中国半导体_11 月：集成电路进出口额同比增长 13.9%-Greater China Semis_ November_ IC import_export value +13.9 YoY

17 December 2025 | 12:25AM HKT Equity Research Greater China Semis: November: IC import/export value +13.9%/+34.2% YoY Oct-Nov data (Exhibits 1-4): IC import volume was +2.1% YoY in Nov 2025 (vs. +4.9% YoY in Oct 2025), and import value was +13.9% YoY (vs. +10.2% YoY in Oct 2025), implying an 11.5% YoY increase of IC import ASP in Nov 2025. IC (integrated circuits) production growth was +17.7% YoY in Oct 2025 (link) vs. +5.9% YoY in Sep 2025, with MoM decrease in production volume. On inventory, China's ele ...