半导体行业月报：消费电子新品密集发布，AI大模型持续迭代

Investment Rating - The report indicates a strong performance in the semiconductor industry, with a recommendation to focus on sectors such as chip design, advanced manufacturing, advanced packaging, semiconductor equipment, AI computing industry chain, and AI terminal industry chain [4][5]. Core Insights - The semiconductor industry showed robust performance in September 2024, with a 22.99% increase in the domestic semiconductor sector, outperforming the 20.97% rise in the CSI 300 index [4][11]. - Global semiconductor sales continued to grow year-on-year, with August 2024 sales up 20.6% compared to the previous year, marking the highest monthly sales in history [4][18]. - The demand for consumer electronics is gradually recovering, with significant growth in smartphone and AI PC shipments expected [4][20]. Summary by Sections 1. September 2024 Semiconductor Market Performance - The semiconductor industry (CITIC) rose by 22.99% in September, with integrated circuits up 24.15% and semiconductor materials up 23.02% [11][12]. - The semiconductor sector has seen a year-to-date increase of 11.98% [11]. 2. Global Semiconductor Monthly Sales Growth - August 2024 global semiconductor sales reached approximately $531 billion, with a year-on-year growth of 20.6% and a month-on-month increase of 3.5% [18][20]. - The Americas saw a 43.9% year-on-year increase in sales, while Europe experienced a decline of 9.0% [18]. 3. Consumer Demand Recovery - Global smartphone shipments in Q2 2024 increased by 12% year-on-year, with expectations for rapid growth in AI smartphone and AI PC penetration rates [4][20]. - The wearable device market also showed growth, with TWS earphone shipments up 12.6% year-on-year in Q2 2024 [4]. 4. Inventory and Capacity Utilization - Global semiconductor equipment sales in Q2 2024 grew by 4%, with Chinese semiconductor equipment sales increasing by 62% [4]. - Wafer fab capacity utilization rates are expected to continue improving in the second half of 2024 [4][20]. 5. Price Trends in Memory Products - In September 2024, DRAM and NAND Flash spot prices showed a month-on-month decline, indicating a phase of adjustment within an overall upward trend [4][20]. - The report anticipates that the memory market will see price increases in Q3 2024, driven by strong demand for AI-related products [24].