半导体供应链行业报告：行业复苏分化加深，静待需求回暖

Investment Rating - The report maintains a "Positive" investment rating for the semiconductor industry [2]. Core Insights - The semiconductor market is experiencing a differentiated recovery, with significant growth in the U.S. market driving global sales, particularly in August 2024, where global semiconductor sales reached $53.12 billion, a year-on-year increase of 20.6% [4][10]. - The demand for memory chips is under pressure due to high inventory levels and weak consumer market demand, with NAND and DRAM prices expected to face declines in the near term [4][21]. - Advanced process wafer foundry demand remains strong, with TSMC reporting a revenue of NT$251.87 billion in September 2024, marking a near-record high [5][35]. Summary by Sections Semiconductor Market - Q3 is traditionally a peak sales season for semiconductors, and the market is currently benefiting from the AI technology boom, maintaining high levels of activity [10]. - The Americas saw semiconductor sales of $16.56 billion in August, a year-on-year increase of 43.9%, while China's sales reached $15.48 billion, up 19.2% [11][12]. Memory Market - The recovery in the memory market is temporarily slowing, with prices under pressure due to weak demand and high inventory levels [21]. - Major memory manufacturers like Samsung and SK Hynix are adjusting production strategies to cope with market conditions, with SK Hynix reporting a significant increase in revenue for Q3 2024 [22][27]. Wafer Foundry - TSMC's Q3 2024 revenue exceeded expectations, driven by strong demand for AI-related orders, with advanced process technologies contributing significantly to revenue [35][37]. - The company anticipates continued growth in Q4 2024, with revenue projected to reach between $26.1 billion and $26.9 billion [35]. Semiconductor Equipment - The global semiconductor equipment market is steadily recovering, with Japan's semiconductor equipment sales reaching ¥369.6 billion in September 2024, a year-on-year increase of 23.4% [41].