Tianfeng Securities released a research report saying that in 2025, global semiconductor growth will continue to be optimistic, and AI will drive downstream growth in 2025. At the same time, policies on supply chain disruption and reconstruction risks continue to escalate, and domestic substitution continues to advance. Looking ahead to the second quarter, it is recommended to pay attention to the performance elasticity of the design sector storage/foundry SoC/ASIC/CIS in the second quarter, and the domestic substitution of equipment materials and computing chips. The storage sector estimates that the contract price of memory in 3Q25 will continue to increase, and enterprise-level products will continue to advance, driving a clear quarter-on-quarter growth in quarterly performance. The leading wafer foundry may start to increase prices, and the performance outlook for the second quarter is optimistic. End-side AI SoC chip companies benefit from the release of end-side AI hardware penetration. The first quarter's performance has shown high growth, coupled with the intensive release of AI glasses in June and July, and the subsequent outlook is optimistic.