Investment Rating - The report maintains an investment rating of "Outperform the Market" for the semiconductor and electronics industry [5]. Core Insights - TSMC has entered stable mass production of its 3nm process and plans to ramp up 2nm production in the second half of the year, with significant expansions in packaging capacity to meet the growing demand for AI-related chips [1]. - The global semiconductor market is projected to reach $683 billion in 2024, representing a 25% year-on-year growth, with NVIDIA's revenue increasing by 118.6%, surpassing Intel as the largest chip manufacturer [3]. - The electronics sector is experiencing high valuation levels, with an overall PE ratio of 49.88, placing it in the 65.8th percentile of the past decade [4]. Summary by Sections Industry Performance - The electronics index experienced a slight decline of 0.75% during the week ending May 16, 2025, ranking 28th out of 31 sectors [32]. - The overall PE ratio for the electronics sector is 49.88, with the semiconductor sub-sector at 82.01, indicating high investor interest in companies capable of domestic substitution and AI computing [4][33]. Key Companies and Recommendations - Recommended stocks include Northern Huachuang, Zhongwei Company, and Xiaomi Group, focusing on semiconductor domestic substitution and AI terminal supply chains [9]. - Xiaomi's self-developed SoC chip "Xuanjie O1" is set to launch, utilizing TSMC's 4nm process, marking a significant advancement in domestic high-end chip manufacturing [2]. Market Trends - The semiconductor market is undergoing structural changes, with traditional analog manufacturers falling out of the top ten, while companies like SK Hynix are experiencing near doubling in revenue [3]. - The demand for third-generation semiconductors, particularly silicon carbide (SiC), is expected to rise due to rapid growth in electric vehicles and renewable energy sectors [18]. Recent Developments - TSMC plans to add nine new factories starting in 2024 across Taiwan, Japan, the US, and Germany to support the increasing demand for AI-related chips [1]. - The domestic production of new energy vehicles saw a significant increase, with production rising from 882,900 units last year to 1,236,800 units in March 2025 [17].

2025 年 5 月 11 日 电子 中芯&华虹发布 Q1 业绩，欧盟芯片法案升 级 5 月 8 日，中芯国际&华虹半导体发布 2025 年一季报 中芯国际 25Q1 实现营业收入 163.01 亿元，同比+29.44%；归母净 利润 13.56 亿元，同比+166.5%；基本每股收益 0.17 元，同比 +183.33%；毛利率 23.1%，同比+8.91 个百分点。25Q2 公司给出指 引，收入环比下降 4%-6%，毛利率 18%-20%。华虹半导体 25Q1 实 现营业收入 5.41 亿美元，同比+17.6%，环比+0.3%；毛利率 9.2%， 同比+2.8 个百分点，环比-2.2 个百分点。25Q2 公司给出指引，收 入约 5.5-5.7 亿美元，毛利率 7%-9%。 战略迭代欧盟推进芯片法案 2.0 修订，强化本土半导体产业 欧盟推进芯片法案 2.0 修订。2022 年欧盟通过《芯片法案》，计划 投入 430 亿欧元，目标在 2030 年将全球半导体市场份额从 10%提 升至 20%，并实现 2 纳米及以下先进制程的本土化生产。受资金、 技术、原材料及能源成本限制，欧洲审计院预计 2030 年其市场 ...