电子行业周报：半导体自主可控再成焦点，继续推荐模拟、存储及算力ASIC-20250916

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1][10]. Core Views - The semiconductor sector is regaining focus on self-sufficiency, with recommendations for analog, storage, and computing ASICs [1]. - The report expresses optimism for the electronic sector in 2025, driven by the convergence of macro policy cycles, industry inventory cycles, and AI innovation cycles, leading to valuation expansion [1]. - The Ministry of Commerce's anti-dumping investigation into U.S. analog chips is expected to improve price competition and accelerate domestic substitution [2]. - Storage prices are anticipated to rise due to supply tightening and increased demand, with a projected 10% to 15% increase in NAND Flash wafer prices in Q2 2025 [3]. - Domestic AI computing chip development is progressing, with companies like Alibaba and Baidu adopting self-designed chips for AI model training, indicating a decoupling from Western semiconductor ecosystems [4]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.52%, while the electronic sector increased by 6.15%, with components up by 11.33% [1][11]. - The report highlights significant gains in the semiconductor sector, particularly following TSMC's upward revision of annual performance guidance [1]. Semiconductor Sector - The focus on self-sufficiency in semiconductors is emphasized, with recommendations for companies such as SMIC, Naxin Micro, and others [1][2]. - The anti-dumping investigation into U.S. analog chips is expected to benefit domestic companies like Sanan Optoelectronics and others [2]. Storage Market - Micron's announcement to halt pricing for various storage products suggests a potential price increase, with NAND Flash wafer prices expected to rise by 10% to 15% in Q2 2025 [3]. - The report suggests that domestic storage manufacturers will benefit from increased capital support and a shift towards domestic production [3]. AI Computing - The report notes that Alibaba and Baidu are increasingly using self-designed chips for AI training, reflecting a shift away from reliance on foreign technology [4]. - Oracle's forecast for cloud infrastructure revenue growth indicates strong demand for AI infrastructure, with a projected 77% increase in FY26 [4][7]. Key Investment Recommendations - The report recommends a focus on companies such as SMIC, Naxin Micro, and others in the semiconductor space, as well as domestic storage firms like Jiangbo Long and others [1][3][4].