全球半导体：2026年3月WSTS追踪报告 - 销售额环比增长14.4%，略高于典型水平（13.3%环比），主要因内存表现强劲；同比增长88.1%

Global Semis: Mar 2026 WSTS Tracker - Sales +14.4% MoM, abit above typical (13.3% MoM) on significant memory strength;+88.1% YoY acrossthesemiconductorindustry,andprovidesdetailsbyproducts,endmarkets,andgeographies.The recent report includes data up to and including March2026. +12135595917stacy.rasgon@bernsteinsg.com Memory sales almostquadrupledYoY (up271.1%); excluding memory,saleswere still upstrongly at 25.0% YoY. +852 2123 2645mark.li@bernsteinsg.com +85221232654qingyuan.lin@bernsteinsg.com the historical March average of+13.3%MoM mostly on strong DSPand MCUs.On a MoMbasis as-reported,6 outof 11product groups performed above historical patterns MoMwith 1 worse than typical and 4 in-line. Memory as a category rose 17% MoM. David Dai, CFA+852 29185704david.dai@bernsteinsg.com Discretes (28.9% vs.typical 24.9%), Sensors & Actuators (20.2% vs. typical 15.7%), Logic(8.6% vs.typical 7.4%), MCU (25.5% vs.typical 17.9%), DSP (27.1% vs.typical 17.5%),and NAND (33.7% vs.typical 19.7%) were better than typical MoM patterns.Memoryas acategory rose 17% MoM (vs.21.4% typical).DRAM (10.2% vs.typical 22.9%) was belowtypical MoM patterns. Optoelectronics (11.5% vs.typical 10.6%), Analog Std Linear (20.3% AleksanderPeterc+33157294525aleksander.peterc@bernsteinsg.com +1 917 344 8454 Total unit shipments were up 19.5% MoM, with ASPs down 4.3% MoM. Arpadvon Nemesarpad.vonnemes@bernsteinsg.com By geography, total sales increased YoY in all regions and were up MoM in all regions exceptEurope. Edward Hou, CFA+85221232623edward.hou@bernsteinsg.com Application specificICs sales were up 10.0% MoM, in line with historical patterns (9.4%MoM).4 end markets were better than typical MoM, while 2 were in line: Consumer (22.4%vs.typical 11.2%),Wireless Communication (10.9% vs.typical 7.9%),Automotive (21.6%vs.typical 14.4%),and Multipurpose and Others (26.0% vs.typical 22.8%), were betterthan typical.Computer &Peripherals (7.1% vs.typical 7.3%)and Wired Communication(5.7% vs.typical 5.0%) were in line with typical. Zheng Cui+8522123 2694 Juho Hwang+85221232632 Carmine Milano+44 20 7762 1857carmine.milano@bernsteinsg.com Yipin Cai, CFA+85221232669yipin.cai@bernsteinsg.com AMD estimate is Adjusted EPS EBITDA Margin (%) Gross Profit (M) Income from discontinued operations; ADI, AVGO,INTC, NVDA, NXPI, QCOM,KLAC, LRCX, AMAT, MU, 6723.JP,SOI.FP estimate is Adjusted EPS; AMD,ADl, AVGO, INTC,NVDA,NXPI, QCOM, KLAC, LRCX, AMAT, MU, 6723.JPSOI.FP valuation is Adjusted P/E (x); TSM, 2330.TT, 2303.TT, 5347.TT valuation is P/B (x); XFAB.FP valuation is EV/EBIT (x); NVDA base year is 2026;688041.CH, 4062.JP, 7735.JP base year is 2024;Source: Bloomberg,Bernstein estimates andanalysis. expensive. (possibly substantial)growth. deployment, and superb margins & FCF. INTc (Market-Perform, $65.o0): Server strength is helping the company get back on their feet, and narrative/headlines mayfuel the vibe for now. NxPI(Market-Perform,$270.oo):Thepaceof recoveryremains openfordebate QcoM(Market-Perform,$14o):Memoryheadwindsappearlikelytopressuresmartphonebuildsandnumbersappearhigh;weshall see if datacenterdream is enoughto attractbuyers. TXN (Market-Perform,$250.o0):TXN shares feel fullyvalued in the current environment. AMAT (Outperform,$425.o0):We maintaina positive view on secular WFEgrowth and seea number of drivers forAMATincluding SAM growth, an increasing services narrative, and capital return. LRCX (Outperform, $325.00): The company is benefiting from key inflections (GAA, packaging, HBM, NAND upgrades) andCY26/27commentaryseems supportive. KLAC (Outperform, $1,875.o0):Amid positive WFEtrends KLAC possesses structural growth drivers,a strong and durablecompetitive position,lower China replacement risk,and disciplinedcapital allocation,warranting premiumvaluation. TSMC: We rate TSMC Outperform with PT=NT$2,200.00. UMC:Werate UMC UnderperformwithPT=NT$47.00 Vanguard: We rate Vanguard Market-Perform withPT=NT$94.00. Novatek: We rateNovatek Market-Perform with PT=NT$370.00. MediaTek:We rateMediaTekOutperformwithPT=NT$2,250.00. SamsungElectronics:WerateSamsungElectronicsOutperformwithtargetpriceofKRW225,000. SK hynix: We rate SK hynix Outperform with target price to KRW 1,150,000. Micron: Werate Micron Outperform with targetprice of US$510.00 MELE.BB:We rate Melexis Outperformwithtarget price of 72.00.SO1.FP:Werate Soitec Outperformwithtarget price of 41.00XFAB.FP: We rate X-FAB Market-Perform with target price of 5.00NAURA:WerateNauraOutperformwithPTofCNY650.00AMEC: We rateAMEC Outperform withPT of CNY460.00.Piotech:WeratePiotechOutperform withPTof CNY450.00Hygon: We rate Hygon Outperform with PT of CNY 280.00DISCo:WerateDISCOOutperformwithPTofJPY85,000Tokyo Electron:We rate Tokyo ElectronOutperform with PT of JPY59,200Screen:WerateScreen Market-Performwith PTof JPY21,600.Kokusai:WerateKokusaiOutperformwithPTof JPY8,620.00Lasertec:WerateLasertecOutperformwithPTofJPY50,000SUMCO:Werate SUMCOMarket-Perform withPTof JPY1,530