“以存代算”开启存储新纪元，7月半导体行情延续景气

Investment Rating - Industry Rating: Outperform the Market (Maintained Rating) [1] Core Insights - The semiconductor industry is expected to continue its optimistic growth trajectory in 2025, driven by AI demand in downstream applications. The report highlights the ongoing push for domestic substitution and the positive performance forecasts for various segments in Q2 and Q3 [6][12]. - The introduction of Huawei's UCM technology is anticipated to significantly boost SSD demand by enhancing AI inference efficiency through innovative data management strategies [10][21]. Summary by Sections Semiconductor Market Overview - In July, major chip manufacturers experienced an increase in delivery times, with prices for storage, analog, power, and passive components showing signs of recovery. The report anticipates a continued upward trend in prices and improved order conditions in the distribution channel for Q3 [5][11][22]. Key Technologies and Innovations - The "Storage Computing" paradigm, initiated by Huawei's UCM, is expected to revolutionize the storage industry by optimizing AI inference processes and reducing reliance on HBM. This innovation is projected to enhance the efficiency of enterprise-level SSD products [10][17][21]. Market Segments and Recommendations - The report suggests focusing on sectors such as storage, power, foundry, ASIC, and SoC for their performance elasticity. It also emphasizes the importance of equipment materials and the domestic substitution of computing chips [6][12]. - Specific companies to watch include Jiangbolong, Zhaoyi Innovation, and Huahong Semiconductor among others, which are positioned to benefit from the anticipated market trends [7].