半导体行业双周报（2025、05、16-2025、05、29）：供需格局改善，存储价格有望上涨-20250530

Investment Rating - The semiconductor industry is rated as "Overweight" (maintained) [3] Core Viewpoints - The supply-demand dynamics in the semiconductor industry are improving, with expectations for storage prices to rise due to production cuts by major manufacturers and strong AI-driven demand for enterprise-level storage [39][18] - Domestic storage companies are expected to gain market share through technological innovations and localization strategies, significantly increasing their market presence compared to 2023 [39] - The recent launch of new features by ByteDance indicates the commercialization of multimodal perception technology, which is anticipated to boost demand for upstream computing chips and AI terminal SoC chips [39] Industry Performance Review - As of May 29, 2025, the semiconductor industry index has decreased by 1.59% over the past two weeks, underperforming the CSI 300 index by 0.35 percentage points [5][12] - Year-to-date, the semiconductor industry index has remained flat, while outperforming the CSI 300 index by 1.93 percentage points [5][12] - Among sub-sectors, the performance varied, with discrete devices up by 1.02% and digital chip design down by 3.16% [14][15] Industry News and Company Developments - Major NAND manufacturers, including Samsung and Micron, have initiated production cuts of 10%-15%, leading to expectations of a rebound in memory prices in Q2 [18] - Google announced a partnership with XREAL to launch a new AR glasses platform, with support from domestic suppliers [19] - Huawei has released two new HarmonyOS computers, indicating ongoing innovation in the tech space [20] - The Central Cyberspace Affairs Commission and other departments have outlined goals for IPv6 deployment by 2025, aiming for significant user and connection growth [21] - The AI demand is expected to drive significant growth in enterprise SSDs, with projections for NAND Flash prices to rise in Q3 2025 [24] Semiconductor Industry Data Updates - Global smartphone shipments in Q1 2025 reached 305 million units, a year-on-year increase of 1.53% [31] - In April 2025, domestic new energy vehicle sales reached 1.226 million units, a year-on-year increase of 44.2% [33] - Global semiconductor sales in March 2025 amounted to $55.9 billion, a year-on-year increase of 18.8% [36] Investment Recommendations - The report suggests focusing on storage chip design, storage modules, and DDR5 segments as potential beneficiaries of the improving market conditions [39] - Recommended stocks include: - Semiconductor Equipment: North China HuaChuang, Zhongwei Company, Huahai Qingke, Changchuan Technology, Shengmei Shanghai [40] - Semiconductor Materials: Dinglong Co., Jiangfeng Electronics, Yake Technology [40] - IC Design: Zhaoyi Innovation, Lanke Technology, Baiwei Storage, Lexin Technology, Shengbang Co., Sirui Technology, Weier Co., Sirui Technology, Haiguang Information [40]