TrendForce 最新调查显示，2025 年第二季全球 DRAM 产业营收达 316.3 亿美元，季增17.1%。这一成长 主要得益于传统 DRAM 合约价上涨、出货量强劲成长以及 HBM 容量扩大。随着PC OEM、智能型手机 制造商和芯片供应商 (CSP) 采购势头增强，DRAM 供应商的库存消化加速，推动大多数产品的合约价 格回升至正值。 SK海力士在第二季 DRAM 位元出货量中所占份额最高，其次是三星。 未来资产认为，由于人工智能设备拥有更高的半导体含量，数据中心对人工智能的采用率不断提高，以 及边缘和装置上人工智慧的渗透率不断提升，将成为下一轮半导体产业上升周期的关键推动力。 （原标题：AI驱动，终端设备将在2025年推动半导体产业全面复苏） 经济观察网 近日，未来资产环球投资(香港)有限公司("未来资产")发表Global X中国半导体ETF(03191) 季度业绩更新。未来资产预计，终端设备的出货量成长将在2025年推动半导体产业全面复苏。 ...

Core Insights - The SW Electronics Index fell by 4.57% in the past week, underperforming the CSI 300 Index by 3.76 percentage points, with all six sub-sectors showing declines [1] - Innoscience reported significant growth in revenue and profitability for H1 2025, with sales reaching RMB 553 million, a 43.4% increase year-on-year, and a turnaround in gross margin from -21.6% to 6.8% [1] - The company's sales in AI and data center sectors grew by 180% year-on-year, marking it as one of the fastest-growing segments [1] Market Review - The global DRAM industry revenue increased by 17.1% quarter-on-quarter in Q2 2025, reaching USD 31.63 billion, driven by rising contract prices and increased shipment volumes [2] - SK Hynix maintained the top market share at 38.7%, with Q2 revenue of USD 12.229 billion, a 25.8% increase [2] - Samsung's revenue grew by 13.7% to USD 10.35 billion, while Micron's revenue increased by 5.7% to USD 6.95 billion, with market shares of 32.7% and 22% respectively [2] Investment Recommendations - The electronic semiconductor sector is expected to experience a comprehensive recovery in 2025, with potential for profit recovery among related companies [3] - Focus on semiconductor design stocks with low PE/PEG ratios and real performance, including Zhongke Lanyun and Juxin Technology in AIOT SoC chips [3] - Recommendations also include attention to analog chips like Meixin Sheng and Nanchip Technology, as well as key materials companies such as Tongcheng New Materials and Dinglong Co. [3]