半导体行业事件点评：需求端增幅不及业界预期，存储现货均价震荡下行

Investment Rating - Industry rating: Buy (maintained) [2] Core Views - The demand growth for storage products is below industry expectations, leading to a cautious inventory restocking attitude among clients, resulting in a downward trend in spot prices [4][11] - The global smartphone shipment growth rate has slowed to 5% year-on-year in Q3 2024, while traditional PC shipments grew by only 1.3% [3][7] - The supply side is experiencing expansion, particularly with Changxin Storage entering the production phase, which may exert significant pressure on DDR4 product prices in the medium to long term [10][11] Summary by Sections Market Performance - The semiconductor industry has shown relative returns of 19.59% over one month, 10.4% over three months, and 1.7% over twelve months compared to the CSI 300 index [1] - Absolute returns were 41.6% over one month, 21.4% over three months, and 7.0% over twelve months [1] Demand and Pricing Trends - The demand for NAND products is weak, with spot prices showing a downward trend due to cautious inventory restocking by channel partners and clients [4][17] - The overall contract prices for NAND Flash products are expected to decrease by 3%-8% in Q4 2024 due to insufficient demand growth in consumer products [30][31] Investment Recommendations - A series of significant policies announced on September 24 are expected to support high-quality economic development in the medium to long term [5][33] - The ongoing optimization of AI models and the introduction of diverse AI application terminals will continue to enhance global computing power demand, driving the market for various semiconductor hardware [5][33]