中信证券发布半导体2025年下半年投资策略称当前半导体周期仍处于上行通道其中AI持续强劲泛工业接棒消费电子也进入复苏阶段。展望未来AI仍将是半导体产业向上成长的最大驱动力一方面云端AI需求持续另一方面终端AI应用有望加速落地并且中国半导体厂商在后续AI产业发展过程中的受益程度有望显著提升从上市公司的角度其投资逻辑具体可以分为两条主线其中云端看国产替代终端看下游增量。
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