Group 1 - The core focus of the research is to understand the needs and achievements of unicorn companies in areas such as technological breakthroughs, business expansion, resource collaboration, and continuous innovation during the "14th Five-Year Plan" period [1][10] - The research team has been actively visiting companies in innovation hubs like Zhangjiang, Minhang, and Xuhui since June to gather insights on their demands and accomplishments [1][10] Group 2 - Many companies reported that AI is a core driver of their business development, with significant investments being made, although there are challenges in acquiring high-quality, scenario-based data [5] - The surveyed companies span various industries, including smart hardware, semiconductors, robotics, and sports services, and have established competitive advantages in Shanghai due to its industrial clusters and talent resources [5] Group 3 - Global expansion has become a strategic choice for many unicorn companies, with some preparing to enter overseas markets while expressing concerns about high initial costs and complex local regulations [7] - Companies are seeking comprehensive government support for overseas expansion, including professional consulting, efficient intermediary services, targeted financial subsidies, and operational support in overseas parks [7] Group 4 - The concept of "ecological collaboration" is frequently mentioned by management, highlighting the need to break down industry barriers and promote open protocols and unified standards for high-quality development [7] - Addressing the expectations of companies regarding overseas support, ecosystem building, data provision, and policy optimization is crucial for unlocking the potential of Shanghai's unicorns and driving high-quality industrial development [10]

半导体行业 超配（维持） 把握不确定性中的确定性，继续看好自主可控与人 工智能浪潮 投 资 策 略 半导体行业 2025 年中期投资策略 2025 年 6 月 16 日 S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：Wind，东莞证券研究所 可控强化 年投资策略：国产替代持续深化， AI 带来硬件增量 投资要点： 风险提示：贸易形势不确定性导致下游需求存在不确定性的风险、 国产替代进程不及预期的风险、产能持续释放导致竞争加剧的风险 等。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 推荐 分析师：刘梦麟 SAC 执业证书编号： 分析师：陈伟光 SAC 执业证书编号： 板块业绩回顾：受益AI驱动需求复苏和关键领域国产替代持续推进， 半导体行业自2023年下半年以来进入景气复苏周期，并在2024年、 2025年 ...

Core Viewpoint - The article identifies the top ten industries with growth potential for 2025 based on the analysis of A-share listed companies' salary increases and employee numbers, indicating a positive outlook for these sectors [4][5]. Industry Summaries Lithium Battery Industry - The lithium battery industry has a favorable outlook index of 48.4%, with 15 out of 31 companies meeting the criteria of a salary increase over 5% and a decrease in employee numbers not exceeding 2% [9][10]. - In 2024, the industry is projected to have a revenue of 636.5 billion yuan, a decrease of 2.84% year-on-year, but a positive trend is expected in 2025 with a revenue increase of 12.5% in Q1 [11]. - The global lithium battery shipment is expected to reach 1,545 GWh in 2024, with a compound annual growth rate of 22.1% from 2024 to 2030 [10][11]. Electric Motor Industry - The electric motor industry has a favorable outlook index of 50%, with 12 out of 24 companies meeting the criteria [17][20]. - In Q1 2025, the industry revenue is projected to be 17.2 billion yuan, an increase of 11% year-on-year, indicating a positive trend [21]. - The industry is evolving towards smart, digital, lightweight, efficient, and new types of motors [19]. Discrete Devices Industry - The discrete devices industry has a favorable outlook index of 52.9%, with 9 out of 17 companies meeting the criteria [28][31]. - In Q1 2025, the industry revenue is expected to be 8.9 billion yuan, a year-on-year increase of 20.3% [34]. - The industry is experiencing a period of adjustment, but inventory turnover days have significantly decreased for 11 out of 17 companies, indicating a positive trend [32]. Printed Circuit Board (PCB) Industry - The PCB industry has a favorable outlook index of 53.5%, with 23 out of 43 companies meeting the criteria [40][42]. - In Q1 2025, the industry revenue is projected to be 62.8 billion yuan, a year-on-year increase of 24.6% [43]. - The industry is expected to continue its growth trajectory, supported by increasing demand for high-end PCBs [41]. Chip Packaging and Testing Industry - The chip packaging and testing industry has a favorable outlook index of 53.8%, with 7 out of 13 companies meeting the criteria [48][50]. - In Q1 2025, the industry revenue is expected to be 21.9 billion yuan, a year-on-year increase of 23.7% [51]. - The industry is recovering from an adjustment period, with a steady increase in R&D expenses [52]. Chip Manufacturing Equipment Industry - The chip manufacturing equipment industry has a favorable outlook index of 55%, with 11 out of 20 companies meeting the criteria [58][62]. - In Q1 2025, the industry revenue is projected to be 17.9 billion yuan, a year-on-year increase of 34.6% [63]. - The industry is experiencing rapid growth, with significant increases in both revenue and net profit [62]. Power Transmission and Transformation Equipment Industry - The power transmission and transformation equipment industry has a favorable outlook index of 55.2%, with 16 out of 29 companies meeting the criteria [68][71]. - In Q1 2025, the industry revenue is expected to be 47.8 billion yuan, a year-on-year increase of 3.9% [72]. - The industry is supported by increasing demand for renewable energy integration and smart grid upgrades [70]. Digital Chip Design Industry - The digital chip design industry has a favorable outlook index of 56.3%, with 27 out of 48 companies meeting the criteria [78][81]. - In Q1 2025, the industry revenue is projected to be 38 billion yuan, a year-on-year increase of 20.3% [82]. - The industry is expected to benefit from the growing demand for GPUs and storage technologies [80]. Precious Metals Industry - The precious metals industry has a favorable outlook index of 58.3%, with 7 out of 12 companies meeting the criteria [88][92]. - In Q1 2025, the industry revenue is expected to be 162.8 billion yuan, a year-on-year increase of 13.4% [92]. - The industry is experiencing a positive trend due to rising gold and silver prices driven by market concerns [89].

