Huajin Securities·2026-01-10 13:01Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][41]. Core Insights - The report highlights significant advancements in AI and semiconductor sectors, particularly with NVIDIA's launch of the Vera Rubin platform, which includes various high-performance computing products designed to meet advanced model requirements and reduce computing costs [4][7]. - Samsung Electronics reported a substantial increase in Q4 2025 operating profit, reaching 20 trillion KRW, a year-on-year growth of 208.2%, driven by surging AI demand and rising global memory chip prices [8][9]. - TSMC's revenue for December 2025 was approximately 335 billion TWD, marking a year-on-year increase of 20.4%, benefiting from strong AI demand for advanced processes and packaging [9]. Summary by Sections Industry Dynamics - NVIDIA introduced several new products at CES 2026, including the Vera Rubin POD AI supercomputer and Spectrum-X Ethernet co-packaged optical devices, which are designed to enhance performance and efficiency in AI applications [7][8]. - Samsung's strategy has shifted towards high-margin products like HBM and DDR5, leading to significant price increases in memory products, with DDR5 prices rising by 307% since September 2025 [9][22]. Market Review - The electronic industry saw a weekly increase of 7.74% from January 5 to January 9, 2026, with all sub-sectors in the electronics industry showing positive performance [10][13]. High-Frequency Data Tracking - Memory prices have shown an upward trend, with DDR5 16G prices increasing from $30.544 to $31.781 between January 5 and January 9, 2026 [22]. - Panel prices for TVs are expected to see a mild increase in January 2026 due to supply constraints and rising material costs [17][19]. Investment Recommendations - The report suggests a positive outlook for the semiconductor industry driven by AI advancements, recommending a focus on the entire semiconductor supply chain, including key companies like SMIC and Huahong [37]. - It also highlights the storage industry, recommending companies such as Zhaoyi Innovation and Demingli, as well as AI PCB industry players like Shenghong Technology and Huitian Technology [37].