电子行业月度点评：需求温和复苏，半导体销售额持续增长

Investment Rating - The report maintains a "Buy" rating for key stocks including Huadian Co., Pengding Holdings, and Shennan Circuit [1] Core Views - The semiconductor sales continue to grow, with China's sales in August increasing by 27.5% year-on-year, while global sales rose by 20.6% [3][17] - The overall electronic industry index increased by 44.7%, ranking second among the primary industries [12] - The report highlights a moderate recovery in demand, driven by structural needs from AI and new energy vehicles [3][4] Summary by Sections Market Review - The report period saw the Shenwan electronic index rise by 44.7%, with all sub-sectors showing positive growth [12] - The PCB index increased by 35.3%, with the median increase across all electronic sub-sectors at 43.1% [12] Semiconductor Sales Tracking - Global semiconductor sales reached $53.1 billion in August, with a cumulative total of $337.4 billion for the first eight months, reflecting an 18.2% year-on-year increase [3][17] - China's semiconductor sales for August were $16.6 billion, with a cumulative total of $119 billion for the first eight months, marking a 25.1% increase [3][17] Semiconductor Equipment Sales Tracking - Global semiconductor equipment sales in Q2 2024 were $26.78 billion, up 3.8% year-on-year, while cumulative sales for 2024 reached $53.2 billion, a 1.1% increase [4][24] - China's semiconductor equipment sales in Q2 2024 were $12.21 billion, showing a significant 61.7% year-on-year increase, with cumulative sales for 2024 at $24.73 billion, up 84.4% [4][24] End Demand Tracking - Global smartphone shipments in Q3 2024 reached 316 million units, a 4.4% year-on-year increase, while China's shipments in Q2 were 72 million units, up 9.0% [4][34] - The report notes that the automotive sector, particularly new energy vehicles, continues to show strong growth, with September sales reaching 1.29 million units, a 42.4% increase year-on-year [4][36]