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The world's major electronic index showed a correction in late April and early May: the Philadelphia Semiconductor Index in the United States after the continuous victory of the Dow Jones index, the callback is greater than the Dow Jones index; China's Taiwan semiconductor index first suppressed, the performance is stronger than the Taiwan weighted index; mainland CSRC electronics industry The index performed better than the Shanghai and Shenzhen 300 Index in April, but the rate of correction in early May was greater than that of the Shanghai and Shenzhen 300 Index.
Industry data remained strong: global semiconductor market sales in March was 23 billion US dollars, up 58.6% year-on-year and 4.8% quarter-on-quarter; US and Asia-Pacific market growth has peaked, but Europe and Japan market grew strongly; North American semiconductor equipment The order-to-bill ratio remained at a high of 1:1.19. Although the order-to-bill ratio of semiconductor equipment remains high, we emphasize that there is still a big gap from the absolute peak. The current monthly order volume is still higher than the US$1.64 billion in May 2007 and US$1.78 billion in June 2006. The larger gap, and the industry procurement mainly invested in advanced process equipment, the release of advanced process capacity will take 1-2 years, the total industry capacity has not increased significantly. Therefore, we believe that it is too early to worry about oversupply in the semiconductor market. This round of industry boom should last at least until 2011. In addition, the spot prices of DRAM and Flash are basically stable; Taiwan's semiconductor manufacturers' performance in April was brilliant, and the OEM's production capacity was tight, which affected the performance of packaging and testing and IC design manufacturers.
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(Industrial Securities R&D Center) 