电子行业周报：电子上游“通胀”起，AI拉动下存储“周期与成长共振”-20251029

Investment Rating - The report maintains an "Outperform" rating for the electronic industry, indicating expected performance above the market index by more than 10% [10]. Core Views - The electronic upstream inflation is rising, driven by AI demand, leading to a resonance of storage cycles and growth. The Shanghai Composite Index rose by 2.88%, while the electronic sector increased by 8.49% in the past week, with components up by 12.84% and optical electronics up by 4.04% [1]. - The storage prices have been continuously increasing, with a clear upward trend in the storage cycle. The price of 512Gb/1Tb Flash Wafer has risen over 25% since September, and the price of 1TB PCIe 4.0 SSD has increased by over 20% during the same period [2]. - The demand for AI continues to drive high growth in the industry, with significant capital expenditures expected from major cloud service providers, projected to exceed $420 billion in 2025, and potentially reaching $520 billion in 2026 [5]. Summary by Sections Market Performance - The electronic industry overall rose by 8.49% in the past week, with significant gains in sub-sectors such as components and optical electronics [11]. Company Performance - TI's revenue for Q3 2025 was $4.742 billion, a year-on-year increase of 14.2%, and is expected to be between $4.22 billion and $4.58 billion for Q4 2025 [3]. - Several PCB manufacturers reported strong performance, with Dingtai Gaoke's revenue for Q3 2025 reaching 553 million yuan, a year-on-year increase of 33% [4]. Investment Recommendations - The report suggests focusing on domestic storage manufacturers such as Jiangbolong, Demingli, and Zhaoyi Innovation, which are expected to benefit from rising prices and demand [2]. - It also recommends companies with high-end capacity and advantageous customer structures, including Huidian Co., Shengyi Technology, and Pengding Holdings [4].