segments [4][6]. Core Insights - The semiconductor industry showed signs of recovery in February 2025, with a slight increase in demand across various segments, particularly in AI servers and new energy vehicles. However, prices remain under pressure due to ample supply [4][6]. - The report highlights the importance of AI applications and the potential for growth in AIOT and edge AI sectors, indicating a long-term investment opportunity [4][6]. - The overall market sentiment is bolstered by government policies aimed at stimulating consumption in the electronics sector, particularly with the anticipated rollout of national subsidies in 2025 [4][6]. Monthly Market Review - The semiconductor sector experienced a 12.31% increase in February, outperforming the overall electronic sector, which rose by 8.31%, while the CSI 300 index increased by 1.91% [14][16]. - The report notes that the semiconductor industry's valuation metrics, such as PE and PB ratios, are currently at high historical levels, indicating strong market expectations for future growth [22][25]. Supply and Demand Tracking - The semiconductor supply remains relatively abundant, with a weak balance between supply and demand expected to continue into March 2025. Some product prices are showing signs of recovery, although overall price levels are still declining [4][6]. - The report cites a 17.08% year-over-year increase in global semiconductor sales for December 2024, reflecting a broader recovery in demand [4][6]. Downstream Demand Data - Key drivers of semiconductor demand include smartphones, TWS earbuds, and AI servers, with significant growth noted in the new energy vehicle sector, which saw a 29.49% year-over-year increase in sales in January 2025 [4][6]. - The report anticipates that AI server shipments will continue to grow at over 25% annually for the next three years, driven by increased investments in AI technologies [4][6]. Fund Holdings Distribution - As of Q4 2024, the electronic sector remains the top holding for public funds, with a total market value of 445.739 billion yuan, indicating strong investor confidence in the sector [27][30].