半导体设备整合拉开帷幕，看好国内AI产业链及卡脖子环节自主可控

Investment Rating - The report maintains a rating of "Outperform the Market" for the electronic industry [5]. Core Viewpoints - The report expresses optimism regarding the development opportunities within the domestic AI industry chain and the trend towards self-sufficiency in critical areas, particularly in the context of the ongoing AI industry wave [27]. - It highlights the integration and mergers within the semiconductor equipment sector, marking a significant milestone for domestic semiconductor equipment companies [27]. - The report suggests focusing on specific companies that are expected to benefit from these trends, including those involved in domestic computing power demand and semiconductor equipment [27]. Summary by Sections Market Review - The overall market saw an increase, but the electronic industry underperformed compared to the broader market. The Shenwan Electronic Index fell by 0.62%, ranking 29th out of 31 sectors this week [10][12]. - Year-to-date, the Shenwan Electronic Index has risen by 10.29%, placing it 6th among 31 sectors [10][12]. Key Focus Areas - The report emphasizes the following areas for investment: - The demand for domestic computing power driven by Deepseek, with rapid growth in inference-side demand benefiting major domestic cloud companies [27]. - The merger of North Huachuang and Chip Source Micro, indicating the beginning of consolidation among domestic semiconductor equipment manufacturers [27]. - The focus on core equipment segments within the semiconductor industry, with recommendations for companies like Fuzhijing Technology and Feilihua [27]. - The storage sector is expected to see inventory improvements and price stabilization in the second quarter, with suggested investments in companies like Jiangbolong and Demingli [27]. Company Developments - Chip Source Micro is undergoing a significant control change, with North Huachuang acquiring a stake, marking a strategic consolidation in the semiconductor equipment sector [20][21]. - The upcoming NVIDIA GTC 2025 conference is anticipated to showcase advancements in AI technology, which could impact the industry positively [22]. - Intel has appointed Chen Liwu as CEO, which may influence the company's strategic direction in the semiconductor market [23]. Industry Trends - The report notes a structural improvement in the storage industry, with proactive capacity reduction on the supply side and positive demand-side trends expected to lead to a recovery in prices [27].