According to the Tianfeng Securities Research Report, 1) The semiconductor industry cycle is currently at the relatively bottom of the long cycle. In the short term, the second half of the year has entered the traditional peak season, benefiting from factors such as the release of new flagship phones and consumer festivals such as Double Eleven. It is expected that industry terminal sales will continue to grow month-on-month. They should increase their sensitivity to demand-side innovation, prioritize AI terminals that are accepted by consumers, and are expected to become new popular applications. In terms of innovation, artificial intelligence/satellite communication/MR is expected to be a major industry trend, and individual stocks in the industry chain are expected to continue to show thematic opportunities as technological innovation progresses. 2) HBM may face sanctions and focus on domestic equipment and materials investment opportunities. Driven by the strong momentum of global AI investment and the rapid development of HBM technology, the increase in AI chip demand for HBM capacity will further drive market growth. It is recommended to focus on investment opportunities in the domestic equipment and materials sector under the trend of HBM's expansion and localization. 3) Global semiconductor sales increased 20.6% year over year in August, and the intensive release of new machines in the fourth quarter is expected to make semiconductor demand very strong during the peak season. 4) Optimistic about domestic “package incremental policies” to raise semiconductor demand expectations. Individual stock attention: Huiding Technology, Yakke Technology, Beifang Huachuang, etc.

According to the Tianfeng Securities Research Report, 1) The semiconductor industry cycle is currently at the relatively bottom of the long cycle. In the short term, the second half of the year has entered the traditional peak season, benefiting from factors such as the release of new flagship phones and consumer festivals such as Double Eleven. It is expected that industry terminal sales will continue to grow month-on-month. They should increase their sensitivity to demand-side innovation, prioritize AI terminals that are accepted by consumers, and are expected to become new popular applications. In terms of innovation, artificial intelligence/satellite communication/MR is expected to be a major industry trend, and individual stocks in the industry chain are expected to continue to show thematic opportunities as technological innovation progresses. 2) HBM may face sanctions and focus on domestic equipment and materials investment opportunities. Driven by the strong momentum of global AI investment and the rapid development of HBM technology, the increase in AI chip demand for HBM capacity will further drive market growth. It is recommended to focus on investment opportunities in the domestic equipment and materials sector under the trend of HBM's expansion and localization. 3) Global semiconductor sales increased 20.6% year over year in August, and the intensive release of new machines in the fourth quarter is expected to make semiconductor demand very strong during the peak season. 4) Optimistic about domestic “package incremental policies” to raise semiconductor demand expectations. Individual stock attention: Huiding Technology, Yakke Technology, Beifang Huachuang, etc.