金吾财讯 | 中金公司发研报指，回顾1H25，行业整体稳健增长，5M25台股被动元件营收同比增长10%，延续2024年全年增速，单月营收峰值已接近前高。分下游来看，智能手机出货量小幅增长，泛消费电子需求存在国补拉动，新能源汽车需求仍然维持旺盛，光伏在“抢装潮”下增长显著，AI服务器呈现高景气。受益于下游需求带动，主要厂商1Q25收入均实现10~20%同比增长，为全年业绩奠定良好增速，我们预计2Q25有望延续该增长势头。
展望2H25，市场对于消费电子和光伏的景气度存在担忧，主因上半年国补和抢装而可能透支后续需求，相比之下，我们认为新能源汽车和AI服务器的需求释放确定性较高，因此，建议关注在这两类领域存在Alpha的公司。
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