整体表现强劲，半导体行业长期向好

Investment Rating - The semiconductor industry is rated as "Maintain Recommendation" [1] Core Viewpoints - The semiconductor sector is experiencing strong overall performance, with a long-term positive outlook driven by AI computing demand, domestic substitution logic, and policy support [3] - The semiconductor equipment segment has shown robust performance, driven by increased demand for storage due to AI data centers and ongoing domestic substitution [3] - The semiconductor materials and electronic chemicals segment is active, with domestic substitution extending into high-end fields, although top-tier products still rely on imports [3] - The integrated circuit packaging and testing sector is focusing on technological upgrades and application expansion, particularly in advanced packaging to meet high-end chip demands [3] - The analog chip design sector is slowly recovering, with demand returning in industrial and communication markets, while automotive electronics recovery remains lagging [3] - The digital chip design sector is benefiting from AI computing demand, with notable IPO activities boosting market sentiment [3] Summary by Sections Semiconductor Equipment - The semiconductor equipment sector is a key focus for capital allocation, driven by new project launches from leading storage manufacturers and advanced logic expansion [3] Semiconductor Materials & Electronic Chemicals - The semiconductor materials segment is benefiting from vertical upgrades in the semiconductor industry chain, with a focus on high-end products like advanced photoresists [3] Integrated Circuit Packaging and Testing - The packaging and testing sector is transitioning towards advanced packaging solutions to meet the demands of AI and high-performance computing [3] Analog Chip Design - The analog chip sector is in a slow recovery phase, with potential improvements in profit margins due to anti-dumping investigations [3] Digital Chip Design - The digital chip design sector is experiencing structural growth driven by AI computing needs, with significant developments in domestic GPU iterations [3] Investment Recommendations - The report suggests focusing on companies with increasing domestic substitution rates and technological breakthroughs, recommending specific companies such as Cambricon, Haiguang Information, and others [3]