Investment Rating - The industry rating is maintained at "Outperform" [7] Core Insights - The semiconductor industry is expected to continue its optimistic growth trajectory in 2025, driven by AI applications and domestic substitution efforts [5] - The release of AI glasses by major companies like ByteDance and Xiaomi is anticipated to catalyze growth in the related supply chain [2][13] - The storage sector is experiencing price increases across various products, with DDR4 and LPDDR4X leading the price surge [3][20] Summary by Sections AI Glasses - ByteDance is in the substantial development phase of its self-developed AI glasses, integrating its "Doubao" model for visual interaction and lightweight design, potentially using the Hengxuan main control chip [2][14] - Xiaomi is also expected to enter the AI smart glasses market, leveraging its existing expertise in smart eyewear [2][18] Storage Market Overview - The storage market has seen a price increase for DDR4 and LPDDR4X products, with DDR4 8G 2666Mbps prices rising over 50% [3][21] - Embedded storage prices have generally increased by 5-10%, driven by rising NAND resource prices [3][21] - The NAND Flash market is projected to see contract price increases of 3-8% in Q2 2025 and 5-10% in Q3 2025 [4][22] Market Trends and Predictions - The demand for AI infrastructure is expected to drive performance elasticity in enterprise storage products [4][5] - The semiconductor sector is witnessing a recovery in the industrial control market, indicating a positive trend for the analog segment [5] - The overall semiconductor market is projected to outperform major indices, with significant growth in the IC design sector [63][69]