半导体行业8月份月报：存储模组价格呈现底部震荡下滑趋势，AI芯片继续超预期增长

Investment Rating - The report maintains a standard rating for the semiconductor sector, indicating a cautious outlook due to ongoing price declines and weak demand recovery [3][4]. Core Insights - The semiconductor industry is experiencing a weak balance between supply and demand, with storage module prices showing a downward trend while AI chip demand continues to grow unexpectedly [3][4]. - In August, the semiconductor sector saw a decline of 8.95%, with the overall electronic sector down by 5.28%, underperforming the CSI 300 index, which fell by 3.51% [3][12]. - The report highlights the strong performance of AIOT-related companies and suggests that the upcoming product launches from major brands like Apple, Huawei, and Xiaomi could act as catalysts for market recovery [3][5]. Monthly Market Review - The semiconductor sector's performance in August was marked by a decline of 8.95%, with a notable increase in the inventory levels of companies, indicating a potential oversupply situation [3][12]. - Global semiconductor sales showed a year-on-year increase of 18.35% in June, suggesting a gradual recovery in the market [4]. - The report notes that the demand for smartphones and AI servers is recovering, with the third quarter expected to see a slight uptick in demand due to the consumer electronics peak season [4][5]. Semiconductor Supply and Demand Tracking - The semiconductor supply remains relatively abundant, with prices experiencing slight declines. The report anticipates that this weak balance will continue into September [4][5]. - The report cites that the global smartphone shipments in Q2 2024 increased by 7.6% year-on-year, indicating a modest recovery in the mobile sector [4][5]. - The demand for AI servers is projected to grow by over 25% annually for the next three years, driven by increasing investments in AI technologies [4][5]. Fund Holdings Distribution - As of Q2 2024, the electronic sector accounted for the largest share of public fund holdings, amounting to 352.94 billion yuan, with semiconductor stocks making up approximately 8.40% of the total public fund stock market value [3][22]. - The report highlights that public funds have consistently allocated around 60% of their investments to the semiconductor sector within the electronic industry [3][22].