半导体行业研究周报：政策利好AI+趋势，重点关注半导体全产业链

Investment Rating - The semiconductor industry maintains a "Stronger than the Market" rating, reflecting continued optimism in the sector [1] Core Views - The semiconductor industry is currently at the bottom of a long cycle, with short-term growth expected due to seasonal factors such as new flagship phone releases and holiday sales [1] - AI, satellite communication, and AR are identified as major industry trends, with potential for significant growth in related stocks [1] - US export control regulations have accelerated domestic substitution in China, benefiting the entire semiconductor supply chain [2][9] - Global semiconductor sales have shown continuous growth for seven consecutive months, with China's market growing by 17% YoY in October 2024 [2][13] Industry Performance - The semiconductor sector underperformed major indices last week, with the IC design segment showing the highest growth at 2.6%, while the semiconductor equipment segment declined by 2.1% [1] - The global semiconductor market is expected to grow by 13.1% in 2024, reaching $588.36 billion, driven by AI and storage demand [16][17] - The storage segment is projected to be the fastest-growing category in 2024, with a 44.8% increase, followed by logic and processors [21] Key Trends and Innovations - AI and AR glasses are emerging as significant trends, with several companies launching new products in this space [12] - HBM (High Bandwidth Memory) is gaining traction, with NVIDIA's H200 GPU featuring HBM3e, offering significant performance improvements for AI applications [62][63] - The semiconductor industry is expected to see a shift towards DDR5 and HBM, with DDR3 production being phased out by major players like Samsung and SK Hynix [73] Market Dynamics - The global semiconductor market is experiencing a recovery, with China being a key growth driver, particularly in the traditional peak season [13][14] - The semiconductor equipment and materials sectors have shown strong performance, with semiconductor equipment stocks rising by 46.40% YTD [25] - The semiconductor industry is expected to benefit from increased demand in AI, automotive, and consumer electronics sectors, with a focus on advanced technologies like HBM and DDR5 [62][73] Supply Chain and Inventory - Chip delivery times have stabilized, with some categories experiencing shorter lead times, particularly in analog and power management chips [30][31] - Inventory levels remain high in the automotive and industrial sectors, while AI-related orders continue to show strong demand [41][42] - The storage market is expected to see a recovery, with NAND and DRAM prices stabilizing and demand for high-capacity products increasing [43][44] Key Companies to Watch - Companies in the EDA/IP and design services sector, such as VeriSilicon and Empyrean, are highlighted as key players [3] - Semiconductor design firms like Goodix and Will Semiconductor are also recommended for their growth potential [3] - Major IDM and foundry players, including SMIC and Hua Hong Semiconductor, are expected to benefit from the industry recovery [3][82]