半导体行业周报：港股科技股表现亮眼，半导体需求回暖趋势延续

Industry Investment Rating - The report maintains a "Buy" rating for the semiconductor industry, citing long-term growth potential driven by AI infrastructure development and recovery in traditional consumer electronics [4][16] Core Views - Global semiconductor market recovery continues, with August 2024 sales reaching $53.1 billion, up 20.6% YoY and 3.5% MoM [3][6][8] - China's new energy vehicle market shows strong growth, accounting for 67% of global sales from January to August 2024, with exports increasing by 25% YoY [3][6][11] - AI infrastructure development is expected to drive demand for high-performance networking equipment, advanced storage, and GPUs [4][16] - Traditional consumer electronics sector shows signs of recovery, with inventory normalization and potential demand growth in smartphones, PCs, and IoT devices [4][16] Market Performance - Hong Kong tech stocks performed well during the National Day holiday, with the Hang Seng Tech Index rising 13.36% from October 2-8 [3][6] - The Philadelphia Semiconductor Index showed a year-to-date increase of 29.43% as of October 4, 2024, despite a weekly decline of 0.2% [3][7] - Taiwan Semiconductor Index gained 46% year-to-date but experienced a weekly decline of 2.4% [7] Policy and Regulatory Developments - The Network Data Security Management Regulations were officially announced on September 30, 2024, providing legal support for digital economy development [3][6][8] - EU imposed a 5-year anti-subsidy tariff on Chinese electric vehicles, with rates up to 35.3% in addition to the existing 10% tariff [9][10] Company Developments - Changjiang Electronics Technology completed the acquisition of 80% equity in Sundisk Semiconductor (Shanghai) Co Ltd for approximately $667.79 million [13] - ACM Research (Shanghai) reported total contract orders of 67.65 billion yuan as of September 30, 2024, representing a 3.66% YoY increase [13] - Cambricon Technologies adjusted its fundraising projects, reducing investment in the "Stable Process Platform Chip Project" by 250 million yuan [13] - Several semiconductor companies announced shareholder减持 plans, including Wintech, Lionchip, and Longsys [15]