半导体行业周报：多部门推进新能源车“反内卷”，产业链有望回归良性发展-20250720

Investment Rating - The report maintains an "Accumulate" rating for the semiconductor industry [7][32]. Core Insights - The semiconductor index saw a slight increase of 0.42% from July 14 to July 18, 2025, while the broader market indices also experienced gains [10][12]. - The U.S. has relaxed export licenses for AI chips, allowing companies like NVIDIA and AMD to resume shipments to China, which is expected to positively impact the semiconductor market [14][24]. - The report highlights a significant performance improvement among several semiconductor companies, with notable profit growth forecasts for the first half of 2025 [2][11][31]. Summary by Sections Industry Performance - The semiconductor index increased by 0.42% during the specified period, ranking 65th out of 125 secondary industries [10]. - The Philadelphia Semiconductor Index rose to 5732.62 points, with a year-to-date increase of 14.16% [4][17]. Company Performance - Mid-Micro Company: Expected H1 2025 net profit growth of 31.61% to 41.28%, with revenue projected at approximately 4.961 billion yuan [2][11]. - 拓荆股份 (Tuojing Co.): Anticipated Q2 2025 net profit growth of 235% to 249%, benefiting from domestic substitution trends [2][11]. - 天德钰 (Tiande Yu): Expected H1 2025 net profit growth of 50.89% [2][11]. - 炬芯科技 (Juxin Technology): Forecasted H1 2025 net profit growth of 122.28% [2][11]. - 士兰微 (Silicon Micro): Expected to achieve a net profit of 235 million to 275 million yuan, marking a turnaround [2][11]. Market Trends - The report discusses the "anti-involution" policies in the new energy vehicle sector, which aim to regulate competition and improve cash flow for midstream companies [3][22]. - The demand for AI-related hardware is expected to rise due to the increasing market share of AI applications, driving growth in various semiconductor products [5][32]. Investment Recommendations - The report suggests focusing on companies with strong capabilities in self-control and domestic substitution, such as 兆易创新 (Zhaoyi Innovation), 澜起科技 (Lanke Technology), 聚辰股份 (Jucheng Co.), 神工股份 (Shengong Co.), and 龙芯中科 (Loongson Technology) [5][32].