摩根大通：亚洲半导体 8 月 WSTS 数据_内存势头强劲，由 HBM3e 组合上升引领

Investment Rating - The report maintains a positive outlook on Asian technology companies, indicating an "Overweight" rating for several key players including TSMC, ASE, SK Hynix, Quanta, Delta, and Hon Hai [2][22]. Core Insights - The semiconductor industry is experiencing a multi-year upcycle driven by strong demand for AI datacenters and increasing edge AI adoption, which is expected to lead to rising semiconductor content and unit growth [2]. - Overall semiconductor revenues increased by 28% year-over-year in August, with memory semiconductors showing a significant increase of 148% year-over-year [1][2]. - The report highlights a recovery in demand for general servers since the end of June, alongside expectations for increased smartphone and consumer electronics demand due to new product launches and improving macroeconomic conditions [1]. Summary by Sections Semiconductor Revenue Trends - In August, logic semiconductors grew by 5% year-over-year, while memory semiconductors surged by 148% year-over-year, indicating a strong recovery in the sector [1]. - The average selling price (ASP) of semiconductors rose by 24% year-over-year, with memory ASP increasing by 108% year-over-year, driven by a higher mix of HBM3e products [1][2]. Demand and Market Outlook - The report anticipates that the semiconductor upcycle will strengthen further with the adoption of Edge AI and the mainstream integration of AI features in consumer electronics [1]. - There are initial signs of recovery in various segments, particularly in general servers, which is expected to contribute to the overall growth in semiconductor demand [1]. Company-Specific Recommendations - Positive recommendations are made for companies such as TSMC, ASE, SK Hynix, Quanta, Delta, and Hon Hai due to their strong earnings visibility and increasing contributions from AI revenues [2]. - Companies to avoid include GUC, Novatek, Inventec, and Parade, which are viewed less favorably in the current market context [2][22].