半导体行业行业月度报告：半导体行业持续复苏，估值修复进行时

Investment Rating - The semiconductor industry is rated as "Maintain" [4] Core Insights - The semiconductor industry continues to recover, with global sales reaching $53.1 billion in August 2024, a year-on-year increase of 20.6%, marking five consecutive months of positive growth [2][11] - The integrated circuit imports in China for September 2024 amounted to $35.985 billion, a year-on-year increase of 11.2%, with import quantities rising by 17% [2][12] - The semiconductor equipment imports in China for September 2024 were $4.254 billion, a year-on-year decrease of 12.1% [2][14] - Prices for storage chips, specifically 64Gb NAND Flash and DDR4, have stabilized at high levels, with NAND prices up 22.83% and DDR4 prices up 30.39% compared to mid-2023 lows [2][17] Industry Tracking - The semiconductor index outperformed the CSI 300 index by 30.05 percentage points over the past month, with a monthly increase of 37.09% for the semiconductor index compared to 7.04% for the CSI 300 [3][25] - Over the past year, the semiconductor index has outperformed the CSI 300 index by 11.17 percentage points, with a yearly increase of 22.45% for the semiconductor index [3][25] Investment Recommendations - The semiconductor sector shows signs of an upward cycle, with suggested focus on semiconductor materials companies such as Huahai Chengke (688535.SH), Yake Technology (002409.SZ), and Xiangyi Optoelectronics (688138.SH) [3][30] - Recommended semiconductor equipment companies include Northern Huachuang (002371.SZ) and TuoJing Technology (688072.SH) [3][30] - Integrated circuit packaging and testing companies recommended include Tongfu Microelectronics (002156.SZ) and Changdian Technology (600584.SH) [3][30]