Huajin Securities·2025-11-16 07:29Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [3][48]. Core Viewpoints - The NAND market is expected to continue experiencing a supply-demand imbalance, driven by increasing demand from AI-related applications and data centers [2][5]. - The report highlights the strong performance of key companies in the semiconductor sector, with significant revenue growth and optimistic forecasts for future quarters [9][10][12]. Summary by Sections Industry Dynamics - Kioxia reported a revenue of 448.3 billion JPY for FY25Q2, a 30.8% increase quarter-on-quarter, driven by higher bit shipments and AI-related NAND demand [9]. - SMIC achieved a revenue of 17.162 billion CNY in Q3 2025, a 6.9% increase quarter-on-quarter, with a net profit growth of 43.1% year-on-year [10][11]. - Tencent's Q3 2025 revenue reached approximately 192.87 billion CNY, a 15% year-on-year increase, with all main segments showing double-digit growth [12]. - Cisco's Q1 FY2026 revenue grew by 8% year-on-year to 14.9 billion USD, with a notable increase in AI infrastructure orders [13]. Market Review - The electronic industry experienced a weekly decline of 4.77% from November 10 to November 14, 2025, with the semiconductor sector showing mixed performance [14][15]. - The Philadelphia Semiconductor Index fell from 7,156.95 points to 6,811.20 points during the same period, although it remains in an upward trend since April 2025 [19]. High-Frequency Data Tracking - The prices of various memory products, including DDR5 and DDR4, have shown an upward trend from November 10 to November 14, 2025, indicating a tightening supply situation [28]. - The report provides detailed price forecasts for TV and IT panels, with expectations of price stability in certain segments and declines in others due to supply-demand dynamics [24][27]. Investment Recommendations - The report maintains a positive outlook on the entire storage industry chain, recommending key stocks such as Zhaoyi Innovation, Demingli, and Jiangbolong [44]. - It emphasizes the potential of AI to drive growth across the semiconductor value chain, suggesting a focus on companies involved in design, manufacturing, and materials [44].