瑞银：半导体分销商追踪报告-库存消化持续进行

Investment Rating - The report maintains a positive outlook on the semiconductor industry, particularly favoring companies like TI, Renesas, and Infineon due to improving inventory levels and stable pricing trends [2][3]. Core Insights - The semiconductor inventory in the channel is approaching healthier levels, with a notable decline in MCU inventories over the past three months, which is supportive for companies like MCHP and STM [2][3]. - Pricing across all product categories has shown a slight increase, with an overall rise of 3% month-over-month and 13% year-over-year, indicating a favorable pricing environment [3][8]. - The report highlights a continued digestion of MCU inventories, which had previously remained elevated, suggesting a longer-term positive trend for the industry [3][5]. Summary by Product Area - MCUs: Normalized unit inventory has decreased by 4% month-over-month after a 24% decline last month, with pricing up 2% month-over-month and flat year-over-year [4][13]. - Transistors: Inventory down 1% this month, while pricing increased by 5% month-over-month and 16% year-over-year, driven largely by bipolar transistors [4][13]. - Amplifiers and Data Converters: Pricing slightly increased, with inventories showing mixed trends; amplifiers down slightly while data converters were stable [4][13]. - MLCC: Inventory increased by 10% month-over-month in April, reflecting potential front-loading due to US tariff policies, but showed a decline of 1% through mid-May [4][13]. - Overall Trends: The report indicates that pricing and inventory trends are generally stable, with the notable exception of the ongoing digestion of MCU inventories [5][9].