【国信电子胡剑团队|1029周观点】电子上游“通胀”起，AI拉动下存储“周期与成长共振”

Core Viewpoint - The report highlights the inflation in the upstream electronic sector and the resonance of storage cycles and growth driven by AI demand, indicating a positive outlook for the electronic industry [3]. Market Performance - In the past week, the Shanghai Composite Index rose by 2.88%, driven by improved expectations regarding the US-China tariff negotiations and the emphasis on domestic technology development from the Fourth Plenary Session [3]. - The electronic sector saw an increase of 8.49%, with sub-sectors such as components rising by 12.84% and optical optoelectronics by 4.04% [3]. - Concurrently, the Hang Seng Tech Index, Philadelphia Semiconductor Index, and Taiwan Information Technology Index increased by 5.20%, 2.94%, and 0.70%, respectively [3]. Industry Insights - TSMC's recent earnings call indicated that AI demand remains strong, exceeding previous expectations, while the non-AI market is experiencing a mild recovery [3]. - There is a growing trend of supply shortages and price increases in storage chips, certain passive components, and high-end CCL, leading to rising inflation expectations in the upstream electronic industry [3].