关注深圳“湾芯展”及半导体零部件投资机遇

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][38]. Core Insights - The "Bay Chip Exhibition" will be held in Shenzhen from October 15-17, 2025, featuring leading companies such as New Kai Lai, North Huachuang, and others [3]. - New Kai Lai showcased 31 self-developed high-end equipment at SEMICON China 2025, indicating its strong position in the semiconductor industry [3]. - The semiconductor components sector is crucial for supporting the exponential growth of downstream industries, with an annual output value reaching over $10 billion [3]. - The demand for semiconductor components is expected to increase due to advanced equipment and process expansions, entering a new growth cycle [3]. - Investment recommendations include focusing on outstanding manufacturers in various segments of semiconductor components, such as New Lai Materials, Jiangfeng Electronics, and others [3]. Industry News and Commentary - Global semiconductor sales in August 2025 reached $64.9 billion, a year-on-year increase of 21.7%, with China growing by 12.4% [5][6]. - The Asia-Pacific region saw a significant sales increase of 43.1% year-on-year in August 2025 [6]. - DRAM and NAND flash memory prices continue to rise, reflecting market confidence in future price increases [12]. - TSMC's 2nm wafer pricing is approximately $30,000, representing a 10-20% increase compared to the 3nm process [21]. - The Philadelphia Semiconductor Index and Taiwan Semiconductor Index both experienced gains, with increases of 3.23% and 5.59% respectively [26].