半导体周跟踪：电子中报业绩复苏，看好下半年终端创新需求

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the semiconductor sector is expected to exceed the market benchmark index by more than 5% in the next 6 to 12 months [17]. Core Insights - The semiconductor sector is experiencing a recovery in performance, with a notable increase in demand for terminal innovations expected in the second half of the year [2]. - The semiconductor index saw a weekly increase of +3.11%, with a significant rebound in transaction amounts, which rose by +62.7% on a single day [2]. - China's semiconductor equipment imports reached nearly $26 billion in the first seven months of 2024, marking a historical high for the same period [2]. - The production capacity of China's semiconductor industry is projected to grow by 13% in 2024, reaching 8.6 million wafers per month [2]. Summary by Sections Semiconductor Performance - The semiconductor index increased by +3.11% during the week of August 26 to August 30, while the Philadelphia and Taiwan semiconductor indices decreased by -1.34% and -0.25%, respectively [2]. - All sub-sectors within the semiconductor industry saw price increases, with equipment, materials, packaging, digital, and analog sectors rising by +5.5%, +3.9%, +4.7%, +1.4%, and +3.9% respectively [2]. Market Demand and Supply - The global smartphone market is showing signs of growth, with Q2 2024 smartphone shipments reaching 288 million units, a year-on-year increase of +12% [6]. - The storage sector is witnessing a recovery in demand, particularly in consumer and networking markets, following a period of low demand and inventory depletion [3]. - The power sector is expected to gradually recover, with many power device prices anticipated to hit bottom [6]. Equipment and Manufacturing - Semiconductor equipment manufacturers reported strong order and inventory situations, with significant year-on-year growth in new orders [6]. - The wafer manufacturing sector is experiencing a rebound after a prolonged decline, with companies like SMIC and Hua Hong reporting positive trends [7]. Packaging and Testing - The packaging and testing sector is also showing strong performance, with leading companies reporting substantial revenue growth in Q2 2024 [7].