电子行业周报：上游涨价趋势蔓延，关注存储、模拟、Foundry、PCB及LCD-20251230

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [1][9]. Core Insights - The electronic upstream price increase trend is spreading, with a focus on storage, Foundry, PCB, and LCD sectors. The demand for AI is driving price increases across various categories, with significant supply shortages in storage and high-end PCB supply chains. The report anticipates a mild recovery in industry profitability as price increases are passed on to end consumers [1]. - The NAND Flash spot market remains strong, with prices increasing by 7% this week due to tight supply conditions. Global cloud infrastructure spending is projected to reach $102.6 billion in 2025, reflecting a 25% year-on-year growth, benefiting domestic storage companies [2]. - SMIC has raised prices for certain capacities by approximately 10%, particularly in the 8-inch BCD process platform, indicating a positive cycle for analog chips and foundry enterprises [3]. Summary by Sections Market Performance - The Shanghai Composite Index rose by 1.88%, while the electronic sector increased by 4.96%, with other electronics up by 7.46% and optical electronics up by 0.86% [10]. Key Companies and Recommendations - Recommended companies include: - SMIC, Aojie Technology, Demingli, Jiangbolong, Lante Optics, Shengyi Technology, Lens Technology, and others, focusing on self-controllable (foundry + equipment) and overseas computing + storage chains [1]. - The report highlights the growth opportunities in the storage industry chain, particularly for companies like Jiangbolong, Demingli, and others [2]. Price Trends and Predictions - The report notes that the price of copper and glass fabric is expected to continue rising, impacting PCB manufacturers' cost structures [4]. - The report suggests that the domestic logic and storage wafer factories will proceed with expansion as domestic lithography machines continue to advance [4]. Investment Portfolio - The report lists a focus on key sectors such as consumer electronics, semiconductors, and equipment/materials, with specific companies highlighted for investment [8].