全球半导体：2026年2月WSTS追踪：销售额环比增长25.2%，高于典型水平（环比2.4%），主要受存储器强劲增长推动；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. 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. 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. 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. Total unit shipments were down 6.1% MoM, with ASPs up 33.4% MoM. 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. BERNSTEIN TICKER TABLE 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 Outperform with PT=NT$2,200.00. UMC:We rate UMC Underperform with PT=NT$32.00. Vanguard:We rate Vanguard Market-Perform with PT=NT$90.00. Novatek:We rate Novatek Market-Perform with PT=NT$390.00. MediaTek:We rate MediaTek Outperform with PT=NT$2,250.00. Samsung Electronics:We rate Samsung Electronics Outperform with target price of KRW 225,000. SK hynix:We rate SK hynix Outperform with target price to KRW 1,150,000. Micron:We rate Micron Outperform with target price of US$510.00. KIOXIA:We rate KIOXIA Underperform with target price of JPY17,000.MELE.BB:We rate Melexis Outperform with target price of €72.00.SOI.FP:We rate Soitec Outperform with target price of €41.00.XFAB.FP:We rate X-FAB Market-Perform with target price of €5.00NAURA:We rate Naura Outperform with PT of CNY 650.00.AMEC:We rate AMEC Outperform with PT of CNY 460.00.Piotech:We rate Piotech Outperform with PT of CNY 450.00.Hygon:We rate Hygon Outperform with PT of CNY 280.00.Silergy:We rate Silergy Outperform with PT of TWD 380.00.Advantest: We rate Advantest Market-Perform with PT of JPY 26,000.DISCO: We rate DISCO Outperform with PT of JPY 70,800.Tokyo Electron: We rate Tokyo Electron Outperform with PT of JPY 56,800.Screen: We rate Screen Market-Perform with PT of JPY 21,600.Kokusai: We rate Kokusai Outperform w