电子行业2025年中期展望：AI浪潮推动电子行业进入新发展阶段，三大核心领域增长动能值得关注

Investment Summary - The electronic industry index has outperformed the ChiNext index from the beginning of the year until June 4, 2025, driven by the AI model innovation wave led by DeepSeek and the continuous iteration of AI applications on the terminal side [4][14][15] - The total market value held by funds in the electronic industry as of Q1 2025 was 570.558 billion, with a decrease in the proportion of circulating A-shares to 4.78% [4][20][30] - The semiconductor sector accounted for 90% of the top ten companies in fund holdings within the electronic industry [23] Core Areas of Growth 1. Wafer Foundry - The wafer foundry sector is expected to benefit from AI development, with the fastest-growing sub-markets being servers, data centers, and storage, projected to reach over $1 trillion in global semiconductor sales by 2030 [4][44] - The global wafer monthly demand is expected to reach 11.2 million pieces in 2025 and grow to 15.1 million pieces by 2030, with growth rates of 6% and 7% in 2024 and 2025 respectively [4][47] - Beneficiary companies include SMIC and Hua Hong Semiconductor [4][52] 2. System on Chip (SoC) - AI technology has become a crucial component of SoC architecture, enhancing smart processing capabilities for edge devices, with the global SoC market projected to grow from $138.46 billion in 2024 to $205.97 billion by 2029, at a CAGR of 8.3% [5][80] - The demand for SoC is significantly driven by mobile devices, IoT devices, and wearable devices, with increasing needs for energy efficiency and compact size [5][80] - Beneficiary companies include Rockchip, Hengxuan Technology, Allwinner Technology, and others [5] 3. Thermal Management Materials - The thermal management materials market is expected to grow from approximately $15.98 billion in 2023 to $26.43 billion by 2028, with an average annual growth rate of 10.5% [5] - The demand for thermal management materials is driven by the increasing heat generation and cooling requirements of consumer electronics, particularly AI-enabled devices [5] - Beneficiary companies include Sifang New Materials, Lingyi Manufacturing, Suzhou Tianmai, and others [5]