半导体行业月报：AI大模型持续迭代推动算力需求快速增长，存储器价格持续上涨趋势

Investment Rating - The semiconductor industry maintains a "Strong Buy" rating, outperforming the market [2]. Core Insights - The semiconductor sector showed strong performance in February 2024, with a 19.66% increase in the domestic semiconductor index compared to a 9.35% rise in the CSI 300 index [2][10]. - Global semiconductor sales in January 2024 increased by 15.2% year-on-year, marking three consecutive months of growth, despite a 2.1% month-on-month decline [3][17]. - The demand for consumer electronics is gradually recovering, with expectations for significant growth in AI mobile and AI PC penetration rates [3][21]. Summary by Sections 1. Market Performance - The semiconductor sector outperformed the CSI 300 index in February 2024, with significant gains across various segments, including integrated circuits and semiconductor equipment [10][11]. - The Philadelphia Semiconductor Index rose by 10.94% in February, outperforming the Nasdaq 100, which increased by 5.29% [15]. 2. Sales and Demand Trends - January 2024 global semiconductor sales reached approximately $47.6 billion, with a year-on-year growth of 15.2% [17][19]. - The Chinese semiconductor market saw a 26.6% year-on-year increase in sales for January 2024, totaling $14.8 billion [19]. - The demand for AI-related products is expected to drive growth in the semiconductor market, particularly in DRAM and NAND Flash segments [21][22]. 3. Price Trends - The prices of DRAM and NAND Flash have shown a continuous upward trend, with some DDR4 prices rebounding over 20% and NAND Flash prices increasing by over 80% from October 2023 to February 2024 [6][3]. - The semiconductor industry is anticipated to be at the bottom of the current cycle, with signs of recovery in demand and pricing [3][6]. 4. Future Outlook - The global semiconductor market is projected to reach $588 billion in 2024, with a year-on-year growth of 13.1% [3]. - AI chip market size is expected to grow from approximately $45 billion in 2023 to $400 billion by 2027, with a compound annual growth rate exceeding 70% [4].