Guoxin Securities·2025-11-05 14:05Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1][6][12]. Core Views - The AI computing and storage sectors are experiencing unexpected high growth, with a continued tight supply-demand situation. The electronic sector has faced challenges due to storage shortages, tariff wars, and reduced consumer subsidies, leading to a decline in performance, particularly in the upstream IC design segment [2][3]. - Despite recent market fluctuations, the narrative of a new technological revolution driven by AI remains intact, with expectations for product structure upgrades and innovations in AI applications, such as AI glasses, approaching large-scale deployment [2]. - The report suggests maintaining an optimistic outlook and patience in investment strategies, particularly in domestic controllable (foundry + equipment) and local computing + storage supply chains [2]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 0.11%, while the electronic sector fell by 1.65%. Within sub-sectors, consumer electronics increased by 1.19%, and semiconductors decreased by 3.69% [2][13]. - The report highlights that the semiconductor industry is still facing high expectations, but recent performance has been affected by various external factors [2]. Storage Sector Insights - SK Hynix reported a 119% year-on-year increase in net profit for Q3 2025, with NAND ASP rising by 10%-15% and DRAM ASP by 4%-6% [3]. - Samsung's operating profit for Q3 2025 increased by 1650% quarter-on-quarter, indicating a strong outlook for the storage sector driven by AI demand [3]. - The report recommends focusing on domestic storage companies such as Jiangbolong, Demingli, Baiwei Storage, and Zhaoyi Innovation, which are expected to benefit from rising prices and demand [3]. AI Chip Development - Qualcomm plans to launch AI chips for data centers, with the AI200 and AI250 models expected to be commercially available in 2026 and 2027, respectively [4]. - The report emphasizes the growing interest in AI computing chips and suggests monitoring domestic companies like Cambricon, Aojie Technology, and others [4]. Company Performance and Recommendations - MPS exceeded revenue guidance for Q3 2025, with a 33% quarter-on-quarter increase in enterprise data revenue, driven by AI server power module shipments [5]. - The report highlights NVIDIA's increased GPU shipment guidance and suggests continued attention to high-end PCB manufacturers like Huadian, Shengyi Technology, and others [5][8]. - The report identifies AI as a key growth driver and recommends companies such as Industrial Fulian, Huizhong Technology, and others for investment [9]. Key Investment Portfolio - The report lists key companies for investment across various sectors, including consumer electronics, semiconductors, and equipment/materials, with a focus on companies showing strong growth potential [11][12].