2025年中期电子行业投资策略报告：芯声澎湃，精彩纷呈-20250702

Core Insights - The report indicates that the SW electronics industry has outperformed the CSI 300 index since the beginning of 2025, with a slight increase in valuation compared to recent years [1] - The performance in Q1 2025 shows record highs in revenue and net profit for the SW electronics sector, suggesting a positive outlook for the second half of 2025, particularly in semiconductor self-sufficiency, AI computing power construction, and terminal innovation [1][2] Semiconductor Self-Sufficiency - The intensifying US-China tech friction is accelerating the domestic substitution process in semiconductors, with China being the largest semiconductor equipment market globally [2] - The report highlights that the domestic market still has significant room for improvement in the localization of advanced process equipment, components, and materials, particularly in areas like photolithography machines and high-end photoresists [2][40] - The expansion of wafer fabs is expected to boost demand for semiconductor equipment, indicating a strong growth momentum in advanced processes [2] AI Computing Power Construction - The report notes that AI computing power construction has entered a competitive phase, with key segments including AI chips, advanced packaging, storage chips, and PCBs being critical to the computing power foundation [3] - Domestic internet companies are increasing their AI spending, supported by favorable policies for domestic AI innovation, leading to a gradual increase in the market share of domestic AI chips [3][39] - The storage chip market is expected to benefit from price increases due to adjustments in production plans by overseas manufacturers, with domestic storage companies likely to gain from this trend [3] Terminal Innovation - The report emphasizes that the combination of national subsidies and the AI innovation wave is driving growth in consumer terminals, with AI smartphones and AIPC expected to penetrate the market rapidly [4] - AI smartphones are projected to exceed a penetration rate of 30% in the smartphone market by 2025, with major brands like Apple, Huawei, and Xiaomi actively innovating in AI terminal products [4][39] - The report also mentions that the user base for AI applications is accelerating, with the potential for several billion-level AI application opportunities in the future [4][8] Investment Recommendations - The report suggests focusing on investment opportunities in semiconductor self-sufficiency, AI computing power construction, and terminal innovation [9] - Specific recommendations include investing in advanced process semiconductor industry chains, domestic AI chip leaders, and companies involved in advanced packaging and storage chips [9] - The report also highlights the importance of monitoring leading companies in the PCB sector and those involved in AI smartphone and AIPC developments [9]