半导体行业月报：国内RISC-V生态加速发展，存储器价格有望逐步回升

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry [2]. Core Insights - The domestic RISC-V ecosystem is accelerating its development, and memory prices are expected to gradually recover [2]. - The semiconductor industry showed strong performance in February 2025, with a 12.28% increase compared to a 1.91% increase in the CSI 300 index [6][13]. - The global semiconductor sales continued to grow year-on-year, with a 17.9% increase in January 2025 [24][26]. - The RISC-V chip market in China is projected to grow from $1.7 billion in 2023 to$25 billion by 2030, with a compound annual growth rate (CAGR) of 47.9% [5]. Summary by Sections 1. Market Performance - In February 2025, the semiconductor industry (CITIC) rose by 12.28%, outperforming the CSI 300 index, with integrated circuits up by 12.81% and semiconductor equipment up by 13.22% [6][13]. - The semiconductor sector has seen a year-to-date increase of 10.03% [6]. 2. Global Semiconductor Sales - Global semiconductor sales in January 2025 reached approximately $565 billion, marking a 17.9$15.55 billion, reflecting a 6.5% year-on-year growth [26]. 3. RISC-V Ecosystem - The RISC-V architecture is gaining traction, with significant developments in software and hardware integration, including the launch of eight RISC-V processors by Alibaba's T-Head [5][7]. - The report suggests focusing on investment opportunities within the RISC-V ecosystem [7]. 4. Memory Market Outlook - Memory prices, particularly for NAND Flash, are expected to recover in the second half of 2025 due to reduced production and increasing demand from AI applications [6][27]. - The NAND Flash market is projected to see significant improvements in supply-demand dynamics by the second half of 2025 [6].