全球半导体行业研究报告(pdf 46页)(英文版)

Global Industry Summary..........3
Industry Views……………………10
Global Best Ideas………………11
Regional Best Ideas .................12
Semiconductors — Asia/Pacific ..................14
Semiconductors — Japan……………………16
Semiconductors — Europe……………………18
Three-Month Semiconductor Billings .........20
US Semiconductor Capital Equipment ........21
US Semiconductor Equipment Book-to-Bill Ratios……………………23
US Semiconductor Equipment Bookings and Billings………………24
US Semiconductor Equipment Bookings and Billings (YoY Change)………………25
Semiconductor Production Equipment — Japan .............26
PC Hardware and Components — Taiwan…………………………28
Global Valuation Table............32
Global Semiconductor Capital Spending……………………36

 

Summary and Investment Conclusion
Fundamentals in the global semiconductor industry clearly
deteriorated during the third quarter, and risks to growth in
the global economy suggest that semiconductor demand has
the potential to continue to fall short of expectations during
the next couple of quarters. The meaningful
underperformance in semiconductor stocks since the
beginning of this year (and more recently during the third
quarter) has helped to discount a large portion of this risk.
With the exception of our Attractive view for the Korean
semiconductor industry, all other analysts who contribute to
our Global ChipWatch report have In-Line views for their
industries. These views their views that even though overall
valuations have become much more reasonable, the near- to
intermediate-term fundamental trends are challenging.

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