电子行业新凯来携30余款产品亮相SEMICON，2Q25预计Nand Flash价格逐步回升

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [34]. Core Insights - The semiconductor manufacturing sector is experiencing a clear trend of domestic substitution, which is favorable for semiconductor manufacturing and equipment. Additionally, major manufacturers are continuously investing in AI terminals, leading to the introduction of new AI-capable chips, which is expected to drive a new wave of replacement demand [29]. - NAND Flash prices are expected to gradually recover in 2Q25 due to production cuts and inventory replenishment by buyers. According to TrendForce, NAND Flash manufacturers began reducing production in Q4 2024, and the effects are becoming evident. The demand from consumer electronics brands and the rebuilding of inventory in sectors like PCs, smartphones, and data centers are contributing to this recovery [9][10]. - The price decline of DRAM is expected to narrow in 2Q25, with conventional DRAM prices projected to decrease by 0% to 5%. The introduction of HBM3e 12hi is anticipated to increase average prices by 3% to 8% [12][14]. Summary by Sections Industry News and Commentary - New Kai Lai showcased over 30 products at SEMICON, including diffusion, etching, thin film, and measurement products [3][5]. - The recovery of NAND Flash prices is attributed to effective production cuts and inventory replenishment by buyers, with expectations for prices to stabilize in 2Q25 [9][10]. - The successful inventory reduction among downstream customers is expected to lead to a narrowing of DRAM price declines in 2Q25 [12][13]. Weekly Market Review - The Philadelphia Semiconductor Index and the Taiwan Semiconductor Index both experienced declines last week, with the Philadelphia index at 4284.91, down 5.99%, and the Taiwan index at 593.84, down 2.32% [20]. - The semiconductor industry index has increased by 29.57% since the beginning of 2024, outperforming the CSI 300 index by 15.46% [23]. Investment Recommendations - Recommended companies include Northern Huachuang, Zhongwei Company, Tuojing Technology, Lanke Technology, Jingdongfang A, Lite-On Technology, and Hengxuan Technology, among others, due to the favorable trends in the semiconductor manufacturing sector [29][33].