Guoxin Securities·2025-08-11 14:43Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1][10]. Core Views - The semiconductor sector remains highly prosperous, with positive outlooks for analog and memory ICs. The recent increase in shipments of GB series cabinets and optimistic wafer foundry order forecasts are highlighted [1]. - The demand for AI continues to drive growth in the North American computing power sector, leading to a shift of funds back to hardware [2]. - The production capacity utilization rates for SMIC and Hua Hong Semiconductor in Q2 2025 are reported at 92.5% and 108.3%, respectively, indicating strong demand for analog chips [3]. - The NAND market is expected to grow by approximately 10% in 2025, driven by the recovery of smartphone and PC inventories, alongside strong data center demand [4]. Summary by Sections Semiconductor Sector - The semiconductor industry is experiencing high demand, particularly for analog chips, with SMIC and Hua Hong's production capacity utilization rates showing significant year-on-year increases [3]. - The report recommends focusing on companies with strong fundamentals and expansion potential in the analog IC and memory module sectors [1][3]. Storage Market - The NAND market is projected to see a bit growth rate of around 10% in 2025, supported by the recovery of inventory levels in smartphones and PCs, as well as robust demand from data centers [4]. - Companies such as 德明利, 江波龙, and 兆易创新 are expected to benefit from this recovery trend [4]. Key Companies and Recommendations - The report recommends several companies including 工业富联, 华虹半导体, and 中芯国际, highlighting their strong performance and growth potential in the current market environment [1][10]. - Specific investment targets include companies with strong earnings visibility in the North American computing power supply chain [2][10].