Nvidia(US:NVDA) Dongguan Securities·2025-11-21 05:15Investment Rating - The report maintains an "Overweight" rating for the semiconductor industry [2] Core Insights - Nvidia's Q3 revenue reached a record high of $57.01 billion, with a year-on-year growth rate of 62%, exceeding market expectations [12][44] - TSMC's October sales increased by 11.0% month-on-month and 16.9% year-on-year [13] - Major memory manufacturers, including Samsung and SK Hynix, plan to raise NAND prices and cut production [14][16] - Several smartphone manufacturers have delayed memory chip purchases due to rising prices and low inventory levels [18] - The Chinese semiconductor industry is projected to surpass $100 billion in sales for the first time in 2025 [25] Industry Review - The semiconductor industry index fell by 6.54% over the past two weeks, underperforming the CSI 300 index by 3.81 percentage points; however, it has risen by 38.51% year-to-date, outperforming the CSI 300 by 22.50 percentage points [4][11] Industry News and Company Dynamics - Nvidia's data center revenue grew by 66% year-on-year, indicating strong demand from cloud service providers [12][44] - The demand for AI-related products continues to be robust, with TSMC also reporting stronger-than-expected AI revenue growth [44] - The price of NAND flash memory has seen significant increases, with some products rising by as much as 38.46% [23] - Lenovo has signed long-term supply agreements to secure components amid rising prices and shortages [24] Semiconductor Industry Data Update - Global smartphone shipments reached 323 million units in Q3 2025, a year-on-year increase of 2.09% [37] - In October 2025, domestic new energy vehicle sales reached 1.715 million units, a year-on-year increase of 20.0% [38] - Global semiconductor sales in September 2025 were $69.47 billion, a year-on-year increase of 25.1% [42] Investment Recommendations - The report suggests focusing on companies such as North Huachuang, Zhongwei Company, and Huahai Qingke in semiconductor equipment and materials, as well as companies like Zhaoyi Innovation and Lanqi Technology in memory chips [45][48]