Group 1 - The semiconductor materials and equipment theme index on the STAR Market has seen a decline of 1.74%, with mixed performance among constituent stocks [1] - The semiconductor equipment ETF, Huaxia, has decreased by 1.32%, with a latest price of 1.87 yuan [1] - The liquidity of the STAR semiconductor ETF showed a turnover of 5.35% and a transaction volume of 429 million yuan [1] Group 2 - The STAR semiconductor ETF has experienced a net outflow of 227 million yuan, but over the past five trading days, it has seen a net inflow of 389 million yuan [2] - Western Digital has reported that its capacity for 2026 is fully booked, with inquiries extending to 2030 [2] - AI technology is reshaping storage demand, with the global storage market expected to grow from 263.3 billion USD in 2025 to 407.1 billion USD in 2029, reflecting a CAGR of 11.5% [3] Group 3 - The STAR semiconductor ETF and its linked funds focus on semiconductor equipment (60%) and materials (25%), benefiting from the AI revolution and domestic substitution trends [4] - The Huaxia semiconductor equipment ETF emphasizes semiconductor equipment (63%) and materials (24%), targeting the upstream semiconductor sector [4]

半导体行业深度跟踪电话会议 20250515 摘要 • 消费电子行业呈现弱复苏态势，但端侧创新活跃，AI 和智能汽车领域尤为 突出。预计 2024 年手机出货量同比增长，2025 年延续增长，双星政策 扩围带动需求。PC 市场 2024 年 Q4 同比持平，预计 2025 年增长，大模 型部署或拉动 PC 硬件需求。 • 服务器领域数据显示今年 1 月同比增长超 140%，环比增长约 10%，但受 春节影响波动大，建议综合一二月数据评估。全球云计算厂商对 2025 年 资本开支预期乐观，表明算力需求端市场预期依然强劲。 • 存储器市场供过于求，Q1 原厂报价松动，现货和合约价格下跌，DDR4 等老旧型号库存积压。但高端存储产品价格稳定。HBM 景气度延续，边缘 计算推动端侧存储扩容，存算一体方案加速创新。上半年或优于下半年， 但尚未脱离低谷。 • 2024 年全球半导体销售额同比增长，预计 2025 年维持增长。AMD 的 AI 芯片出货量较高，预测 2025 年全球 PC 市场中个位数增长。国内华为、 海光率先适配 DeepSeek，寒武纪、龙芯中科等公司也支持适配小参数芯 片，拉动国内算力芯片需求。 Q& ...