Guotou Securities·2025-12-27 15:17Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Insights - Nvidia's acquisition of Groq for approximately $20 billion aims to enhance its capabilities in AI inference computing and strengthen its competitive position against rivals like Google's TPU [1] - SK Hynix is set to deliver the final samples of its next-generation 12-layer HBM4 memory to Nvidia in early January 2026, with plans for mass production to begin in March 2026 [2] - SMIC has announced a price increase of about 10% for certain foundry services, particularly focusing on the 8-inch BCD process platform, reflecting rising demand and costs in the semiconductor industry [3] Industry Performance - The electronic sector has shown a relative return of 3.7% over the past month and an absolute return of 6.8% [6] - The semiconductor sub-sector has a PE ratio of 100.63 times, indicating a high valuation compared to historical averages [40] - The electronic industry index has increased by 4.96% in the past week, ranking 4th out of 31 sectors [31] Investment Recommendations - Recommended stocks in the semiconductor sector include SMIC, Hua Hong Semiconductor, and Northern Huachuang [10] - In the consumer electronics sector, suggested stocks include Lixun Precision and Suzhou Tianmai [10]