半导体行业观察·2026-01-12 01:31Core Viewpoint - The global semiconductor market is experiencing a significant growth phase driven by AI, with sales reaching a historical high of $75.3 billion in November 2025, marking a month-over-month increase of 3.5% and a year-over-year increase of 29.8% [1][4]. Group 1: Regional Performance - The Asia-Pacific region is the strongest growth driver, with a year-over-year increase of 66.1% and a month-over-month increase of 5%, reflecting full manufacturing capacity and ongoing supply chain restructuring [2][3]. - The Americas market shows a year-over-year increase of 23% and a month-over-month increase of 3%, driven by strong demand for AI computing power and data center investments [1][3]. - The Chinese mainland market maintains steady growth with a year-over-year increase of 22.9% and a month-over-month increase of 3.9% [1][2]. - The European market experiences moderate growth with an 11.1% year-over-year increase and a 1.2% month-over-month increase [2]. - Japan is the only major market showing a decline, with a year-over-year decrease of 8.9% and a month-over-month decrease of 0.1%, attributed to weak demand in consumer electronics and automotive sectors [1][3]. Group 2: Market Dynamics - The growth in semiconductor sales is not driven by a single product line but rather by a synchronized expansion across all major semiconductor categories, indicating a long-term expansion phase centered around AI [1][3]. - Logic chips benefit from increased demand for AI training and inference, while high-bandwidth memory (HBM) faces supply constraints, driving up prices and shipment volumes [3][4]. - The automotive sector is seeing a significant increase in semiconductor usage due to the electrification trend, marking a new growth curve for the industry [9]. Group 3: Future Projections - The World Semiconductor Trade Statistics (WSTS) forecasts global semiconductor sales to reach $975.4 billion by 2026, representing a year-over-year increase of 22.5% [5]. - The long-term growth of the semiconductor industry is driven by five core dynamics: ongoing AI computing arms race, sustained capital expenditure in data centers, structural high margins from HBM supply constraints, recovery in consumer electronics, and the rise of automotive intelligence [5][6][7][8][9]. Group 4: Key Beneficiaries and Challenges - Key beneficiaries include NVIDIA, TSMC, Samsung, SK Hynix, and Broadcom, which are positioned to capitalize on the growing demand for AI and advanced semiconductor technologies [10]. - Companies like Intel and Micron face challenges due to ongoing transitions and slower competitive positioning in the HBM market, while Japanese semiconductor firms struggle with weak end-demand [10].