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

Summary of Semiconductor Industry Conference Call Industry Overview - The semiconductor industry in Greater China is experiencing solid demand, with notable growth in integrated circuit (IC) production and import/export values. [1][2] Key Metrics - IC Import/Export Values: - IC import value increased by 13.9% YoY in November 2025, compared to 10.2% YoY in October 2025. [1][14] - IC export value rose by 34.2% YoY and 10.5% MoM to US$18.5 billion in November 2025. [10][25] - Production Growth: - IC production volume grew by 17.7% YoY in October 2025, reaching 42 billion units. [4][28] - Revenue Growth: - Total semiconductor revenues in October 2025 were up 20.6% YoY, amounting to US$19.5 billion. [5][19] - Taiwan's semiconductor revenue growth was 18.4% YoY in November 2025. [5][29] Market Dynamics - The increase in IC import average selling price (ASP) was 11.5% YoY in November 2025. [1] - The days of inventory (DOI) in China's electronics sector was 55 days in October 2025, above the average of previous years. [1][17] - The semiconductor sector is supported by advancements in generative AI, RISC V technology, and local suppliers gaining market share. [2][4] Investment Recommendations - Analysts recommend a "Buy" rating for several companies, including: - Kematek - SMIC (Target Price raised to HK$134) - Hua Hong (Upgraded to Buy) - AMEC, VeriSilicon, Horizon Robotics (Target Price raised to HK$15.3) [3][50] Equipment and Bidding Trends - Recent bidding activities from semiconductor manufacturers indicate a positive outlook for capital expenditures (capex) in the coming years. [11][41] - Specific equipment bids include photoresist stripping and inspection equipment, reflecting ongoing investments in production capabilities. [11] Additional Insights - The semiconductor test equipment import value decreased by 32.4% YoY to US$41.6 million in October 2025. [9][34] - The lithography import volume saw a significant decline of 42% YoY, while the ASP increased by 225% YoY. [9][32] This summary encapsulates the key points from the conference call regarding the semiconductor industry, highlighting growth metrics, market dynamics, investment recommendations, and equipment trends.