东海证券晨会纪要-20250722

Group 1: Key Recommendations - Nvidia has resumed sales of its H20 chips to China, which is expected to alleviate the domestic market's computing power shortage in the short term. AMD has also resumed sales of its MI308 chips to China. The long-term trend indicates a push towards self-sufficiency in AI chip development in China [6][7] - TSMC reported Q2 2025 revenue exceeding $30 billion, with a year-on-year growth of 44.4% and a net profit increase of 60.7%. The revenue from 7nm and below process nodes accounted for 74% of total revenue, with high-performance computing revenue growing by 14% quarter-on-quarter [8] - Global smartphone shipments grew by 1% year-on-year in Q2 2025, while shipments in China declined by 4%. The overall demand in the electronics sector is in a phase of mild recovery, with a focus on AIOT, AI-driven technologies, and consumer electronics [10][11] Group 2: Industry Insights - The Ministry of Industry and Information Technology is set to introduce a growth stabilization plan for key industries such as steel, non-ferrous metals, and petrochemicals, which may positively impact the chemical industry [13] - A fire at Covestro's plant in Germany has disrupted TDI supply, leading to price increases. The TDI price is expected to rise due to supply constraints from Covestro, maintenance in Asia, and increased overseas demand [14][15] - The pharmaceutical and biotechnology sector saw a 4% increase last week, outperforming the broader market. The 11th batch of national drug procurement has been initiated, focusing on mature drugs, which may enhance the industry's growth prospects [20][21]