半导体深度：代工、设备、材料等板块自主可控提速（附67页PPT）

Core Viewpoint - The semiconductor industry is experiencing a recovery in various segments, driven by domestic advancements in manufacturing capabilities and a resurgence in demand for consumer electronics and AI applications. The focus on self-sufficiency in supply chains is accelerating, particularly in advanced process nodes and storage solutions [2][15]. Industry Overview - The semiconductor sector's index rose by 5.96% in June 2025, lagging behind the Philadelphia Semiconductor Index, which increased by 16.54% [23]. - The demand for consumer electronics is recovering, with smartphone shipments in Q1 2025 showing a year-on-year increase of 1.5% globally and 3.3% in China [2][18]. - The global semiconductor sales in April 2025 reached $57 billion, marking a 22.7% year-on-year growth [7][18]. Demand Side - The consumer electronics sector is witnessing a revival, particularly in AI applications and automotive innovations. The global PC market saw a 4.9% increase in shipments in Q1 2025 [2][18]. - Wearable technology, especially AI glasses, experienced a significant growth of 216% year-on-year in Q1 2025 [2][18]. Supply Side - TSMC is ramping up its advanced process capacity, with a capital expenditure guidance of $38-42 billion for 2025, focusing on high-end storage solutions [2][18]. - Domestic manufacturers are enhancing their production capabilities, with companies like SMIC and Hua Hong Semiconductor increasing their output [2][18]. Inventory Management - The inventory levels in the smartphone supply chain are stabilizing, while the PC supply chain is seeing a slight increase in inventory [2][18]. - Power semiconductor companies are expected to reach peak inventory levels in Q2 2025 [2][18]. Price Trends - The prices of storage products, particularly DDR4, have seen a rapid increase of approximately 50% since late May 2025, indicating a recovery in the market [3][7]. - The prices of IGBT components are stabilizing, alleviating previous pressures [3][7]. Investment Recommendations - Focus on domestic semiconductor manufacturing, equipment, materials, and components, as well as sectors benefiting from the recovery in storage and SoC markets [2][15]. - Key companies to watch include domestic leaders in semiconductor equipment and materials, as well as those involved in AI and advanced packaging technologies [17][18].