Nvidia(US:NVDA) Datong Securities·2025-12-16 08:18Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - Short-term import relief alleviates supply pressure, while long-term self-replacement is imperative [2] - The demand for semiconductors remains strong, with ongoing domestic substitution efforts [24] - The storage chip industry is entering a new upcycle, driven by strong demand for high-performance memory from AI servers and data centers [29] - The global AI wave is driving sustained high demand for advanced chips and related manufacturing [34] Summary by Sections Weekly Market Review - The Shanghai Composite Index fell by 0.34% to 3889.35 points, while the Shenzhen Component Index rose by 0.84% to 13258.33 points, and the ChiNext Index increased by 2.74% to 3194.36 points during the week of December 8-14 [1][7] - The electronic sector rose by 2.63%, outperforming the Shanghai Composite Index by 2.98 percentage points [7] Industry Data Tracking - The consumer electronics industry is increasingly reliant on technological innovation and stimulus policies, with a significant increase in smartphone shipments in September [18] - In October 2025, global semiconductor sales reached $72.7 billion, a year-on-year increase of 27.2% [24] - The storage chip industry is experiencing a strong upward trend in DRAM prices, reflecting robust demand from AI applications [29] Investment Recommendations - The report suggests focusing on domestic semiconductor companies that achieve technological breakthroughs and are integrated into mainstream chip manufacturing supply chains, as they are crucial for China's self-sufficiency strategy [34] - The current market for storage is experiencing significant price increases due to heightened demand from AI applications and supply constraints [35]