金吾财讯 | 半导体强势，美佳音控股(06939)涨16.28%，宏光半导体(06908)涨9.38%，上海复旦(01385)涨3.77%，晶门半导体(02878)涨3.37%，华虹半导体(01347)涨3.24%，中芯国际(00981)涨近3%。招银国际发布中国半导体行业2025年展望，维持此前的三条投资主线推荐：1）人工智能主线；2）半导体产业链自主可控主题；3）高股息防御策略。人工智能和半导体产业链自主可控这两大主线是该行去年投资展望的首选，也是两个全年最受市场关注的投资主题。另外，在“并购六条”、“科创板八条”等利好政策推动下，中国半导体行业的并购交易逐渐活跃起来。该行期待半导体行业将迎来一系列高质量的整合，进而带动行业的发展。国开证券表示，从产业自身来看，当前我国集成电路关键核心领域仍存“卡脖子”等挑战，叠加产业链“断链脱钩”的潜在风险，因此亟需加速推进国产替代进程。同时半导体行业企业普遍研发投入大，投资回报周期长，并购新政明确放开未盈利资产并购，将进一步支持行业龙头企业高效并购优质资产。该行认为，行业周期复苏态势下，现金流和估值将迎来改善提升，从而提升并购重组的活跃度；加之当前A股IPO阶段性放缓的背景，半导体行业并购重组将步入机遇期，催化板块投资价值提升。建议关注芯片设计、半导体设备与材料等并购重组密集发生的细分领域。
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