6月总结及Q3展望：关注旺季+创新共振下的高价值赛道

Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [8] Core Insights - The semiconductor industry is experiencing a positive growth trajectory, driven by AI demand and ongoing domestic substitution efforts [20][21] - The report highlights the significant price increases in storage products, particularly DRAM and NAND Flash, with expectations of continued growth in Q3 2025 [17][19] - Key players like SK Hynix are reporting record earnings, benefiting from strong AI server demand and optimizing product structures to maintain market leadership [18][27] Summary by Sections June Semiconductor Summary and Q3 Outlook - In June, overall chip delivery times showed fluctuations, with some categories experiencing extended lead times while the spot market remained stable [16] - Storage prices continued to rise, particularly LPDDR4X, due to packaging substrate delivery delays and tight resource supply [16] - Major chip suppliers saw slight increases in delivery times and prices, with DRAM delivery times stable but prices rising significantly [16] Q3 Outlook - According to TechInsight data, most product categories are expected to see continued increases in delivery times in Q3 2025 [17] - DRAM prices are projected to rise significantly, with Consumer DDR4 expected to increase by 40-45% and overall DRAM price increases estimated at 15-20% [17] - NAND Flash prices are also expected to rise, driven by enterprise demand and AI investments, with overall contract prices projected to increase by 5-10% [17] Key Company Performance - SK Hynix reported a record high revenue of 22.2 trillion KRW (approximately 16.17 billion USD) in Q2 2025, a 35% year-on-year increase [18] - The company plans to expand HBM3E supply and has developed a UFS 4.1 chip, expected to launch related SSD products within the year [18][27] Recommended Stocks in the Storage Sector - Jiangbolong is highlighted as a key stock with dual growth potential, benefiting from storage price increases and domestic substitution in enterprise storage [19] - The company has completed compatibility certification for its DDR5 RDIMM with AMD's Threadripper PRO 9000WX series, enhancing its market position [19][22] Overall Market Outlook - The semiconductor market is expected to maintain optimistic growth in 2025, with a focus on storage, foundry, SoC, ASIC, and CIS performance elasticity [20] - The report suggests monitoring the equipment and materials sector, as domestic lithography machine advancements may catalyze significant industry changes [20][21]