全球半导体：2026年2月WSTS追踪报告 - 销售额环比增长25.2%，高于典型水平（环比2.4%），主要受存储器强劲表现推动；同比增长85.9%

Global Semis: Feb 2026 WSTS Tracker - Sales +25.2% MoM, abovetypical (2.4% MoM) on significant memory strength; +85.9% YoY On Friday, the SIA published its monthly WSTS report which tracks sales, units and ASPsacross the semiconductor industry, and provides details by products, end markets, andgeographies. The recent report includes data up to and including February 2026. Stacy A. Rasgon, Ph.D.+1 213 559 5917stacy.rasgon@bernsteinsg.com Mark Li+852 2123 2645mark.li@bernsteinsg.com Total semiconductor sales grew 85.9% YoY in February after rising 58.2% in January.Memory sales more than tripled YoY (up 260.9%); excluding memory, sales were still upstrongly at 25.4% YoY. Qingyuan Lin, Ph.D.+852 2123 2654qingyuan.lin@bernsteinsg.com Total semiconductor sales MoM were above typical seasonality, up 25.2% versus thehistorical February average of +2.4% MoM (again on very strong memory).. On a MoM basisas-reported, 5 out of 11 product groups performed above historical patterns MoM with 6worse than typical. Memory as a category rose 75% MoM. David Dai, CFA+852 2918 5704david.dai@bernsteinsg.com Discretes (-0.6% vs. typical -2.9%), Analog Std Linear (-4.6% vs. typical -7.8%), Logic(3.2% vs. typical -0.5%), DRAM (86.4% vs. typical 25.7%), and NAND (53.9% vs. typical13.4%) were better than typical MoM patterns. Optoelectronics (-5.9% vs. typical -4.5%),Sensors & Actuators (-6.8% vs. typical -4.8%), Analog App Specific (-13.3% vs. typical-5.2%), MPU (-13.8% vs. typical 3.0%), MCU (-15.3% vs. typical -5.2%), and DSP (-5.5%vs. typical 1.2%) were below typical MoM patterns. Aleksander Peterc+33 1 57 29 45 25aleksander.peterc@bernsteinsg.com Alrick Shaw+1 917 344 8454alrick.shaw@bernsteinsg.com Total unit shipments were down 6.1% MoM, with ASPs up 33.4% MoM. Arpad von Nemes+1 917 344 8461arpad.vonnemes@bernsteinsg.com By geography, total sales increased YoY and MoM in all regions. Application specific ICs sales were down 1.7% MoM, slightly below historical patterns(-0.7% MoM). 1 end market was better than typical MoM, while 3 were worse than typicaland 2 were in line: Wired Communication (5.5% vs. typical 1.8%), was better than typical.Computer & Peripherals (3.9% vs. typical 3.1%) and Multipurpose and Others (-9.7%vs. typical -9.5%) were in line with typical. Consumer (-9.3% vs. typical -2.5%), WirelessCommunication (-11.9% vs. typical -3.7%), and Automotive (-13.5% vs. typical -3.0%) werebelow typical. Edward Hou, CFA+852 2123 2623edward.hou@bernsteinsg.com Zheng Cui+852 2123 2694zheng.cui@bernsteinsg.com Juho Hwang+852 2123 2632juho.hwang@bernsteinsg.com Carmine Milano+44 20 7762 1857carmine.milano@bernsteinsg.com Yipin Cai, CFA+852 2123 2669yipin.cai@bernsteinsg.com BERNSTEIN TICKER TABLE O - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedAMD, ADI, AVGO, INTC, NVDA, NXPI, QCOM, KLAC, LRCX, AMAT, MU, 6723.JP, SOI.FP estimate is Adjusted EPS; AMD, ADI, AVGO, INTC, NVDA, NXPI,QCOM, KLAC, LRCX, AMAT, MU, 6723.JP, SOI.FP valuation is Adjusted P/E (x); TSM, 2330.TT, 2303.TT, 5347.TT valuation is P/B (x); XFAB.FP valuationis Revenues (M) CAGR; NVDA base year is 2026; 2303.TT, 5347.TT, 3034.TT, 285A.JP, 688012.CH, 688041.CH, 6857.JP, 6146.JP, 7741.JP, 4062.JP,6525.JP, 8035.JP, 7735.JP base year is 2024;Source: Bloomberg, Bernstein estimates and analysis. INVESTMENT IMPLICATIONS ADI (Market-Perform, $375.00):ADI is executing well with both cyclical and idiosyncratic drivers, though the shares remainexpensive. AMD (Market-Perform, $235.00):AI expectations remain high, but a new deal with OpenAI has the prospect to drive further(possibly substantial) growth. AVGO (Outperform, 525.00): A strong 2025 AI trajectory seems set to accelerate into 2026, bolstered by software, cashdeployment, and superb margins & FCF. INTC (Market-Perform, $36.00):Intel's problems have broken through to the forefront. NVDA (Outperform, $300.00):The datacenter opportunity is enormous, and still early, with material upside still possible. NXPI (Market-Perform, $240.00):The pace of recovery remains open for debate, with likely less torque in a cyclical rebound. QCOM (Market-Perform, $140.00):While memory headwinds are pressuring smartphone builds, underlying dynamics stilllook solid, and the shares are extremely cheap. TXN (Market-Perform, $205.00):TXN shares feel fully valued in the current environment. AMAT (Outperform, $425.00):We maintain a positive view on secular WFE growth and see a number of drivers for AMATincluding SAM growth, an increasing services narrative, and capital return. LRCX (Outperform, $285.00):The company is benefiting from key inflections (GAA, packaging, HBM, NAND upgrades) andCY26 commentary seems supportive. KLAC (Outperform, $1,835.00): Amid positive WFE trends KLAC possesses structural growth drivers, a strong and durablecompetitive position, lower China replacement risk, and disciplined capital allocation, warranting premium valuation. TSMC:We rate TSMC O