CITIC Construction Investment: Overseas simulated IC leader performance verification turning point, structural recovery main line clear.

CICC research report states that overseas analog IC manufacturers have gradually resumed year-on-year positive revenue growth in 2025, and it is expected that the traditional off-season from January to March in 2026 will achieve a month-on-month increase, with the characteristic of "the off-season is not light" being significant. At the same time, the backlog of orders is on the rise. A series of positive signals indicate that the industry inflection point has been more widely validated, and the industry chain is transitioning from a passive destocking stage to an order repair and growth stage. This round of recovery shows obvious structural characteristics. AI data center-related demand has become the core engine, with continuous volume increase in analog ICs supporting servers and high-speed optical modules; aerospace and defense industries remain prosperous; and signs of periodic warming are also emerging in traditional industrial sectors. Under the trend of structural prosperity, domestic analog manufacturers that have deep layouts in directions such as servers and optical modules are expected to achieve more elastic performance growth driven by demand recovery and product upgrades.