Guoxin Securities·2025-10-21 05:29Investment Rating - The report rates the electronic industry as "Outperform the Market" [1][10][36] Core Views - The demand for AI computing power and storage is experiencing high growth, with TSMC's revenue exceeding expectations [1] - AI applications are driving the demand for Nearline SSDs, leading to a continuous rise in storage prices [2] - TSMC's revenue for Q3 2025 reached $33.1 billion, a year-on-year increase of 40.8%, indicating strong AI demand [3] - The demand for overseas ASICs remains robust, with significant agreements between OpenAI and major companies [4] - Apple's AI initiatives are expanding into the Chinese market, with new products expected to launch in the coming years [5] Summary by Sections Market Performance - The Shanghai Composite Index fell by 1.47%, while the electronic sector dropped by 7.14% [1][11] - The semiconductor sector showed mixed performance, with the Philadelphia Semiconductor Index increasing by 5.78% [11] Company Performance - TSMC's Q3 2025 revenue was $33.1 billion, surpassing the guidance range of $31.8 to $33 billion [3] - The report highlights several companies in the storage sector, such as Jiangbolong and Demingli, as potential investment opportunities due to rising prices [2] Industry Trends - The report notes a significant increase in the demand for large-capacity Nearline SSDs driven by AI applications [2] - The ongoing trend of localization in the AI industry is emphasized, with recommendations for companies like SMIC and Huahong Semiconductor [3] Key Investment Recommendations - The report suggests focusing on companies involved in domestic semiconductor manufacturing and storage solutions, including Jiangbolong and Demingli [2][3] - It also highlights the importance of monitoring companies in the ASIC service sector, such as Aojie Technology and Canxin [4]