TSMC(US:TSM) KAIYUAN SECURITIES·2025-04-27 08:45Investment Rating - The investment rating for the semiconductor industry is "Positive" [1] Core Insights - The global semiconductor index has faced pressure due to tariff policies, with a decline of 1.3% for the semiconductor index, 1.5% for the Philadelphia Semiconductor Index, 5.3% for the Taiwan Semiconductor Index, and 6.8% for the Nikkei Semiconductor Index as of April 24, 2025. In contrast, the domestic semiconductor industry shows resilience, benefiting from self-sufficiency [3][4] - The report highlights a structural recovery in various segments of the semiconductor industry, particularly in analog chips and semiconductor equipment, which have shown positive growth [3][4] Monthly Review - The global semiconductor index has seen varying degrees of decline, with the domestic semiconductor sector benefiting from self-sufficiency, showing a relatively stronger performance [3] - The performance of domestic semiconductor sub-sectors as of April 24, 2025, includes: - Analog chip design: +6.8% - Semiconductor equipment: +2.4% - Discrete devices: -3.1% - Digital chip design: -3.2% - Semiconductor materials: -4.0% - Integrated circuit packaging and testing: -7.4% [3] Downstream Tracking - In Q1 2025, the global smartphone shipments reached 305 million units (+1.5%), with domestic shipments benefiting from government subsidies at 71.6 million units (+3.3%) [5] - The automotive sector showed robust growth, with total vehicle sales in China reaching 7.47 million units (+14.5%), and new energy vehicle sales accounting for over 40% of total sales, reaching 3.075 million units (+47.1%) [5] - The server market continues to benefit from AI demand, with significant revenue growth reported by companies like Xinxin, which achieved a year-on-year increase of 110.27% in March 2025 [5] Beneficiary Targets - Beneficiary companies in the semiconductor sector include: - Storage modules: Jiangbolong, Baiwei Storage, Demingli, Shannon Chip Creation - Lithography machine industry chain: Zhangjiang Hi-Tech, Fuzheng Technology, Maolai Optics, Huicheng Vacuum, Yongxin Optics, Juguang Technology - Automotive chips: Zhaoyi Innovation, Horizon Robotics, Shengbang Co., Beijing Junzheng, Naxinwei, Guoxin Technology, Yutai Micro, Yachuang Electronics [6]