半导体行业月报：多款AI眼镜重磅新品陆续发布，存储器价格持续上涨-20250711

Investment Rating - The report maintains an "Outperform" rating for the semiconductor industry [2] Core Insights - The semiconductor industry is currently in an upward cycle, driven significantly by AI as a key growth engine [4][20] - The global semiconductor sales in May 2025 showed a year-on-year increase of 19.8%, marking the 19th consecutive month of growth [20][21] - The report highlights a strong performance in the semiconductor sector, with a 6.01% increase in June 2025, outperforming the 2.50% rise in the CSI 300 index [10][12] Summary by Sections 1. Market Performance - In June 2025, the semiconductor industry (CITIC) rose by 6.01%, with integrated circuits up by 5.82% and semiconductor equipment up by 7.11% [4][10] - The Philadelphia Semiconductor Index increased by 16.57% in June 2025, significantly outperforming the Nasdaq 100 [12][16] 2. Sales and Pricing Trends - The DRAM and NAND Flash price indices saw substantial increases, with DRAM up approximately 62% and NAND up about 13% from March to June 2025 [3][4] - Global semiconductor sales are projected to reach $700.9 billion in 2025, reflecting an 11.2% year-on-year growth [23][24] 3. AI and Consumer Electronics - AI glasses are identified as a prime hardware platform for edge AI, with expected global sales reaching 3.5 million units in 2025, a 230% increase year-on-year [4][20] - The report anticipates a rapid increase in AI smartphone penetration, projected to reach 34% in 2025 [4][20] 4. Inventory and Capacity Utilization - Global semiconductor manufacturers reported a slight decrease in inventory levels, while some domestic manufacturers saw an increase, indicating a potential improvement in inventory management [4][20] - The capacity utilization rates among global wafer fabs showed mixed trends, with some experiencing a decline [4][20] 5. Investment Opportunities - The report suggests focusing on investment opportunities within the AI glasses supply chain, including SoC, memory, optics, batteries, and OEM sectors [4][5] - Domestic memory manufacturers are expected to gain market share due to increasing demand for AI and local production [5]