大中华半导体：7月：集成电路进出口额同比+71.1%/+116.6%

研报英文原文证据摘录

Equity Research

19 August 2026 | 2:06AM HKT

Greater China Semis: Jul: IC import/export value +71.1%/+116.6% YoY

Allen Chang

+852-2978-2930 |

Goldman Sachs (Asia) L.L.C.

Verena Jeng

Goldman Sachs (Asia) L.L.C.

Jun-Jul data (Exhibits 1-4): IC import volume was +8.5% YoY in Jul 2026 (vs.

+6.6% YoY in Jun 2026), and import value was +71.1% YoY (vs. +72.3% YoY in Jun

2026), implying a 57.8% YoY increase of IC import ASP in Jul 2026. IC (integrated

circuits) production growth was +20.7% YoY in Jul 2026 vs. +18.8% YoY in Jun

2026. On inventory, China’s electronics sector DOI (days of inventory) was 57 days in

Jun 2026, which was above the average level of the past few years (vs. 54/53/53

days in Jun 2025/2024/2023).

Ting Song

Goldman Sachs (Asia) L.L.C.

Yifan Hu

Goldman Sachs (Asia) L.L.C.

Overall, the Jun-Jul data indicates semiconductor demand remains solid in the China

market. We continue to prefer stocks with strong company-specific drivers (new

product ramp-up, product mix upgrades, share gains), and see Advanced node, and

generative AI supporting China Semis’ development, across IP, design, foundry,

advanced packaging, and SPE (report link).

Buy: Kematek, SMIC (2Q26 beat), Hua Hong, AMEC, Horizon Robotics, Biren, MetaX,

Naura, ACMR, Cambricon.

Strong YoY growth of IC production/ import value in Jun-Jul

IC production volume: +20.7% YoY in Jul 2026 to 53bn units (vs. +18.8% YoY in

Jun 2026, +15.0 YoY in Jul 2025). We remain positive on the China Semis trend,

which is driven by generative AI, and ADAS / AD trend in China, and the ongoing local

suppliers’ market share expansion in the China market with increasing capex plans.

Semiconductor total revenues: The Jun 2026 data was up 109.5% YoY, or up

10.4% MoM to US$36.1bn (vs. +91.5% YoY in May 2026, +14.2% YoY in Jun 2025),

representing continued YoY growth in 2026.

Taiwan semis revenue growth was up 39.4% YoY / 3.9% MoM in Jul 2026:

Aggregate revenue for major Taiwan-listed semiconductor companies was +39.4%

YoY in Jul 2026 (vs.+49.2% YoY in Jun 2026, +14.8% YoY in Jul 2025), and was up

3.9% MoM in Jul 2026. Foundry / IC design/ OSAT revenues were +5.2% / -10.4% /

+11.7% MoM respectively in Jul 2026.

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