中国半导体供应链：2025 年第二季度盈利能力复苏可期，但过剩风险再度上升

Accessible version However, the chip inventory de-stocking trend in the China market may have decelerated again in June/July. Billed integrated circuit (IC) shipments in China were 13.9bn units in June 2025, -1% YoY. The shipment growth was muted vs 19%/14% YoY in April/May. On the supply side, the IC import and domestic manufacturing volumes were 55bn and 47bn units in July, +12% and +25% YoY, respectively. Even if considering 17% YoY growth in the IC export volume, we note the IC supply growth to the Chin ...