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交银国际每日晨报-20251015
BOCOM International·2025-10-15 03:07

Group 1: Core Insights - The technology sector has outperformed the market recently, with significant valuation growth in A-share technology stocks, driven primarily by optimism surrounding AI's prospects beyond 2026 [1] - Strong price increases in storage components are expected to continue, with DRAM prices projected to remain robust until Q3 2026 and NAND prices expected to hold strong until H1 2026 [1] - The import value of semiconductor manufacturing equipment continued to grow year-on-year in August, indicating ongoing investment from domestic semiconductor manufacturers [1] Group 2: Semiconductor Industry - The forecast for China's semiconductor equipment sales in 2025 is maintained at USD 52 billion, reflecting a 5% year-on-year growth [1] - TSMC's revenue in September continued to grow by over 30%, supported by its technological advantages in 2nm and A16, which are expected to drive rapid growth in AI-related revenues [1] Group 3: Investment Recommendations - The valuation levels of covered US semiconductor companies are considered relatively manageable, with a positive outlook on the trend of domestic substitution and AI infrastructure development benefiting domestic wafer foundries [2] - The rating for SMIC has been upgraded to "Buy" with a target price raised to HKD 90, while the target price for Hua Hong Semiconductor has also been increased to HKD 90, maintaining a "Buy" rating [2]