交银国际每日晨报-20250711

Group 1: Core Insights - The report highlights that certain technology stocks have reached all-time highs, suggesting investors continue to focus on AI investment themes [1] - The global stock market remains strong, with technology stocks outperforming the broader market, as evidenced by the MSCI Global Index and Nasdaq 100 rebounding approximately 24% and 31% respectively since April 7 [1] - TSMC's June revenue increased by 27% year-on-year, with expectations for continued technological advantages as it enters 2nm mass production in the second half of 2025 [1] Group 2: Industry Trends - Storage prices are expected to continue rising in the second half of 2025, with DDR4 contract prices showing significant increases and DDR5 spot prices recovering rapidly since June [2] - The report anticipates that the ongoing inventory replenishment, following tariff relief, will maintain upward pressure on storage prices, impacting costs for smartphones and consumer electronics [2] - Investment recommendations include focusing on AI infrastructure development while diversifying investments based on valuation, with a particular emphasis on domestic semiconductor companies and the domestic substitution process for semiconductor equipment [2] Group 3: Economic Data - The report outlines upcoming economic data releases for the U.S. and China, including consumer credit and unemployment claims in the U.S., and consumer price indices and trade surplus in China [4]