半导体基石：本土AI生态发展带动先进制程建设需求提升

Summary of Semiconductor Industry Conference Call Industry Overview - The semiconductor industry is experiencing rapid growth driven by AI computing power and advanced process demand, which is expected to alleviate valuation pressures, especially after Q3 [1][5][8] - The global semiconductor equipment sales forecast has been raised, with significant sales growth in the Chinese mainland market in Q2 [1][10] Key Insights - AI and Advanced Process Demand: The demand for advanced processes, particularly 7nm and below, is growing rapidly, with a projected global compound annual growth rate (CAGR) of 14% from 2024 to 2028 [1][13] - Investment in AI Computing Chips: Major internet companies in China increased capital expenditures by 131% year-on-year in H1, with expectations that the procurement scale will reach 600 billion RMB by 2027, with domestic chip demand accounting for about 60% [1][14] - Foreign Investment: There has been a notable increase in foreign investment in domestic semiconductor equipment assets since Q4 of last year, indicating a high sensitivity to market changes [1][7] Market Dynamics - Sales Performance: The semiconductor sector has shown strong performance, particularly in segments closely related to computing power, such as computing chips and related overseas assets [2][3] - Valuation Trends: Current semiconductor industry valuations are considered high, but the rapid performance realization expected in the coming quarters may help digest these valuations [5][8] - Domestic Equipment Sales: Despite the large potential for domestic substitution in the chip sector, the sales proportion of domestic equipment has declined this year, highlighting a contradiction between demand and supply [1][13] Future Trends - Growth in Advanced Process Supply: The supply of advanced processes is expected to double in the coming years, driven by ecological development and increased investment density in advanced process construction [15][18] - Storage Market Changes: The storage market is shifting towards AI-driven demand, with HBM's market share in DRAM expected to rise significantly by 2026 [19][21] - Domestic Manufacturers' Expansion: Domestic manufacturers are in a prime position for expansion, particularly in the AI chip sector, with increasing demand for domestic storage solutions [20][21] Investment Opportunities - Stock Selection: Investors are advised to focus on high-quality stocks with significant growth potential, particularly those with lower institutional ownership [6][25] - Key Companies to Watch: Companies like Northern Huachuang and Zhongwei are highlighted for their strong performance in advanced processes and AI demand [25][26] - Materials Sector: Attention should be given to leading companies in the materials sector, such as Anji Technology and Dinglong Co., which are benefiting from the expansion of advanced processes [26] Additional Considerations - Regional Demand: Guangdong has emerged as the largest region for imported semiconductor equipment, indicating strong demand across various provinces [12] - Challenges in Domestic Substitution: The domestic substitution process may face delays due to varying procurement priorities and the current low domestic production rates in certain segments [22][23] This summary encapsulates the key points discussed in the conference call regarding the semiconductor industry, highlighting growth opportunities, market dynamics, and investment strategies.