半导体行业月报：美国半导体出口管制再升级，端侧AI新品陆续发布

Investment Rating - The semiconductor industry is rated as "Outperform" [2] Core Insights - The semiconductor industry has shown strong performance in November 2024, with a 1.90% increase compared to a 0.66% increase in the CSI 300 index, and a year-to-date increase of 24.98% [33][36] - Global semiconductor sales in October 2024 increased by 22.1% year-on-year and 2.8% month-on-month, marking the twelfth consecutive month of year-on-year growth [45][49] - The U.S. has implemented stricter export controls on semiconductor manufacturing equipment and related items to China, which is expected to accelerate domestic substitution in the semiconductor industry [2][36] Summary by Sections 1. November 2024 Semiconductor Industry Market Performance - The semiconductor sector outperformed the CSI 300 index in November 2024, with a 1.90% increase, while the electronic sector declined by 0.70% [33][36] - Year-to-date, the semiconductor industry has risen by 24.98% [33] 2. Global Semiconductor Monthly Sales Growth - Global semiconductor sales reached approximately $569 billion in October 2024, reflecting a year-on-year growth of 22.1% and a month-on-month growth of 2.8% [45] - In China, semiconductor sales for October 2024 were $16.2 billion, showing a year-on-year increase of 17% [49] 3. Market Trends and Predictions - WSTS has revised its forecast for the global semiconductor market, predicting a 19% year-on-year growth for 2024, with total sales expected to reach $627 billion [50] - The growth is primarily driven by memory and logic integrated circuits, with memory expected to grow by 81% [51] 4. Industry Dynamics - The demand for AI-related products is expected to drive growth in the semiconductor sector, particularly in AI smartphones and AI PCs [2][36] - The introduction of new AI products by companies like Baidu and ByteDance indicates a growing market for AI-enabled devices [2][36]