电子行业周报：半导体维持高景气，看好模拟及存储左侧布局良机-20250805

Investment Rating - The report maintains an "Outperform" rating for the electronics industry, indicating expected performance above the market index by more than 10% [1][10]. Core Views - The semiconductor sector continues to show high prosperity, with a positive outlook on analog and storage ICs due to favorable left-side layout opportunities. TSMC has raised its revenue growth forecast for 2025 from approximately 25% to 30%, supporting the continuation of high industry prosperity [1][2]. - The report highlights the increasing capital expenditures by major overseas tech companies, indicating strong demand for AI infrastructure. Companies like Microsoft and Google are significantly increasing their capital spending, which is expected to drive growth in the AI industry chain [3][7]. - There is a recovery trend in niche storage prices, with expectations for overall storage price recovery throughout the year. Companies like Winbond are seeing demand for NOR Flash and SLC NAND products increase, which is anticipated to continue into the third quarter [4][9]. Summary by Sections Semiconductor Sector - The semiconductor sector remains robust, with TSMC's revenue growth forecast adjustment reflecting strong AI demand. The report suggests focusing on companies with strong fundamentals and expansion potential, such as SMIC and Hua Hong Semiconductor [1][2][10]. AI Infrastructure - Major tech firms are ramping up capital expenditures, with Microsoft planning to exceed $30 billion in Q1 2026, indicating a strong commitment to AI infrastructure. This trend is expected to benefit companies involved in AI applications and infrastructure [3][7]. Storage Market - The report notes a recovery in niche storage prices, particularly for NOR Flash and SLC NAND products, with expectations for continued price increases. Companies like Zhaoyi Innovation and Beijing Junzheng are highlighted as potential beneficiaries of this trend [4][9]. Investment Recommendations - The report recommends a focus on companies with strong growth potential in the electronics sector, including industrial leaders like Industrial Fulian, Xiaomi, and Lixun Precision, as well as semiconductor firms like SMIC and Jingfang Technology [1][9][10].