Xingye Securities pointed out that 3D printing is accelerating its penetration in the consumer electronics field, and the reduction of AI training and inference costs is driving the prosperity of applications. The potential of end-to-end AI is huge, driving the value increase of servers, AI chips, optical chips and other links.

The global wafer foundry market is expected to grow by 19.1% in 2025, with strong demand for advanced processes and packaging techniques. Domestic equipment continues to advance in the expansion of advanced processes. The storage price has bottomed out and rebounded, the utilization rate of the sealing and testing process has gradually recovered, and the passive components and other fields are showing a trend of recovery. Affected by this, the chip ETF (512760) rose by over 0.8%, reflecting the market's optimistic expectations for the prospects of the semiconductor chip industry. Against the backdrop of accelerated domestic substitution, domestic semiconductor companies are expected to usher in more development opportunities.