半导体行业周报：华为及苹果新机发布，科技创新或引领需求复苏

Investment Rating - The industry rating is "Overweight" [2][5][23] Core Insights - The semiconductor industry is experiencing a mixed performance, with the semiconductor index declining by 2.16% from September 9 to September 13, 2024, while the broader market indices also saw declines [3][7][10] - Recent product launches from Huawei and Apple are expected to drive demand recovery, with Apple's iPhone 16 series featuring the new A18 chip and Huawei's Mate XT being the world's first mass-produced foldable smartphone [3][14][17] - AI demand remains strong, as evidenced by TSMC's August revenue reaching 250.9 billion NTD (approximately 7.8 billion USD), marking a 33% year-on-year increase, despite a 2.4% month-on-month decline [9][17] Summary by Sections 1. Semiconductor Industry Performance Review - The semiconductor index has seen a decline of 27.51% year-to-date, with a recent drop of 2.16% in the last week [8][10] - The performance of various semiconductor sub-sectors has been negative, with declines ranging from 1.09% to 3.07% [10] 2. Market Trends and New Products - Huawei launched the Mate XT, a foldable smartphone priced from 19,999 CNY, with over 4 million pre-orders [14][16] - Apple's iPhone 16 series, designed for AI applications, is expected to have a pre-order volume of approximately 37 million units, a decrease of 12.7% compared to the previous series [16][17] 3. AI and Storage Market Dynamics - The global NAND Flash market saw a significant year-on-year growth of 108.7% in Q2 2024, with a market size of 41.42 billion USD [19] - However, the consumer storage market faces challenges, with a 40% year-on-year decline in NAND Flash shipments, indicating a potential slowdown in demand [19] 4. Investment Recommendations - The report suggests maintaining an "Overweight" rating for the semiconductor industry, highlighting the recovery in traditional consumer electronics and the ongoing demand for AI infrastructure [5][23]