Tianfeng Securities: Storage prices show strong momentum for growth in Q3-Q4.

Tianfeng Securities released a research report stating that by 2025, global semiconductor growth will continue its optimistic trend, with downstream growth being driven by AI by 2025. At the same time, the risks of supply chain interruption and restructuring continue to increase due to policies, and domestic substitution continues to advance. Looking ahead to the second quarter, it is recommended to focus on the design sector, storage/outsourcing SoC/ASIC/CIS second quarter performance elasticity, domestic substitution of equipment materials and computational chips. The storage sector is estimated to continue experiencing price increases in 3Q25, with enterprise products continuing to drive quarterly performance growth. Leading wafer outsourcing companies may raise prices, with an optimistic outlook for second quarter performance. Companies producing AI SoC chips on the edge will benefit from the release of edge AI hardware penetration rates. First-quarter performance has already shown high growth, coupled with the intensive release of AI glasses in June and July, with a positive outlook for the future.