半导体行业研究周报：看好AI对本土先进制程代工需求的提振

Investment Rating - The industry rating is "Outperform the Market" and is maintained [16] Core Viewpoints - The report is optimistic about the demand for domestic advanced process foundries driven by AI, with significant growth potential for leading companies in this sector [3][20] - The semiconductor industry is expected to recover with mid-to-high-speed growth in 2024, with storage being a key driver [7][24] - The report highlights the importance of AI hardware innovation in boosting FPGA demand, suggesting a focus on domestic companies like Unisoc, Fudan Microelectronics, and Anlu Technology [21] Summary by Sections 1. Semiconductor Industry Macro Data - Semiconductor sales are projected to recover with a growth rate of 13.1% in 2024, reaching $588.36 billion, with IDC predicting an even higher growth of 20.2% to $632.8 billion [24][25] - The fastest-growing segments in 2024 are expected to be storage (44.8%), logic (9.6%), and processors (7.0%) [7] 2. Chip Delivery and Inventory in November - Overall chip delivery times stabilized in November, with some categories experiencing significant inventory issues [13][14] - The report notes that the demand for AI-related products is expected to drive growth in the semiconductor sector [57] 3. Industry Chain Sentiment in November - The design segment is showing signs of recovery, with inventory depletion benefiting the fundamentals [39] - The foundry segment is seeing a rebound in customer orders, with a focus on the impact of TSMC and Samsung's supply restrictions on 7nm and below processes [85] 4. End Applications - The report is optimistic about the recovery of consumer electronics, particularly in smartphones and PCs, with AI-related applications growing rapidly [143][177] - The electric vehicle market is experiencing strong growth, although price competition remains a concern [182] 5. Recent Market Trends - The semiconductor sector outperformed major indices in the last week, with the semiconductor index rising by 5.40% [16][169] - Various semiconductor sub-sectors experienced mixed performance, with the semiconductor manufacturing sector showing the largest gains [169]