SINOLINK SECURITIES·2025-05-11 14:23Electronic Sector - TSMC's April revenue exceeded expectations, reaching NT$349.6 billion, with a month-on-month growth of 22.2% and a year-on-year growth of 48.1%, marking a historical monthly high [1] - Cumulative revenue for January to April was NT$1,188.8 billion, a year-on-year increase of 43.5%, also a record for the same period [1] - The growth is driven by AI demand and preemptive stocking by clients concerned about tariff impacts [1] - The electronic sector's Q1 2025 revenue was NT$839.2 billion, a year-on-year increase of 17.6%, with net profit of NT$35.5 billion, up 31.2% [1] - The semiconductor materials sector showed strong performance, benefiting from increased wafer fab utilization and accelerated domestic substitution [1] Communication Sector - Leading optical module companies reported Q1 performance exceeding expectations, with revenue and profit both achieving high growth [2] - The market demand for optical modules is expected to further release due to positive signals from policy and ongoing high capital expenditures from cloud vendors [2] - Major cloud companies' capital expenditures increased significantly, with Microsoft, Meta, Google, and Amazon's spending rising 69% to US$70.6 billion [2] Computer Sector - Google DeepMind released an updated version of Gemini 2.5 Pro, enhancing programming capabilities, allowing users to generate complete web applications and games from a single prompt [3] - The AI industry chain is expected to maintain high prosperity, with strong growth in sectors like intelligent driving and software outsourcing [3] - The impact of tariff policies on computer companies' fundamentals is minimal, with domestic substitution and self-control sectors likely to benefit [3] Media and Internet Sector - Continuous tracking of AI application landing situations is recommended, with a focus on companies with upward marginal fundamentals and M&A themes [4] - The digital media sector has shown strong performance recently, while the film and television sector is expected to decline due to the off-season [4] - Companies like Tencent and Kuaishou are advancing in AI-generated content, indicating a growing potential for AI applications in media [4]