半导体行业月度报告：半导体行业持续复苏，未来可期

Investment Rating - The semiconductor industry maintains a "Recommended" rating [4] Core Insights - The semiconductor industry is experiencing a continuous recovery, with global sales reaching $55.3 billion in September 2024, a month-on-month increase of 4.1%, marking six consecutive months of year-on-year growth [2][12] - The integrated circuit imports in China for October 2024 amounted to $34.26 billion, a year-on-year increase of 10.3%, with a total of 47.9 billion units imported, reflecting a year-on-year growth of 14.5% [17][19] - The semiconductor equipment imports in China for October 2024 were $3.06 billion, a year-on-year decrease of 20.2%, while the number of units imported increased by 8.8% [23] - NAND prices decreased by 11.82% month-on-month in September 2024 due to lower-than-expected sales of end products, leading to conservative procurement strategies among manufacturers [29] Industry Tracking - In the past month, the semiconductor index outperformed the CSI 300 index by 2.09 percentage points, with a month-on-month increase of 0.84% for the semiconductor index compared to a decrease of 1.25% for the CSI 300 index [3][41] - Over the past year, the semiconductor index outperformed the CSI 300 index by 9.69 percentage points, with a year-on-year increase of 20.12% for the semiconductor index [3][41] 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), Qinyu Optoelectronics (688138.SH), and Jiangfeng Electronics (300666.SZ); semiconductor equipment companies like Northern Huachuang (002371.SZ), Tuojing Technology (688072.SH), and Zhongke Feicai (688361.SH); and integrated circuit packaging and testing companies such as Changdian Technology (600584.SH) and Yongxi Electronics (688362.SH) [4][49]