□ 南京日报/紫金山新闻记者 刘安琪 通讯员 宁发轩 全球首创，攻克2.5D先进封测技术难题，获得美国BroadPak杰出奖项；加速突破技术壁垒，助力产业链 自主可控，完成最新一轮总额近4亿元的融资…… 近日，入驻浦口区的民营企业江苏芯德半导体科技股份有限公司（以下简称"芯德半导体"）频传利好消 息。来到企业采访时，记者更加强烈感受到：好项目带来大发展，好项目也得到了更多"优保障"。 据介绍，今年以来，市规划和自然资源局持续提升全市产业项目落地的计划性、针对性和有效性，重点 向民营企业推荐规模大、区位优、配套好的优质地块，截至6月底，共保障78个民间投资项目用地约 3488亩。 全市服务档案 提供充足"阳光雨露"，促进民企蓬勃发展 在企业发展历程展板前，公司相关负责人告诉记者，芯德半导体成立于2020年9月，是一家专注于半导 体封装测试领域的高新技术企业。落地扎根、枝繁叶茂，芯德半导体在宁不断发展壮大。今年6月，芯 德科技人工智能先进封测基地项目开工。 "总投资55亿元的芯德科技人工智能先进封测基地项目，是政企共筑'南京芯片之城'的里程碑之作。从 公司落户到现在，预计我们两个基地合在一起，将为南京在整个半导体 ...

Investment Rating - The report maintains an "Overweight" rating for the semiconductor sector, driven by AI demand recovery and ongoing domestic substitution trends [5]. Core Insights - The semiconductor industry has entered a recovery phase since the second half of 2023, with revenue and net profit growth expected to continue into 2024 and Q1 2025 [5][23]. - The overall revenue for the semiconductor sector in 2024 is projected to reach CNY 602.23 billion, a year-on-year increase of 21.10%, with net profit expected to be CNY 35.34 billion, up 12.82% [13]. - In Q1 2025, the sector is anticipated to generate revenue of CNY 128.13 billion, reflecting a 14.35% year-on-year growth, and net profit of CNY 7.90 billion, a 28.75% increase [13]. Summary by Sections Overall Industry Performance - The semiconductor sector is experiencing an overall upward trend, with both revenue and net profit showing year-on-year growth for 2024 and Q1 2025 [5][13]. - The first quarter of 2025, typically a slow season, is expected to show resilience due to strong demand for computing chips and recovering consumer chip demand [5][23]. Subsector Performance 1. **Semiconductor Equipment** - The semiconductor equipment sector is benefiting from ongoing domestic substitution, with 2024 revenue projected at CNY 71.85 billion, a 38.59% increase, and net profit at CNY 12.18 billion, up 22.76% [24]. - In Q1 2025, revenue is expected to reach CNY 17.88 billion, a 33.38% increase, with net profit of CNY 2.57 billion, up 24.12% [24]. 2. **Semiconductor Materials** - The semiconductor materials sector is projected to achieve revenue of CNY 40.94 billion in 2024, a 12.46% increase, but net profit is expected to decline by 23.90% to CNY 2.03 billion [41]. - In Q1 2025, revenue is anticipated to be CNY 10.41 billion, a 10.93% increase, with net profit expected to rise by 40.35% to CNY 0.67 billion [41]. 3. **Digital Chip Design** - The digital chip design sector is expected to see revenue of CNY 149.20 billion in 2024, a 28.17% increase, and net profit of CNY 13.60 billion, up 213.62% [53]. - In Q1 2025, revenue is projected at CNY 37.97 billion, a 20.27% increase, with net profit of CNY 3.26 billion, up 20.59% [53]. 4. **Analog Chip Design** - The analog chip design sector is showing signs of recovery, particularly in industrial and automotive applications, with revenue growth expected in the second half of 2024 [5]. 5. **Semiconductor Packaging and Testing** - The semiconductor packaging and testing sector is expected to show steady revenue growth, with major companies reporting improved performance in 2024 and Q1 2025 [5]. 6. **Discrete Devices** - The discrete devices sector is experiencing a weak recovery, with Q1 2025 profits expected to rebound due to improved demand from the automotive sector [5]. 7. **Integrated Circuit Manufacturing** - The integrated circuit manufacturing sector is projected to see a revenue increase of 15.89% in 2025, but net profit is expected to decline by 36.39% due to rising costs and competitive pressures [5][27]. Investment Recommendations - The report suggests focusing on sectors with strong growth potential, such as semiconductor equipment, materials, AI computing, and AI terminal chips, given the clear trends of AI penetration and domestic substitution [5].

Group 1 - ASE Technology Holding Co., Ltd. (ASX) is a semiconductor packaging and testing company with a Zacks Consensus Estimate for its current year earnings revised 6.2% downward over the last 60 days [1] - Acadia Healthcare Company, Inc. (ACHC) is a provider of behavioral healthcare services, and its Zacks Consensus Estimate for current year earnings has been revised 18.8% downward over the last 60 days [1] - Barrick Gold Corporation (GOLD) is a global explorer, developer, producer, and seller of gold and copper properties, with its Zacks Consensus Estimate for current year earnings revised 16.6% downward over the last 60 days [2]