点击 关注我们 报告发布日期：2025年4月8日 报告名称:《半导体4月投资策略： 中美互加关税，看好模拟芯片国产替代提速 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 报告摘要 证券研究报告 | 2025年04月08日 半导体4月投资策略: 中美互加关税,看好模拟芯片国产替代提速 行业研究 · 行业投资策略 电子 · 半导体 投资评级:优于大市(维持) 证券分析师:叶子 证券分析师:胡慧 0755-81982153 huhui2@guosen.com.cn vezi3@guosen.com.cn S0980522100003 ● 3月SW半导体指数下跌5.70%,估值处于2019年以来72.16%分位 2025年3月SW半导体指数下跌5.70%,跑输电子行业1.33pct,跑输沪深300指数5.63pct;海外费城半导体指数下跌10.41%,台湾半导体指 数下跌12.08 ...

■ 特别是美国贸易平衡带来的美元流动性收缩，可能加剧需求萎缩，进一步影响全球经济的稳定性。 ■ 随着这种转变，全球的宏观经济环境将从"私人部门"扩展至"主权部门"，即各国政府将更积极地介 入经济活动，推动经济复苏和需求增长。 1 、 《 对等关税落地，市场影响几何？ 》摘要 ■ 特朗普提到的"对等"关税，实际上包括关税、增值税、非关税壁垒（如补贴和汇率操控）等多种因 素，表明加征关税的范围和标准相对广泛。 ■ 包括越南（46%）、泰国（36%）、中国台湾地区（32%）、印尼（32%）、印度（26%）、马来 西亚（24%），这些国家成为此次加征关税的"重灾区"。 ■ 虽然关税可能引发一次性CPI冲击，但需求下降将产生一定的通缩效应，限制了"胀"的压力，可能促 使美联储进一步降息。 ■ 考虑到加征关税幅度超预期，中国有可能进一步加码内需政策，如提供育儿补贴、实施城中村改造 等。 ■ 短期内，美股可能因加征关税和经济衰退等因素继续调整，预计下半年可能会迎来更多机会，尤其 是货币政策和减税刺激政策落实后。 ■ 预计中国政府将加大内需刺激力度，相关政策和措施可能对经济复苏产生积极影响，尤其是在消费 和房地产领域。 2、 ...